Starting Credit Repair the Right Way

Credit Repair Done RightIf you want your credit repair effort to succeed you need the right credit scores and credit reports. The wrong approach can put you on the path to lower credit scores and frustration. The information you are about to read may shock and amaze you. But if you do it right you will have a great advantage and avoid some serious frustration.The Scores You NeedDo you know what your credit scores are? Are you sure? If you are going to begin a credit repair effort and want to benchmark your starting point you should do it right. Here’s the problem. The credit scores sold by the credit bureaus are not the same scores lenders use. Huh? That’s right; the credit bureaus created their own credit scores to cash in on the market opportunity. If you muddle through the fine print at the credit bureau websites you will discover the disclaimer.Avoid Those Imitation ScoresThis unfortunate fact applies to the army of credit resellers on the web as well. There is another problem with bureau scores. You may think that even an imitation score will serve your credit repair purposes, believing that your progress should be reflected in some way. I’m sorry to say that these scores do not behave the same as your real lender scores and are almost sure to result in disappointment.MyFICO, the Right Score for Credit RepairIf you want your real scores you have to go to MyFICO.com the website of Fair Isaac Corp, the creator of the FICO score. The current cost of scores is about $50 for all three combined. A bit pricy, but it’s the only game in town. And for those intrepid credit repair warriors that want more detail, Equifax does in fact sell a FICO score. Unfortunately, they only make it available for your Equifax report, and you definitely want all three scores for your credit repair effort. Also, they use an older release of the formula, so the results will vary.But Nix on their Credit ReportsSo, head on over to MyFICO and get your scores right from the source. It’s the right credit repair choice. But there is another twist. Although MyFICO is the only way to get your scores, the credit reports they provide are the pits. For some strange reason MyFICO blocks out virtually all of the account numbers and offers only about half of the information that your credit repair effort will need. So get your wallet out again because you will have to buy your reports elsewhere. It takes few bucks to get your credit repair underway, but it’s worth doing it right.The Right ReportsAlthough the credit bureaus peddle poor credit score products, they offer excellent tri-merged reports, full of all of the detail you need for your credit repair project, and when it comes to credit repair every detail matters. I’ve taken you down a twisty road so far, and I’m sorry to say that there is one more twist on this journey before we arrive at our goal.Credit Repair and the Right DealHere is the final twist. The credit bureaus want to sign you up for monthly membership, hence the offers of free credit reports in exchange for joining this or that service. If you are not careful your free credit report will end up costing you hundreds of dollars. If you want to join a monthly service, that’s another story. There are benefits. But if you just want to get your credit repair underway and want a good cheap tri-merged report you have to look very carefully.Hiding in Plain SightTrueCredit.com offers the best cheap one shot tri-merged report on the web. But it’s not easy to find, so don’t just run off to TrueCredit and think you’re going to find it clearly advertised. In fact, it’s about the last thing that they want you to buy. But it’s there, hiding in plain sight. Well, almost. Scroll down the home page. Look under the main picture for small print in light gray that says that coverage is not available for residents of New York.Credit Repair Treasure Hunt SuccessRight under that line you will find another line that says that you can also get your 3-bureau credit report without the free score. Click on the words, without the free score. It’s a credit repair treasure hunt. How hard can they make it? Wow. Make sure to uncheck the two boxes where they try to sell you two other ridiculous items that have no use for your life, not to mention your credit repair efforts. Now you have the tools you need to get started. Good luck!

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Finding the Right Credit Repair Company

If you have decided to fix your bad credit, there are credit repair companies that can help. This is a big decision and not one you should take lightly. On average, a credit repair company will charge you a few hundred dollars and their program usually takes a year to complete.
You don’t want to pick the wrong company and find yourself deeper in debt and nowhere closer to improving your credit. On the other hand, if you find a great company to help you that might be one of the smartest financial decisions you can make!
Let’s first of all take a look at what you should hope a credit repair service will do for you. Take a look at your credit and ask yourself what you think needs to improve. Credit repair goes beyond disputes with your credit companies and the credit bureaus.
Credit repair has been seen as something that is repairing the credit report. Now, working to repair your bad credit can also help to fix your credit report. You have rights under the Fair Credit Reporting Act to dispute any items that you feel are inaccurate.
This part of repairing your credit has been very beneficial to people who have incomplete or inaccurate information on their credit reports. This will of course only help your credit score once you get the items corrected.
This is just the beginning, repairing your credit. Although some people are not satisfied with just working to correct their credit reports. If you find a reputable credit repair company then they should also work with your creditors to have them stop reporting negative accounts.
Another thing they should do for you is contact collection agencies to have them stop reporting negative accounts. Some credit repair companies will even dispute some debts reported and find out how legitimate those claims really are.
Now, it depends on each individual credit situation just how well a credit repair company can help you. Some people might only want to get help on fixing their credit reports, while others need more extensive help and look for a company that provides full credit repair service.
Here is an important question most people ask, how can you tell if this is a reputable credit repair company? There has been a bad rep given to this industry because of many scams that have taken place. Fortunately, the fraudulent companies have been shut down. I think it is still necessary that you take some precaution and figure out if you have found a legitimate company before working with them.
Familiarize yourself with some of the laws that surround credit repair companies. The Credit Repair Organizations Act was drafted to protect you, the consumer, from any credit repair scams. They also protect your right to get any help with credit repair for your report.
There is always the Better Business Bureau (BBB) reports, they keep all complaint on file made against companies. If there are multiple complaints against a company or a low rating, proceed with caution.
Also, if you come across a company that does not list “credit repair” in their services on the BBB then also be wary of them. The nice thing about the BBB is that they have high standards for credit repair companies. If you have found a company that is possibly fraudulent, the give away is that they have not listed “credit repair” with the BBB.
As with anything you do, concerning your finances and credit, take the time to do some research. There are many reputable companies available and thanks to the internet you can find them within minutes of searching! Credit repair is possible for everyone and good credit is definitely in your future.