When talking about the savings on a thirty-year mortgage at $200,000, getting your credit repaired can save you more than $43,000 over the life of the loan, just by lowering your interest rate by 1%.
When it comes to certain kinds of loans, the difference between good credit and bad credit can be as much as 10%.
The cost of credit repair varies based on the difficulty of disputing your negative credit items–of course, if you’re looking for credit repair in Fort Worth, it’s best to research the credit repair company and ensure they’re reputable enough to take on your credit issues.
Credit repair refers to the process of removing bad and inaccurate information from your credit report in order to improve your credit score. The best way to examine your credit report is to request it from one of the three credit bureaus; the next step usually involves studying the credit reports to identify any inaccurate or missing information. Moreover, it would be a good idea to look out for unauthorized accounts that may be in your name. This can be a sign of identity fraud.
If you're satisfied with the credit report, there's no need for a credit repair. You can, however, constantly improve your credit score by paying your bills on time and reducing your credit utilization ratio. You can also file a dispute with the respective credit bureau if you notice any inaccurate or missing information. They’ll investigate, and if your claims are valid, the missing information is included in the report or the inaccurate information is corrected.
You can file the dispute yourself, but the paperwork hurdles involved can be challenging. If you feel you're not confident about filing a dispute successfully or are worried about how long credit repair takes, or you simply don't have the time, you should consider hiring a credit repair company such as The Phenix Group, who will make sure you know your credit repair specialist is legit.
Some credit repair companies go as far as providing credit monitoring services; companies often differ in the prices they charge, but most of them offer a bundle with monthly fees. Generally, the cost for credit repair is very reasonable. When you factor in how much is saved on loans, credit repair pays for itself.
Still, credit repair doesn’t happen instantly and can take anywhere from weeks to months, depending on the number and type of disputes filed. Sometimes, you may need to file a dispute more than once when the credit bureaus repeat a previous error.
Most people turn to the internet when searching for a credit repair company. There are many reputable companies, but you can also encounter scam companies who promise the world and fail to deliver. Here are a few ways you can tell an honest credit repair company from a fake:
They ask for the fees upfront and then disappear
They promise to get rid of accurate information on your credit report (the three credit bureaus can only do this after investigation)
They tell you not to contact the credit bureaus to launch a dispute
They promise to give you a loan no matter how bad your credit is or offer you other financial services at exorbitant interest rates
If you choose the credit repair company route, keep an eye out for fake companies whose only interest is financial gain. Of course, experienced and reputable credit repair specialists at The Phenix Group are credible and ready to help.
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