- April 5, 2022
- Posted by: Dennis
- Category: Credit Repair, Finance & accounting
If you are lucky enough to be working with an ethical Company that does its job and at a good price, it can work wonders for your credit score. The people we spoke with that do favor using an agency to fix their credit, do so because typically it’s only 30.00 to 50.00 per month and they just don’t feel like dealing with the headaches, nor do they want to be their own guinea pigs. If you do make the decision you would rather leave it to the pros, what steps should you take to make sure you’re hiring the right company? At the time of writing this there is very little governing the industry outside of CROA and it is a craps shoot for the most part. However, there is hope on the horizon. Currently a non-profit organization is being formed called The National Credit Repair Association (NCRA) This industry organization brings overdue legitimacy and integrity to the credit repair field, and represents all certified credit repair organizations. The idea is that accredited credit repair firms are overseen to ensure they embody top standards and ethics, and adhere to all applicable state and federal laws in their practices.
Try no to feel discouraged, be persistent, and ask to speak with someone else. Offer a settlement amount. Keep a written log of the conversation, including the person’s contact information each time you speak with a creditor. It can take as many as 6 months to feel like you are making headway on your credit repair, but rest assured that your credit will get better within a year or two. It is very important that while you are paying off your debts that you pay by check or money order and retain all receipts. Make sure that you request a receipt for the payment from the agency. Continue to obtain copies of your credit reports annually from each agency. Do not create new debts while paying off your current ones. If you receive credit offers, throw them away. Remain focused on your goal to get out of debt and document your payments, contact with the creditors, their names, extension, time and date you spoke with them and list any pertinent detail regarding your conversations.
Debt accumulates for many reasons and there is no reason to be ashamed of it-or the fact that you need to repair your history. Most people do. Credit reporting agencies are not accurate, and most people have found mistakes in their reports. The first step if you want to repair your credit history is to get a copy of your current credit – report and notify the credit reporting agencies of any mistakes you find. You will want to check your report every three months until you completely repair your history and even then, you will still want to check it at least once or twice a year. Next you will want to validate your debt. Ask all of the companies claiming that you owe them money to send you proof of your debt with them. This request must be done in writing and the companies have thirty days to reply. If the companies fail to reply or to supply you with sufficient proof of your debt, they are required by law to delete you from their system and the credit reporting agencies are required to delete the account from your history. Once you know, for sure, how much you owe; you must begin to pay it off. Pay off the smaller bills and make payments on the rest. Make sure to make all of your monthly payments on time or even early. Most companies are more than happy to work with you when they know that you are serious about paying off your debt. In fact, the best way to repair credit history is to slowly replace the dubiousness with steadfastness and responsibility. You can do this by not missing a single payment from now on. Stay on top of your credit report. Most reports contain errors. Make sure you check your report every year (you get one free report every twelve months) and if there are errors make sure to challenge them with the reporting credit agency. They are required to investigate each and every challenge that gets reported.
If they will accept part of the entire amount due instead of the full amount due, they also negotiate with your creditors to come up with a lower owed debt amount. A debt consolidation loan is another option, where one umbrella loan makes payment toward your debt and you make one payment to the company that gave you the loan. If you have high debt, it will most likely take years to pay off. So it is best to first see if debt consolidation will help you. As your debt is reduced, Lexington Law fights to get your debtors to report the payments correctly. It’s easy to get into debt. Getting out of it and making sure we don’t harm our credit report or credit score can be a little tougher. If you find you are unable to manage your debt or need help in working to improve your credit report, why not contact a credit repair company like Lexington Law? With their efforts and your commitment to pay at a pace you can afford, you can be debt free in no time and have your credit restored.