So your credit score is shot. And you need to borrow money or open a utilities
account, or rent a home.
Chances are you’re at your wits’ end and do not know
what to do. It feels unfair if your old defaults are holding you back.
Credit repair is possible sometimes only. But beware
of the credit repair industry. They can promise you a lot but don't deliver –
well.
Their services which offer to wipe out your defaults
from your record look impressive, but not everyone who uses them is happy. One
unhappy client wrote in an online review. The company took
$1100 from the client but didn’t inform him that bankruptcy
and bankruptcy related loans couldn’t be cleared, he
claims. “Once they get the money they don’t contact you anymore.” “Paid $2200
with no luck from these people,” another wrote. (To be fair, there were also
positive comments within the review.)
According to Higher Authorities of United Kingdom says if you know
the information your credit report is correct and the credit repair company
tells you it can remove or change it, “walk away”. Also beware of high pressure sales tactics by these companies.
There are also happy customers, who do not mind
spending a few thousand if they can clear black marks from their credit
records.
DIY Credit Fix
The repair agencies cannot do anything more than the
individual can says. They make promises that they really can’t fulfil.
If the entries on your file can be proven to be
wrong the credit bureaus must remove them. Everyone can request a copy of their
credit card report and dispute information directly with the credit bureaus.
The two amigos of credit repair
1. Pay all your bills on time. Thanks
to positive credit reporting in london it’s actually relatively fast to
improve your credit. Your credit score will start to rise after three months of
diligent payment.
2. Clear your debts. The paying
off your debts means the default can be removed. It may remain on your credit
file, but your positive action of paying it back will be reflected in your
score.
The cleaning process
Credit reporting agencies are required to take
reasonable steps to ensure the accuracy of the credit information they hold
about UK. If you suspect any errors in your credit record apply for your credit
file.
Once you have it and have identified errors, make
your case to the original credit provider or debt collection agency that loaded
the default.
If you aren’t happy with their response, move onto
the credit reporting agency and make a complaint in writing. Make sure you
include all your relevant emails, letters, statements and any other evidence
you have.
If the information on your file isn’t yours and you
believe it’s a case of identity theft you need to report it to the police and
to each of the credit providers. Be persistent with this.
If all else fails
If you’re not happy with the dispute processes then
you can call our free debt advice helpline is 9131240333.
Or visit us: www.ukmoneyadvice.com
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