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| Do-It-Yourself Credit Repair vs. Using a Credit Repair Company |
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| Written by Jessica Acosta |
| Monday, 27 April 2009 08:39 |
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Before you begin to repair your credit, you might wonder whether you should hire a credit repair service, or if you should attempt self help credit repair instead. The truth is, there is no single correct answer to this question; the better choice for you will depend on your circumstances and personal preference. Both options have pros and cons that should be weighed carefully before making a decision. The most common reason people choose to repair their own credit is because it is inexpensive. If you decide to fix your own credit, the only costs you will incur will be for postage to communicate with credit reporting agencies, credit card companies, and collection agencies; and costs for copies of your credit reports (everyone is eligible to receive one free copy annually, but if you are repairing your credit you will probably need several new copies because you will want to see what information on your reports has changed as a result of your efforts). Also, copies of credit reports generally do not include your credit scores, so if you would like to monitor changes in your scores from month to month, you will need to subscribe to a website that offers this service for a fee. You can expect to pay an average of $100 monthly for credit repair services, although some agencies charge much more, or even a little less. Of course you are probably interested in saving money, but please be advised that fixing your own credit can be quite time-consuming. Not only is disputing information on your credit reports in itself time-consuming, but before you even begin you must do your homework! Legal credit repair is made possible solely by the laws that protect you as a consumer. If you do not truly comprehend these laws, you won't be able to use them to your advantage in order to repair your credit. There is no shortcut; you will need to spend the hours of reading necessary to learn the laws. Your credit repair efforts won't be successful if you don't understand the laws and how they are applied, so if you don't have the time or patience to learn them, self help credit repair may not be for you. You should also be advised that credit repair may be tricky for you if you have never dealt with credit bureaus, creditors, or collection agencies. When you dispute a negative item on your credit report with a credit bureau or creditor, they will frequently reject your dispute. Most people aren't accustomed to dealing with this and aren't sure what to do next when this happens, but credit repair agencies deal with this all the time and they will know the best course of action to take. Of course with enough time and experience, anyone can become adept at dealing with this issue, but when you are new to credit repair it can seem like you are getting nowhere. This is very discouraging and causes many people to give up on fixing their credit. People have been successful at repairing their credit both by hiring someone to do it for them, and by doing it themselves. Each method has advantages and disadvantages, so ultimately your decision should be based on how much time, patience, and finances you have at your disposal. If you feel confident enough to tackle credit repair yourself, or if you just cant afford to pay a credit repair agency to do the work for you, you might want to try doing it yourself. But if you would rather save yourself some hassle and can afford the fees, you may want to utilize the services of a credit repair company. (If you choose this option, please do not hire an agency without thoroughly checking them out first to be sure they are legitimate.) About the Author: Jessica Acosta is committed to providing consumers with unbiased, honest information regarding self help credit repair, along with various other aspects of personal credit and debt. If you would like to read more of her articles, please visit her website, Credit Repair and Debt Solutions. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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