So many different circumstances can affect an individual’s ability to pay their bills. Merely one week of fewer hours can easily cause a person to fall behind. As time goes on, a pattern of paying bills late leads to a drop in their credit score. Without a good credit score, it is difficult to acquire a car loan, mortgage, and credit cards. When people land in situations like this, many consider turning to “credit repair companies” that promise to boost their credit scores. You should beware of these companies, though, and do your research.
How Credit is Repaired
The truth of the matter is: If your credit score has decreased, there is only one way to repair it - make timely payments on all of your bills over a span of time. Regardless of what anyone tells you, there is not an easy fix or shortcut that can turn a bad credit score into good credit. Unfortunately, there are companies that make impossible promises to people. If a company says they will repair your credit immediately, take that as a red flag. As we mentioned before, the only way to truly repair your credit score is to borrow responsibly and pay your bills on time.
Things To Watch Out For
Never fall for promises that sound too good to be true, but also keep your eyes open for other red flags. If a company requires payment from you before they provide you with any services, this is usually an indication of some sort of scam. If you are told to dispute debts that you know are true or furnish misleading information on credit applications, you are committing fraud, which carries criminal consequences. You should never make false statements or provide information that you know is inaccurate to attempt to increase your credit.
If there were shortcuts to getting good credit, everyone would be taking them. If you are serious about rebuilding your credit, the first step in the process of repair is to get your current debt back on track. An experienced bankruptcy lawyer can help you understand your options and guide you and your family through the debt repair process. Once you start making timely payments on your bills, continue to borrow responsibly, and pay your past debts down over time, you will see an improvement in your credit score.
Sure, this process takes time, but it is definitely possible to repair your credit and improve your financial situation.
Are You Considering Filing For Bankruptcy?
If you feel bankruptcy is the best option for your financial situation you need to speak with an experienced bankruptcy lawyer as soon as possible. Please contact us online or call our office directly at 888.348.2616 to schedule your free consultation.