When they can least afford it, some businesses spend money on credit repair scams that only make matters worse.
There Is no Quick Fix
Small business credit repair takes time, and there is no easy way to fix a bad business credit score. Despite this simple reality, there are some companies that promise to quickly fix a bad credit score.
Some claim they know secret strategies, and others claim they can remove incorrect information that they say is on most credit reports. Neither claim is true.
There is no secret to a good credit score. All it takes is paying all of your bills on time while ensuring that creditors are reporting those timely payments to the credit bureaus; that is also the only way to repair a bad score.
In order to overcome a history that includes late payments, you must make future payments on time. There is also a high degree of accuracy among credit reporting agencies, and very few reports contain errors.
You Can Fix Your Credit Yourself
The first step towards fixing your PAYDEX® score is to meet all current obligations on time. This means that paying all future bills on time will help to raise your score. If that will be difficult, contact the vendors and lenders that you work with, and see if it possible to restructure the debt. That could help bring your account to a current status quickly.
You can certainly contact creditors yourself, and avoid the fees charged by credit repair companies.
You can also avoid credit repair fees, even if there is an error on your credit report. Although errors on credit reports are rare, they are possible. You should monitor your credit report to spot errors quickly if they do occur.
In most cases, all you need to do to correct the error is to contact the credit reporting agency. After you provide the information about the inaccuracy, the reporting agency will contact the vendor to confirm the error, and they will ensure the correct information is reported. This whole process usually takes very little time, and can be completed at no cost.
If your credit is bad, chances are your finances are also bad. Rather than paying for help, you can take some steps to correct the problems yourself, and use that money to improve the bad situation.