Credit Repair Services Do They Actually Work?
Credit repair is the ability to discover and fix credit problems that have been built up over time. The credit companies charge you high interest rates because they know that most of your debt is credit card debt. They do this in order to keep you paying them rather than pay the bill when you actually get it.
Because they can mark up their fees, the credit card companies have a strong incentive to cheat you. This is why they add your debt to your credit report, which will remain on your credit report for ten years.
When you want to repair your credit, you need to be able to get the report that they give you. For free credit reports, you need to know how to get the one from each bureau separately.
Reporting wise, the three major bureaus are Equifax, Experian, and TransUnion. Your free report will be generated by the same source for all three.
Because the three companies make up the Creditors Bureau, the information that you can obtain from them is very detailed. You will be able to find out all of the negative items on your report and then see what kind of payment plan the company has worked out with you.
You should know how to go about obtaining a report. Once you get the report, you can then contact the credit card companies. Contact them and ask them if they have worked out any arrangements.
It’s likely that they will have done this before. If not, you may want to take advantage of a three-month grace period to start working on the payments.
Then you can either settle the account or use a payment plan. You may have a better chance of settling the account if you give them a lot of time to work out the deal.
When the creditor has agreed to the payment plan, you should check to see if the creditor is on the list. If so, you can call the account number to make sure that the amount of the payments are enough to pay off the account.
Some credit repair companies offer a credit repair service for free. If you are considering getting a free report, you might want to try one of these companies to see if they are up to par.
The Credit Reporting Business Bureau is another source of information on your credit. They provide an annual free report, that you can see online, and that you can even print off.
It is easy to spot mistakes in your report and correct them. Just be sure to check back often so that you know what you are dealing with.
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