For those who live in New Jersey, you already know how costly it can be to maintain a certain lifestyle. Even if you have a good job, unless you manage your money well you may still find yourself in debt. With debt or poor money management also comes other complications such as bad credit. When you have less than ideal credit or a report that is riddled with derogatory marks, it can make living in New Jersey that much more difficult. When you are ready to make a change to your financial health, working with a credit repair company is a great way to get started.
New Jersey is an expensive state to live in, with real estate being the most expensive part. While New Jersey is certainly not the most expensive state in the US, the cost of living is higher than average in every category. Unsurprisingly, the average person in New Jersey has higher than average credit card debt as well, with the state average being $5,484 per person compared to the national average of $5,193 per person.
Likely related to the high real estate costs, New Jersey has an average credit score of 725 points per person. This is 11 points above the national average and is a good credit score for most people. Unfortunately, not everyone in the state manages to maintain a credit score close to this average. If you're struggling with a low credit score in New Jersey, credit repair might be able to help you improve your credit score by removing inaccurate information from your credit reports.
New Jersey does not have any state laws that specifically address credit repair companies. Instead, the state relies on a federal law that refers to credit repair providers. This is the Credit Repair Organizations Act (CROA), a federal law that governs the actions credit repair companies can take for customers, as well as other details about how the service should be performed, advertised, and communicated to customers.
A lawyer is not necessary for credit repair in New Jersey. This is a service that you're able to do for yourself, although many credit repair companies are better prepared to help you through the process than you would be by yourself. You can choose to work with a lawyer or law firm, or you can work with a reliable credit service company that provides credit repair. Focus on choosing a company with a good reputation that makes you feel comfortable working with them.
There's a basic 3-step process involved in credit repair in New Jersey. This is how it goes:
Step 1: Make a request for your credit reports
before you can do anything else, you need to get your credit reports so you can have the same information as the credit bureaus do. Your credit reports are records that show all the different transactions you make around credit, including rental payments loan payments, open credit accounts with any organization, and more. To get your credit reports, make a request with all 3 major credit bureaus in the US. You’re entitled to one free credit report every 12 months from each Bureau.
Step 2: Take your time to scan the reports
Look through your credit reports and check the accuracy of all the entries there. Depending on how long you've been using credit products, the number of entries could be very large. It's still advised to go through all of them so you can get the full picture of what is being used to calculate your credit score. If you find anything on your credit reports that is not accurate, you need to contact the credit bureaus to have those entries changed or removed.
Step 3: Dispute any incorrect entries from your credit reports
Dispute letters open an investigation with each credit bureau to decide on the legitimacy of an entry on your credit report. Once you alert the credit bureau of the inaccurate information, they need to investigate using evidence you provide and other information on their end to decide whether or not the transaction is legitimate and should remain on your credit report. Only credit bureaus can remove entries from credit reports.
Note: the credit repair can take longer than you might imagine. Unfortunately, credit bureaus are not known to be quick about investigating and removing false credit entries. This is why working with a reputable credit repair company in New Jersey can be helpful, because they will be able to follow up for you and keep the investigation going without your constant involvement.
Having bad credit is a serious weight on your shoulders that may seem impossible to get rid of. While there is no instant fix, you can take steps to take back control of your finances. Managing your money carefully and working to pay down your debts are the first steps to take when trying to rebuild your credit. You can also hire a professional credit repair consultant to help you streamline the process. There is no quick way to repair your credit. In order to fix your score legally, it takes time, effort, and proper financial management. A professional will help you dispute inaccuracies, create a budget, and in some cases consolidate your debts to help improve your score.
There are many types of credit problems that can lead to a low credit score. One of the most common issues consumers face that lowers their scores is high levels of credit card debt. Your debt to income ratio plays a big role in your overall score and anything over 50% actually can cause your score to drop even if you have a habit of making your payments on time. In addition to an overall debt to income ratio, each credit card also calculates your balance and determines a ratio that can either boost or lower your score.
Hiring a professional to help consolidate your credit card debt will help lower your payments and improve your overall score. When you work with a professional credit repair agency, they will be able to help you consolidate your credit card debt efficiently. A highly trained credit repair agent can negotiate lower payments or even a settlement with your creditors. This will allow all of your payments to be under one account instead of spreading them out over several credit cards. In many cases, the credit repair agency will be able to have late payment notations and other negative entries removed from your credit report as a part of your consolidation package. This will go a long way towards improving your score.
Reputable credit counseling and debt management companies will be able to help you control your debt over the long term. They will work with you to create a budget that you can live on and one that takes all of your income, debts, and expenses into account. The advice they provide is typically in the form of money management and credit responsibility workshops along with educational materials that you can use on a daily basis. Most credit counselors are highly trained and also have certifications that qualify them to give you financial advice.
Depending on your particular needs, a credit counselor will be able to analyze your financial situation and then create a customized plan that helps lower your debt and increase your credit score over time. The first session will last anywhere from an hour to three hours depending on the complexity of your finances. The follow-up sessions will enable them to update you with tips to help you succeed and also allow them to monitor your credit repair process in real-time.
Any credit scores that are being negatively impacted by false entries can be massively improved through credit repair. If your credit score is low because of legitimate negative entries, credit repair cannot remove or negate these. Considering the weight that your payment history has on your credit score, it's no surprise that credit repair can make such a big difference.
In New Jersey, you can expect to pay on an average of $89 to $189 per month for as long as you are receiving credit repair service from a company. This is the normal price range throughout the country, although you can find many companies that also offer the service from anywhere as low as $59 per month to as high as $249+ per month. You will also be asked to pay a setup fee when you start your contract, which is a one-time fee.
When you start the credit repair process, you should expect it to take anywhere from three to six months. Make sure you begin the process as early as possible instead of waiting for the last minute when you want to go and take out a loan or access another credit product. Don't count on credit repair happening quickly, because it will likely take longer than you expect. You have no control over how long the process will take.
From Newark to Jersey City, Toms River to Trenton, Bellevue to Roxbury, all cities in New Jersey are eligible to access credit repair from legitimate companies. It doesn't matter how large or small the city or county you live in is, since credit repair has no physical location restrictions. You can work with any company that provides credit repair in New Jersey, as long as they’re adhering to federal laws.