Credit Repair

Credit scores below 600 are considered "bad" credit and may affect your ability to get a loan. If you have a low score its not the end of the world, you will just need to do some work to fix it and get your score up.

I Have Bad Credit, How do I improve my score?

If your credit score is below 600 you have bad credit. This may affect your ability to get a loan on a car, or buy a house, or refinance existing debt.

Has your financial situation improved or not?

If you are still in financial difficulty working on your credit won’t do any good. You will continue to get late payments, and derogatories so make sure you are on sound financial footing before starting to work on repairing your credit.

If your situation is improved or your credit was damaged by no fault of your own (such as Divorce, Fraud) you can wait for all of the negatives to fall off your credit but that takes a very long time. Hiring a credit repair company will speed things up substantially.

How Long do Derogatories Stay on my Credit Report?

7 Years.

A derogatory is a late payment, charge off, settlement, collection. The Fair Credit Reporting Act (FCRA) says that credit bureaus may only keep records for seven years back. So if you do nothing in seven years any bad credit items will be removed. However, seven years is a very long time, and if you work with a credit repair person, they can remove a derogatory in 1 or two years instead of having to wait 7.

There are some exceptions to the 7 year period: Judgments, Taxes, and Bankruptcy.

How Long Does a Bankruptcy Stay on My Credit Report?

10 years. 

Credit Repair FAQs

I pay rent every month on time does that improve my credit score?

Unfortunately, most landlords do not report to credit bureaus so on-time rent payments don’t help your credit score, but a previous landlord can provide a positive rental reference and confirm rental history when you are applying for a new place.

What do Credit Repair Companies do?

Credit Repair companies advise you on which credit accounts to open, close, and pay down or pay off. They also challenge collections and charge offs on your report and settle and delete them. They help you raise your credit score.

I have no credit, can a credit repair company help me?

Absolutely! I see this a lot with foreign nationals, who have just moved to the United States from another country. The first thing you want to do is sign up for a secured credit card so you can start building your credit right away. Credit Repair companies will help you get a high score quickly.

How much can a credit repair company improve my credit score?

Anybody can have good credit, if you make good decisions, and get help from a credit repair specialist there is no reason you can’t get to a perfect score of 850.

How long does it take to repair credit?

It depends on your current score. 3-6 month’s  if you are in  the 600 range. 6 months – 1 year  if you are in the 500 range. And 2 years if your current score is below 500.

How much do credit Repair Company Cost?

It depends on your current score. For people with 600 scores it won’t cost as much to repair their credit as someone with a 500 score. In general they charge between $1,000 to $2,500 range to repair credit. This is money well spent because you will save this money on interest, and will make your life easier.

Should I hire more than one credit repair company?

No, you should only hire and work with one credit repair company at a time. You might think by hiring two or three credit companies that your score go up faster. This is not true. The information that your credit repair company is the credit bureaus and creditors needs to be consistent. If you have two or three different people talking on your behalf and they are all saying different things, this could actually hurt you and not help you.

Credit Repair Companies

Charles Jarrott

Jon Foley
Shamrock Credit Repair

R.L. Kramer



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