You may have seen ads for things like 24 hour credit repair and other instant or near-instant fixes for your credit problems.
While the thought of fixing your credit repair problems overnight may draw in some unsuspecting consumers, unfortunately these ads are based more on fantasy than fact.
Some people will tell you anything to get your money.
I'm here to tell you the truth.
And the truth is...
Credit repair takes time.
(People don’t like to hear that.)
Potential customers frequently contact us saying things like:
"I need to get xyz off my credit report in 30 days!"
I’m not going to say that it’s impossible for these people to meet their goals, but it’s highly unlikely.
The best way to make sure that you don’t find yourself in the same situation is to start working on your credit NOW rather than later.
The reason there are so many people with 30 day deadlines is because they all put off dealing with their credit until the last minute… and for many of them, it’s going to be too little, too late.
They’ll miss out, but you don’t have to. You can start now.
The average amount of time needed for successful credit repair is 60 to 90 days. It doesn’t mean you won’t get some results within 30 days. Some people will. But for the best results, 60 to 90 days is about right.
Some things could take longer. If you have a drawn out battle and end up having to take a debt collector to court, that is obviously going to take some time.
Expect to spend 5 to 10 hours per month working on your credit. Expect to hit roadblocks and meet resistance. Don’t expect creditors, bill collectors, and credit bureaus to be lining up to help you with your efforts. It is more profitable for all of them if your credit stays trashed.
This is part of the reason that the process can take more time. If it were just a matter of writing a letter, and everyone cooperating and removing and correcting items as necessary, it would be easy. But it doesn’t work that way.
So yes, it will take time. Yes, it will take work.
It will easily be some of the highest paid work you ever do, though.
Imagine the thousands and thousands of dollars in interest you could save.
Even if you spend 30 hours on your credit in the next few months, you could find yourself saving $100,000 or more in interest on future loans.
That’s more than $3,000 per hour for the time you spent working on your credit.
I’d say so.
So if you’re thinking about credit repair, prepare to spend some time on it. Prepare for a little work. Expect it to take months instead of hours or days, and expect to meet obstacles and resistance.
The more prepared you are for what’s ahead, the easier the process will be. And when all is said and done, you’ll be glad you took the time to repair your credit. Your finances (not to mention other parts of your life) will be much better off as a result.