If you’re dealing with debt problems, you aren’t alone. According to a 2018 report from WalletHub, the average U.S. household is currently grappling with $8,284 in credit card debt. Although many of those debt-laden consumers have probably considered possible debt reduction strategies, they likely are not aware of the many benefits of credit repair services. Far from being a last resort, a credit repair service can address your credit crisis more quickly and effectively than your own solo efforts. With debt levels climbing higher and higher, now is the ideal time to consider a credit repair service as part of your overall credit-boosting goals. Here are the five ways credit repair can help you now.
1. Removing Negative or False Items
A whopping 54 percent of credit reports contain information that is outdated, incorrect, or fraudulent, according to research from Ovation Credit. You could dispute that information with the credit bureaus yourself, of course. But the average consumer lacks the technical know-how to spot those erroneous items — not to mention the most effective strategies of disputing them with the credit bureaus. Credit repair can help you save the time of writing letters and gathering documentation to prove your case to the credit bureaus. The credit specialist assigned to your case has the professional expertise — and knowledge of the litany of federal consumer protection laws — to guide your case to a more satisfying end result.
2. Boosting Your Credit Score
You might eventually achieve a higher credit score with diligent efforts on your own, but it would probably take a much longer time — and involve more failed attempts. Working with a professional credit repair service will typically secure you faster, more impressive results than you would see through your own efforts. When a repair service successfully manages to remove negative items from your credit report, your credit score will bounce back. The improvement in your score could open you up to a host of other benefits — like improved eligibility for larger loans for houses or cars.
3. Saving You Money on Interest
When your credit score rises, you will then go on to qualify for more favorable interest rates when you apply for loans and credit cards. Lower interest rates add up to thousands of dollars in potential savings — a substantial return on your initial investment of credit repair. You’ll be able to apply the money you saved on interest in building emergency savings or funding other everyday purchases (without having to resort to using plastic). By hiring a credit repair service, you will likely be able to achieve lower interest rates in a much shorter amount of time.
4. Solving Complex Credit Concerns
Disputing erroneous credit card charges isn’t the only benefit of a credit repair service. The most highly regarded companies will also advocate on your behalf on more complex and serious credit issues. This could include sending your creditors goodwill letters, which prove your good standing and request that they review your account as a courtesy, recommendation letters, and requests for validation of certain charges. A credit repair service may also offer to monitor your credit report for any changes that could affect your credit score. They may counsel you on ways to head off future problems with any of your accounts, like paying down balances on any cards that are approaching the credit limit.
5. Opening up More Job Opportunities
More employers than ever utilize a credit check as part of the job application process. If you have lingering credit issues, you might be concerned that they are holding you back from achieving a more financially and personally rewarding position. Credit repair can help you attain your credit score goals faster than you would on your own. And that means you’ll be able to apply for jobs with a clean credit record — so that it doesn’t distract from the rest of your application.
Leave Credit Repair to the Pros
Most of us wouldn’t try to fix our own cars when the transmission is acting up. The same logic should hold true for your credit. When you are ready to seek out a credit repair service, consider the friendly team here at Ovation Credit. Hundreds of thousands of customers have reached out to us for a free consultation and ended up with higher credit scores and better credit lives. Learn more here.