“`html

Credit Repair Services: What You Need to Know

What Can a Credit Repair Service Do?

Credit repair services can help you investigate and dispute inaccurate information on your credit reports that may be hurting your credit score. Examples include:

• Credit accounts you didn’t open
• Hard inquiries you didn’t initiate
• Inaccurate personal information
• An on-time payment reported as late
• Outdated information that should have been removed
• A bankruptcy that you didn’t file

The company will help you identify questionable information and submit disputes to creditors and the credit bureaus on your behalf. They can also monitor your credit reports and notify you when new negative information appears.

What a Credit Repair Service Can’t Do

While credit repair services can help you remove certain negative items from your credit reports, they cannot remove legitimate and accurate information. If you missed a payment, had a debt sent to collections, or filed for bankruptcy, you’ll need to wait until those items naturally fall off your credit reports, typically between seven and ten years.

If a credit repair service claims it can remove accurate information, it may be a scam.

How Much Does Credit Repair Cost?

Credit repair services can be expensive, with companies typically charging a monthly subscription fee ranging from $50 to $150. Some services also charge a one-time setup fee, which can be up to $200. Monthly fees are usually charged for the previous month’s work.

Because the credit repair process can take several months or even years, you could end up paying hundreds or even thousands of dollars. There’s no guarantee that you’ll get the results you’re hoping for.

However, you can do everything a credit repair company can do on your own for free.

How to Repair Your Credit for Free

If your credit score is in poor shape due to inaccurate negative information, here are some steps you can take to resolve the situation without paying a dime:

1. Review Your Credit Reports

Get a free copy of your Experian credit report and review it for any information you don’t recognize or know to be incorrect. You can also obtain free copies of your Equifax and TransUnion credit reports weekly through AnnualCreditReport.com.

2. File a Dispute

While you can reach out directly to the creditor to dispute inaccurate information, you have the right to file a dispute with the credit bureaus, which will investigate the issue on your behalf. Identify which reports contain the erroneous item and submit a dispute online, by phone, or via mail. You’ll typically need to identify the information you’re disputing, detail your reasoning, and provide any supporting documentation you have.

3. Wait for the Dispute Process to Play Out

Each credit bureau has its own process for handling disputes. In general, disputes are investigated and resolved within 30 days. Depending on the results of the investigation, the credit bureau may correct, update, or remove the inaccurate information. If the disputed item is legitimate, however, it will remain in place.

How to Improve Your Credit

If you have negative information on your credit reports that cannot be removed through the dispute process, you’ll need to wait until they naturally come off your credit reports. However, the impact of negative credit information can diminish over time, especially if you’re proactive about improving your credit. Here are some steps you can take:

• Pay your bills on time. Your payment history is the most influential factor in your FICO® Score, so it’s crucial that you always pay on time.
• Reduce credit card balances. A lower credit utilization rate can help increase your score.
• Apply for a new account. A secured credit card or credit-builder loan can help you establish a positive payment history and diversify your credit mix.
• Avoid unnecessary credit. It’s important to avoid applying for credit too frequently and taking on debt for unnecessary spending.
• Get credit for nontraditional payments. Experian Boost® allows you to add certain bills to your Experian credit file, potentially increasing your FICO® Score.

How Long Does It Take to Repair Your Credit?

When you dispute inaccurate information on your credit reports, it typically takes 30 days or less for the credit reporting agencies to investigate and provide a resolution. However, if there are other negative items on your credit reports that you can’t dispute, the timeline can vary depending on the makeup of your credit profile. With some issues, such as a high credit utilization rate, you may be able to repair your credit within just a few months. However, with major negative credit events, such as bankruptcy, foreclosure, repossession, or loan default, it could take several years to rebuild your credit.

Address Negative Credit Information Quickly to Minimize Damage

To build and maintain a good credit history, it’s important to monitor your credit regularly and address potential problems as they arise. If you fall victim to identity theft, reporting and disputing it can prevent further fraud that could take longer to resolve. Additionally, catching up on a missed payment or handling a high credit card balance can keep the problem from getting worse and causing more damage to your score.

With Experian’s free credit monitoring service, you’ll get access to your FICO® Score and Experian credit report, along with insights into which factors are impacting your score. You can also get real-time alerts when changes are made to your credit report, making it easier to stay on top of developments as they happen.

Contact O1ne Mortgage for Your Mortgage Needs

If you need assistance with your mortgage or have any questions about improving your credit, don’t hesitate to contact O1ne Mortgage. Our team of experts is here to help you navigate the complexities of credit repair and mortgage services. Call us today at 213-732-3074 for personalized assistance and support.

“`