Your credit reports are like trust tickets you can give to lenders when you want to loan money.
Simply think of it as report cards at school. A fail mark could mean that you are not doing well in your studies. In the same way, when you have a long history of delinquency in paying your loans and records of outstanding debts, you have a higher risk of not being trusted to loan money again.
But when no one knows your record, they won’t be able to know, right? Yes. However, is it even possible? Let’s see.
Make sure to read through the end to know if a credit repair company can erase your poor credit history.
What Is A Credit Repair Company?
Before we answer with a yes or no, let us first understand what a credit repair company is and how it works.
Credit repair companies are third-party organizations that work by examining your credit history and correcting errors with debtors and credit bureaus. It assists you in understanding and repairing your credit. They also provide the expertise and experience to handle credit problems that could be challenging for you to take by yourself.
So, how do these companies work?
This kind of business works by collecting your credit history from TransUnion, Experian, and Equifax. Then, they will examine your credit, develop a strategy to address any errors, and make recommendations for other methods for improving your score.
Can They Erase A Poor Credit History?
Credit repair companies can erase a poor credit history if you come to trusted and expert companies.
What these reliable repair companies do is that If a record is discovered to be inaccurate, they will successfully delete it from your credit history. This will not be taken into account in calculating your credit score. As a result, your credit history score will increase when the bad listings are taken down. You’ll be more likely to get subsequent loan requests accepted and to get a lower rate of interest.
But always be careful when choosing the right credit repair companies, as there are other fraud agencies that can do you more harm than good.
How Much Does It Cost?
The cost of doing your own credit repair is nothing. However, there will be a cost if you hire a credit repair business to handle the repair on your behalf.
Research credit repair firms before submitting an application. Find out how much they charge and what services are included in the given price. Before submitting an application it is crucial that you are aware of the costs you are committing to spend.
So to answer the question, it’s a yes. Repair companies can erase a poor credit history but only when you go to reliable experts in these fields. This will only cost you less, than having to trust companies that offer fake services. Make sure to do your research and trust the experts.