What are some credit repair facts and myths?

 You may have been looking for strategies to improve your credit score if it is lower than you would like. There is some excellent advice available. There is also some dreadful advice available. In this blog, we'll debunk some myths surrounding companies that repair credit and replace them with facts that might help you improve your score.

repair credit companies

Myth:

Using a credit card to transfer debt from one card to another is an excellent method to save money on interest.

Fact: 

For some, this DIY credit repair method succeeds, but for others, it is a trap. A fee is charged for most credit card transfers. This cost might be the same as the interest you'd pay. Transferring to zero-interest cards also promotes overspending, since it gives the impression that you have more money than you have. Before paying any interest or transfer fees, you must strive to pay off any credit card balances.

Myth: 

Once you've paid off your credit cards, you should close them.

Fact:

It might be tempting to shut accounts after getting in over your head and having to battle to pay off account balances. However, your credit score is influenced by the duration of your credit history as well as your proportion of overall credit use. Do not close your credit card accounts if you want to keep boosting your credit score.

Myth:

If you fall behind on payments, you should avoid calling collections or communicating with your creditors.

Fact: 

Some people believe that speaking with your creditor proves your debt. This isn't correct. Unless you can prove that you did not make a purchase, you are responsible for the debt. Speaking with your creditor will not make you more accountable. However, if you expect to be unable to make your minimum payment or make your payment on schedule, you should contact your creditor. If you have a strong credit history, many creditors may waive late penalties and not mark a payment as late. People who have been affected by the epidemic are also being helped by creditors.

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