Credit Repair: How to Fix Your Credit Report

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Using advanced funds and accruing debt are two things that are part of unfortunately unholy matrimony. It’s possible that past financial mishaps have set your credit score back more than you care to admit, hurting your chances of securing favorable loans in the future.
Let us assure you, this isn’t an absolute catastrophe; there exist a number of tools that can help you to repair your credit! Righting certain wrongs on your credit report and giving your creditors a true reason to believe you’ve turned a new leaf is entirely possible with the help of credit repair tools.

This guide will explore some of the different systems available to you to experiment with within this fiscal endeavor. A brief overview of some fundamental concepts will need to be addressed before you can begin this journey.

News Alert: Until April 2022, Get a Cost-Free Weekly Credit Report

COVID-19’s economic ramifications have left credit bureaus with no alternative but to open up access to their internal documents. Every seven days, annualcreditreport.com provides a breakdown of your credit check!

It’s important to be aware of your financial situation when it comes to your credit spending patterns to avoid making mistakes that might harm your credit score!

A Guide to Credit Repair

  • Credit Repair: What is it?
  • Credit Repair: How to do it?
  • Steering Clear of Fraud
  • Frequently Asked Questions
  • Our Annual Plan offered to Repair Credit
  • Fixing Your Credit Score for the Best Mortgage
  • Credit Repair: Why it’s so important!

Credit Repair: What is it?

Clerical filing mistakes on your credit reports might be lowering your credit score. Credit Repair is the process of finding those mistakes and rooting them out. Experian, Equifax, and TransUnion credit all pay very close attention to your credit reports. While it is easy to point the blame when it comes to these blunders, error is human and most of the time, this is purely accidental.

You can file a grievance with the Fair Credit Reporting Act (FCRA) if you believe that there are errors in some of the financial statements of your credit report. These elements need to be verified quickly, usually within a month’s time though sometimes longer, otherwise your grievances automatically result in removal from your credit report.

Credit Repair: Where does it come from?

Historically speaking, TRW started publishing credit reports in the 60s by attaching ID numbers to each credit user. This company eventually became known as Experian today, one of the preeminent consumer credit reporting services in the West.

The bar that they set was high and was quickly adopted by regional banks and lesser-known credit bureaus as the foremost tool to monitor consumer spending patterns. The metric was so complete, that it became one of the foremost inquiries a bank looked into before deciding whether or not to give out a mortgage loan to an applicant.

The Fair Credit Reporting Act (FCRA) became the Federal Government’s tool to regulate the industry of credit reporting throughout the 70s. This law is significant as it still stands to shield users of credit against the imprecisions and eros that negatively impact a person’s credit score.

Legally, one might invoke this Act in a court when attempting to prove that credit reports are operating upon faulty data. Not long after, many business-minded people saw an opportunity to monetize this service and formed early credit repair services.
10 years later, credit reporting had taken the nation by storm to become the titans of industry that we recognize today: Equifax, Experian and TransUnion. These names are on the lips of almost all bankers and lenders today.

If you keep up to date on your credit reports as filed by these three agencies, cross-referencing them for discrepancies, then you’re bound to set yourself up for success when it comes to credit repair. If you frequently check them, then you’ll now have access to the same information that lenders do when assessing whether you’re a liability or potential asset.

Credit Repair: What does it do?

When pouring over your books, you might encounter on your credit analysis reports negative items. These items are detrimental to your 3 digit credit score. For instance, if you have been struggling to free yourself from drowning debt, credit reports might not reflect that entirely and a great host of mistakes can be hampering your whole enterprise. These negative items are briefly examined here:

  • Your credit report might indicate a late or delinquent payment that you settled in a diligent and timely manner. This occasionally arises as an unintended side-effect of a repayment plan.
  • Errors in terminology affecting your balances; On your accounts, you want to see “Paid in Full”. Instead, the report will indicate “Settled in Full”.
  • Certain elements will not reflect your present financial situation. You might have a stain on your record that you tried hard to remove that is still reflected on your finances. Certain financial negative elements have a half-life and must be removed after the prescribed period.

