Fast Credit Repair- Reality or just fairly tale stuff?
Is there such thing as “FAST CREDIT REPAIR”? There are services that can take an average of 18 months to complete the credit repair process- done by so called “attorney driven” credit repair companies. On the other hand, there are so called companies that offer “quick fixes.” Are there any quick solutions that are actually legal?
Many times individuals come to us in certain situations and circumstances where improving their credit within a few weeks or even days would be the difference between them receiving a certain benefit or losing it completely. In most cases we are the ones to be the bearers of bad news in letting them know that we will not be able to fix their credit in only a few days or weeks. In some occasions we are able to assist them in advising their loan officers on ways to conduct a “Rapid Rescore” which can ONLY be done through a mortgage company- but in some cases can improve a credit score in a matter of days. The reality part comes in however in the fact that only a small handful of people will actually “qualify” for the rescore provided that certain requirements are met. For all the rest of the people out there- credit repair is the solution.
Not all credit repair companies offer the same “time frame” solution for repairing credit. What exactly does this mean? It means simply that some companies will capitalize on the fact that their process is intended to go nice and slow. There are a few companies that offer better systems such as the “pay for performance” business model in which the credit repair company has the incentive to go as quickly as possible and works with a win-win system, this approach allows client to complete their process in an average of 3-5 months rather than 12-18 months.
In many cases, companies that offer a very quick solution outside of the rapid rescore system are likely doing something that is not in compliance and likely even illegal. Be cautious of these offers and be sure to refer back to the Credit Repair Organizations Act.
Fast credit repair in most cases does not exist but in comparison to the length of time that a credit report will repair itself (7-10 years) the legal options that are available are really not too bad after all.
If you are interested in talking with a Certified FICO Professional about your credit file, please request a FREE CONSULTATION.