How Credit Repair Actually Works
Credit in general tends to be something of a mystery. After all, you financial life is somewhat dictated by your credit score but the credit bureaus don’t really tell you exactly how they determine your score. There are guidelines in place, but for most people, credit scoring is fairly puzzling.
The same is true when it comes to credit repair. Most people don’t really understand how it works, and this can lead to some distrust or skepticism… and that’s ok!
But make no mistake, when the rules are followed properly, credit repair is pretty straight-forward and almost always effective. Here’s why:
When negative items exist on a credit report, those items can be challenged. Yes, that challenge has to be done properly, which is why our experience and knowledge is so valuable.
Once disputed, the creditor has only 30 days to investigate the claim and then only 5 business days to provide you with the results of their investigation. If they are unable to meet those timelines, the negative credit item must be removed.
For most creditors, meeting the timeline is nearly impossible because they just don’t have the staff and resources to respond fast enough.
This is great news for our clients and it really removes all of the mystery. We are simply making creditors play by the rules, and when they can’t (or refuse to), the consumer wins!
If you or someone you know is looking to beef up those credit scores, give us a call. We’re happy to answer any questions you might have and put you on the track toward great credit.