Category: Credit Repair

How Will I Know When Credit Repair is Successful?

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Credit repair is a common goal with many benefits: lower interest rates and insurance premiums, the ability to save, borrow and even find employment.

If you have been pursuing creditworthiness, you may wonder, “How will I know when my goals are achieved?” While there is no obvious alert to credit improvement, there are plenty of ways to determine whether your efforts have succeeded. Begin by:

  1. Pulling your credit reports. Inaccurate and negative information can reduce your credit score by hundreds of points. As you and your credit repair team address these issues, deletions should help your score improve. The best way to verify progress is to order free copies of your TransUnion, Experian and Equifax reports. Review each report and highlight errors that are still present, then compare your list to the original. With any luck, you’ll see that negative items have disappeared.
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How Often Should You Check In With Your Credit Repair Company?

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When you are serious about credit repair, working with a professional advocate is an effective way to address problems and find solutions. If you are new to the process, you may wonder about the protocol. How will you communicate with your credit repair company? How will you receive news and updates? Should they contact you, or vice-versa? Review the types of mutual communication you should expect from a reputable company. Understanding the process is essential.

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How to Spot Illegal/Unethical Credit Repair Companies

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Unfortunately, many credit repair companies try to snare consumers by offering credit repair through illegal or unethical tactics. Credit repair companies themselves are not illegal — in fact, they offer a valuable and much-needed service to many Americans — but they must abide by certain rules and laws if they are to be trusted.

The Credit Repair Organizations Act (“CROA”) is a federal law that protects consumers from unfair and deceptive practices by credit repair organizations. Many states also have their own laws that regulate credit repair organizations. A credit repair organization that engages in practices prohibited by CROA is likely unethical and should not be relied on for your credit repair needs.

How can you spot an illegal or unethical credit repair organization? If you see an organization engaging in one or more of the following illegal practices, then chances are the organization is violating CROA and should not be trusted.

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What Affects Your Credit? Student Loans.

The attorneys at Lexington Law Firm are experienced and can help you move forward with your credit situation. One of those credit situations may arise when handling your student loans. Contact Lexington Law Firm today to find out how we can help you with your credit situation.

 

Related Articles: 

What Affects Your Credit? Divorce.

What Affects Your Credit? Identity Theft.

What Affects Your Credit? Medical Expenses.

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New Year’s Resolution: Take on Less Debt to Keep Your Credit Healthy

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The average New Year’s resolution is long forgotten by February, but 2016 is the opportunity for a fresh start. High debts are among the top reasons for credit damage. In fact, 65 percent of your credit score depends on timely payments and debt utilization — or your account balance versus your total credit limit.

Follow the tips below to take on less debt this year:

  • Follow a budget. You can’t find credit success without a map. Setting up a budget is the best way to track spending, establish saving goals and focus on debt reduction. Download our free template here to get started.
  • Assign credit cards. Overspending is easy when your credit cards have no purpose. By assigning expenses to each credit account, you are more likely to follow a budget and avoid straying. For example, use your Visa to buy groceries and your MasterCard to pay for gasoline and daycare expenses for your kids.
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