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Where do you start when you need a credit fix? Should you try to fix your own credit or hire a credit repair service?
Credit repair costs vary, ranging from hundreds to thousands of dollars but it can be worth it.
The first thing you should know is there's nothing a credit repair service can legally do for you that you can't do for yourself.
But there are 4 major factors you need to consider before you venture on a credit fix:
You may want to know when credit scores update to keep track of the best time to apply for credit. But credit scores don't have a set “update day”.
Your credit score is calculated based on the information in your credit reports (from Equifax, Experian, TransUnion). Understanding your credit reports can help when it comes knowing how frequently credit scores change.
The information used to update your credit scores comes from your lenders, credit card companies and banks that have extended credit to you.
Typically, your account activity is reported to the credit bureaus every 30-45 days. That activity can include updates to payments, balance changes (utilization), and more.
Any information updated from your creditors to the credit bureaus, like payment amount, on-time payment or missed payment, has the potential to change your credit score. This information is vital for people looking to legally change their credit scores.
Your score might change multiple times a month depending on how often your lenders report and whether there are changes in your account activity.
Credit bureaus are private companies. There is no mandate that states your creditors must report to the credit bureaus any information at all. What the law says is if creditors do report account activity and information, that information must be accurate according the the federal Fair Credit Reporting Act.
Federal agencies like the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) ensure fair practices and consumer protection as well as offer consumers a complaint submission process.
Some smaller lenders might not report to all three credit bureaus, or may report less frequently.
Credit scores may vary across the different credit bureaus because credit card companies are not legally required to report to all three credit bureaus (Equifax, Experian, and TransUnion). Here's why:
The lack of uniformity can result in a consumer having an incomplete credit picture. If a credit card company only reports to one bureau, your other credit reports may not reflect that account or activity, leading to less accurate credit history.
There could be missed opportunities if positive credit behavior exists on just one or two credit bureau reports. Consumers can get free weekly credit reports from each of the major credit bureaus.
An unreported account won't help build your credit history on the other bureaus.
Then there's different credit scoring models (like FICO or VantageScore) that exist. And for many people the credit score produced under these two separate scoring models differs. In some instances, there can be a big difference in a consumer's FICO Score vs. Vantage Score.
Where do you start when you need a credit fix? Should you try to fix your own credit or hire a credit repair service?
Credit repair costs vary, ranging from hundreds to thousands of dollars but it can be worth it.
The first thing you should know is there's nothing a credit repair service can legally do for you that you can't do for yourself.
But there are 4 major factors you need to consider before you venture on a credit fix:
A good credit score goes a long way in securing your financial future. Bad credit scores can have so many negative repercussions. Whether it's landlords, lenders, or utility companies, once you're seen as a risk that might default, you may get denied or end up paying more.
A credit fix is important to most Americans and must be done with good results. That's where credit repair services can help if you don't have the time or knowledge to embark upon a credit fix. AI like ChatGPT or Google Bard might help consumers with the credit repair process but it more than likely won't be the same level of expertise as an experienced AI credit repair company.
Let's first lay out what 5 different credit repair service companies can do, then – 5 Actions to take for a successful do-it-yourself credit fix.
Sky Blue Credit Repair was founded in 1989 in Boca Raton, Florida offering a customizable credit repair service package that includes credit disputes, credit building guidance, mortgage preparation, and debt consolidation consultations. Sky Blue Credit is one of the older credit repair companies, with more than three decades in business.
SkyBlue Credit Repair Services
Lexington Law is the leading credit repair organization with attorneys and paralegals that are knowledgeable about the laws and statutes regarding the credit bureaus, credit reports, and credit scores. With over 19 years of experience in helping clients with everything from late payments to charge-offs to bankruptcies, Lexington Law is a good choice for a credit fix company. Their “white glove” services help clients improve their credit and educate them on how to maintain good credit.
Lexington Law Services
CreditRepair.com boasts an average credit score gain of 40 points in 4 months for clients. CreditRepair.com offers credit repair services and credit score tracking all-in-one. Clients enjoy a comprehensive solution that allows them to stay on top of their credit 24/7 with email and text alerts when significant changes happen on your credit report.
CreditReport.com Services
Credit Pros understands the credit industry and will help you navigate the credit bureaus for success. Their staff is comprised of Certified FICO© Professionals with several years in the credit repair industry. Credit Pros specializes in disputing unverifiable, inaccurate, and questionable credit items.
The Credit Pros Services
Credit Saint employs in-house licensed legal staff who can successfully help you navigate the federal credit reporting laws. Their staff is comprised of a team of professionals. Clients get monthly updates and credit profile analysis to help you understand updates and current status. Clients will also get information on how to build a positive credit history while they work on fixing your credit.
Credit Saint Services
If you don't know where to start your credit fix, here are 5 simple actions that will give you some direction.
To get a better understanding of your credit picture you must review your credit reports from Experian, Transunion and Equifax. Annualcreditreport.com offers free credit reports once a year. But they don't offer credit scores. myFICO offers credit reports and FICO scores for a fee you can get anytime.
Once you have your credit reports do the following:
One charge-off can take up to 150 points off your credit score. It can be detrimental to your credit scores compounded by the fact that months before your account was officially charged off, a number of late or missed payments occurred. Missed payments alone can significantly damage your credit.
Ways to remove a charge-off from reports:
Debt collection accounts have a big impact on your credit scores too. It makes it even worse when you have the original creditor reporting late payments and a charge-off. Your scores are doubly impacted. The best action for collection accounts is to get them removed from credit reports. Paying a collection account will not help your scores.
Ways to remove debt collection from reports:
Payment history is one of the major components of your FICO scores. Late and missed payments will reduce your scores, and bankruptcies, public records and collections can cause significant damage. Negative information will remain on your credit report and impact your credit scores for 7-10 years. On time payments will have a positive impact on your credit scores.
Steps to take to improve your payment history:
The next major component of your credit score is credit utilization rate. FICO scoring models take into account how much you owe compared to how much credit you have available. This is called credit utilization rate or balance-to-limit ratio. Basically it's the sum of all of your revolving debt (such as your credit card balances) divided by the total credit that is available to you (or the total of all your credit limits).
When you use a lot of your available credit your credit scores take a huge hit. The typical school of thought on how much of your available credit to use is around 30 percent. However, FICO has said in the past that people with the highest credit scores typically use no more than 7 percent of their available credit.
For example, if you have a $10,000 credit limit across all of your credit cards, you should try to keep your total credit card balances below $700 to keep your credit utilization rate low.
Here are ways to reduce credit utilization:
Once you reduce or pay off debt remember to keep the account open. The FICO scoring model factors in the age of your oldest account and the average age of all of your accounts. Consumers with longer credit histories are rewarded.
Stay up-to-date with your latest credit score information and learn what lenders know about your scores.