Credit repair companies say they can help, but it's possible to take matters into your own hands and get results.
If your credit score isn't good, you might have trouble getting loans or credit cards, or you might only be able to get them with high interest rates. It makes sense to want things to get better as soon as possible, but fixing your credit takes time.
Companies may charge for credit repair services, but with time and the right information, you can fix your credit on your own.
Because of this, this strategy only works in the short term. Also, Yates says it is illegal to give credit bureaus false information on purpose.
"The difference is time and education," says Stephanie Yates, head of the accounting and finance department at the University of Alabama at Birmingham and director of the Regions Institute for Financial Education. "To be honest, some less trustworthy businesses make a lot of money by taking advantage of people's lack of knowledge and lack of time."
You can also pay down your debts with the money you would have spent on the credit repair company. "Your credit score will go up just because of that. It only takes a little while, "The founder and CEO of a financial planning company, Jorge Soriano, says this.
If your credit score isn't good, you might have trouble getting loans or credit cards, or you might only be able to get them with high interest rates. It makes sense to want things to get better as soon as possible, but fixing your credit takes time.
Companies may charge for credit repair services, but with time and the right information, you can fix your credit on your own.
Because of this, this strategy only works in the short term. Also, Yates says it is illegal to give credit bureaus false information on purpose.
"The difference is time and education," says Stephanie Yates, head of the accounting and finance department at the University of Alabama at Birmingham and director of the Regions Institute for Financial Education. "To be honest, some less trustworthy businesses make a lot of money by taking advantage of people's lack of knowledge and lack of time."
You can also pay down your debts with the money you would have spent on the credit repair company. "Your credit score will go up just because of that. It only takes a little while, "The founder and CEO of a financial planning company, Jorge Soriano, says this.