Published December 22, 2017
WASHINGTON – Consumers interested in buying big ticket items, such as homes and automobiles, are encouraged to check their credit report prior to talking to a real estate agent or new car salesman.
Recent studies have shown that millions of Americans have inaccurate information on their credit reports. Up to 70 percent of all credit reports have inaccurate information.
This translates to lower credit scores, higher interest rates if approved for loans, and many people being denied approval for loans. For this reason, many people turn to a credit repair company.
Credit Repair Companies assist consumers dispute inaccurate information the credit bureaus and removed from the credit reports. There are no magical formula to raise your credit score in a hurry, but there are a few instances where the best credit repair services can help you give your score a deserved bump. This helps to improve the credit score and allow people to move on with their life and get the home, car, or loan they need.
There are a lot of credit repair companies out there and a lot of scams that go with them, so how can you find the more reliable ones? Look for three things: longevity, reputation and money-back guarantee.
When Credit Repair Works
Legitimate Errors on Credit Report:
The main reason to use a credit repair company is to remove errors from your credit report. These could range from errors in reporting from lenders to simple errors in your personal information.
Errors That Cannot be Verified:
A not widely known fact about your credit report is that every detail in the report must be verifiable. For instance, if you have a negative item on your credit report from a lender who was bought or went out of business, there is a chance that if the credit bureaus were to call to verify the information on your report, they would get no answer. In that case, they are required to remove it from your credit report. This is a loophole that credit repair services will use to raise your score.