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Does Credit Repair Actually Work?

Credit Repair

We all want to have a high credit score. A good credit rating makes it easier to get loans and credit cards at low interest rates and have access to a wide range of financial products. But more often than not, we find ourselves in financial crisis that risk our good credit. Credit repair companies can help individuals get good credit in order to access financial products that they couldn’t have before. But does credit repair really work?

Working with a credit repair company

While it is possible to have issues in your report fixed by the creditor or bureau, the back and forth can be time consuming and frustrating to most people. An experienced credit repair company can help you avoid this headache and get things going as fast as possible. You never have to call your creditor or the credit reporting bureau all the time following up on whether the error has been resolved. The credit repair company can help you to ensure there is a change in your report within 45 days. This will depend on the type of error that was being corrected.

How it works

For anyone who is interested in credit repair but doesn’t understand how it works, here’s a simple breakdown. Credit repair can be done in two ways. The first is when you involve a professional and the other is when you do it yourself. First, get two reports from the 2 reputable credit bureaus in Canada, Equifax and TransUnion. These two bureaus have their own ways of presenting information so you need access to both. Credit repair is designed to ensure that your report and score do not portray any misleading information that can have a negative impact on your financial health.

Should you decide to handle the credit repair on your own, check your report for any incorrect, incomplete or misleading information. If you find anything that is not up to date or is incorrect, contact your creditor immediately. You need to also file a complaint about the items or entries that are incorrect with the credit reporting bureau.

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Do you need credit repair Toronto?

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There are situations where hiring an experienced professional to offer credit repair services is worthwhile.

  • If you recently requested for your credit report and noticed actual errors, it’s time to call an expert to fix them. How your personal information is recorded in the report can impact on your ability to access loans and credit cards in future.
  • Credit repair will work for you if you have documentation to verify some of the errors in your report. It’s easier to dispute information in the report or have it removed if there is sufficient documentation that the credit reporting bureau can review.
  • Lastly, it’s easier to benefit from credit repair if your lenders or creditors are willing to work with these experienced professionals. Credit repair professionals might take time getting a lender or creditor to cooperate but this rarely occurs. You may need professional help to determine if your situation warrants credit repair services.

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