How Credit Repair Companies Help

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Editor’s note: This is a guest article from Darren Bradley

As the average amount of debt and the number of bankruptcies continues to rise, companies are finding it harder and harder to secure the credit they need to successfully run their businesses. It’s just too easy for businesses to get over their heads and fall back on filing for bankruptcy. Unfortunately, this only serves to lower their credit ratings further and make it even harder to secure credit in the future.

A good credit repair company will have the tools and resources to help a company fix a number of the negative elements that may be hurting its credit rating. By filing the proper disputes with the right agencies, a good company can help put your credit rating back on the right track.

Tools of the Trade

Credit repair companies require advanced tools to keep up with the dynamic industry and provide a good service to their clients. Most of them will adopt some credit repair software to manage all of their clients and disputes while they work to remove detrimental elements from many different credit reports. This credit repair software will help these businesses manage a full list of clients and track the status of individual disputes. At a glance they will be able to see which disputes are active, pending, completed, or canceled, and they will also be able to see which clients are taking care of their part of the equation. Any company that provides a credit repair service will also be able to store dispute templates, quickly print the necessary dispute letters, and set a number of auto notifications to let clients know when progress has been made.

What Can They Change?

These credit repair companies have the potential to greatly improve a credit rating and make it easier to secure sufficient business credit if there is some misinformation or other mistakes on your credit report. Although companies can’t dispute every last thing on their reports, these businesses will use their tools and resources to help businesses fix things like:• Late payments, charge-offs, collections, or other negative items that don’t belong to the business• Credit limits that are lower than they should be• Accounts listed as “settled,” “paid charge-off,” “paid derogatory,” or anything else other than “current” or “paid as agreed” if the company paid that debt in full and on time• Accounts that are still listed as unpaid if they were supposed to be included in a bankruptcy• Negative items older than seven yearsEvery situation will be different, and if you suspect that your credit history may be hindering your ability to secure business credit, it may be worthwhile to seek out a company that can look at your personal situation and help you get your credit back on track.