For many people, no matter what they do, their credit score never seems to improve. One method that people use is a credit repair service. Below is a brief explanation of what this service entails, as well as pros and cons to hiring this type of company.
WHAT IS IT?
A credit repair company takes a look at your finances in order to repair your credit in exchange for a fee.
WHAT DO THEY DO?
After ordering a copy of your credit report, it will be analyzed by the company. Using this information, they will be able to identify any inaccuracies in your report from either creditors or the credit bureaus. Using their experience, they can navigate the process to fix these errors to improve the credit score.
WHAT ARE THE PROS?
If you aren’t sure where to start when repairing your credit, they may be able to help you get your information in order. As they are experts in this process, they are often able to save their customers time and money when compared to them going through the process by themselves.
WHAT ARE THE CONS?
This is an industry that often deals with fraud. Scammers see an opportunity to take advantage of someone who is having financial trouble and in need of help and they capitalize on it. Complete your due diligence to ensure that the company you work with is legitimate. Some good places to start are the Better Business Bureau and Consumer Financial Protection Bureau
