The 'Quick' Fix

When it's all Over

If you've recently come through debt firestorm and suffered some dings and blemishes to your credit as a result, you represent a perfect example of the need for credit repair services. Your time to rest, after slaying the dragon of overwhelming debt, has arrived and you probably aren't in the mood to plunge right into cleanup duty which may often involve dealing with the same people who were calling you and hounding you for payment recently.

A professional credit repair service can save you from having to put up with those lenders who treated you the way they did, making you lose sleep at times, or causing you worry. Now that they are paid in full, they are satisfied and no longer interested in you, or helping you or negotiating with you for anything - they got what they wanted. Having the clout of a professional business behind you can mean the difference between success and failure as the time comes to negotiate with a company that has no obligation to you whatsoever.

Basic Credit Repair Options

If your credit has suffered significant damage and is not in immediate danger of being damaged further, there are steps to be taken in cleaning up the mess and restoring your credit to its original (or superior) luster. These steps will vary based on your specific debt and financial situation, only a qualified counselor can tell which may work best for you and help you smoothly through the process.

1. Paying/Negotiating for deletion: Only useful if you still have not paid off the debt completely, you may be under an agreement with them to finish paying the debt in a timely manner, this method basically involves trading cash for FICO. By negotiating with your creditor to remove the offending item from your credit report, you offer them a lump sum payment or a quicker payoff than they would otherwise have received. Each collections item removed from your credit report substantially increases the credit score.
2. Credit bureau dispute If you cannot negotiate with the original lender, then you can possibly get the credit bureau to remove the item for you. By disputing with them, as is your right under federal law, that the debt was paid in full as agreed and you believe it should be removed, a professional may be able to convince them to erase the offending mark from your credit report.
3. Dispute using your 623 right: You have a right to dispute any item on your credit report if you believe it is inaccurate or contains errant information. The credit reporting agency will be obligated to attempt to verify the debt to the best of its ability - this usually requires contacting the company that marked your credit, and asking for proof of the debt from them. Many companies - especially collection agencies - do not have access to this information after a long period of time of attempting to collect the debt. If the credit reporting agency is unable to verify the debt, they must remove it from your credit report.
4. Changing the debt status: Often when a lender, especially collection agencies, are paid in full, they will forego the option of notifying your credit reporting agencies that the account is no longer accurate, or if they do mark the account as paid, they will not mark it as closed. The difference can mean vital points in your credit score and should be fixed if at all possible.