Do-It-Yourself Credit Repair versus Hiring a Credit Repair Company
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With over 80 million people in America with poor credit, the credit repair industry is growing in leaps and bounds. Many consumers recognize that in order to take advantage of all the opportunities allotted to Americans, a favorable credit rating is a necessity. Once you’ve established that you need to remove incorrect, obsolete and/or unverifiable derogatory information from your credit report, now you must decide whether you will do it yourself or use a credit repair company.
The credit repair industry is notorious for attracting scam artist. This is actually pretty common for industries and professions that don’t require licensing. Many entrepreneurs find the credit repair industry a viable, low cost business to start. Some thrive, but many discover that the credit repair business takes knowledge of federal laws, tremendous organization and great communication skills. Many, good intentioned credit repair entrepreneurs hang up and take down their shingles in the same year. Unfortunately, that can leave paying customers in a bind.
Other credit repair companies over promise and under deliver. Guaranteeing specific outcomes in credit repair is a recipe for disaster. In fact, it is as ridiculous as a lawyer guaranteeing a defended that they will be found innocent in a court of law. The attorney can guarantee that she will spend a certain amount of hours on the case. He can even guarantee that he will use the knowledge and experience he has gained from successfully representing defendants in similar circumstances, however he can not guarantee the final outcome. It’s impossible and unethical. What is not unethical is to boast about past results. It’s perfectly fine for credit repair companies to boast about past results in advertisements, but they must be cautious not to over promise. It can certainly be a slippery scope.
The plus to do-it-yourself credit repair is cost. Your cost is as little as buying postage and printing dispute letters. The cons are that most consumers are not well educated about their rights under the Fair Credit Reporting Act. Therefore, the success rate of permanently deleting derogatory information is far less than that of a professional credit repair expert, who stays abreast of new laws and new disputing techniques. The other con is that disputing your credit takes time and consistency. Unfortunately, many simply don’t stick with it. They begin the process and don’t complete it. Obviously, when you pay a credit repair expert you are paying for their time, organization, expertise and consistency.
If you decide to do your own credit repair, I highly recommend that you do thorough research online on current credit regulations and find up-to-date sample dispute letters. I also recommend that do-it-yourselfers commit to 3-5 hours a week to focus on researching, writing/mailing dispute letters and following up with the credit bureaus and/or creditors.
If you decide to utilize a professional it is essential that you do your due diligence. Confirm the person or company’s experience. Be sure the company is licensed and bonded, check references (current and/or past customers) and ensure that customer service is a priority. For additional information visit www.trwcreditcorp.com
Dionna Keels is a National Director with TRW Credit. TRW is a fully licensed & bonded, 9 year old, nationally recognized credit restoration company. We do business in all 50 states & Canada. We work directly with consumers, as well as with Real Estate, Mortgage, Automotive and other professionals in finance driven industries.
We utilize our knowledge of the Fair Credit Protection Act and our years of experience to assist our clients in permanantely deleting obsolete, incorrect & unverifiable information from consumer credit reports usually resulting in 120-220 pt increase on their credit reports.
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