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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

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Credit Repair Boom

Monday, May 26, 2008

These days, lenders prefer to deal with borrowers whose credit is near to perfect, i.e. good and excellent. This news comes as no surprise due to the credit crunch and its negative effects on credit card industry. That's the reason why more and more customers turn to credit repair companies in order to improve their credit score as quickly as possible.

It's definitely tempting to boost your score in no time, and obtain a loan with much better rates! However, credit clinics may have bad medicine, especially in view of the fact that today you can easily find the company that promise to rehabilitate your spoiled credit and bring you back to life. The choice of the company is crucial - you may get all or nothing.

It's worth mentioning that credit repair companies or credit clinics have always been popular among borrowers. Every cardholder would like to see the lowest rate on his/her loans and good credit score makes it possible. While some people treat credit repair as a do-it-yourself procedure, the others cannot sort-out their financial problems without professional help.

Now that lenders tighten credit requirements, people do their best to improve their scores. Meantime, this comes as welcome news for credit repair companies that may be extremely creative, when it comes to money. What about becoming a credit expert for $15,000? If you want to, it takes just about a week of training and you will learn everything there is to know about credit repair.

And here is the question, if it's so easy to become a credit doctor, what about the quality of the services provided? Consumer advocates warn that the cases are not rare when credit repair companies use shady practices and charge pretty high for this. That way, it's better to spend this money on your credit card payments.

The problem is that some credit repair companies can boost a person's credit score but it's only temporarily. One of the most common techniques credit clinics use is disputing negative information. Really, when one wants to improve credit rating, he or she generally starts with checking inaccuracies in a credit report. The odds are you can find a delinquent credit card account, though you've paid on time. Through the Fair Credit Reporting Act, one can remove anything from the credit report that is misleading, outdated, or incorrect. But when removing some accurate information, let's say about outstanding debts, the odds are this information will be re-reported the following month.

Credit clinics are not magicians to delete all the negative information from your credit report, especially when it's accurate. So, if you know that you've got some unpaid collections accounts or some other information that may have a negative impact on your credit score, removing this information will make no significant difference.

Disputing errors on a credit report takes about a month or two. Once you want to settle your problems faster and you've got all the necessary documentation on hand, you may consider a pricey but really effective option that is called Rapid Rescore. It costs for about $30 per credit line per one bureau and it takes just a few days to improve your score. However, it really works only when you've got errors and you can prove it with all the necessary documentation. As you see, companies differ much. Choose a reliable company that does not promise to make a miracle with your spotty credit history!

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