Sadly, the information given to consumers from news sources about credit repair is not entirely helpful to people. The ones I have read simply say that you can repair your credit and that you might want to consult a credit repair company. They also typically talk about someone who has repaired their credit and what their situation was.
When it comes to credit repair, doing it after a bankruptcy is probably the simplest situation you could find yourself in. Here is why. If you have gone bankrupt, and the bankruptcy has been discharged, you don’t owe anyone anything anymore. (Unless you decided to keep some debts out of the bankruptcy by choice). It too often happens that after a bankruptcy, your credit report will not update correctly. There will still be accounts with balances on them on your report even though the debt has been fully discharged. This is very common. In fact, many of your accounts will probably be like this.
Generally, if you send out one ‘wave’ of credit dispute letters, the problem will get resolved. The reason is simple. You don’t owe these creditors anything anymore. Why would they confirm a debt that has been discharged in a bankruptcy? Do you really need a credit repair company to do this for you? You probably do not, unless you simply can not find the time to do the simple self credit repair involved. However, even if you work with a credit repair company, you are still going to have to put in a fair bit of effort.
The work the credit repair company does is actually quite minimal since they use credit repair software to make all your credit repair letters. You can find such software available to the public even for free on some credit repair web sites. Additionally, you can find versions of it that can cost anywhere from $29 - $99. This software is designed to simply process data that you enter to make your credit repair letters. It isn’t ‘magic’ or anything like that! You enter the data; it spits out your letters. Credit repair companies do the same thing. Sure, they know a bit more than you will, but with a little research and reading online, you will probably know as much as half of the people working in the credit repair business.
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