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Full Version: Is Credit card Repair Right for Me?
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Just because you can do something on your own does not always mean that doing so is the right choice. You might believe that doing your own credit repair is the only logical choice. Not so fast. Remember, disputing inaccurate accounts with the credit reporting agencies is inexpensive but it can be a tedious, annoying process.
(05-27-2019, 03:28 PM)matcherelves Wrote: [ -> ]Just because you can do something on your own does not always mean that doing so is the right choice. You might believe that doing your own credit repair is the only logical choice. Not so fast. Remember, disputing inaccurate accounts with the credit reporting agencies is inexpensive but it can be a tedious, annoying process.

Credit repair companies can help with the process of disputing and re-disputing accounts when you might become simply too frustrated to continue on your own. Just like we choose everyday to pay for services we prefer not to try alone (i.e. filing taxes, plumbing, auto repair, etc.), you may also decide that it’s worth the money to hire a credit repair professional.
If you’re not comfortable navigating through credit reports, checking with creditors and lenders, and disputing items with credit bureaus, a credit repair service might be right for you. This process can also take up quite a bit of time, so hiring a service might be your only choice if you don’t have a lot of free time to devote.
As you're effectively repaying a loan, your monthly payments are reported to all three credit reference agencies, which Loqbox says should help build your history. You can also get your savings back whenever you want penalty-free by 'unlocking' your Loqbox.
(05-27-2019, 03:29 PM)matcherelves Wrote: [ -> ]As you're effectively repaying a loan, your monthly payments are reported to all three credit reference agencies, which Loqbox says should help build your history. You can also get your savings back whenever you want penalty-free by 'unlocking' your Loqbox.

At the end of the 12 months – or before if you choose to unlock earlier – you'll be given the option of opening a new account, eg, a savings account or ISA, with one of Loqbox's partners (or if you're not eligible for any of them you can just get your money back).
However, because the amount you're paying back is so small and for such a short period of time, it's hard to quantify how much of a positive effect using this product would have in comparison with waiting for a year before applying for credit.