With so many different credit restoration services available, it can be hard to know which one to choose. To make sure you’re selecting the right one, follow these five steps to get extra help with your credit restoration services.
1: Contact your creditors
There are two reasons why contacting your creditors can be useful: First, you get to tell them that you’re working on fixing your credit issues, which is typically a positive step in winning back their trust. Second, you can ask if they’ll lower your interest rate or increase your available credit limits while things are in flux. In many cases, they’ll do just that if it means ensuring that you keep paying them money on time and without issue. Regardless of what happens with your creditors, at least you know where things stand and there are no surprises when it comes time for account reviews.
2: Contact the credit bureaus
The first step in fixing your credit is to contact one of the three major credit bureaus, Equifax, Experian, and TransUnion, directly. You’ll need to verify your identity before you can begin working with them. Then tell them you have been a victim of identity theft or that an account has been created in your name without your permission. Also, give them a list of any accounts that have gone into default. The bureau should then investigate and remove any erroneous information it finds. Credit experts recommend reporting errors as soon as possible after discovering them; if you wait too long, they say, even if fraudulent activity is removed from your report there could be financial consequences from missing payment deadlines on outstanding debts. Finally, ask if it’s worth requesting a free copy of your credit report. Each year you’re entitled to at least one free copy from each bureau – but only if you request them separately (and not all at once).
3: Consult a financial advisor
Because credit restoration services will vary greatly in terms of cost and quality, it’s important to consult a financial advisor before signing on. Ideally, you want someone who specializes in working with businesses, not just individual consumers. You also want someone who has experience working with small business owners and helping them through regulatory issues (such as taxes). Working with a good financial advisor can help you get your new business off on solid footing. Don’t skimp! It may feel like an unnecessary expense at first but establishing credit-building infrastructure early on is more than worth it. A good rule of thumb is that 1% of profits should be invested in building up your company’s overall credit standing. That said if you do choose to hire outside professionals for legal or accounting work, try and choose ones that specialize in small business accounting rather than big firm types—these professionals are going to know exactly what’s needed for a company like yours.
4: Ask for help from your attorney
If you’re filing for bankruptcy, your attorney is already on your side. If you’re planning to file a lawsuit against someone, most lawyers offer consultation services as part of their business. In both cases, these consultations are usually free and will provide you with much-needed advice about how best to deal with your situation. Even if you don’t retain them for any other purpose, having a conversation with a lawyer is valuable because they know what kind of arguments work in court and which ones don’t. At worst, they can give you perspective on what options are out there; at best, they might be able to help win your case outright. To get extra help when dealing with credit restoration services, talk to an attorney.
5:Seek out community support groups
While it might not be what you want to hear, seeking out community support groups can help people connect with others who are going through similar financial situations. This sort of group doesn’t just provide emotional support; it helps you learn from those in similar situations. These groups can be especially beneficial for those who want to improve their credit but don’t know where to start or how difficult certain aspects of that process might be. By sharing stories, fears, and advice with others, anyone can feel more comfortable moving forward. You don’t have to work alone when it comes to your credit; in fact, there are plenty of resources that can give you extra help if you need it.