Credit Attorneys vs. Credit Repair Firms
Both credit lawyers and credit repair organizations have perks and downsides. A credit lawyer, for example, is not employed by a corporation. They work as individuals or as a firm with other credit lawyers. A credit lawyer or law company works for you, which means you will have one-on-one time with your attorney and receive the attention you require to improve your credit.
The disadvantage of hiring a credit lawyer is that most attorneys charge fees based on the case’s outcome. As a result, while you may end up owing less money to a credit card company or collection agency and have better credit, you still have a legal bill to pay.
On the other hand, the beneficial influence on your credit and the resultant reduction in the interest rates you pay, as well as the increased access to loans and credit cards, are likely to outweigh the expense.
Credit repair agencies might be major corporations or small, local businesses. They often handle numerous cases at once, have many years of expertise, and are educated to handle a wide range of credit-related issues rather than just a few. Therefore, depending on the extent and complexity of your credit problems, a credit repair firm may be more advantageous to you.
At the same time, credit repair agencies, like credit repair lawyers, charge fees, which means you’ll probably owe money in the end. However, the cost of repairing your credit and gaining future credit access may be worth it in this case as well.
Whether you choose a credit repair company or a credit lawyer, you should expect to profit from their experience dealing with creditors, credit bureaus, and collection agencies. You should also expect the benefit of the attorney’s legal expertise and experience when hiring a credit attorney. You are also paying for their time, so you do not have to invest yourself. That knowledge, experience, and time may make hiring a credit restoration company or a credit lawyer worthwhile.
Where Can I Find a Reputable Credit Lawyer?
People all around the country require aid in restoring their credit. In addition, there are care credit lawyers in almost every state in the United States. There are online listings where you can discover credit lawyers in your location. The American Bar Association and the state bar associations in each state provide legal referrals.
You may also look into the reputations of credit repair organizations and attorneys through your local Better Business Bureau.
If you are low-income, you may be qualified for free legal assistance. Check out the Consumer Financial Protection Bureau’s (CFPB) website for a list of legal services connections.
Regardless of how you identify your credit lawyer, before agreeing to deal with them, make the following considerations:
- Check to see if they are familiar with consumer law, debt collecting, and the Fair Debt Collection Practices Act (FDCPA)
- Check with your state bar organization to see if they have a record.
- Isn’t it possible for me to do my credit repair?
- You have the option of doing it yourself (DIY) credit repair. If you only have a single or a few faults, disputing them yourself is a viable option.
If you have several inaccuracies or negative marks on your credit report that you want to remove as soon as possible, a credit repair firm or credit lawyer may be a better alternative. Credit repair firms and credit lawyers will charge you for their services. When you do things on your own, though, you only pay for your time. There are also steps you can take to get things going.
You can request a free copy of each of your credit reports from each bureau once a year under the Fair Credit Reporting Act. If you find inaccuracies in your reports, submit a dispute with the agency whose report the problem was found in—even if it was all three. You must file separately with each bureau.
The Fair Credit Reporting Act requires credit bureaus and data providers to investigate and remove incorrect information within 30 days. Under some conditions, that time can be extended to 45 days. However, the actual timeframe is determined by various circumstances, including the timeliness of postal mail.
Where do-it-yourself repair might get challenging is in the amount of time it can take. While you are saving money, you may spend hours or days combing over your credit report and making notes about anything that appears suspicious. Even then, the credit bureaus are likely to interrogate you before making any official decision about your report. Then it would help if you waited for the modifications to be recorded.
With a credit lawyer or credit repair organization on your side, you have a representative who will do all of the bargaining and research for you, allowing you to focus on other things such as obtaining a better career, taking care of your family, or simply living.
In the end, whether you go it alone or hire a credit repair company or a credit attorney is a matter of personal preference and the complexity of your credit condition. You can always attempt it yourself first and then seek the assistance of a credit repair company or a credit lawyer if necessary.
