November 30, 2021

Does it Make Sense to Pay for Credit Repair?

By Sona Mathews

To say your credit score is important is an understatement.
After all, a good credit score enables you to get credit at lower interest rates and more lenient loan terms.

Does it Make Sense to Pay for Credit Repair?: eAskme
Does it Make Sense to Pay for Credit Repair?: eAskme

In contrast, someone with either no credit score or a lack of credit score will struggle to secure credit at all because of a lack of creditworthiness.
Due to this, it is natural for people to wonder about the effectiveness of credit repair services.

In turn, this makes it natural to look into resources such as Lexington Law when asking, "Does it make sense to pay for credit repair?"

What is Credit Repair?

For those who are unfamiliar, credit repair means restoring a person's creditworthiness.

The most common method of doing this is cleaning up an individual's credit report to reflect an accurate assessment of their credit history.
Here's the thing though, credit repair can only reveal the truth.

Does It Make Sense to Pay for Credit Repair?

Or, said differently, does the Lexington Law firm really work?

Credit repair services are convenient. However, it makes no sense for people to choose credit repair services in most cases.

This is particularly true because most people have bad credit because they have financial issues, meaning that they should be seeking to save their money whenever and wherever possible.
Primarily, this is because credit repair services can't do anything that people can't do on their own.

After all, no one can remove timely, accurate negative information from a credit score report while remaining within the law.

As such, credit repair services can't do anything about current, unpaid balances, and they can ask credit bureaus to remove the erroneous information.

However, people should know they could do that on their own.
Besides this, some credit repair services include measures meant to help people return their finances to firmer footing.

These measures can be helpful, particularly for people who have no starting point because they never picked up personal budgeting and other basics of personal financial management.

This is something that interested individuals can handle on their own as well, not least because the popularity of the topic means that there are numerous resources available to them free of charge.

How Can You Do Your Credit Repair?

There are several well-known methods for fixing bad credit.

For example, making payments on time is very important, and it isn't a fast solution, but it is a sure solution.

Similarly, paying down outstanding balances is very important because lenders are very concerned about people's ability to handle additional financial obligations for obvious reasons.
If you have a low credit score because of no credit, open a small account and start building a credit history.

However, suppose your credit is bad because you're handling your affairs poorly or because circumstances have forced you into a situation where you cannot meet your obligations as per your agreements.

In that case, there's nothing that can be done other than working on getting things back on track.

So, Should You Do It?

"Does it make sense to pay for credit repair?"

The simple answer is no in most cases.

Rather than hire someone else, get copies of your credit reports so you can find the issues undermining your creditworthiness.
If there is erroneous information on your credit reports, you can send your letters asking for it to be corrected.

However, if your credit reports are accurate, don't waste your money.

The only things that will repair your credit are reconciling with your creditors, taking care of your obligations properly and the passage of time.

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