How can a layperson rationally judge companiesabout what they charge and why they charge a specific amount on giving credit repair services? Also, at the same time, you should know the truth that what is the right way, even if you want to do it on your own.
Now can you do your credit card repair on your own? Yes, you can. Anybody can do it. Just like you can do your nail, just like you can cut your grass like you can cut your hair. But, we hire professionals to do it because it takes guts to do it and we don’t have time enough todo that.
Nowadays, everybody is driving around,and there are different costs and different companies charge differently for credit repair. You may see signs that say that a particular company will charge you as much as 20$ for credit repair per month, you may see mortgage companies that have credit restoration in their company and they charge about 700 bucks for one time. Other companies charge month to month. So, how can you get an idea of what is the true cost of credit repair and how much your dollars are going, whether you do it yourself or you hire somebody else to do it?
So, here are the steps and the actual cost that you can expect to pay, either doing a company or not. It varies from company to company, item to item and from account to account.
The first step you should take for credit repair is Credit Monitoring. You can do it for free through www.annualcreditreport.com for those who want to do it themselves. But, an important thing about monitoring credit report is that you need something that helps you to gage from month to month. This is as important as having a tool that helps you to do all the work. This is your investment.
You have to make sure that you get three credit reports with full account numbers because you need to have it because you will need them throughout your dispute process or else how anybody would know what exactly you are asking for? What account number you are referring to? The www.creditkarma.com does not give you that information. So, you need to go to a third party, Upgrade through www.myFICO.com, www.privacyguard.com,etc. They give you one credit report a year.
Once you get all information, you need to come through all the three credit bureausreports. What you are looking for in a credit report is anything that is hurting your credit score or anything that is categorized as negative. Now, credit reports have made it easy by identifying a section as negative accounts or rogatory accounts,etc. There is also a good standing section that is consideredactive and that you are paying. But, you may have some late payments that you may have done 2 or 3 months before. So, everything is green,but this one would be marked red. That’s a negative account,and that should dispute that specific payment. You can dispute as specific as a late payment or the whole account in general. Fair Credit Reporting Act (FCRA) says about such negative accounts that if anything is unverifiable, incomplete, inaccurate, it must be removed or corrected.
So, what all the good companies do, for example, Lexington Law, is that they will take you longer in the program because it benefits them. They dispute one credit bureau at one time and then go to the next one. They do not do all at once. But, if you want them to dispute all of them together then they will charge you,and it will be very costly.
If you do proper research, do a lot of homework, you do it on your own,and you know what you are doing then it will save you a lot of money. If you calculate all the amount of credit repair that you do yourself, it comes out to be almost around394 dollars per account per credit bureau that you are disputing. So, the difference is huge in terms of money as well as time of repairing your credit report between what you do and what a company does for you but you must take the responsibility of doing it only when you are sure about the whole procedure because the amount that you have to pay for its restoration is very less than what the bank could offer you if you have a good credit score.