Credit repair to help improve your credit report and credit scores. Each month you make a payment, they’ll report to good behavior to the credit bureaus and you’re credit score and profile will likely improve. Mortgage, auto and personal lenders have long relied on your three-digit credit scores to determine if you are creditworthy enough to qualify for a loan lenders also rely on your credit scores to determine how much interest you’ll pay on these loans.
In addition to filing disputes to have fraudulent accounts removed from your reports, be sure to report any cases of identity theft right away. On the surface, credit repair sounds like a very simple process. Take charge of your credit cards by paying down their balances. We’ve helped successfully remove over 10 million inaccurate, unfair or unsubstantiated negative items from credit reports in 2017 alone.
You cannot simply try to erase items you’d rather not have on your report, like late payments or charge-offs, that are bringing your score down. The credit repair organizations act CREDITWISE companies to give you a three-day right to cancel without charge, a firm total on costs and an estimate of how long it will take to get results. If you miss monthly payments or run up too much debt, your credit scores will fall.
One of the quick fixes sometimes offered by less-than-reputable companies is to flood the credit bureaus with enough fictitious disputes of valid information in your credit report in order to bog down the system. The information provider must then investigate the item in question, reviewing all relevant information and reporting the results to the credit bureau.
Essentially, credit repair is the process of disputing items on your credit report that are an unfair or inaccurate representation of your financial history. Three national credit bureaus, experian, transunion and equifax, keep tabs on your credit history, issuing three different credit reports that show how well you pay your bills each month, how much credit card debt you have and how many open credit card accounts you have.