San Diego, CA (PRWEB) April 17, 2014
When it comes to credit scores, an ounce of prevention definitely outweighs a pound of cure. But what can people do if they wind up having a less-than-perfect credit score when it really matters, such as when they are trying to get approved for a home loan? A new article from LoanLove.com helps provide an answer to this question, as it compares credit repair agency vs. attorney services. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending news, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. The new article continues to help borrowers to make the best decisions regarding their home loan plans by providing them with the most up-to-date information.
The article, which is titled “Credit Repair Attorney vs. Agencies (Your Best Option?)”, starts by acknowledging that there are many reasons someone’s credit may have been damaged. Loss of a job, divorce, unexpected medical bills and many other misfortunes can serve to overshadow a borrower’s hopes of obtaining a future mortgage. Luckily, there are ways to repair damage done to a person’s credit score. The article states, “While there is no substitute for time when it comes to repairing dings to your credit report, most consumers still look for help in accelerating the process. That help may come in the form of: engaging the services of a credit repair attorney; signing up with a credit repair agency; or finding some other route to speed up the credit repair process.”
LoanLove.com then goes on to encapsulate some of the services provided by credit repair agencies and credit repair attorneys. It starts off with credit repair attorneys, saying, “A credit repair attorney will likely recommend you begin your credit repair journey by eliminating as much outstanding debt on your credit report as possible. He or she can guide you through your options of paying debts in full, settling debt or discharging debt through bankruptcy, depending on your short-term and long-term goals for using credit. A credit repair attorney will be able to discuss fully the legal and practical ramifications of each potential step in the credit repair process and help you to choose the best route for your particular circumstances.”
The article also notes that attorneys are capable of filing a lawsuit, if necessary, to force the removal of inaccurate or unsubstantial records which are negatively affecting their client’s credit score. They are able to use the full command of the law to yield results for their clients, which is not the case when it comes to credit repair agencies.
Regarding credit repair agencies, Loan Love states, “There are legitimate credit repair agencies that educate and counsel consumers about good financial behavior and you may find such services to be helpful. Some may even have their own credit repair attorneys on staff. Those that do, may be offering the best of both worlds. However, beware of agencies that claim they will be able to raise your score by cleaning up your credit file. Paying significant fees for steps you can actually take yourself is money wasted and may not get you the results you desire. Worse, some agencies can actually make matters worse through the approach they take. These organizations attack the problem by bombarding the credit bureaus with form letters challenging every potentially negative item on your credit report. They then repeat the process month after month.” The article says that these tactics usually harm the client more than they can help, and as such borrowers should be very careful when choosing an agency to work with.
The article ends by saying, “The most important step you can take in repairing you credit is to stay the course of making sound financial decisions. Pay your bills on time, pay off debt as quickly as possible and use credit wisely. Credit counselors may have a role in helping you repair your credit if you choose an agency carefully and do your homework. Keep in mind, however, that most of the services you will be paying for are actions you could take on your own for free. Also, it’s important to discuss an agency’s course of action in detail and avoid services that run the risk of harming your credit rather than improving it. Depending on your credit problems, hiring a credit repair attorney could prove advantageous, particularly if you have inaccurate information on your report that the original creditor refuses to remove. If you also feel you could benefit from some financial counseling, consider a credit repair counseling agency with an attorney on staff.”
For more information on this topic, click here to read the full article at LoanLove.com.