Are you in the market for a new home or apartment? Perhaps there is a car you have your eye on and want to secure a loan or a lease? If so, your credit score will determine if you are approved, or if you end up paying excessive rates instead. For those tired of getting denied at every turn or paying more than they can afford for even small loan amounts, chances are your credit is to blame. Bad credit affects every aspect of your life, but it doesn’t have to stay bad forever. A licensed credit repair company in Utah can help you repair your credit, so you can get the loans and rates you deserve.
Life in Utah is affordable. This is one of the states with the lowest cost of living in the US historically. Not only is real estate much cheaper within this state, but basic necessities and utilities are also lower in price than in most U.S. states. Utah also has fairly low levels of credit card debt. The average individual in Utah has $4,850 in credit card debt, more than $300 less than the national average.
Credit scores in Utah are also high, which checks out with the lower real estate costs. The average person in Utah has a credit score of 727, 13 points above the national average of 714. This is a healthy credit score range, but it does not represent every individual within the state. If you have a low credit score that's proving difficult to increase, you may want to look into credit repair to remove any information from your credit report that may be inaccurate.
In the state of Utah, the Credit Services Organization Act (UT Code 13-21-1) gives guidance to any company offering credit repair. This law gives a few specific requirements for these types of companies, including that they:
All credit repair companies that want to operate in the US must also follow the Credit Repair Organizations Act (CROA). This is a federal law that prohibits some payment practices, requires all customers to get a written contract, and restricts how these companies are allowed to advertise and talk about the credit repair process.
While you are qualified to employ many of the same strategies that a professional credit repair service in Utah will employ, there are benefits to going the professional route. A professional credit repair company will have plenty of time to dedicate towards having the credit reporting agencies remove inaccuracies from your credit report. In the event that debt, credit card, or medical debt consolidation is the best course of action, a professional credit repair company will have the skills and connections to negotiate on your behalf. In many cases, they will include the removal of derogatory marks as part of the consolidation agreement. Dealing with debt collectors is never fun, which is another reason to hire a professional. They will negotiate a more reasonable settlement that may include removing derogatory marks from your credit report once the balance is paid off.
You can choose to work with a lawyer or law firm in Utah for a credit report if you'd like, but it is not required by the state. Your options include any company that's appropriately registered and operating within state and federal guidelines. This is good news for you, because it means you have a lot more options to choose from, so you can find a company that you trust to get the process done correctly.
If you live in Utah and you want to do credit repair, you can expect the process to look something like this:
Step 1: Ordering credit reports
every 12 months, you’re entitled to a free credit report from all of the major credit bureaus in the US. There are 3 credit bureaus who produce credit reports for those residing in the US, meaning you have a total of 3 different credit reports you need to request in order to get a complete picture of what’s being used to calculate your credit score. These credit reports can be requested online to be sent to you digitally or through the mail.
Step 2: Identifying inaccuracies
When you have your credit reports, you need to look through them and identify any inaccurate entries that might be present. Surprisingly, errors on credit reports are not uncommon, with most being simple data entry mistakes or clerical errors. Some inaccurate entries may be the result of fraudulent activity through your credit information. Whatever the case is, any inaccurate entries on your credit reports need to be immediately dealt with by the credit bureaus.
Step 3: Initiating disputes
When you find any inaccurate information on credit reports, it's time to contact the credit bureaus and request removal or amendment of these entries. Unfortunately, there is no path for you to remove these entries on your own, so you need to work with the credit bureaus themselves to fix the issues. You’ll start this by sending a dispute letter to all relevant credit bureaus that includes evidence of the inaccurate information.
Note: A credit repair company with a good reputation is instrumental to helping you get through this process smoothly. While you are allowed to go through credit repair on your own, it's often difficult if you've never done it before. Credit bureaus are notorious for causing delays and being slow about responding to your inquiries or evidence, so having a credit repair company on your side to follow up for you will make the process much easier.
Fixing your credit is important and a credit repair service in Utah can help you get rid of derogatory marks. That being said it is important to learn to manage your money and your credit properly to prevent falling into the same spending traps that led to your current credit predicament. Some, but not all credit repair companies will offer credit counseling as part of their service or as a standalone service. They will advise you on how to budget, how to manage money, the importance of paying your bills on time, and much more. Depending on your needs a credit counselor may develop a customized plan to help you reach your credit and your savings goals more effectively.
While there's not much you can do to quickly fix a legitimate bad credit score, you’re able to improve your credit score significantly through credit repair to remove any inaccurate information on your credit report. Removing these inaccurate entries can have a significant positive impact on your credit score, depending on how much they were dragging your score down.
You should expect to pay anywhere between $55 to $199 per month if you want credit repair from a reputable company in Utah. Some companies may also ask for an additional contract startup fee at the beginning of your contract period. Although there's a wide range of prices offered by each company, the average company charges between $79 to $139 per month.
Credit repair is not a quick fix. It's an effective process, but it can often take anywhere from 3 to 6 months to get any disputed entries removed from your credit report permanently. Be patient because the result can often be worth the wait. A credit repair company will help you to ensure you're not causing additional delays by providing inaccurate information yourself or improper evidence for investigations.
Every resident of Utah is able to access credit repair, no matter where they live. There are no restrictions on who can use the service, so residents of large metros like Salt Lake City, West Valley city, or West Jordan, will have the same options for credit repair as Vernal, Alpine, Garland, or Elwood. If you have crippling debt and low credit, there is no need to suffer for another day. There are many ways to get out of debt; some are as straightforward as following a few well-placed tips others require more time and effort. If your debt is exceptionally severe, then you may need to consult a credit repair company to help resolve your credit issues.