Though almost each one of us would like to maintain our credit history in good condition, there could be many situations where it could be hampered. In today’s tough job situation, loss of job or layoffs can lead to temporary loss of income. This could lead to defaulting on loan EMIs, credit card payments and utility bill payments just to name a few. Such default could see damage being caused to credit history which could impact further loan borrowings. It is quite common to come across many advertisements which talk about fixing of bad credit record. The question that comes to our mind is whether it is really possible to repair damaged credits or whether such claims are bogus. The answer is that while it is possible to repair bad credit, most of those who talk big about such services are bogus and customers should be careful about them. However, in this article we will try and have a look at three such credit repair companies reviewed by aaacreditguide.com and find more about their credentials and goodwill.
This is often considered by many borrowers to be one of the best credit repair companies and their track record is quite good. The company is very experienced and it has been in this line of business for the past 20 years. They have a good track record which makes them very popular and have been able to set the records straight for hundreds of customers. They have around 24 attorneys ably supported by agents and paralegals. They are actively present in 19 states and therefore would be able to handle the requirements of customers spread far and wide. They have been quite successfully in setting the credit record straights for many customers and therefore they are one of the most sought after credit repair companies. However, they do not have online chat facilities and customers have to get their doubts clarified only by phone or personal visits.
Sky Blue Credit Repair
This is perhaps one of the oldest credit repair companies in the country. They have been in operation for the last 25 years and started their operations in 1989. They are famous for offering both ready made and customized credit repair services after factoring the specific needs and requirements of customers. They are famous for offering customers friendly services and go by the exact requirements of customers. They leave no stone unturned when it comes to repairing credit scores. They handle everything from start to end and therefore provide complete and holistic services. However, they are not very good when it comes to negotiations for payoffs.
They are also a very reputed and well known credit repair company and are famous for removing penal charges, late payment charges, lien on property and can also offer relief to customers what have a judgment against them. According to AAACreditGuide, who is famous for offering highly customized credit repair guide says that this company is perfectly in line customer needs. They offer a unique three-step process involving checking, challenging and correcting the credit rating. They track record is quite impressive and they have helped thousands of customers in their endeavor to improve their credit record.
If you have bad credit, it is important that you repair it as credit repair can improve your credit enough to lower interest rates which can save you a lot of money on the long run. There is no quick way of repairing bad credit, it takes time to do it. By following the tips below, you can begin to repair and rebuild your credit.
Tips for Repairing Bad Credit
1. Go through your credit card report. Your credit report may have errors in it, therefore, request for a free copy and go through it for errors. Check that the amount you owe for your accounts are correctly stated on the report. If there are errors on the report, you can file a complaint with the Consumer Financial Protection Bureau who will contact the credit reporting agency on your behalf for free. You need to first dispute the information with the credit company reporting it yourself before filing a complaint with the CFPB. If you are not making a headway, you might then think of consulting a consumer law attorney who has experience with repairing credit bad credit cases. If you have a good case, you might be entitled to damages.
2. Set reminders for making payment. You can set the reminders on your own but some banks also offer this service by sending you reminders through email or text message to remind you when you are due to make a payment.
3. Come up with a payment plan Using your credit report, draw up a list of your accounts and check the recent statements to find out how much you are owing on each account. Devise a suitable plan on how to gradually offset the debt. (More on this here)
4. Even if you have missed out on making some payments, try and build up on a good payment pattern so that there will be evidence that you are now managing your credit well.
5. Get in touch with a legitimate credit counselor. You should do this to so as to be able to manage your credit well and make payments on time.
6. Upgrade to an unsecured card. After making timely payments for a few months, you can try to upgrade to an unsecured card. Ensure you pay your all your balance on time every month, then you can apply for a regular bank credit between 6 to 12 months.
7. Don’t close your old credit cards. Closing credit cards you own before can have a negative impact on the length of your credit history. If your card has an annual fee, put in a request to change it to the type that has no fee attached to it.
There are many advertisements in the newspapers, radio and e-mail about the credit repairing services. We even get calls from these people who claims that they could remove bad loans, bankruptcies, liens and judgments from our credit report for lifetime.
Have you ever thought of such a thing could really happen?
Is it possible for them to repair our credit? Let’s take a look into the actual truth behind these advertisements. Most of these claims are purely fake, all they do is make you believe that they could do these magic and loots our money. What we can do is actually saving selves from these fake advertisements. It may seem promising but when we realize the real face of them we would have lost our money that we paid them. Providing money for Credit repair is like throwing your money into the sea.
No one has ever seen a legitimate credit repair as the companies or ads claim. What we can do to improve our credit is by paying our loans properly by taking efforts it may take time but it never waste your money as these fake ads do.
The CREDIT REPAIR ORGANIZATION ACT (C.R.O.A) is enforced by the Federal Trade Commission and requires credit repairing companies to explain How long it takes to get the results, the legal rights in a written contract, three day right to cancel it without any charges, total cost to pay…and so on. Now let’s take a look into the steps we can take if any Credit repairing company fools you and take your money.
What are your options?
1. Sue them in the Federal court for your actual losses
2. Form a group with other people who lost their money and join them in a class action lawsuit against the fraud company and the company has to pay you attorney fees.
3. Seek punitive damages (The money to punish them for law violation.) Repair your credit by preventing overspending,creating a budget of your own by finding the mistakes in your credit report, negotiating with the creditors and making a plan to get out of debts.
Do not try to make the job easy by contacting credit repairing companies as catching a wish without wetting your hands is not at all possible. Prevention is better than cure. So don’t lose your money by trusting these third party companies and try to fix your credit problem yourself,lt will only cost a little effort from you.