In spite of the FTC self-help credit repair campaign, the fact remains that there are few people capable of managing the job of credit repair on their own, at least to the extent that the full potential of the process is realized. And it is my opinion that to reach anything less than full potential is to fall far short.
It is About Your Life
Your credit will dictate the availability of so many financial opportunities, from low loan rates to employment opportunities, that the suggestion that a job half-done is sufficient is sadly remiss, if not altogether irresponsible. For some, those with generally good credit, credit repair may not be a necessity. And in many cases a simple dispute letter will rectify the occasional minor error, but this is too often not the case.
When a Professional is Needed
There are many analogies that could be used to describe the situational need for professional help, vs. a self–help approach. You may be able to change the oil in your car, but not rebuild the transmission. A headache may need nothing more than an aspirin, but more serious discomfort may require a doctor. Credit repair is no different.
The Cost of Omission
Many people perform an annual credit report examination, scanning for unrecognized accounts or late payments. For most people this is the full extent of their assessment. In fact, for many people, this level of examination may overlook a wide range of reporting errors that fall into the technical category of compliance violations. Without training, these errors would be neglected. And the cost may be dramatic.
The Case of Charge Offs
As an example, anyone that ever had a charged off credit card is likely to have seen their original debt sold to a third part collector. Collectors buy and sell debt regularly, often flipping their portfolios as often as twice per year. When a collection account is sold, the selling collector is required to remove their version of the account from the debtor credit report. They often do not do so; this may cost the victim significant credit score points.
Beyond the Clean Up
Companies like Sky Blue Credit Repair will conduct a depth of examination sufficient to find all of the reporting errors, regardless of their subtlety, adding immense value to the process, a value which can be measured in FICO points. But the importance of hiring a professional may go well beyond the clean-up phase of the process.
Getting the Edge
Professional credit repair services, at least the best of those available, will provide an additional edge to those looking for the most excellent results by offering critical FICO score credit structuring advice. In many cases a careful structuring of debt, account types, and balances, in conformance with the FICO score model, can mean a major boost to your scores.
Do Not Settle
What do you want from your credit report? If you have ad credit issues, now is the time to rise to the occasion and demand that your credit be completely free from score depressing errors. Unless you have the time and inclination to master the task on your own, consider hiring a credit repair service for the job. Do not settle for a job half done.
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