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Should You Pay Someone to Repair Your Credit or Settle Your Debt?


Advertisements for credit repair services and debt settlement companies know that you are in financial distress, and they know where to find you.  You wouldn’t be watching television or listening to the radio unless you were so broke that you had no authority to choose your own background noise at work, or unless you were stuck at home, unemployed and too broke to afford Netflix or ad-free YouTube.  If companies that provide these services want to find out where the financially distressed people are, they should just follow where the predatory lenders advertise.   It is possible to correct errors on your credit report and to settle your debts for less than the face value amount of the balance, but it is unwise to pay a company that advertises to low-income consumers to do it for you.  You can do the small stuff by yourself, and for help with the biggest debts, you should contact a Plantation credit repair lawyer.

The Best-Case Scenario With Credit Repair Is a Modest Boost to Your Credit Score

Yes, it is possible that there are errors on your credit report, and yes, you have the right to have the credit reporting bureaus repair them.  Every item on your credit report only stays there for a certain length of time, but credit reporting bureaus do not always remove the records of your missed payments and bankruptcy filings as soon as they should.  There is no harm in reviewing your credit report.  If you find any errors, you should notify the credit reporting bureaus.  It is unlikely, though, that your credit score will jump by a hundred points because of the removal of a record of a missed payment from several years ago.  Reviewing your credit report may not reveal any insights other than, “Yeah, you’re as broke as you think you are.”

If You Are Going to Pay Someone to Settle Your Debts, It Should Be a Lawyer

Debt settlement is where you pay part of the amount you owe, and the creditor forgives the remainder of the debt.  It is always a part of the bankruptcy process, but it sometimes also happens in other contexts, too.  If you have the nerve to do so, you can call creditors yourself and propose a settlement amount.  If you owe large debts, such as after closing a business, a lawyer may be able to help you settle the debts without filing for bankruptcy.  In the case of personal debts of modest denomination, you will save less money if you pay them off with a debt consolidation loan than if you pay a for-profit debt settlement company to settle them for you.

Work With a Debt Lawyer About Affordable Ways of Improving Your Creditworthiness

You do not need to pay off all of your debts to increase your borrowing power.  A South Florida debt lawyer can help you explore debt relief and credit building options such as credit repair, debt settlement, and debt consolidation.  Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.



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