This issue is called “Re-aging”. It reflects that key data in regards to your “purge-from” expiration timeline has not been adequately updated to no longer be mentioned on your report.

Fixing your credit? Our suite of programs assists you in finding mistakes and filing grievances!

While it is theoretically possible to dispute everything, a credit repair tool can not assist you in making fraudulent grievances that can always be verified by an outside source. It won’t act as a wand that simply wishes all your problems away to give you a clean slate. Only genuine mistakes should be disputed, and so, you must be certain of your claims if you want them expunged from your record.

Given the tedious nature of data entry, these mistakes occur rather frequently!

The Potential for Credit Improvement

While these tools are powerful and are very useful when going over your accounts, they are not guaranteed to help you improve your credit score. However, if you successfully find discrepancies to challenge and have them removed from your record, then the odds are in your favour in terms of raising those three digits.

While the software programs are very good at snooping out bugs, the results can fluctuate depending on several factors.

  • It is easier to elevate a low score than an already high score.
  • The date at which the negative remarks were added to your report.
  • How long ago the disputed element appeared on your report.

Many credit consumers have seen astronomic returns by using credit repair, though as stated previously, the specifics of your circumstance are more often than not what dictates the measure of success.

Credit Repair: How to do it?

We can start looking at many different avenues when beginning the process of repairing credit. Some things to take into consideration are:

  • What your price range is, how much are you looking to spend on credit repair?
  • Are your accounting abilities refined enough to file grievances on your own?
  • How many stains on your record are you trying to expunge?

Having a larger list of elements in your grievance increases the margin of improvement. In the hands of a professional, fixing all of these mistakes would mean saving copious amounts of capital by curating advantageous interest rates on your loans. Think of it as a kind of down payment on credit salvation!

If you’re tight on money, you can work on puzzling out this problem on your own, completely free of charge. There are some solid programs that allow you to oversee your reports and files grievances, though the paid software in comparison tends to streamline the process and cut down on the total hours you’ll spend counting beans.

Regardless of whether you opt for a premium or free service, you’ll want to look at this list to figure out how to get started:

  1. Download a copy of your credit analysis by the 3 major names we mentioned earlier
  2. Go over all the tables and column with a fine-tooth comb. Cross-reference these with other financial statements.
  3. Group the disputable elements from these lists and submit a grievance to the agency that generated the faulty report.
  4. It will take a little bit over a month to hear back from the agency as they attempt to reconcile their information with yours, pending the removal
  5. Make sure you get a fresh copy of your new report to ensure that any elements damaging your credit were expunged.

Using Gratuitous Software

Using tools from the public domain requires you to undertake a lot of these steps manually as opposed to having them automated.

  1. At year-end (in normal circumstances, COVID-19 years non-pertaining) you’ll be able to download your credit report at annualcreditreport.com
  2. The disputable items on the lists should be listed in a distinct section
  3. You can use the post office to attach the bundle of files (make sure to keep copies for your records) you’ve used to argue against the existence of these remarks on your record.

Being resourceful and independent in this process leaves little room for error and so you must do your due diligence and consult as many guides as you can to ensure you’re not doing more harm than good. On this website, you’ll find a number of content modules that can assist you in figuring things out when you’re in a rut.

Our 1 month gratuitous demo tool will streamline the process of finding and filing grievances on your credit reports!
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Pursuing Professional Credit Repair Services

If you don’t want to get lost in the weeds, it might be a better alternative to rely on the capable hands of experienced credit experts. A lot of the process isn’t exactly friendly to laymen and you might find yourself bogged down with technical language.

In order to optimize your chances of success, and using your time more effectively, you’re most likely better off passing along your dossier to a professional credit repair service.

What will your money buy when opting for professional service?

