Do You Need a Credit Repair Company to Fix Your Credit Score?

Reblogger Will Hamm
Real Estate Broker/Owner with Hamm Homes

There are some blogs that we can all see again and it helps us in our profession.  Lise Howe has one here that is great for a 2nd time around.

Original content by Lise Howe DC AB15253

Even before you start to look for your dream home, you are going to choose a lender and start the process of applying for a mortgage. There are several reasons that this should be your first step.  Finding out what your lender will qualify you for - and comparing that with your comfort zone of mortgage payments - is always a good reality check.  You probably aren't exactly sure what price range you should be targetting for your dream home so this will help you simplify your home search.  The second reason is equally important.  If your lender pulls your credit early in the process, it gives you time to improve your score in a purposeful system. 

Once you know your credit score, your lender may have some suggestions such as paying off a particular card.   Furthermore, if your credit score is low, it could be due to errors on your report. This is very common, and it can significantly lower your score and make it difficult or impossible to be approved for a credit card, car loan or mortgage.  With sufficient lead time, you can dispute those errors and get your score up into a range sufficient to qualify for that dream home. 

If your credit report contains inaccurate information, take the necessary steps to dispute it and have the mistakes corrected. A credit repair company may be helpful in some cases - if you pick a reputable one, but it might not be necessary.  You may be able to do this on your own.

What a Credit Repair Company Can and Can’t Do

A credit repair company can help you dispute inaccurate information. You can do that on your own as well, but if your report contains multiple errors, or if you have been a victim of identity theft and criminals have opened several fraudulent accounts in your name, it might be too complicated and time-consuming to dispute all of the errors yourself. A credit repair company can write to the credit bureaus on your behalf to dispute the errors and provide the documentation that is needed to correct them.

In most cases, a credit bureau is required to investigate a dispute within 30 days of receiving the information. That can help you correct mistakes and repair your credit score quickly so you don’t have to put your financial goals on hold.

A credit repair company cannot remove negative information from your credit report if the information is accurate. Bankruptcies, liens and accounts in collection will stay on your credit report for several years, and there is nothing you or a credit repair company can do about it.

How to Find a Reputable Company

There are many legitimate credit repair companies that follow the law and respect consumers’ rights, but there are also a good number of scams. If a company promises to raise your credit score by a specific number of points, don’t believe it. If a company tells you to dispute correct information, don’t do it. It’s also illegal for a credit repair company to charge you before they complete any work on your behalf.

A reputable company should explain your rights and be clear about what they can and can’t do to help you. They should listen to why you want to dispute information and request documentation to support your position. They should not promise you instant results.

 

Your Lender Can Help You Clear Up Inaccuracies on Your Credit Score

 

If you are applying for a mortgage, your lender will pull your credit report and can review that with you.  A helpful lender will give you suggestions about the steps you should take to dispute inaccuracies on your credit report.  A good lender will be a great asset in your home buying process.  Since it can take some time to clear up inaccuracies on your report, it is a good idea to start working with a lender well ahead of actually making an offer on your dream home.  Most lenders can do everything that a credit repair company can do for you and it will not cost you anything, plus they should be reliable and reputable. 

If your lender will not or cannot help you clear up inaccuracies on your credit report and give you advice on how to improve your score by taking other steps, then you probably are working with the wrong lender.  

If you are thinking of buying a home in the DC metro or a home in Bethesda MD, feel free to give the Lise Howe Group a call at 240-401-5577 for some suggestions of great - and helpful - lenders who can guide you through the home buying process. 

If you are looking for a home in the DC metro area, you know there is more to the process than just picking a property and making an offer. You need to find the best location for your wants and needs, get a great price, and work with a lender who will make your life easier - not harder.  Trust your search with a Realtor who is licensed in DC, MD and VA and really knows the city and all its secret neighborhoods.

Start your search with the Lise Howe Group, Washington Natives who love the city and all its quirkiness! If you are moving or relocating to Washington DC, be sure to ask for our relocation guide. Call us at 240-401-5577 to schedule an appointment or email us at lise@lisehowe.com.  Too excited to wait to talk to us about a great home? Just click here to start that home search.

If you want to see what is for sale in Washington DC, Chevy Chase and Bethesda, check out these links below:

Bethesda Condos for Sale

Chevy Chase Condos for Sale

 

Bethesda Single Family Luxury Homes

 Bethesda Single Family Homes Under $1 Million

Chevy Chase Single Family Luxury Homes

Chevy Chase Single Family Homes Under $1 Million

Luxury Single Family Washington DC Homes

Washington DC Single Family Homes Under $1 Million

 

Washington DC Condos

 

Lise Howe

Keller Williams Capital Properties

4646 40th St NW 

Washington DC 20016

240-401-5577 (24 hour direct)
Licensed in DC, MD, and VA
Associate Broker, GRI, ABR, CRS
The Lise Howe Group
Howe Real Estate Should Be!
www.lisehowegroup.com

www.kenwood-forest.com

 

 

 

       

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Rainmaker
3,305,987
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Credit repair is a great topic....and it is an area we address with our buyers to help them get the best interest rates.

Apr 11, 2019 04:53 AM #1
Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Will. What a terrific post to re-blog. Fixing credit is hard.

Apr 11, 2019 05:56 AM #2
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Rainmaker
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Will Hamm

"Where There's a Will, There's a Way!"
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