Many people in the United States owe a significant amount of money — more than $12 trillion in total debt. Over $1 trillion of that comes from credit cards alone. Data from the National Foundation for Credit Counseling (NFCC) shows a 16% increase this year in households carrying credit card debt. As efforts to collect these debts have intensified, many companies have entered the industry. Some are collection agencies, which work with creditors to recover money. Others are credit repair companies, which work with debtors to improve their credit scores. There is also a third group: credit counseling agencies. You owe it to yourself to understand how this industry works.
Many consumers have errors on their credit reports that can cause serious problems. Credit repair companies perform several services, including reviewing your credit report and disputing negative items on your behalf. These errors can be identified and corrected through an established process. The Fair Credit Reporting Act (FCRA) gives consumers the right to dispute inaccurate information and have incorrect items removed or corrected. Under the FCRA, credit bureaus have 30 days to respond with a full investigation. However, it is important to note that this service is not free. A credit repair company and a credit counseling agency are not the same thing.
While credit repair companies charge for their services, we do not. That is because we are a nonprofit organization, focused on educating and protecting consumers. We take a comprehensive view of your financial health. Our advisors perform a free financial audit to guide you toward the best strategy among several possible options. This education-based approach is often more effective for getting out of debt and staying out of it.
Debt can weigh down your budget and prevent you from reaching your goals. There are thousands of professional credit repair approaches that can help you meet your obligations, and you should consider all your options before choosing the right path. We can work with you to create a payment plan, consolidate your loans, or even evaluate bankruptcy if necessary. Credit counseling is another option that can help you get out of debt.
Whatever form of credit repair you choose, the most important thing is to take action right away. Make today the day you regain control of your life. Poor credit can make it difficult to buy a car, qualify for good housing, or even get a job. You can have a second chance when you reach out to Safe Credit Solutions.