  1. After finding a company you’re comfortable doing business with, you’ll meet with a legal representative or team of representatives who have passed the Bar in your state.
  2. Typically, you will be asked to make an upfront payment between 15$-20$ and sign some papers, giving power of attorney to the representative to make legal grievances in your name.
  3. You will be asked to submit all the paperwork and a team of experts will go over all of these in great detail, attentive to the minutia. Any supplementary documentation to corroborate potentially faulty elements on your reports will also need to have copies made and sent to the agency.
  4. You won’t have to follow up too frequently on where things stand, as the team will monitor your case and keep you apprised of the latest developments in exchange for a modest price tag between $80-120$ on a monthly basis.
  5. Once everything has been settled, you’ll receive a notice along with a copy of the work they did for you as well as your old report to see the highlighted differences.

If you’re on the market for expert credit repair firms, we can pair you with the best option within your price range!

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Smartcredit®: The Final Verdict

One platform we have a lot of experience working with and have seen consistently good results with is Smartcredit. This program gives you much of the same power as a professional agency while allowing you to oversee things yourself.

The application will notify you if there are any negative elements on your credit analysis summaries and help you verify them with other financial statements. Moreover, Smarcredit will make filing grievances a piece of cake, and not just to the credit reporting agencies, but directly to your creditors!

If you’re looking for a hybrid alternative between figuring things out yourself and having a powerful and user-friendly experience available at your fingertips, then Smartcredit is how you get the most bang for your buck.

Direct Comparison of Credit Repair Methods

StepDIYSmart SoftwareProfessional Agency
1. Credit Report download.Find the report at annualcreditreport.com.Register your account and fill out the necessary information to automatically find your credit reportGive power of attorney to legal representation and pay nominal fees
2. Examining the documentationHighlight mistakes that you can challenge legallyAll potential errors will be highlighted for you and allow you to manually verify themSubmit all your paperwork and wait for an update as a team looks through it
3. Filing grievancesMail your parcel of documents to the appropriate location and waited out the allotted verification periodThe User-Interface will guide you through sending your complaints and automatically notify you when your report is on the creditor’s docket and up for review.Your legal representative will deal with all the paperwork and only phone you when the results are in

Steering Clear of Fraud

The business of credit repair services is full of people ready to grift you and this has left the general public distrustful of credit “miracle-workers” who are little more than snake-oil salesmen. Con artists have a nose for people who are desperate and have few options left available to them. If you’re in dire straits and the situation is pressing, then you might be pressured into trusting your money with the wrong people.

Unfortunately, anything to do with debt is full of vultures and other scavengers looking to pick the meat off your bones. Financial scams are omnipresent and can exist in debt alleviation, settlement, and other areas where people are looking to dig themselves out of a hole.
Just remember: if it’s too good to be true, it probably is.

N.B: Credit Repair Agencies aren’t listed with the BBB

The Better Business Bureau does not list credit repair agencies, meaning it can be challenging to find reputable servicers worth their salt.
Given the sheer number of fraudsters in the field of Credit Repair, the BBB doesn’t have the time or the manpower to discern who is legit and who is not. Because the whole industry is shrouded in so much uncertainty, the BBB choose to abstain from giving its vote of confidence.

Is all Credit Repair a scam?

While it is true that many people are looking to take your money and run, there do exist several reputable firms that you can trust. Just because there are a few bad apples, doesn’t mean the tree is rotten.

Don’t forget that credit repair is something that the Federal Government guarantees as a basic consumer right. If you allow your paranoia to get the better of you, you might miss out on some genuinely amazing opportunities to raise your credit score.
We can help you with some of the due diligence.

How to avoid being frauded by Credit Repair Services

  • If a company is listed negatively on Consumer Reports or Rip Off Report, then look elsewhere; these people are not to be trusted
  • Try to find unaffiliated websites that objectively examine companies of this nature. Does the company have many positive testimonials?
  • Sites with highly professional and unbiased standards can offer some background checks for you
  • Ask to speak with a licensed lawyer at the firm. If there is none, you’re likely dealing either with amateurs or con artists.
  • Verify that the company is willing to insure your money and is not demanding exorbitant upfront fees for their service
  • Only the Sith deal in absolutes. Beware of companies making bold promises and overestimating their ability. This can sometimes be employed as a ruse to gain your trust and mislead you with an illusion of competence.

