Unfortunately, in the US we’re not taught anything about credit in high school. If you’re lucky, you may have had an adult in your life who taught you a thing or two, but most likely the only advice you received was bad advice from a well-meaning adult. Something along the lines of, “don’t get a credit card. It’s a trap.” Have you ever received advice like that before? We most definitely have.
It’s unfortunate that we are not taught anything about credit in school because it’s one of the most important areas of your adult life. If you have poor credit, it’ll cost you thousands, maybe even hundreds of thousands of dollars in interest. You will get terribly high interest rates on every loan you ever take.
Your car loan will be in the 15% interest range while people with good credit pay around 2% interest. Your mortgage will force you to pay thousands of dollars more than a person with good credit, even though your houses are the same price. It is a shame something so important in our lives can fly under the radar until it’s too late.
These are the most reputable and popular companies in the credit repair industry right at this moment.
The good news is, it’s never too late to repair your credit. You can boost your credit score by several hundred points in just one year. Tremendous progress can be made in six months. Fixing your credit is a tedious process, but as long as you stick with it, you’ll be glad you did. You will save thousands of dollars due to your repaired credit.
Some people will save a drastic amount of money right away by refinancing high-interest loans and getting lower interest credit cards. It all depends on your situation, but you’ll definitely come out on top.
Two Roads To Success
There are two ways to fix your credit score. Both of them work very well. The first was is to do everything yourself. This is perfect if you have a lot of time on your hands and the wherewithal to stay on people until they complete your request.
The first thing you’re going to need is your credit report. Get a report from the major bureaus which are TransUnion, Experian, and Equifax. Next, you have to find all the items that you want to dispute. Then you file the disputes and keep on your creditors and the credit bureaus until they clean up the listings. If you have any large collections, you will have to negotiate a settlement or pay it in full to get it off your credit report.
Of course, if you go this route you will have to do some research to see what kind of items you can dispute. Don’t worry, that’s where we come in. You can find this information right here on our website. We’ve got you covered!
If you don’t have a lot of time on your hands to research, find disputable items, negotiate settlements, and get negative items removed, then you’re going to want to pick the second route.
The second option is to hire a credit repair company to do all of this work on your behalf. They will do everything that was stated above. They’ll get your three credit reports, find items that can be disputed, file the disputes, and stay on the credit bureaus and your creditors until the items are removed.
Either route you decide will help boost your score dramatically, depending on what old misinformation you have listed on your credit report.
Costs Associated With Repairing Your Credit
Hiring a credit repair company is not very expensive. You’ll end up paying around $60-$100/month. That’s roughly the price of internet or cable service. That’s not bad at all considering that you’ll save thousands of dollars in interests.
Credit repair companies work with you on a month-to-month basis. If you decide to hire one, you will not get stuck in a long term contract. You can opt out of their service whenever you feel comfortable with your credit.
If you do it yourself, all you’ll have to pay for is your credit report. Credit reports are cheap. They cost around $10. Be sure to just get one of each. You don’t need more than one from each major bureau.
The only other cost of doing it yourself is your time. How much is your time worth? If it is worth it for you to spend hours of your time in an effort to get negative items removed, then this is a good route. But if you’re the kind of person that hates spending hours on the phone, this would route would not be a good fit.