Credit Repair

To Pay or Not to Pay?

Article by Eric Wimbush

Photography by Desola Lanre Ologun

Originally published in SOFU Lifestyle

Have you ever wondered whether you should hire a company to fix issues with your credit? The answer is complex. It depends on the level of personal discipline of the individual. Poor credit is typically the result of an unforeseen financial event, a lack of knowledge about how credit scores work, or poor financial discipline. Depending on the source, YOU have the ability to fix your own credit if you understand your financial resources.

If the cause is an unforeseen circumstance, the individual typically needs time to recover as they are not financially unsound. You can work directly with a creditor to set up a payment plan that keeps an unsatisfactory payment history off your credit profile. Most creditors will work with an individual to put a plan in place that allows for resolution. They may reduce the debt, waive late payment fees, or forgo charging interest.

Some people simply don’t know how credit works. There are a number of free resources available that an individual can use to understand how credit works and the basics of good credit. All three credit score providers (Equifax, Experian, and Transunion) have educational resources that are readily available. Most banks or credit unions also provide resources for consumer education. The key is making sure that the source of information is reliable and credible.

The last reason is more concerning and might lead a person to choose a credit repair company. If you have bad financial habits, a company can provide structure and guidance to the process. Even with the help of a company, these individuals face more challenges repairing their credit as changes are required regarding spending habits. The likelihood of success is higher with an outside company that can help with financial accountability in these instances. Please consider all the factors when deciding your best course of action, but don’t ignore credit issues.

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