A credit repair firm will give you a free consultation upon walking into their offices where they should be able to leave you with more answers than questions. Perhaps after meeting with a team, something doesn’t sit well with you. Trust your gut, express your gratitude, but simply walk out of the meeting, claiming you need to review your options before going further with them. Don’t jump the gun!

Do you need help finding trustworthy Credit Repair firms? We can point you in the right direction!

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FAQ

Q: What is the estimated timeline for Credit Repair?

A: While there is a little bit of wiggle room, the average time it takes to get back to you on your grievances is about a month and some days depending on if there is missing documentation to back up your claims. In total, you can expect this to take a quarter to half a year.

Q: What should I expect to pay for Credit Repair?

A: Depending on which options you opt for, the price fluctuates greatly. DIY is virtually free and requires only the payment of signage and postage.

Employing a firm of experts will set you back about 20$ in fees upon setting up an account with them and then about a maximum of 120$ monthly.

If you want a hybrid solution between DIY and a streamlined process to help you through all the red tape, then you can purchase an activation license for the software. Depending on the developers and the number of features, this generally costs anywhere from $30 to over $400!

Some of the applications may also have a subscription fee that charges you a set amount at the end of every month.

Do it Yourself!Smart SoftwareExpert Firm
FreePC Application: $30-$400 + potential subscription fees between  $15-$40 per month$15-$20 upfront cost

$80-$120 retainer paid monthly

Q: Is Credit Repair available across all the USA?

A: Consumers have the right to Credit Repair mandated under the FCRA passed by Congress. Where you live should have no bearing on whether you can attempt to revise and repair your credit report.

If you’re worried about the legality of it all, you can get an attorney to take on the case for you. If you’re going to be working with a firm, you need to verify that they have in-hold legal practitioners to represent you.

Q: Do Credit Repair Companies really work?

A: Yes they do, though nothing is stopping you from learning and putting the work in yourself to boost your credit rating.

However, experts do this on a daily basis and are less likely to miss things that an amateur would. Dealing with firms that retain corporate and financial attorneys is a sure-fire way to get the results you want!

Our Annual Plan offered to Repair Credit

The goal of our website is to give you all the necessary tools you need to embark on the journey of Credit Repair. Convenience, clarity and thoroughness are very important to us. We understand that debt can be scary and try to prevent you from spending money when you don’t have to.

If you look at our six-step plan, you’ll already be miles ahead of everyone else in a similar situation:

  1. Download and review credit reports in an hour or less to figure out the peculiars of your financial circumstances.
  2. After finding mistakes in your report, ask yourself how hard it will be to verify that they are in fact mistakes. You’ll then have to ask yourself if you want to take care of this on your own or if you should enlist help.
  3. Learn how you can improve your credit while you wait for your grievances of credit report errors to be corrected. Idle hands are the devil’s playground! Better to do everything in your power to increase your credit, and as they say, there’s no time like the present!
  4. Cross-reference your credit report for the next fiscal year. Ensure that your work was not in vain and that the changes you wanted to be carried out were carried out as promised.
  5. You should be checking your credit report every fiscal quarter. Download another report every four months.
  6. If you’re uncertain about finding and submitting errors, don’t risk it, trust a professional.

Even if you are not in debt, there are certain moments in your life where you will want to go over your credit report:

  • Make sure everything is in order before asking for a large money advance like a mortgage or business loan
  • Check your reports before opening a new line of credit
  • Look at your credit history when modifying an extant loan through refinancing
  • When money is tight, you should try to see how to alleviate financial pressure

Fixing Your Credit Score for the Best Mortgage

If you’re thinking about putting down roots and becoming a homeowner, you must be able to negotiate the best possible deal for a mortgage to get low interest rates! Even if the percentages seem trivially insignificant, over time, these can equate to hundreds if not thousands of dollars you’re missing out on.

A lower interest rate also means you’ll be paying less in your installments at the end of each month. To get the most advantageous loan, you need to make sure your credit score is as high as it possibly can be.

Credit Repair: Why it’s so important!

There are many other reasons other than securing a favourable mortgage that is equally as important when it comes to fixing your credit score. For an extensive list of these reasons, you can consult our link here