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Introduction to Credit Repair Services
- Credit repair services create opportunities for aspiring entrepreneurs.
- The credit repair business is booming as many Americans struggle with various debts.
Importance of Credit Repair
- Credit scores measure creditworthiness.
- Credit repair companies work to improve your score by negotiating removals of negative marks.
- They are governed by the Credit Repair Organizations Act, which gives you certain rights.
Process of Credit Repair
- The process identifies inaccuracies on credit reports and rectifies them by disputing items with bureaus and creditors.
- This can involve sending communications and negotiating on your behalf to improve your financial profile.
- It typically takes 3-6 months to boost your score by 100 points.
Comparison with Other Financial Services
- Credit repair is different from credit counseling, which involves having a specialist develop a plan to address money problems.
- It also differs from debt relief, which negotiates directly with creditors to reduce what you owe.