So, you spent the first third of your life treating your credit score like a punching bag. Now, as an adult, you need your credit score to work for you to buy your first new car, a house, or maybe to get a loan to start a business. Or, maybe your credit report has errors. Did you know, in Florida, 79% of credit reports contain errors? Depending on how complicated your credit history is, you may be able to use a private credit repair service. The Credit Repair Organizations Act (CROA) does offer protections to consumers who may be considering the use of a private credit repair service.
Credit repair services must:
- Offer certain affirmative disclosures (any potential negative effects of service) and transparency.
- Not demand fees before service is rendered.
- Offer contracts in writing and give the consumer the right to cancel the contract.
A credit repair service may be a viable option if your credit issues are not too complex.
When Should You Hire a Credit Repair Attorney?
Navigating the resolution of these errors can require extensive knowledge of state and local law. While a credit repair service may be able to help you with one or two minor issues, a credit repair attorney can be a game changer because:
- They have a firm grasp on state and county law.
- They can get the attention of a credit bureau much more easily.
- If credit repair leads to bankruptcy, it is of huge benefit if the attorney is familiar with your case.
- The attorney may be able to tell you when it is time to explore bankruptcy options.
- Having an attorney/client relationship established with credit bureaus can expedite your case.