3 Hard Truths About Credit Repair
Numbers are convenient for setting goals. Perhaps you want the scale to read a certain number by this time next year, you want to walk a certain number of steps each day, or you want to save a certain amount of money in an emergency fund. Those numbers don’t tell the whole story, though. Likewise, your credit score is a reflection of your past transactions involving borrowing and repayment, but they do not say anything about your future income or its sources, nor about the root causes of your indebtedness. Raising your credit score is an admirable goal, since a higher credit score will make it easier to get loans at lower interest rates, but you should not devote excessive time to worrying about your credit score, and you certainly should not put herculean efforts into credit repair, when simply paying down your existing debts and putting money into savings would be a more effective way to improve your financial situation. A Boca Raton credit repair lawyer is the best person with whom to discuss long-term strategy about improving your creditworthiness.
Disputing Accurate Charges on Your Credit Report Is a Waste of Effort
Credit repair companies often attempt to raise your credit score quickly by disputing inaccurate or out-of-date items on your credit report. Personal finance websites also sometimes advise you to go over your credit report with a fine-toothed comb and to dispute every line that adversely affects your credit score. Removing inaccurate items from your credit report will give your credit score an immediate boost, but the amount of increase is likely to be modest; it is unlikely that your credit report will contain numerous egregious mistakes. Disputing accurate items on your credit report will get you nowhere; they will remain on your report until the legally required time for them to remain there has passed.
Everything Credit Repair Companies Can Do for You, You Can Do by Yourself
Credit repair companies can dispute inaccurate items on your credit report, but so can you. They can also dispute accurate items, but it is pointless to do so. In either case, you don’t need to pay someone to read your credit report and accept the fact that you really did incur those debts and you really haven’t paid as much money toward them as you wanted to.
The Best Way to Improve Your Credit Score Is to Improve Your Financial Situation Overall
Much like hangovers, negative remarks on your credit report go away when they’re good and ready to go away. The best thing you can do to stop your credit score from standing in your way is to earn as much money as you can and put it towards debt repayment and savings. Having a good credit score can get you a more affordable car loan, but so can putting down a bigger down payment.
Contact a South Florida Debt Lawyer About the Long Wait for Your Credit Score to Improve Itself
A South Florida debt lawyer can help you work around a low credit score or fix the problems that contributed to your low score. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.