Credit repair is the process of removing inaccurate, outdated or negative information from your credit report. It can be a daunting task, but it’s one that can benefit you in the long run.
A good credit repair service will be able to help you fix errors and inaccuracies on your credit reports, improve your scores, and keep you safe from identity theft. They also offer credit monitoring, which can alert you to any changes in your credit history and can stop identity thieves from obtaining new lines of credit using your name.
Companies that provide credit repair services can help you resolve a variety of problems, including late payments, derogatory credit history, and collections accounts. They can also help you reduce your interest rates and get approved for new credit cards and loans at better terms.
Before you decide to work with a credit repair company, you should understand your rights under the Fair Credit Reporting Act (FCRA). You can dispute any negative information on your reports yourself without paying a fee.
Your rights under the FCRA include the ability to order your credit report from all three major reporting agencies and to dispute any incorrect information on it. You can use free dispute letter templates on the Internet, or you can write your own disputes and send them to the credit bureaus yourself.
There’s a lot to learn about the credit repair process. You’ll need to understand what types of disputes are valid, how they work and how long it can take for them to be resolved.
The process of repairing your credit usually starts by ordering a copy of your credit report from ExperianTM, EquifaxTM or TransUnionTM. After reviewing the information, the credit repair company will create a strategy to dispute any inaccurate or damaging items that have been listed on your report.
After identifying the most problematic items, the credit repair company will develop a plan to dispute these issues with the credit bureaus and data furnishers that provided the information. Once they’ve made their case, the company can negotiate with the creditors and data furnishers to try to have the disputed items removed from your credit report.
A credit repair company typically charges between $70 and $120 per month to dispute your disputes, depending on the severity of the issue. They may also charge a set-up fee to begin the process of managing your disputes and negotiating with lenders.
If you’re a first-time consumer, or you’re interested in working with a credit repair company to clean up your credit, it’s best to look for an established, reputable business. These companies have a reputation for achieving positive results, and they often have an A+ rating with the BBB.
Ovation Credit is one of the oldest credit repair services and has an excellent reputation for winning disputes. With customizable credit repair programs and a dedicated team of expert case advisors, Ovation can help you quickly improve your credit score.