Credit professional services are a valuable tool for consumers who need help fixing errors on their credit reports. These companies work with the major credit bureaus and creditors to dispute inaccurate information and get it removed. They also provide consumer education and personal finance tools. They can be a helpful resource for those with bad credit, but they should not be used as a substitute for financial counseling or debt settlement services.
Depending on the company, credit repair agencies charge an upfront fee to set up your account and then a monthly subscription fee to monitor your credit report and provide you with a certain number of disputes and creditor interventions per month. Some also offer extra perks like credit score trackers and budgeting tools. It’s important to compare prices and reviews before choosing a credit repair agency. Look for a money-back guarantee, a free consultation and whether or not the service offers additional perks at different price tiers.
A credit certification is a credential that shows you’re serious about your career in the field of credit management. Obtaining one will boost your resume, increase job opportunities and demonstrate that you’re keeping up to date with industry trends. Certifications are available from a variety of sources, including the National Association of Credit Management (NACM). Some credit professionals earn their credentials through self-study or college courses. Others pursue their certifications as a means to get ahead in their careers.
While it’s possible to remove inaccurate information from your own credit report, the process can be complicated and time consuming. A credit repair company can help you find and correct mistakes on your report, making it easier for you to build a better credit history. Some of these companies have a money-back guarantee and may also offer extra perks like credit score trackers or personal finance tools.
Unlike a debt counselor, a credit repair agency will not negotiate with creditors on your behalf to settle your outstanding debts. They can, however, advise you on how to reduce your debt through negotiations. Some of these agencies are even accredited by the Better Business Bureau, which means that they have a high level of customer satisfaction and adhere to strict standards regarding fair practices.
If a debt collector is attempting to collect on an alleged debt that you don’t believe is yours, you can send them a letter asking them to validate the debt. This is a legal requirement under the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. The debt collector must respond to your request for validation within 30 days or the debt is considered valid.
While it may seem tempting to pay off a debt that is in collections, doing so can actually hurt your credit score. This is because when you pay a debt, it changes the status of the account from unpaid to paid and will stay on your credit report for seven years. If you’re unsure whether or not a debt in collections is yours, a credit repair agency can analyze your situation and help you make the right decision.credit professional services