If you have bad credit and you’re starting to notice the consequences — such as the inability to get ideal interest rates or approvals for loans — you may be wondering what solutions are available to you. To help you make the right decision, let’s go over some options for rebuilding your credit and how they work. With over a decade of experience, The Credit Pros provides comprehensive credit repair services. Credit repair companies are best suited to those dealing with severely compromised credit — the result of identity theft, perhaps — or with credit reports showing widespread errors over years and multiple accounts. They’re also a good fit if you’re short on free time to handle disputes and don’t mind paying for the convenience of having someone else deal with them on your behalf.
While it may seem counterintuitive, keeping these accounts open can actually benefit your credit score. Ideally, you want to aim to keep your credit card balances below 30% of your credit limits, and ideally, even lower. High credit utilization, or the percentage of your available credit that you’re using, can negatively impact your credit score. Joe Mahlow, the founder of ASAP Credit Repair, has been working in the credit industry for over 17+ years and in the Auto and Mortgage industries helping clients to get approved for loans. One night after work, Joe was having a conversation with some co-workers, which steered towards the fact that over half of their clients couldn’t purchase because of bad credit.
Get access to your free Experian credit report and FICO® ScoreΘ. If they find a mistake, they’ll contact the company responsible to verify the information. Once the review is finished, the bureau must inform you of the results within five business days.
Understanding Rent Reporting
If the investigation finds that the information provided by the lender or creditor is inaccurate or incomplete, the information must be updated so that it is accurate and complete. If the lender or creditor is unable to confirm the validity of the information, or if the information is found to be the result of fraud, then it must be removed from your credit reports. If you have no credit history or a low credit score, a credit-builder loan may help you build a track record of responsible financial behavior without relying on a credit card. Unlike traditional loans, you don’t receive the money up front.
Not only does this make us one of the least expensive companies in the industry, but also the fastest! It’s important to call around to different companies and inquire how their process works – you’ll notice most companies will take 8-12 months to do something that takes us only 1-3 months. The credit repair process typically takes about 3 to 6 months in Texas, depending on the complexity of your case. Although credit bureaus must respond within 30 days of receiving a dispute, investigations can extend well beyond this period before any changes are made to your credit report.
What Our Clients Say
Sometimes we are forced into a loan with significantly higher interest rates. Home and Auto refinancing are often able to be obtained after successful completion of our credit repair program. Allowing you to not only obtain lower interest rates but to ultimately substantially lower your debt to income ratio (DTI) in the process. Schedule your free credit analysis today to see how we can help you. Phenix Group is hands down the best credit repair company for anyone looking to improve their credit to buy a home, car, etc. As a lending professional, I can attest that they are head and shoulders above other credit restoration outfits.
Ask a trusted friend or family member to add you as an authorized user on their credit card. The card owner’s positive credit history and responsible credit usage could help raise your credit score. A revolving credit card — especially when used independently — is one of the most effective tools for building or repairing your credit.
Credit Counseling Explained: How It Helps You Rebuild Credit
While repairing your credit, you might see a temporary score decrease. Don’t be discouraged; instead, continue the process of making on-time payments, removing inaccuracies and decreasing debt to see long-term score increases. Improved creditworthiness has benefits ranging from securing a mortgage to getting a credit card with more bonus offers. You can see benefits in insurance premiums, car loans and job opportunities. These combined actions led to steady progress in his credit score. Over the course of six months, Mike sees significant improvements in his creditworthiness, opening doors to better loan terms and financial opportunities.