Debunking Credit Repair Fallacies!
Having a high credit score is the key to a stress-free life. Mortgage, auto loans, and personal lenders rely on three-digit credit scores to determine your credibility.
The FCRA says employers can obtain credit reports for employment purposes. But the employee’s or applicant’s consent is required. This shows that the three-digit credit score can also determine the possibility of landing your dream job.
For this reason, demand for credit repair has been rising for years, and so the fallacies.
In this article, we will discuss the truth behind these misconceptions.
- Credit scores will increase instantly.
Most people are expecting results overnight. Credit repair uses various strategies to remove inaccurate information on credit account by disputing.
It usually takes 30 days, and in some cases, 45 to 60 days, depending on the degree of the problem and how immediate the agency will respond.
A little patience is needed!
Credit repair is a 50-50 battle. The credit repair company will do their job, and so the owner should keep their credits in good standing while having repairs.
This is a damaging myth for all credit repair companies. Reputable companies can determine inaccuracies and able to improve one’s credit scores gradually. We need to understand that this is a team play. A three-digit score depends on many factors like paying bills and debts on a timely basis, missing payments, and others.
Since the consumer will share some personal information, they need to look for a reputable, effective and trustworthy company that they want to work with.
- Credit repair can remove negative items that are correct.
If an item is confirmed and verified by the responsible credit bureau, then credit repair is not the solution. Some people seek help from credit repair expecting every negative item that hurt their credit score.
If a negative item is correct and affects your score, various strategies like validation or paid deletion can be used.
- You can repair your own credit at little to no cost.
Yes, you can repair your credit, but this will cost you a lot of patience, time, and of course, money. Chances of being successful are low because, the truth is, agencies wanted you to give up easily by rejecting your disputes.
Hiring trained professionals to deal and negotiate with credit bureaus, creditors, and collection agencies can be a game-changer.
Generally, credit repair companies do not scam. They can help you increase your credit score gradually. You need to look for a company that fits your needs and is legitimate.
It might be hard to separate facts from myths, but here in Simple Courtesy Enterprises, we give a personalized map based on your need that is simple and easy to follow. We are a helping hand that will not only help you increase your credit score but will also help to improve your situation.
Contact us and let us know how we can help you build your financial freedom.