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Our FICO Score is WHAT? Your Credit Score is Low....Now What?
How Can a Credit Repair Agency Help Improve My Credit Scores?
If you chose to get professional help from a Credit Repair Agency, they should review your credit report with you for free and advise you which accounts may be good candidates for removal, which accounts may be difficult to have removed, which accounts won’t be able to be removed and how to maximize the positive elements of your credit to achieve the best results for improving your credit scores. A discussion of how the process works, how long they expect the process will take to achieve lendable scores and the fees for their services should take place upfront so you understand what to expect.
First of all, RELAX! Credit scores can be low for many reasons. Incorrect or erroneous information, collections, especially medical collections, late payments, bankruptcies and foreclosures can all negatively impact credit scores. But did you know credit cards with balances greater than 30% of the cards credit limit can also lower your credit scores? Even too little credit or not having an auto loan or mortgage for a period of time can lower you scores, even if you have perfect credit.
Some of the fixes are obvious. Keep your credit card balance below or less than 30% of the cards credit limit. Next time you buy a car be sure to get an auto loan. But what about erroneous information or collections. These can be more difficult to deal with. Some things you can deal with, but sometimes is best to get professional help.
Why Use a Credit Repair Agency?
The process of cleaning up a credit report, removing negative and erroneous information, disputing accounts to have them removed can be a very time consuming process. Disputing accounts can require more than one attempt to achieve satisfactory results. Creditors have 30 days to reply to any such requests. And not all disputed accounts can be removed.
Credit Repair Agencies know the laws regarding accounts that can be removed and the laws regarding accounts that must be disputed for removal. They have full time staffs that can stay on top of this ongoing process for a faster, more expeditious outcome.
CRAs can also advise you how to maximize the positive elements on the credit report.
This can add significant points to credit scores. An example would be to keep credit card balance at or below 30% of the card’s credit limit. For these and many more reasons, it is well worth the cost to have a professional CRA working for you. After all, the goal is to achieve lendable credit scores as soon as possible.
Can I Repair My Credit Myself? Sure you can, but it depends upon how fast you need it done and how much time you have to work on it, since it is a slow and tedious process. The Federal Trade Commission has a great article here on Credit Repair here that explains what can be done and what to watch out for when working with Credit Repair companies.