Your credit score can dictate what you can and can’t do when it comes to borrowing money. If you made some poor financial decisions in your younger years, then getting a home loan when you are older and ready to settle down may prove to be very difficult. On the other hand, you may never want to borrow money or need to sign up for things which require a credit check and therefore, your credit score may not even matter to you. So, you may be wondering if you should go through the process of repairing your credit score or just waiting for negative items to fall off. Let’s take a look at how these scenarios could unfold and how they may impact you.
If you need to borrow money sometime down the line then you are going to need your credit in good stead. Sometimes, a credit score is applicable to more than just a loan too. Some companies will not let you sign up for home Internet plans or cell phone plans without you having a minimum credit score. They also need to know that the consumers they are dealing with are capable of repaying the fees for using their services so rightfully, they reserve the right to check all of their applicants.
The time that it takes to repair your credit score can vary depending on how many items you have listed and how serious they are. In order to repair your credit score, credit repair companies will get in touch with the credit bureaus listing your negative items and request that they be appealed. A credit bureau legally has a 30 – 45 days grace period to respond to this inquiry and if the appeal is successful, it may be amended within a further 3 – 5 days. This means that you could be potentially waiting up to 50 days for one negative listing to be removed. Credit repair companies can of course make more than one appeal at a time and can even submit appeals for all of your negative listings at the same time, so you could potentially have all of them removed within this time frame.
Should I Just Wait For Negative Items to Fall Off?
If you are patient and don’t mind playing the waiting game, with also a potential game of cat and mouse with debt collection agencies, then you can just wait for the negative items to fall off. A negative item listed with a credit bureau legally expires after 7 years from the point that it originates or has been last paid. After this time expires, it must be removed by law from your credit report. Sometimes, this doesn’t happen automatically, but you can request for it to be removed if this time has expired and the credit bureau must oblige.
The 7 years listed above is in relation to when a negative listing expires and can fall off of your credit report. There are still the statutes of limitations which vary from state to state that will still enable debt collectors to pursue you. The statute of limitations will range and go up to 15 years depending on which state the debt originated in. Another option to consider is going the route of credit repair. if you’re on this site you’ve no doubt seen the many different credit repair reviews. While finding the best credit repair company isn’t too difficult, it will cost you money at the end of the day.
After reading everything above, how important is your credit score to you now? Do you think that you will one day need to do something that requires a credit check? Unless you earn an above average amount of money and can afford to pay for things outright, you may struggle in future trying to borrow money. Even then, you still might not even be allowed to have a cell phone plan or home Internet plan regardless of your income due to your credit score. The process of going through credit repair companies to rebuild your credit score will also cost you money. While most of these services are quite affordable, the cost can add up if you have a substantial amount of negative listings that are hard to remove. The first place to start when looking for the best credit repair companies would be our homepage. Not only do we detail the benefits and drawbacks, but we also do our best to give impartial information about the specific company. That’s not to say that credit repair companies are not worth it though, they have been proven to be very effective at removing negative listings for people.
If you have decided to just wait for your negative items to fall off and have no need to do anything which requires a good credit score, then your biggest problem is dealing with debt collection agencies. Yes, your negative listings will be eligible to be removed after 7 years, but a debt collection agency can pursue you for that entire time and try to get you to pay or take you to court. Hiding from them is not something we condone or advise you to do, it is however, your choice as to what course of action you will take. Remember, 7 years is a long time and debt collectors won’t forget about you. Enlisting the services of credit repair companies may be your best option and your negative listings could be resolved a lot sooner than waiting for them to expire.looking for the best credit repair companies would be our homepage