What is Credit Repair, How Does it Works, Credit Repair Company 【2018】

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What is Credit repair?
Technically, Credit repair can involve fixing your bad credit in any way, shape or form, but when most people use the term, they’re referring to the process of correcting the errors and removal of Negative Tags mentioned in the CIBIL report. Fixing errors and removing negatives involves a legal process that consists of reviewing and analysing of CIBIL report. You may not have the expertise and time to deal with these processes efficiently. Credit repair services will take care of these matters to improve your credit score. Just keep in mind that it’s impossible to improve your credit score in just a few days. Even if the negative items on the report are caused by another party’s error, your score won’t improve within a short period of time.

Many people, however, don’t have the time or don’t understand how to fix their CIBIL report. So they look into hiring a credit repair company to correct errors on their behalf. These companies can charge a fee for their legwork (more on how that works in a minute), but there are times when the extra help can certainly be welcome. (Say you have multiple errors across CIBIL reports or you’ve been the victim).

How Does the Credit Repair Business Work?

To get to the heart of what credit repair is and how credit repair companies operate, we asked this Question to Ms. Sayeeda Shenaz, Founder and Principal of Millennium Credit Solutions and Consumer Education Specialist which represents consumers who want to repair their credit.

“Credit repair leverages your legal right to three standards: Credit reports must be 100% accurate, entirely fair, and fully substantiated,” Shenaz said. “Too many lesser credit repair companies skip over those last two standards — which involve communicating with your creditors — in favour of depending upon simple credit bureau negatives by themselves.”

Here’s a good example of when a reputable credit repair service can help you do something you may not be able to accomplish yourself. If you have a Settled account that’s been sold to a different debt collector, it may appear as Settled on your CIBIL report. That information is accurate, but having that one debt dinging your credit score may not meet the “fair” standard Shenaz mentioned.

If you have items on your credit report that don’t meet the three standards Shenaz mentioned, then you may want to consider credit repair — That is a time you look for hiring a professional. (Errors are more common than you may think: a study found that 1-in-5 consumers have an error on at least one of their CIBIL reports. You can check your CIBIL reports for errors by pulling them for free every 12 months. You can even get an action plan with tips on how to improve the credit factors that are pulling down your score. Checking your own credit reports and scores does not hurt your credit score in any way.

What Do Credit Repair Companies Do?

A good credit repair company will also first pull your CIBIL report to pinpoint your credit issues and there may be errors that appear in your CIBIL report. CIBIL report give you an overview of the services offer and what it takes to become you credit worthy.

Once those errors have been identified, you’ll then give a credit repair company any supporting documentation you might have or need. For example, if there’s a Loan account or a Credit card on your CIBIL report that your husband or wife was actually responsible for and Now you are under your divorce decree, you can use that document to prove it shouldn’t be impacting you.

In some cases, it might be difficult to determine what to include as far as supporting documentation goes — that’s another way a credit repair company can help you. For example, if you’re a victim of a fraudulent account is appearing on your CIBIL report, it can be tough to prove it isn’t yours since you naturally don’t have any documents relating to the account.

When the Bureaus and Banks receive the dispute, and supporting information from the Credit repair company, they will then work with them to determine if the item should be removed from your credit report.

Why Get a Credit Repair Service?

Credit repair services are particularly beneficial when the negative items on the report are due to reporting, accounting or other errors made by credit bureaus, collection agencies or creditors. Errors can be removed from the report when you go through the right procedures.

Credit repair (Millennium Credit Solutions) can also identify errors that can’t be verified. Items that can’t be supported by documentary evidence must be removed. Credit repair service providers can use this loophole to improve your credit score. Some lenders are also willing to discuss the amount as well as terms and conditions of the loan with credit repair representatives. This can help improve your CIBIL score.

If you have a poor credit score, a credit repair company (Millennium Credit Solutions) can take the necessary steps to remove errors and inaccurate information from the report to eventually increase your CIBIL score and make it easier for you to secure a Loans or Credit Cards.

How Long Does Credit Repair Take?

Getting negative, inaccurate information off of your credit reports is one of the fastest ways to see an improvement in your scores. Since credit bureaus have to respond and resolve a correction within 30 days (there are a few exceptions that may extend this to 45 days), it’s a short timeline that can help consumers who want to buy a house, get a new car or open up a new credit card soon and don’t have the time to wait to build good credit in other ways.

But that doesn’t mean a credit repair company can tell you exactly when your credit score will improve since some consumers’ credit issues are much more complex than others.

“Since every case and credit report is unique, no professional firm can ethically predict an exact outcome,” Shenaz said. “When picking a credit repair company to fix your bad credit, don’t ask about the future, but instead ask about what real clients have seen in the past.”

Importance of a Good Credit Score and Credit Repair services

Millions of Indians today are suffering from bad credit scores for a lot of reasons. This includes the slugging growth of the economy, lack of real wage increase, the lingering result of recession and a lot more. Those who have very low credit are being affected by this concern in a number of ways. Fortunately, Millennium Credit Solutions now offer a variety of high-end services to help their clients re-establish a good credit card score.

A strong credit score is actually the backbone of the financial health of an individual. It is also one of the most essential aspects of one’s financial profile. It serves as the main source of information for banks and lenders looking to determine your eligibility for borrowing.

Therefore, bad credit can make things extremely difficult, more expensive or even impossible. Its importance actually goes beyond just obtaining low interests on a loan.

Seeing huge amounts of money draining from one’s bank account is a sufficient motivation to hire the best credit repair companies to rebuild their credit score as efficient and fast as possible. However, no one wants to hire just any credit repair company out there. It is important to work with a firm that takes time to understand the needs of their clients and cares about them. In addition, clients need a credit repair firm with experience and a track record for success.

The great news is that Millennium Credit Solutions on the market that will make a customized plan to help fix one’s credit in an effective and timely manner. They give their clients peace of mind knowing that they can access to premium quality credit repair services that match their needs.

Efficient and quick credit repair is crucial to save money on credit cards and loans. However, these is not the sole reasons for repairing a credit. Those who want to start their own business or just need the security of knowing they can borrow money when they need to can also benefit from a good credit score.

Repairing one’s credit score is no longer as complicated as it seems. With the right credit repair company on their side, Millennium Credit Solutions have a reliable partner to help them not only fix their credit, but also help them understand the credit repair industry and how everything works. They will also provide customers with tips and tricks on how to approach the process in the best and quickest way possible. Finding the right credit repair companies is the key to re-establishing one’s good credit score.

3 Steps Journey of Credit Repair by Millennium Credit Solutions

Repair : YOUR PAST

Cleaning up your past begins with us leveraging your consumer rights to engage the credit bureaus and creditors to remove the inaccurate items from your credit report. Rebuild : YOUR PRESENT

We then educate our customers on everything from the basics of managing their credit properly to maximizing what resources remain. At this point in the journey, we polish your credit report to a pristine slate and tighten every nut and bolt along to the way. A custom restoration plan will help you prioritize payments and keep your account positive

status. Avoiding newly negative account information will help you make the most of your journey.

Restore : YOUR FUTURE

Our Credit Navigators will give you the direction to rebuild positive credit and provide invaluable knowledge on how to make prudent buying decisions in the future. Whether you are looking for a home loan, an auto loan, or just want a fresh start, through credit education and guidance we will help you reach your destination. We understand each situation is unique, so we will find out what you are trying to accomplish and then help you get there. Guaranteed.

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