Looking to improve your credit score? Key Credit Repair can help! There’s nothing quite like the feeling of finally paying off a credit card. The weight is lifted off your shoulders and you can finally breathe a sigh of relief. But what if I told you that there’s an even better feeling?
That’s right, improving your credit score. And Key Credit Repair can help you do just that. They’re a credit repair company that has helped people improve their credit score by 100 points or more in as little as 30 days.
What is Key Credit Repair? The process of contesting problems and errors on your credit reports is known as credit repair. Your credit report is kept in its unique format by each credit bureau. Credit bureaus make every effort to maintain correct data, but mistakes sometimes happen.
Credit repair is the process of attempting to fix those mistakes. The Fair Credit Reporting Act (FCRA) permits you to submit a dispute if you disagree with any information in your credit report. The credit agency must delete the item you contested if the data cannot be confirmed accurately within 30 days.
1. History of Key Credit Repair
TRW, a corporation that uses technology to standardize credit reports, started modern reporting in the 1960s. As the organization grew into a nationwide credit reporting service, TRW provided each customer with a unique identification number. TRW was renamed Experian later on.
Small local firms built profiles on consumers before standardized credit reporting to track their borrowing and debt repayment practices.
Local banks utilized this data to aid them in underwriting – the process of determining whether or not an application should be authorized for a new loan.
Congress approved the Fair Credit Reporting Act in 1970. (FCRA).
Consumers’ rights were safeguarded, and the right to a fair and accurate credit report was guaranteed. The ability to dispute information that the consumer believed to be erroneous was included in that protection. Credit repair was developed as a result.
2. What does Key credit repair do?
Credit repair allows you to dispute and subsequently correct false negative items on your credit reports that may be negatively impacting your credit scores. If you’ve been trying to get out of debt, there are a variety of mistakes you could make.
Amounts that you paid on time were missed, which might happen if you set up a repayment plan with lower payments.
Incorrect account statuses, such as “Settled in Full” instead of “Paid in Full.”
Negative accounts may only stay on your credit report for a certain amount of time; thus, this information is outdated.
Re-aging is when a debt collector or creditor modifies an account’s “purge-from” date, causing it to stay on your credit report longer than it should.
Credit repair does not allow you to remove factual and verified terrible information from your credit report. It isn’t a magic pill that will guarantee you a credit report free of errors. If a creditor or lender can verify a negative item, credit repair will not assist you in erasing it.
Credit reporting, on the other hand, is prone to inaccuracies and errors. In reality, they happen more frequently than you would believe, especially when you’re dealing with financial difficulties.
3. Credit repair might improve your credit score.
Credit repair isn’t a sure thing when it comes to improving your credit score. However, if unfavorable, false material is removed from your report, there’s a significant chance it will.
Many consumers observe an improvement in their credit scores after having inaccuracies on their credit reports fixed.
The quantity by which the score rises, on the other hand, might vary depending on:
- High scores tend to improve more slowly than low ones, depending on where you started.
- How many more bad items do you have, and when did they occur?
- The date on which any unfavorable material on your report first appeared.
- If your credit reports include a lot of erroneous or dubious information, credit restoration can occasionally result in a significant credit score improvement.
4. How to Repair Your Credit
The more items you want to dispute, the better your chances of improving your credit score. If you have many items to dispute, it can be worth it to hire a professional credit repair company. The money you save in the long term by achieving cheaper loan rates with a better credit score may outweigh a little upfront investment.
However, you may restore your credit for free on your own. That is also a component of the Fair Credit Reporting Act’s protections. There are also paid credit monitoring programs available that assist you in making complaints on your own. This sort of tool is usually less expensive than paying for repair service.
The processes in the credit repair procedure are essentially the same whether you utilize the free credit repair approach or hire a business.
- Each of the three credit bureaus should provide you with a copy of your credit report.
- Examine your reports for possible errors and omissions.
- Any errors you identify should be reported to the credit bureau that issued the report or the credit provider that provided the information.
- Allow 30 to 45 days for the credit bureau or issuer to validate the information.
- If the data can’t be validated, it has to be erased.
- You’ll get a free copy of your credit report so you can double-check that the information was erased.
5. How do repair services work?
You may wish to utilize a professional credit repair agency if you have several disputes to resolve or if you believe the arguments you need to decide aren’t easy.
You may be more likely to obtain the outcomes you desire, and it’ll be less of a problem.
Professional credit repair, like hiring a professional to handle your retirement money or buy or sell your house, may make the process easier for you.
The following is an outline of how professional Key credit repair services work:
- You locate a reliable credit repair firm. It is advised that the firm have an attorney licensed in your state on staff if any legal difficulties develop. Depending on where you reside, some states may mandate that the corporation have a state-licensed attorney on the team.
- You provide your permission for the credit repair firm to get your credit reports and file disputes on your behalf. This is frequently accompanied by a $15-$20 setup cost.
- After reviewing your reports, the credit repair firm works with you to acquire any necessary evidence.
- They handle your complaints and keep you informed of their progress. Typically, a monthly fee of $80-$120 per month is charged.
- They give you a free copy of your credit report to review once all disputes have been resolved.
Also Read: Credit Score Required for Yamaha Financing
6. Using a credit repair application
There is another way through the credit repair procedure that will guide you through repairing your credit on your own. Credit repair tools and internet programs make it easier to spot potential mistakes and file complaints.
These services will highlight any unfavorable information on your credit report so you can double-check it.
If it isn’t, these apps will assist you in resolving online conflicts.
Some software allows you to file a dispute with the credit bureaus, while others, such as SmartCredit, will enable you to file a dispute directly with the creditor.