mistakes in a credit report usually leads to low credit score for consumers
Dallas, TX (PRWEB) December 06, 2016
National Debt Relief recently shared in an article published November 24, 2016 how the process of credit repair works for consumers who believes there are errors on their credit report. The article titled “Credit Repair – How it Works and Should You Use a Credit Repair Company” aims to help people understand how credit repair works to make them understand if it is something they can use to manage their finances.
The article starts off by pointing out that mistakes in a credit report usually leads to low credit score for consumers. Low scores means higher interest rates for people which means higher payments for credit instruments. This means that people lose money over time because rather than save money, they are forced to make higher interest payments to creditors.
The article reminds consumers that it it possible to get a free copy of their credit report every year under the Fair Credit Reporting Act. This is a good starting point because it gives people an idea on where their score stands. Low scores should be a cause of concern for consumers who are conscious about their finances and budget.
Credit repair companies will also use consumer’s credit report as a jump-off point in helping them repair any errors in their report. As soon as these companies find potential errors, they would then ask for supporting documents to prove that it is a mistake on the part of the creditor. This can range from a paid off statement to any proof of payment.
The article explains that as soon as the credit bureau receives the dispute, they have about 30 days to respond and resolve the issue. However, there is no assurance on when a credit score would improve as issues vary in complexity. To read the full article, click https://www.nationaldebtrelief.com/credit-repair-fixes-bad-credit/