The Truth About Business Credit Repair Services

Today, businesses and consumers around the world fall victim to the limitations of a poor credit score. From cars and houses to new jobs and business opportunities, a poor credit score can stop you dead in your tracks. This harsh reality often makes promises of “guaranteed” credit repair or “clean” credit reports appear as beacons of hope.

And as we’ll discuss later, even business credit repair is getting in the act. Because it’s so vital to financial freedom, credit repair, or the act of removing false, inaccurate or otherwise questionable information from your credit report is a big business. The increasing importance of our personal and business credit scores has resulted in an abundance of credit repair companies that offer to fix your credit in exchange for a fee. 1. They will request that you send them copies of your credit report from the major credit reporting agencies including Experian, TransUnion and Equifax.

2. Upon receiving the reports, they will review them and identify what items should be disputed. 3. After you agree upon the disputable items, the company will contact the credit reporting agencies and challenge any questionable or inaccurate information. Nav is the ONLY source for both personal and business credit access.

See advice on how to build your business credit, get funding and save money. While these companies may be well practiced in the dispute process, there are no legal methods available to them that are not available to you. You have the right to view your credit report once a year without charge.

You also have the right to send in dispute letters to the credit reporting agencies. If the information you’re disputing is incomplete, incorrect or unverifiable, the Fair Credit Reporting Act (FCRA) requires credit reporting agencies to remove that information within 30 days. “I’ve sent dispute letters in, but I was unable to fix the errors. If you took the time to review your credit report and send out dispute letters, this situation can be very frustrating.

However, there is hope. Consumers in this position should file a complaint with the Consumer Financial Protection Bureau. This organization will contact the reporting agencies on behalf of the consumer. This service is available for free, but consumer should only attempt this after they’ve attempted to file a dispute on their own. If they fail to resolve the issue, consumers can also work with a consumer law attorney to remove the error and collect damages if applicable. It’s not always easy to argue that point. Credit repair can be both overwhelming and time consuming.

There is nothing wrong with seeking outside help. If you decide that a credit repair company or service is your best option, it’s important that you educate yourself. Understanding your rights as a consumer can help you identify credit repair scams. Learning the credit repair basics, including how to spot credit repair scams, can save you a lot of grief in the long run. Fortunately, the Federal Trace Commission (FTC) has compiled a list of warning signs that can tip you off to a credit repair scam.

The company fails to inform you of your right to fix your credit on your own, for free. They request payment before services have been rendered. The company asks or advises you not to contact credit reporting companies directly. The tips above are great for general consumer credit repair, but what if you’re trying to build or establish business credit, Promises to establish or improve your credit in less than three months.

References contact or network relationships that will “help” improve your credit. This isn’t a social club, it’s doesn’t matter who they know. Is not transparent about funding your needs. Does not have a website or owns one that does not include reviews, ratings, feedback, testimonials or a client log in.

The tips above can help you as you review possible credit repair companies, but they aren’t your last defense. Thanks to the Credit Repair Organizations Act, consumers have legal protection against fraudulent companies. Payment terms and cost for all services to be rendered. Detailed description of services to be rendered (including any guarantees). Anticipated date of completion. Ready to see your credit data and start building better business credit, Check Your Personal and Business Credit For Free (No Credit Card Required).

Among the many factors that go into calculating your credit score one thing that can make a difference is how many recent application for credit show up on your credit report. It doesn’t affect your score enormously, and it only affects your score in certain situations, but it is important to understand what inquiries are and why they affect your score at all.

Although this is not necessarily the most important factor determining your credit score because it is not the biggest percentage of your score, it does make a small difference and can change the way that a lender views you. Why do queries matter, Taking out several new lines of credit or applying for multiple new credit advances (such as several credit cards) all at the same time can signal financial discomfort to lenders.

Even if this is not the case, it is a smart move to restrict the number of applications for new credit you put out in a brief period of time. Where do inquiries appear on my credit report, Whenever you are considered for new credit, a record of it is kept on your credit report in a separate section. This is how banks and lenders report to other banks and lenders that they have recently viewed your report.



Sometimes this is with your knowledge - for example, if you are looking at acquiring a home and apply for mortgage loans with several banks. When you are price shopping like this - making comparisons between the rates that different banks will give you - record of it is kept on your credit report, but it doesn’t necessarily affect your score.