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5 Misconceptions about Credit Repair

5 Misconceptions about Credit Repair

If restoring your credit is your priority, do your homework about credit repair companies. Since the internet is so large and diverse, many online companies can mislead you about the “real” credit restoration process. If an agency gives you a sale pitch that 100% of your derogatories will be removed, that statement is false. Only a small percentage of credit reports can be fully restored at 100%. Credit repair takes time, dedication and discipline.

Not all credit repair companies are treated equal; there are some excellent credit repair companies that have helped hundreds of customers across the country and some credit repair companies are just the “wannabe” credit experts.

 The 5 Common Misconceptions about Credit Repair: Know the facts before you enter any credit restoration program.

  •  Misconception #1: Do it Yourself Credit Repair Kits Work. False, they are a waste of money. It’s always better to hire a professional like a credit repair expert, than trying to do it all on your own. You will not get the great results on your own as you would if you were to hire a professional that specializes in credit repair or anything else for that matter.
  • Misconception #2: Hiring a Credit Restoration Company will hurt my Credit Score. False, Credit restoration is a team effort between you and the Credit Restoration Company, communication is the key to your credit repair success. The only person that can hurt your credit score is yourself by being late on your payments, obtaining new credit during the credit restoration process and new credit inquiries.
  • Misconception #3: Deleted Derogatories will re-appear on my Credit report.  False, once a derogatory is legitimately removed, it’s gone for good. Approximately 25 percent of all credit reports contain major reporting errors, so always check your credit; there are no penalties inquiring about your credit report at www.Equifax.com
  • Misconception #4: Filing Bankruptcy will help my Credit. False, filing Bankruptcy is one of the worst things you can do to your credit and credit score. Only file bankruptcy if you honestly can’t afford your debt due to a substantial decrease in salary or a medical hardship or a failed business partner. Is Bankruptcy Right for You?
  • Misconception #5: New Credit will supersede my existing aged bad credit. False, especially in today’s financial climate, overall good credit is the key to any loan approval and also new employment. Aged bad credit can negatively affect an underwriting decision and leave you without that new house or new car. It’s best you restore your aged bad credit and continue to maintain overall good credit.

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For more information on how we can best serve your Estero FL and Fort Myers FL credit repair needs, please fill out the online contact form about your concerns or give us a call at 855.477.9007  . Read what our valued clients have to say about First Pro Capital on our Testimonials page.

  Allow our team of professionals to assist you!

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