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It isn’t easy repairing your credit report on your own after you find out that there are inaccuracies in the information. The process could be stress-triggering and time-consuming. Fortunately, there are credit repair services that could take the load off of you and take over the job of correcting your credit scores.
Did you ever check your credit report and see a poor score reflecting a number way below 670? It can be an anxiety-inducing experience to receive a failing grade on your credit report. This is when credit repair companies come in.
Wiseteam Consulting offers credit repair services to help business owners set the record straight regarding their credit scores. The business also provides financing services such as Merchant Cash Advance, Term Loan, Business Line of Credit, SBA Loan, Equipment Financing, Small and Medium-size Business Invoice Factoring, and Real Estate Financing.
Credit Repair: What Is It?
Nicole is a clothing retail store owner and had difficulty securing a line of credit to expand her business. This is because she had a payment debt default from a credit card collection company listed on her credit file.
Rebecca had a payment default to a utility company listed more than five years ago, which was why her credit score took a deep dive. This prevented Rebecca from getting approved for financing for her home renovation.
Stephen noticed an error in his credit report – an incorrectly reported late payment. Because of this, Stephen became unqualified to avail of any new credits or loans.
Credit repair services are your financial first aid for any credit report problems. These companies work to fix any inaccuracies in credit reports that affects an individual or business owner’s credit score standing. Credit repair issues could range from a simple encoding error, incorrect information, or even identity theft. Credit repair companies would typically contact credit bureaus such as Experian, Equifax, and TransUnion to dispute any inaccuracies or errors.
An FTC study showed that 5% of American consumers had errors on their credit reports, lessening their capacity to qualify for financing. The figure alone shows how realistic the financing industry is regarding its borrowers. Credit report information should not be taken for granted since it reflects your finances and how trustworthy you are as a borrower.
The Work of Credit Repair Services
The credit repair service begins by ordering a copy of their client’s credit report from Experian, Equifax, or TransUnion. They then start evaluating for any inaccuracy or damaging information. After validating the errors, they go back to the credit bureaus and begin the dispute process, which would usually take 30 days.
If the credit bureau agrees with the dispute, they’ll provide the results in writing and furnish a free copy of an updated credit report. If the credit bureau denies the claim, they will notify you within five days of the decision. The next step would be to file a written statement of dispute or take up the complaint with the Federal Trade Commission (FTC) or the Consumer Financial Protection Bureau (CFPB).
The Bottom Line
Credit repair services were able to help remove the debt default in Nicole’s credit file, raising her credit score above 690 and enabling Nicole to secure a line of credit for her business expansion.
Rebecca was able to have her payment default removed from her file, making her achieve her home renovation by being qualified for financing. The same goes for Stephen. Credit repair services helped clear and correct his payment records.
During these times of financial uncertainty, it is best to wise up and learn how to protect your credit standing. Make it a habit to regularly check your credit scores, and do not ignore any big or small errors because even the most minor inaccuracy could cost you in the long run.
Correcting credit reports could be tedious and inconvenient, so you must have the right business solution partners to work with you. Contact the team of financing experts at Wiseteam Consulting at +1 720-557-2140, or email them at [email protected] – because having the right partners is a make-or-break deal in successfully repairing your credit standing!