Credit Reporting

Is Credit Repair Legal?

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Is Credit Repair Legal?

If you’ve ever purchased a car, rented a home, or applied for a loan, you’re probably familiar with how credit works.

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How Does My Credit Affect Me?

The better your credit is, the better your chances of being approved for a loan. However, not everyone has perfect credit and unfortunately this could deter your chances of getting that new car or even your dream home. Luckily, there are ways for you to fix your credit and get back on track with your goals.

Repair Your Credit By Following A Few Simple Steps

Whether you’ve had poor credit habits in the past, been a victim of identity theft, or simply haven’t had the means to pay off your debts, you can still fix your credit. The best part is, you can go about doing it yourself. And yes, it is legal.

The best way to start is by tracking down a copy of your credit report. Several websites offer this service, but not all of them are legitimate or accurate, so make sure you do your research beforehand.

How Do I Determine What’s Causing My Bad Credit?

Once you’ve attained your copy of your credit report, look over it and try and narrow down what exactly is causing the most damage to your credit.

It could be:

  • An unpaid credit card
  • A late payment
  • Identity theft

It’s also important to double check and make sure that all of this information is correct. If not, you can reach out to the credit bureau so that they can investigate any potential errors in your credit report. If they do find any errors, they can be promptly corrected and your credit will no longer be negatively affected.

Take The Blame For Your Bad Credit

If all of the information is correct however, and you are aware of your bad credit history, the only thing you can do moving forward is practice better credit habits. This way, you’ll be able to rebuild your credit up over time.

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Unfortunately you cannot remove any negative credit history from your report, and for the most part this information stays on your report for seven years. The good news is, if you continue paying your bills in a timely manner and start repaying that credit card debt, you’ll be able to see changes in your credit in no time. You can constantly check your credit report every few months in order to see your progress.

How To Be Wary Of Scams While Trying To Fix Your Credit

While repairing your credit is legal, there are some aspects of it that could potentially make it illegal. Scam artists have managed to trick people into believing that they can help them repair their credit, for a small fee. While you can hire a company to repair your credit for you, be on the look out for those who may simply be trying to take advantage of you.

Some important red flags to look out for include companies who try to make you pay them upfront for their services, and those who claim they can fix your credit, regardless of whether or not the information on your credit report is correct.