When it comes to personal credit scores, the first thing to ask yourself is do I need to do any credit repair to my credit profile and score? Unless you have a high enough score that won't negatively impact you're ability to access credit or get the lowest possible rates, then the answer is going to be yes, credit repair is something to look into.
The second thing people will ask is at what point do I really need to start worrying about my credit and doing something about it.
While there is no absolute answer to this, any time your personal credit score is dipping below a score of 680, you need to start seriously looking at ways to increase it as you are at the point where you're going to start getting penalized by some lenders in terms of accessing credit and higher interest rates.
Then, when you've gotten to the point of saying, I need to do something about this, what exactly should you do? For the most part, there are two approaches to take.
You can do it yourself or you can get someone else to do it for you.
Getting someone else to do it for you always sounds good, especially when it's for something you don't understand or don't know how to approach.
But the reality is that the process followed by third parties to fix your credit is basically the same process that you would have to do yourself.
And when you consider that you're going to have to be signing off on anything they do on your behalf, its not going to be a totally hands off process anyway.
Third party credit repair services are obviously going to cost money and for many people, the trade off of money for time is something they're looking for to help get everything done within a busy schedule.
But one of the downsides to this approach is that most people will have no idea how to monitor the consultants progress and the speed in which they work, so the cost can keep building without you knowing if it's appropriate or not.
The alternative is to do it yourself.
There are a lot of excellent personal credit repair courses on the market that explain the process of credit repair to you and provide a blueprint of how to go about it.
The knowledge of how to do it and the process to follow is basically what you pay a consultant for.
So with a small investment in funds to acquire one of these programs and a larger investment in your time, you can do everything yourself if you put your mind to it.
My bias is the do it yourself approach.
There's nothing wrong with third party credit repair, provided you stay on top of what you're being charged and the work being done.
But by getting someone else to do it, you're not gaining the knowledge of what went wrong and how to avoid similar problems in the future.
You also have to consider what's at stake.
Over the course of your lifetime, a good credit score could save you tens of thousands of dollars in lower interest costs, help you get jobs, and so on.
Everyone's personal credit score is a valuable asset that can generate a significant return over time, so its something that should be managed closely and taken seriously due to the financial impact it can have on your life.
The second thing people will ask is at what point do I really need to start worrying about my credit and doing something about it.
While there is no absolute answer to this, any time your personal credit score is dipping below a score of 680, you need to start seriously looking at ways to increase it as you are at the point where you're going to start getting penalized by some lenders in terms of accessing credit and higher interest rates.
Then, when you've gotten to the point of saying, I need to do something about this, what exactly should you do? For the most part, there are two approaches to take.
You can do it yourself or you can get someone else to do it for you.
Getting someone else to do it for you always sounds good, especially when it's for something you don't understand or don't know how to approach.
But the reality is that the process followed by third parties to fix your credit is basically the same process that you would have to do yourself.
And when you consider that you're going to have to be signing off on anything they do on your behalf, its not going to be a totally hands off process anyway.
Third party credit repair services are obviously going to cost money and for many people, the trade off of money for time is something they're looking for to help get everything done within a busy schedule.
But one of the downsides to this approach is that most people will have no idea how to monitor the consultants progress and the speed in which they work, so the cost can keep building without you knowing if it's appropriate or not.
The alternative is to do it yourself.
There are a lot of excellent personal credit repair courses on the market that explain the process of credit repair to you and provide a blueprint of how to go about it.
The knowledge of how to do it and the process to follow is basically what you pay a consultant for.
So with a small investment in funds to acquire one of these programs and a larger investment in your time, you can do everything yourself if you put your mind to it.
My bias is the do it yourself approach.
There's nothing wrong with third party credit repair, provided you stay on top of what you're being charged and the work being done.
But by getting someone else to do it, you're not gaining the knowledge of what went wrong and how to avoid similar problems in the future.
You also have to consider what's at stake.
Over the course of your lifetime, a good credit score could save you tens of thousands of dollars in lower interest costs, help you get jobs, and so on.
Everyone's personal credit score is a valuable asset that can generate a significant return over time, so its something that should be managed closely and taken seriously due to the financial impact it can have on your life.
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