There is little doubt that credit repair services have become an important consideration for millions of people. Mortgage lenders, auto finance companies, and even credit card lenders have constructed qualification barriers that border on the impossible. And if you are approved, and you have credit blemishes, you are likely to pay a premium rate.
Two Paths You Can Take
There are two paths available for someone with past credit issues. You may go it alone, or you may consider one of the many reputable credit repair services available on the web. There are potential benefits to each choice. And there are several considerations in the decision making process including the amount of time you have available and the extent of your credit problems.
The First Steps
Any effort you make will commence with a detailed examination of your credit reports. If your examination finds few problems and they are of a simple nature, such as a late payment that did not occur, or an account or two that do not belong to you, you may have little use for credit repair services and be able to manage the job on your own with no problem.
One of the most important concerns as you consider credit repair services is the extent of the damage and your estimation of your own ability to rectify the problem on your own. Your credit report is your ticket to so many opportunities that you would be sadly remiss to leave any potential improvement untapped. If, after an honest assessment, you feel that you will not do a thorough job you should not be on your own.
Untangling the Jumble
If your credit report examination reveals a confusing jumble of derogatory information it is likely that a simple letter to the credit bureaus will not serve you well. If this is the case, prior to writing your first dispute letter you would be well advised to read the Fair Credit Reporting Act and familiarize yourself with the credit repair process by picking up a good book on the subject.
If your credit issues include charged-off accounts and collections you will need to read the Fair Debt Collection Practices Act and be ready to research the specific state statutes of limitation for all active debt. All of these sources and considerations are critical, not simply to get the best results, but to avoid causing yourself unexpected legal trouble.
Do Not Forget Your FICO Score
If your credit issues are not simple, credit repair services may be the only advisable route to take. You need to get the job done properly and avoid exacerbating your troubles. But there is yet another consideration. All of the credit repair efforts you make will have some impact on your FICO scores. Your FICO score should not become collateral damage.
It is Your Call
Done right, credit repair can produce amazing results in a surprisingly compact amount of time. If you choose the do-it-yourself path, take the time to study the subject properly and do not risk falling short, or worse. Done right, the do-it-yourself path can be greatly rewarding. If the job too much, put credit repair services to work to insure you get the results you deserve. Good luck!