Mississippi has a lot of wonderful things to offer but if you are dealing with bad credit, chances are you won’t have interest in many of them. A lot of people think that either bad credit will clear up on its own, or that it cost an arm and a leg to have it repaired. Sadly, though some items may fall off after many years, it takes work to actually improve your credit score. Credit repair can be done on your own if you have the time and the energy to spend months on the phone. Or you can hire an affordable Mississippi credit repair service to advocate on your behalf.
Mississippi is an affordable state to live in. In fact, it's consistently ranked as one of the most affordable states within the entire country, as far as basic necessities and housing. Possibly because of the low cost of living in the state, Mississippi has some of the lowest credit card debt per person in the nation. On average, Mississippi residents have $4,496 in credit card debt per person, as opposed to the national average of $5,193 per person.
Despite the low cost of living in the state, Mississippi unfortunately has some of the lowest credit scores per person in the country. The average person has a credit score of 681, compared to the national average of 714. While this is still considered a decent credit score, there's a lot of room for improvement, especially if you’re on the lower end of the average. Credit repair can help you to improve your credit score by removing inaccurate entries from your credit report.
The Mississippi Debt Management Services Act (MS ST 81-22-1) deals with credit repair companies that want to operate within the state of Mississippi. Under this law, these companies must:
Along with state laws, all companies offering credit repair in Mississippi must also follow federal regulations. The main law governing these companies is the Credit Repair Organizations Act (CROA), a federal law that deals with contracts, payment methods, and services that are legally allowed to be provided to customers under the umbrella of credit repair.
Good credit is important for a variety of reasons. You need it in order to qualify for certain types of loans and even for housing. Not only do you need to avoid bad credit, you actually need a good score if you want affordable terms. If you have bad credit, you can use a credit repair service to address issues such as:
Credit repair is a good way to get your finances back on track or to get your credit healthy ahead of a big purchase. Working with a MIssissippi credit repair company that also offers long-term advice for good financial management is the best way to maintain your scores following your successful repair.
In Mississippi, there is no requirement for credit repair to be done by lawyers or law firms. As long as a company is licensed to work as a credit repair company in Mississippi, you can work with anyone that you want to. Technically, this is a service you can actually do for yourself as well, although it's not recommended unless you’re already experienced in doing the process yourself.
A credit repair agency will start by disputing items on your credit report that are inaccurate, old, or out of date. The credit bureaus will try to validate the listings that have been disputed, but if they are unable to validate them, they will be removed instead. Depending on how many invalid negative marks were removed, you may see your score go up by 100 points or more. Following the automatic removals, the real work comes next. Whatever is left on your credit report will need to be addressed on a case-by-case basis. For those that have late payments, goodwill letters can be sent out asking companies to remove their entry. In some cases, they will work with but if the problem is frequent, they may not be willing to remove it.
You can expect the credit repair process in Mississippi to involve around three simple steps. These are:
Step 1: Requesting your 3 credit reports
You may have requested a credit report before from one of the major credit bureaus within the US. However, for this process, you want to request all 3 credit reports from the major US credit bureaus. Each bureau maintains its own records, so reports may contain different information from one another. Every credit bureau is required to give you at least one free credit report every 12 months, which you can request via their online platform or by mail.
Step 2: Checking accuracy in credit reports
After these three credit reports are in-hand, you can comb through them to look for transactions that stand out as inaccurate. While some inaccurate entries on a credit report might be fraudulent, more often than not they’re just mistakes. This can happen when a transaction is They might be reported to the credit bureau under your name when they're not meant to be in your report. if you find any entries on your credit reports that seem suspicious or inaccurate to you, you need to move on to step three to dispute these entries with the credit Bureau.
Step 3: Disputing any inaccuracies found
Credit bureaus are the only ones that can remove inaccurate entries from your credit report. They will only do this if you dispute the transaction yourself. You must send a dispute letter to each of the credit bureaus that contain the false entry on their credit report. Dispute letters need to contain evidence of the inaccuracy, as well as information directing them to the specific entry.
Note: While this process may seem simple, it's not as easy as it appears. This is why it can be helpful to work with a credit repair company rather than trying to do it yourself. Credit repair companies have experience dealing with credit bureaus and providing the correct documentation to support your claim up front.
You can improve your credit score by a lot in Mississippi through the credit repair process. If there are any inaccurate entries on your credit report, they could be causing your credit score to be much lower than it should be. In this case, credit report would be vastly useful for improving your credit score by removing anything that shouldn't be on your credit reports, allowing you to be judged on your own merits alone.
You can expect to pay between $89 to $199 per month for credit repair in Mississippi. Most companies will also charge an additional contract setup fee in the beginning of your contract, which will normally be lower than their monthly fee. although this is the average, you can find credit repair from prices ranging anywhere from $79 to $249 per month, depending on which company you decide to work with.
Credit repair can take a long time, both in Mississippi and other states. On average, it takes between 3 to 6 months to have an inaccurate entry removed from your credit report in Mississippi. This timeline starts with the initial dispute letter, then includes all follow up needed afterwards until the credit bureau finally removes the entry.
There are no cities in Mississippi where you cannot do credit repair. Whether you're in Jackson, Gulfport, or Southaven, you can access the same credit repair companies as those in smaller cities such as New Albany, Morton, or Sardis. The only requirement is that a credit repair company is properly licensed to operate within the state and is following all local regulations.
On the whole, a higher credit score will help you get lower interest rates and make you an attractive target for business. If you have a bad credit score, however, it is hard to do just about anything and when you are extended credit, the interest rates are astronomical. There are a few steps you can take to fix your credit score. Your first step should be reducing the number of credit cards or general lines of credit you have on hand. With too many credit cards comes an inability to monitor them which can make it easier to max them out or miss payments. A credit repair company in Mississippi can help you consolidate your credit card or all of your debt to get your credit score back on the path to health. There is no reason to keep sinking further into the lower numbers when help is available.