Most people make mistakes when they begin to work on credit restoration. They have unrealistic expectations, don’t realize how much work is involved and give up way to soon. This article is going to look at how these three things can stand in your way of credit repair success and what you can do to ensure your success.
Largely thanks to advertising, many people believe that credit repair is fast and easy. While there are certainly strategies that you can implement for fast credit repair, the reality is that complete credit restoration takes time. Your credit most likely did not get into trouble overnight. Likewise, you shouldn’t expect it to be repaired in a single month.
Depending on how damaged that your credit is, you should allow for anywhere from six months to two years for credit repair. Those who have had serious credit issues – like a bankruptcy, foreclosure or repossession need to understand that credit report repair is going to take them at least two years. If you have had a foreclosure, it will take you three years from the foreclosure date before you can hope to qualify for a mortgage.
You can (and should) repair your credit yourself. You do need to realize that it is work, thought! You need to be able to dedicate some time each week to your credit repair program. Ideally, you can set aside at least an hour a week consistently. Many people think that they should be able to fix their credit in a single session. This just isn’t the case. You will need to keep stellar records because you will need these records when you move to more advanced strategies.
Giving too soon
Most people don’t realize how involved that credit repair can be. They think they can dispute the negative information on their credit file and some how their credit report will be instantly transformed. The reality is that credit repair is a process. You will need to dispute items in your credit file at least once. Chances are it will take several rounds of disputes until you have exhausted the dispute process. Because you need time between each round of disputes, disputing alone can take months. Then, once you are done disputing, if you still have issues in your credit report you will need to move on to more advanced strategies, such as debt validation.
By realizing how these three things can stand in your way of credit repair success, you can use your awareness to avoid falling into these traps.