Yes, some consumers attempt to fix their own credit. There are many obstacles to this. One of them is you could make mistakes writing letters and working with creditors. Creditors are known for being aggressive and you could land in hot water with them, if you do not what you are doing. A lot of the information in regards to communicating with credit repair agencies and creditors is considered “industry information”, which you may not be able to get.
The short answer to this is no. The detailed answer is yes, you can do it on your own and it would be free. However there are obstacles to repairing your own credit. The major obstacle is the amount of work it will take you. You need time to write letters. You need to write them in language that will get you results.You need to educate yourself on all aspects of credit repair. Consumers are not experienced in how to communicate with creditors and credit repair agencies. It might be a better idea to hire an expert to take care of the hard work for you.
A lot of consumers want to fix their credit score quickly. They see a car or home they really want. They apply for it, only to get a dreaded rejection letter from loan company. The answer is, the best way to get a better credit score is by paying down your revolving balances. An example of a revolving balance would be credit card debt or HELOCs (home equity lines of credit).
Taking on a home loan will mean that you will responsible for the loan for longer than a credit card or personal loan. It is imperative that you raise your credit. If you take on a home loan with a bad credit score, you will pay a lot more interest than you would with a good credit score. There are many ways to raise your credit score, so you qualify for a home loan. Contact us for a free consultation today.