Recovering from credit problems can be a tough and lengthy process. While there are steps you can take to potentially speed it up, it's important to have realistic expectations from the start.
Fixing credit issues takes time because they usually don't happen overnight.
But here's the good news: repairing your credit is possible if you have a solid plan and are committed to following it.
Your Rights Under the Fair Credit Reporting Act (FCRA), you have the right to expect accurate information on your credit reports. However, credit reporting mistakes are still common. Studies have found millions of errors on consumer credit reports.
The three major credit bureaus (Equifax, TransUnion, and Experian) handle millions of credit files, which increases the chances of mistakes.
It's up to you to ensure the information on your credit reports is correct since no one else will do it for you, unless you hire a professional.
Disputing Errors When you find questionable information on your credit reports, take action. Even seemingly small errors, like incorrect dates on accounts, can impact your credit scores more than you realize.
Fortunately, the FCRA provides additional rights if you suspect any incorrect information. You can dispute the entry with the credit bureaus and request an investigation.
Now, the question is whether you want to handle the dispute process yourself or hire a credit repair professional. While you have the right to do it alone, there are benefits to consider when working with a professional.
Professional Vs. DIY Credit Repair Managing credit issues on your own can be challenging, especially if you're already busy. Many people who attempt DIY credit repair either don't give it enough attention or fail to follow through.
As a consumer handling credit repair alone, you may make mistakes that set back your progress. Additionally, the credit bureaus might not outright reject your request to remove an item from your reports. If you're not fully aware of your rights or how to respond, or if you don't follow up properly, you could waste a lot of time with disappointing results.
Working with a professional can help overcome these challenges. If you're too busy or overwhelmed to manage credit repair on your own, it's time to consider seeking professional assistance.
There's nothing wrong with hiring a pro, despite what some may say. Just like you hire professionals for other services like auto repair, tax preparation, or plumbing work, you have the option to seek professional help instead of taking the DIY approach.
Shawn Lane
CEO and Co-Founder
(O) 214-856-0068 Ext 700
Shawn.Lane@frscredit.com