Should I Try to Fix My Credit Myself?

In today’s tough economic times, with the epidemic of job losses, foreclosures, credit card defaults, and bankruptcies, a growing number of people are finding that their credit is in need of improvement. Unfortunately, many of these people don’t feel that they can afford to get professional credit repair help, and they have no idea how to go about fixing their credit themselves.Consequently, a lot of them will end up doing nothing, resigning themselves to the closed doors and added costs of having poor credit. But you don’t have to be one of those people!

Making the effort to repair your credit now could save you literally thousands of dollars in the coming years through lower interest rates on mortgages, car loans, and credit cards. It should not be a question of whether or not you will repair your credit. The only real question is should you hire someone to do it for you, or should you do it yourself?

A key benefit of using a credit repair company–assuming that you retain a legitimate, reputable one–is that they should know exactly what to do to restore your credit. Because you should be able to count on them to do all that can be done to rescue your credit, you would not have to worry about learning the intricacies of fixing your credit yourself. On the other hand, the major drawback of using a professional company is that they can be very expensive. Depending on the company’s rates, you could spend hundreds or even thousands of dollars over a two- to three-year period. The other major drawback of using a professional credit repair company is that so many of them are scams. You have to do very careful research before signing up with any of them.

Probably the biggest advantage of repairing your own credit is that you can avoid having to pay hundreds, or maybe thousands, of dollars to a repair company. The money you would save by fixing your own credit could be used to pay down some of your debts. Most experts agree that a credit repair company cannot do anything for you that you could not do yourself, if you know how. The major drawback of repairing your credit yourself is that you will have to take the time and make the effort to educate yourself on credit repair. If you don’t educate yourself, your efforts to improve your credit are likely to be much less effective. You should be able to obtain a good book on credit improvement from your local library or bookstore. There are also some excellent do-it-yourself guides that you can purchase for an amount less than the initial set up fee charged by many professional repair companies.

There are valid arguments on both sides of the question of whether you should repair your own credit or hire a company to do it, but there is no one right answer. Each person has to make his/her own decision.

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