Credit repair companies are often one of the fastest ways to improve your credit score, but creditors may be more difficult to please than the credit bureaus you’re trying to impress with your actions. Understanding what your creditors expect from you will help ensure that you have the best possible working relationship, one that makes both of you money in the long run and doesn’t harm your credit score if something goes wrong down the road. Here are three things to know about Credit repair companies creditors.
1) Credit repair usually takes more than 6 months
If you’re considering hiring a credit repair company, there are a few things you should know. First, it’s important to understand that the process of repairing your credit usually takes more than six months. Second, you’ll likely have to pay a fee for the service. And third, while many credit repair companies are legitimate, some are not.
2) Creditors rarely call
If you’re thinking about using a credit repair company, you might be wondering if creditors will start calling you once you sign up. The answer is: not likely. Creditors are busy people, and they’re not going to take the time to call someone who’s trying to improve their credit score. They’re more likely to send a letter or email. So if you get a call from a creditor after signing up for a credit repair service, it’s probably a scammer.
3) One missed payment does not mean anything
One missed payment does not mean that you are a high-risk borrower. Credit repair companies know this and will work with you to remove the negative mark from your credit report.