9 Ways Credit Restoration Services Can Restore Your Credit

While seeking credit restoration help online, you are going to read a lot of ads that are too good to be true. Something like “raise your credit score by 100 in 30 days” is not uncommon. Can these 30-day credit restoration services really do some magic? Can they help in qualifying for an auto or home loan? 

Improving credit is not a cakewalk. If you have a bad credit score, you are vulnerable to crook people preying on individuals in desperate need of good credit scores. Before you start looking for a credit repair company, know your rights. No company can charge you before providing services. These services do help but not that fast.

Following are the 9 ways a credit repair expert can help you:

Mortgage Correction

A short sale, loan or foreclosure reported incorrectly takes a toll your numbers. The company looks for errors such as short sales reported as foreclosures or charge offs, or foreclosure reporting a deficiency balance. Erroneous reporting by the banks is also identified. 

Mortgage Derogatories

Foreclosure on their home is the only choice some people have when they go through life-changing issues. However, this choice causes severe damage to your credit. In case you have foreclosure or short-sale on your property, look for a company having an excellent track record on mortgage derogatories. 

Charge offs

Get help if you have charge offs on your credit report. A good company never promises a quick fix solution. It will consider a time frame to resolve it. The company will dispute illegal re-aging of debt aggressively.    

Collections

People struggling with credit and debt problems often receive intimidating and aggressive calls from collectors for very old accounts. You can approach a company offering credit restoration services for advice on stopping this harassment. The company can also tell you about the best course of action you can take on collections being reported on your report.

Late Payments

Remove a late payment and get your credit score improved by between 30 and 100 points. However, it is difficult to correct reported late payments. The company can use bank statements to prove that payments were not late. If you have a lengthy positive payment record since the late payment, this can also help.    

Bankruptcy

Credit restoration services can help if you want to fix your credit after a chapter 7 bankruptcy. Erroneous reporting of bankruptcy accounts is very common. Work with a credit repair company to correct errors in your credit report after bankruptcy.

Judgments

Credit bureaus often hire third parties to scrub public records. Public records belonging to you go to your credit report. This process can be erroneous. This is a common issue addressed by credit repair companies. Find a company using effective tools to deal with reported judgments. The company can get these judgments removed.

Student Loans

A student can see a negative impact on his credit score after defaulting. There are two ways a credit restoration services provider can help you.

  • The company can help in removing your student loan default from your credit report.
  • It can provide you with some options when it comes to repayment of student loan debt.

Identity Theft

After identity theft, restoring credit is a daunting process. You have to take some very specific steps to initiate the disputing process. Find a company having a strong understanding of powerful consumer laws. 

Always remember that a credit repair company cannot charge you before providing its services. It is illegal for a company to make false statements about your credit score. Altering identity or advising you to do so is a violation of the Credit Repair Organizations Act (CROA). The company has to sign a contract. Read about the Credit Repair Organizations Act (CROA) to learn about your rights and then start looking for credit restoration services.

Peter