Blog

Credit Repair: Does It Work?

One of the most frequently asked questions of people who have their credit standing ruined is “Does credit repair work? It makes a lot of sense why they would ask this question. Good credit invariably makes it easier to get new credit like loans and mortgages. It also makes it easier to pay for the loans because if you have good credit, financial institutions are more likely to give you lower interest rates and better deals when you take out a new loan. In a nutshell, good credit gives you greater financial flexibility by giving you easier access to cash, services, and products, and making it easier to pay for them, saving you a lot of money in the process.

That’s why credit repair is such an important service for people with bad credit. But they are not always sure if credit repair works. We will discuss the truth about credit repair and some misconceptions that consumers may have so keep on reading.

What is credit repair?

It is the process of restoring a person’s credit standing. It sounds simple, right? Yes, it pretty much is, although the entire process may take weeks to finish. Credit repair refers to actions taken to remove or modify incorrect entries on a person’s credit history. This history can be found on that person’s credit report, provided by one of three major credit reporting agencies. You can have a free copy of each agency’s report on your credit history. If you need more copies, or you would like an updated version, you can purchase as many as you like.

What do you need to do to repair your credit?

The very first step you need to do is to get the most recent version of your credit report. This report has 5 or 6 sections but you will need to check the sections containing information like your personal information, account history, tax liens, lawsuits, and judgments. These will contain data which are used by financial institutions to calculate your credit score. You need to sift through the information carefully for any inaccuracies or falsehoods, like incorrect dates on opening and closing accounts, unauthorized hard inquiries reported under your name and unauthorized accounts.

Repairing your credit

If you find any false information, you can then repair your credit by filing a dispute on every inconsistency that you found. Depending on the result of the investigation by the credit bureaus, the data you disputed may be struck from your record. This is the essence of credit repair. Technically, it doesn’t mean that when you repair your credit, your credit score automatically goes up, although that is mostly the trend. It only means that you have done steps to make your credit report as accurate as possible, which may have the added benefit of bringing your credit score up if you have a lot of positive credit interactions.

Credit repair can be daunting for rookies. Even if you aren’t a rookie, you will likely still need a professional credit repair company to do it for you. Blue Water Credit is such a company, the best credit repair company in California, with years of experience in the business that we use to make our clients’ lives easier through good credit. Call us toll-free at (877) 577-7496 to speak with our expert credit analysts or visit our website at https://bluewatercredit.com/credit-restoration and schedule your consultation now.