Your credit score plays a big role in determining whether you get approved or rejected for a loan. So what do you do if your credit score is low and you keep getting knocked back?
The most important thing is not to stress. Credit scores aren’t set in stone and go up and down depending on your behaviour. You might also have some inaccurate information on your credit report that’s wrongly dragging down your score.
Credit repair is the process of removing these inaccurate listings to improve your credit score. So if your score is a bit iffy, here’s how long the process takes.
Credit repair doesn’t happen overnight
Much like how Rome wasn’t built in a day, removing errors from your credit report can take up many hours of your time. That’s because credit repair can be a very complex area of law. You don’t just need to find inaccurate information, but also make a case as to why the listing shouldn’t be on there. If there are multiple errors, then you’ll need to repeat this process for every single one.
One of the best ways of streamlining this process is to work with a reputable credit repair agency. They’re not only experts at spotting incorrect listings, but also have the legal knowledge that increases the odds of successfully clearing your credit report.
Beware of any credit repair agency that guarantees to improve your score overnight. That’s because creditors are only legally obliged to respond to your complaint within 30 days. As such, if your case isn’t too complex it generally takes four to six weeks for it to be resolved.
The benefits of credit repair
Having a low credit score can be stressful. Credit repair can help ease these worries, as well as increase your chances of being approved for loans in the future. And the best bit? Higher scores often mean you save money on the interest rate you get charged.