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Is The Credit Repair Process Legal?

Legality of the repair process

Many individuals suffer from a poor credit score that has resulted from items that are misleading in their credit report. Canadians can seek the services of reputable companies that offer credit repair Toronto. You will get access to professionals who will deal with different creditors and credit agencies on your behalf. There’s no point of going through the stress and hassle of fixing your credit report on your own.

Steps in the credit repair process

First things first, you need to request for a copy of your credit report. Always review your credit report at least once every year. When you go through the report, take note of items such as missed payments that you are not aware of because these could be errors in your report that make your credit worse. When the information in your credit report is not accurate, it needs to be removed or adjusted on your credit report. Any information that is not verifiable can cause your credit score to go up.

Working with a credit repair company

Sometimes dealing with creditors and credit reporting agencies can be headache. That’s why many Canadians are opting to work with a credit repair company whenever they find any misleading information on their reports. The good thing about working with an agency is that it enables you to get the corrections made as quickly as possible. You never have to spend time following up with creditors or reporting agencies.

Even though they are bound by law to respond to disputes and make adjustments to clients when there is a need, they may not be as quick as you’d like to implement these changes. Credit repair professionals know how different agencies work having dealt with them before. They know what kind of items can be easily removed from a credit report and the ones that are almost impossible to remove. You’ll never waste time filing a dispute with a credit reporting agency when you work with experienced professionals.

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What to expect

Credit report expectation Toronto

Depending on your specific issue, the credit reporting agency will take up to 45 days to remove the items in your report. There are cases that can be complex to handle such as individuals who are victims of identity fraud. It becomes easier to have the items removed from your report if you have attached documents to support your dispute. For instance, if you have balances on credit cards and this still shows up in your report after completing the payments, you need to attach the receipts together with the letter you write to the credit agency.

Fixing errors in your credit report may appear to be a time-consuming task but it’s always worthwhile. Not only do you risk losing out on opportunities to access financial products but also your day to day life may be affected when you can’t find a job or house to rent due to a poor credit score.

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