The highs and lows of repairing your credit

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    Have you ever wondered if credit repair was something you needed? And if so, should you learn to do it yourself or hire a professional?

    Unfortunately, there is no simple answer. Following are insights on both options that may clear up some things about credit repair.

    According to the Federal Trade commission (FTC) “everything a credit repair professional does legally to remove negative items from your credit report you can do yourself” and while that is agreed upon with the FTC, most consumers do not have the time, patience or know how to repair their own report, which is what makes credit repair specialist so attractive. You know you could change your own oil in your car, but one thing for sure is that most people will not do it.

    Although some things are done better yourself, only you can determine if doing your own credit repair will work for you, which is why understanding the advantages of both sides is important.

    1) REFERENCES: Any legitimate company or professional should be able to provide you with a least six references, and if local you should be able to call them. Ask friends or family members if they know a credit professional or company that has had positive results. Also, if your credit repair specialist is not attorney assisted or supervised, it may take longer to improve your credit rating since all correspondence will be looked at by clerks, not by decision makes.

    2) CONTRACT: Unlike painting a house or doing some handy work, credit repair or restoration will vary in results of a very broad scale. Therefore, the use of a contract is important. Most likely your credit issues did not occur overnight and they will not be improved overnight. A good contract protects you as well as the credit professional or company by outlining what is to be expected from the service you are paying for.

    3) PAYMENT: Those companies or individuals that have a monthly fee are falling well within the guidelines of the Fair Credit Reporting Act (FCRA) that regulates credit repair professions and companies in mandating that payment be made after work is complete with the exception of an initial nominal set up fee.

    4) CUSTOMIZATION: The most advanced and successful credit restoration practice is to customize all dispute letters and not use “boiler plate” correspondence. While this is the most effective approach, it normally comes with a higher cost.

    If you cannot find someone to meet all the above criteria, then it is suggested that you take matters into your own hands and learn all you can to repair your own credit like a professional.

    If you want to learn more or receive a free credit repair book, go to: www.goodcreditnow.com.

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