At the same time, a large amount of these people in debt are seeing their credit scores go down as they begin to miss payments, borrow too much money and/or have too many different credit cards.
So how can these people repair their credit? Many decide to get help from credit repair specialists since they have no experience in repairing credit themselves.
Once the person in debt becomes more financially stable, which is the first step to repairing credit, the next step is finding a good experienced company that specializes in credit repair. Here’s some tips on how to do this and I certainly do have experience in this area having had severe credit problems in my past:
1. You want to look for a company that has been around for more than just a few short years. Experience is very important in repairing credit. The specialists have to know how to talk to the credit bureaus, what to expect and who to contact. It’s not as simple as some may think and having a specialist does make a difference.
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2. The best way that I found on how to check a credit repair company is by using the good old Better Business Bureau, also known as the BBB. At the BBB site they warn people about credit repair companies who are taking advantage of people by being too costly or even illegal. The number of complaints to the BBB about credit repair companies has risen three straight years to a record level.
Now, what you are looking for when you look at a company isn’t one that doesn’t get any complaints at all, because there will be some for even the best companies in this niche according to the BBB. What you are looking for is a company with experience that the BBB says satisfactorily handles complaints. Believe it or not, the BBB says sometimes when they get complaints on some of these credit repair companies they can’t even track down the companies. Or the companies refuse to take steps to resolve issues.
When you look at the BBB report make sure it first of all says the company has a satisfactory record. Then see what programs the company is participating in with the BBB, such as the arbitration program which is desired as the client. Another thing to look for is the actual complaints the company has had and how they handled them. The BBB will let you see this information. This is valuable information in helping you decide on a company.