You're a pretty smart person and probably fairly confident you can figure out how to do just about anything yourself, whether it's mastering a new computer program, landscaping your yard, learning a foreign language, or fixing your own transmission.
You're probably approaching credit repair with the same mindset. And, sure, with a lot of research about the laws that protect your right to dispute credit issues, you could be the equivalent of your own credit handyman.
But just because you could doesn't necessarily mean you should.
You Might be Making Things Worse by Repairing Your Own Credit
Credit repair can be a tricky undertaking, and if you don't know what you're doing, you could end up making things worse, not better.
For example, did you know that if you make a payment on an old debt this could "restart the clock" on the account?
A listing that was just about to reach the statute of limitations and drop off your report could be "re-aged" from the date of last activity, meaning that now this listing is brand new as far as the credit bureaus are concerned.
Unless you're a legal expert, it's usually best to leave such matters to professionals. Do you think you're qualified to do your own house closing or draft your own will? Maybe, but a mistake could be difficult or impossible to correct. The same applies to credit repair.
Six Big Mistakes of
Do-It-Yourself Credit Repair
Here are some common pitfalls do-it-yourselfers run into when attempting to fix their own credit:
Credit repair's not fun, so why not just "get it over with?" If you're sending out one form letter, why not mail all 10? Well, if you dispute too many items at once, this could result in the credit bureaus "red flagging" your credit file - not what you want if you're trying to repair your credit.
You might not be aware of the critical role of timing in the credit repair process. If you dispute items too often (or not often enough), this could be counterproductive to the results you're aiming for.
If you lose a dispute with a credit bureau, what do you do next? Do you know? Do-it-yourselfers have no place to turn if their efforts don't result in the desired outcome.
You might think you're a pretty good negotiator, but is that your job? When you contact creditors or collection agencies, you'll be dealing with people who do nothing but negotiate day in and day out. They know how to turn the tables and are used to getting their way in a credit dispute.
If you're a paralegal, you might be familiar with drafting a credit bureau dispute letter or a debt negotiation letter. If you're not, you could go online in search of a template, but you can never be sure you've produced a professional, effective letter that will get results.
The credit bureaus tell you it's not possible to remove harmful inquires placed by collection agencies and creditors, even though it's perfectly legal to do so. But do YOU know the legal ways to repair your credit?
Do-it-yourself credit repair is certainly possible, but if you want to fix your credit and need to start today, hiring legal professionals who offer affordable and reliable credit repair services might be a better way to go.
That's exactly what the legal team at Lexington Law offers: help for consumers who need to fix their credit and the experience it takes to get it done right.
