Since you are asking this question, you need to know whether it is possible to get a fast credit repair if you have bad credit. It is rather a long process to make a credit repair even with the help of professionals. But, if you hire a good credit repair service provider, it is easier and faster when compared to handling it on your own. Here is a brief of typical timelines to consider The following is an outline of the usual timing.
What Actually Credit Repair Company?
Before looking at timeframes, it’s important to understand what credit repair companies can and cannot do on your behalf legally:
- Check your credit reports for inaccuracies - Credit reporting agencies can contest data that is incorrect, unsubstantiated, or outdated on your reports. This can involve issues such as wrong account status, the existence of double accounts, wrong balances, and others.
- Complete and dispute – They may try to negotiate with the creditors to remove bad information in consideration of payment or other settlement. But there are no guarantees that something will happen.
- Improve the payment histories – They can also assist in creating improved payment patterns and the improvement of payment histories for the future.
- Give knowledge of what they are doing – They can tell you what causes your score to drop or rise and how to improve it.
What they cannot do is erase accurate and adverse entries from your credits before the mandatory reporting cycle expires. Credit repair is not about shortcuts and quick money It is wrong to deal with any company that claims to deliver miracles.
Some of the early changes that can be noticed within 30-60 days of implementation of the change management plan are as follows.
It is common to see some of the initial changes in the first two weeks or within the first month of registering with a credit repair service provider. This includes:
- Correct Mistakes on Your Report – In most cases, the company can get inaccurate entries removed from your reports within the first 30- to 60-day period by filing disputes. This immediately boosts scores.
- Goodwill Interventions- It may also request creditors to delete the “goodwill” that the company has made on your behalf. If successful, negative items can sometimes be removed in 45-60 days or less depending on the amount you want to pay.
- Late Payment – In the first billing cycle, the company will optimize your revolving account balances to reduce late payments and improve the scores.
Additional Progress in 3-6 Months
Of course, the initial credit score increase is visible almost immediately, but it takes at least three months and possibly up to six months or more to see the elimination of severe adverse information or collection records. Factors impacting progress include:
- Type of Negative Item – As for some items such as collections and charge-offs, they tend to remain in reports for about 7 years. However, as we have seen earlier the negotiations can sometimes help to decrease this period, but it usually requires a lot of persistence.
- Creditor Policies - Every creditor operates with its unique policy regarding the removal or forgiveness of goodwill and not all are willing to do so. Depending on the complexity of an item or negotiations bargaining, it may take 30-90 days or even more.
- Dispute Process – If, for instance, an item is not deleted as soon as it is disputed, the bureaus have 30 days to reply to the same. The most important aspect that has to be noted is that the dispute-reinvestigation process may involve several cycles before the final decision is made.
- Rebuilding Positive Data – credit reports that contain old negative information, favorable accounts on reports that require consistent efforts, and good practice takes time.
A reputable credit repair company, therefore, will require effort, and commitment to good finances, and within six months will help raise your scores between 50 and 150 or more points. Nevertheless, where full credit restoration is achieved, it can be expected to take approximately eighteen months on average. Such solutions are often advertised as a ‘quick fix’ – which unfortunately in most cases they are unlikely to be.
The best strategy is to regard credit repair as an ongoing process, which requires constant attention and monitoring. You should notice that you are making positive progress within the first three months of attempting it. However, negative information remains on reports for up to 7 years, most of the time. This information gradually drops off while your scores steadily climb further up the rankings. With hard work coupled with assistance from professionals in the line of credit, your situation can change drastically in about 1 year and a half.
Call now for expert credit repair services: (888) 803-7889
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