To get a home loan these days you need to have good credit. For government backed loans like FHA, VA and USDA loans you might get away with just fair credit, but for conventional loans you really need good credit. So what can you do to repair your credit yourself and when do you need a professional?
That depends on what the problem is. If you have errors on your credit report about delinquencies that have been settled, but not reported to the credit bureaus, you can take care of that yourself. Contrary to what you might think, you don’t have to wait around for these companies to report it. You can get in touch with the credit bureaus yourself, providing proof of payment and they will take it off your credit report.
There are several resources that walk you through the process, and one of them is here. You can also visit the credit bureau websites and start the process online. (You’ll find the links to the page to file a dispute below along with the physical addresses). You’ll still need to send in documentation, but it will be less paperwork to fill out. To dispute errors you will need a recent copy of your credit report. If you have been denied credit recently you are entitled to a free credit report and of course once a year it is possible to get a free credit report at annualcreditreport.com.
Now if you have a bigger problem and have outstanding debt that’s in the hands of collection companies, then it’s time to turn to a professional. What you need is a GOOD Credit Repair Company. This is where you need to be careful, because there are a lot of companies out there who charge the earth and promise the world. You don’t want one of those. You want a good, reputable, preferably local credit repair company to help you out of the fix you’re in and not charge an arm and a leg to do it.
I know, many people think you can do this yourself too. I’m not one of them. And here’s why: When it comes to finances, I believe it’s always better to work with a professional. You’re too close to the subject, your emotions will get in the way – And emotions are the last thing you need in a negotiation. Period. Someone with no emotional attachment to the situation who negotiates down debt on a daily basis is what you need. Not only will you save yourself the stress of talking to a collection agency, you’ll also in many instances save money in the long run.
Did I manage to convince you of the value of a professional? I hope so. Now all that is left to do today is to share with you the name of a reputable company in the Iowa City / Cedar Rapids area. Heartland Credit Restoration Inc offer excellent credit repair services in our area. They are a family owned and operated business based in Hiawatha, IA. They charge a reasonable fee and not only help you with your current problems, but also help you build your credit for life. Repairing your credit shouldn’t be a quick fix just to get you qualified for a home loan, it should be life altering, so you never have to deal with the stress of this situation again.
Experian
Dispute Department
P.O. Box 9701
Allen, TX 75013
Trans Union
Consumer Solutions
P.O. Box 2000
Chester, PA 19022-2000
Equifax
P.O. Box 7404256
Atlanta, GA 30374-0256
