Trying to repair your credit is definitely a strenuous and tedious process. While it is possible to tread this path alone, there are moments when it is advisable to work with a professional credit repair consultant. Before you select a credit repair consultations service, there are a few things that you need to understand.
Know your rights
Before you start searching for credit repair consultation service, you will need to start by doing a background research. The law requires that credit repair companies inform you of your right before you can sign a contract. A credit repair company should give you a Consumer Credit Rights File on top of the Notice of Cancellation. The aim is to ensure that you don’t fall prey to the deceptive advertising company. Ensure that you read these documents prior to signing the documents.
Should you go on to the credit repair service?
While credit repair consultation comes at a cost, it also has its benefit. Once you improve your credit score, it will be possible for you to access credit. A good credit repair company should start by having a consultation with you that will help to evaluate your case. The meeting will evaluate your debt position and will explore the options available such as credit repair. In order for the company to recommend the best way forward, you need to be honest about your current debt as well as a source of income.
The services available at a credit repair company will vary from one company to the other. If you do not want to be disappointed, you want to confirm what you will be paying for. Find out if the company will only focus on depositing items in your credit report or they even plan to get in touch with creditors and collection agencies. A good idea would be to work with a company that is ready to dispute the items at all levels.
Do the credit repair companies offer a guarantee?
Where a company offers any guarantee, this should be clearly stated in your contract or agreement. You will also need to seek clarification from them on your first meeting with them. This will provide you with an idea of the kind of results that you should expect from the credit repair services.
How much will I pay?
There are some credit repair companies that will give a price quote during the first meeting. This should act as a red flag. This is important as all debt management services are unique and every company should do a thorough review of your situation to have an idea of what the service will entail.