Thinking about hiring a company to repair your credit?

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Hiring a credit repair company?

Thinking of hiring someone to repair your credit? There are many professionals who will work hard to fix your credit information but unfortunately there are equally as many who are looking at you as an opportunity for some easy money.

Professionals have the ability to sort through the legal and technical information and have the experience necessary to put together a plan to repair your credit file but they have no more access to your information than you do. If you decide to hire someone, make sure you know upfront what the costs, fees and expectations are.

Be cautious when hiring a company to repair your credit

Beware of companies that promise to help you re-establish your credit for a fee; their ability to change the information that appears in your credit file is no different than anyone else's! Only your creditors are able to alter this information. Therefore you do not need to pay a third party to obtain, discuss, review or make changes to your credit report. You have the right to access your information and make changes to your file if there is an inaccuracy or if you want to include a comment.

If you are thinking of hiring someone to repair your credit, remember this:

  • A credit bureau will not remove accurate negative information from your credit report before the legal time period has expired. Therefore, do not believe anyone who claims they can get negative information removed from your credit report faster than is legally required.
  • There are no "loopholes" or laws that credit repair companies can use to get correct information off your credit report.
  • No credit repair company can do anything you can't do for yourself. It is impossible for a third party to make changes in your file if the facts have been correctly reported. There are individuals and companies that claim they can fix a bad credit file. This is not the case. If a file includes accurate, yet negative information about your credit history, this information cannot be changed. Information will only be changed when your file contains an inaccuracy.
  • The only way to rectify a poor credit rating is to adopt sound credit practices for a period of time.

To learn more about your credit file and credit score, view Understanding Your Credit Report and Credit Score.