Can credit repair services really help you improve your credit history? The reality is that there are only two instances in which credit repair services can actually make a difference in your credit history, and neither one of them involves erasing your bad credit. So if you get a promise from a credit repair that, for a fee, they will eradicate your poor credit, run the other way!
The only time a credit repair services can erase a record of bad credit from your credit history is if the bad credit record results from identity theft or fraud. The other credit repair the can perform is to correct clerical errors in your personal information like your name, address, gender, or marital status.
Identity Theft And Fraud Repair
Credit repair services will sometimes need months to clear bad credit resulting from fraud or identity theft, because they will have to send the victims’ documentation of the problem to the credit reporting agencies, which will investigate and document everything on their own. Once they have established that fraud or identity theft has occurred, the bad transactions will be removed from the credit history, restoring the credit score of the person who has been victimized. If you are a victim, you will most definitely benefit from having one of the credit repair services assist you.
If you try to prove identity theft or fraud on your own, you may find yourself stonewalled by both your creditors and the credit reporting agencies who compile your credit history.
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Even the credit repair services often have to wait for your documentation to wend its way through the bureaucracies at the credit reporting agencies, but the time it would take and the aggravation you would experience if you tried to do it on you own might make you decide that it is simply not worth the effort.
Can You Repair Past Credit Abuses?
If, on the other hand, your bad credit history is of your own doing, because of frequent delayed or missed payments, or bankruptcy, you will be stuck with your record until it is automatically erased after a specified time, which can be several years.
There are credit repair services which do not actually try to change your credit history, but act as advisor’s in helping you find ways to keep your spending under control and to pay down your debt. Their staff will be happy to work with you as long as you are making an honest effort to become financially responsible.