Is There A Credit Fix?

In working to improve consumers’ credit scores we often hear initially, “Is there a credit fix that can help improve my credit score immediately?” This question usually comes from people that have recently discovered issues on their credit report that are currently impacting their ability to get credit, or get credit on reasonable terms. So their desire to seek an immediate solution to the problem is understandable.

A Credit Fix?

The answer to the question as to whether or not there is a credit fix that can help them quickly improve their credit score is – probably not. There are a number of items that can cause problems with your credit that are amenable to being removed or modified. And especially if it’s a somewhat egregious, obvious error, the credit bureaus will often be responsive to having it addressed. Unfortunately, though, the process of credit repair is in many ways an intrinsically slow, cumbersome one.

Process Takes Time

One of the primary causes that make doing a quick credit fix difficult are the research and communication processes behind resolving an issue. From the consumer standpoint, they must first order their credit reports from all three credit agencies – Equifax, Experian and TransUnion, and then go through each of them looking for “credit score culprits” – items like an overstated balance, an incorrect collection or default, new accounts opened through identity theft, etc.

Then, once those have been identified comes the initial communication, or dispute, with the agencies to have them removed. This all takes time – drafting the dispute, getting it to all three agencies, and then their process once the dispute has been received. The credit agencies will reach out to each of the creditors in dispute. That creditor then has 30-days to respond back with confirmation that the item in dispute is correct. As you can see from the chain of events necessary to get an item removed – from the consumer, to the credit agency, to the creditor, then back to the agency – this will intrinsically take time.

So to fix credit overnight, so to speak, is really not possible given how involved the processes is. But that said, with reasonable expectations given the nature of how credit repair is done, there are many items that can be removed or modified relatively quickly. And by relatively quickly I mean in the first 60-days of starting the process. But to have that kind of traction with your “credit fix” project you have to be very discipline and have all your ducks in a row.

Credit Repair Resources

The Credit People offer an outstanding guide on credit and credit repair call Secrets To Great Credit, which is an excellent starting point. Another strong source of information on how to navigate the process of repairing your own credit is from the Federal Trade Commission (FTC), which is one of the groups that oversees the credit agencies. This article by the FTC on doing your own credit repair will also be a big help, FTC article.

Credit Repair Agency

Another option to consider as well, especially if getting your credit fixed is extremely time sensitive – like if you’re in need of a mortgage for a new home, then using a professional credit repair agency might make sense. Unlike doing it yourself, there is a cost to using a professional credit repair firm. But with a little research you should be able to find a reputable firm that will charge a reasonable fee for their work. And with a credit repair agency working for you there are a lot of advantages they bring to the table to help expedite your credit repair.

A primary advantage is they know the process of credit repair inside and out. So there’s no learning curve they have to work through, or testing process to determine how best to communicate with all the necessary parties. A good agency has worked through this process literally thousands of times. They will be able to deploy those practices which have been refined over the years to accelerate, as much as possible, the time it takes to remove negative items from your credit report. If time, getting your credit repaired as quickly as possible, is a primary concern for you then it definitely makes sense to consider a credit repair agency to help you with your “credit fix”.