A poor credit score can be a hindrance when it comes to getting a loan. Perhaps you need a mortgage for a new house, or you want to buy a car or book a holiday? A poor credit score will either increase the cost of your loan vastly or mean you are not eligible for a loan. There are ways to repair a poor credit score. Credit cards designed especially for the purpose are available, but again, not if your score is below a certain amount. We want to talk about companies that you pay to repair your credit score, so let’s see what they are all about.
What is a Paid Credit Repair Service?
Put simply, there are companies that are finance housed dedicated to helping people with poor credit scores get back into the lending arena. They charge a fee for doing so but can be surprisingly effective. Most of us are not finance wizards, after all, and may not be aware of the methods required to get credit back on track. But are these paid services worth using? Let’s have a look at the pros and cons of using such a service.
Advantages of Paid Credit Repair Services
Before we list the advantages of using paid credit repair solutions you might want to check out this YouTube video that covers the subject in some detail. So, what are the benefits of using paid credit repair services? Here are the main pros:
- Credit repair services may be able to help you reduce your score more quickly than trying yourself. They know what it takes to achieve the aim and will guide you through the process with expertise.
- These companies will get to the root of what is causing your poor credit score and set about rectifying that. If you are unsure where to begin, they will be able to point you in the right direction and get the ball rolling.
- It can be daunting thinking about your poor credit score and it’s something you likely have been putting off, so talking to a credit repair company will give you the confidence to begin.
Now to the potential cons involved.
Disadvantages of Paid Credit Repair Services
Using a paid credit repair service is not for everyone, so here’s our list of the potential pitfalls of using such a service:
- The cost maybe excessively high and paying a monthly fee may simply add to your debt.
- It can take many years to fix a poor credit score hence it will cost a lot of money.
- You can do it yourself by looking at ‘How to’ guides on YouTube and online.
- There are many scams in the industry that are easy to get fooled by.
Are paid credit repair services worth using? Each case must be treated individually, so we recommend that if you are looking for ways to repair your credit you talk to a reputable company in the first instance and see what advice they can offer you.