Credit repair companies help you dispute inaccuracies on your reports with credit bureaus and creditors to help improve your credit score, while also helping you understand your credit standing. Since some credit situations are more complex than others, credit repair companies can help you resolve credit issues that would otherwise be hard to do on your own.
Credit repair companies will start by pulling your credit reports from the three major credit bureaus—TransUnion®, Experian® and Equifax®. Since some credit agencies only report to one credit bureau, there may be errors on one report that won’t appear on another, which is why it’s important for credit repair companies to pull all three.
When reviewing your credit reports, credit repair companies will look for the following errors:
Once they’ve identified these errors, they may ask for extra documentation to help prove the inaccuracies. With all the necessary information, they’ll file the disputes and work with the credit bureaus to resolve the issues.
These companies will also help answer any questions you may have about your credit and once the errors have been disputed, they’ll provide you with information on strategies you can use to help keep a healthy credit profile.
While there are many legitimate credit repair companies the industry is also filled with its fair share of scammers. Doing thorough research on the companies you’re looking to work with can save you time and money. To verify a credit repair company’s legitimacy, you’ll need to know what they’re legally allowed to do and not do.
The Credit Repair Organizations Act (CROA) was put into place to help regulate the industry and protect consumers from illegal credit repair scams. Under CROA, credit repair companies are not allowed to guarantee the removal of negative items, cannot offer to create a new credit profile for you and cannot accept payment until after the services have been completed.
When determining good credit repair companies from bad ones, look out for the following red flags:
Legitimate credit repair companies will be up front about how they can assist you and what services they think will work in your favor. They’re here to help you understand your credit standing and want to work with you to improve your credit score.
How much you pay for credit repair will depend on the company and your credit situation. Some consumers may only need a few errors disputed, while some may require more in-depth credit repair services. How you pay for these services vary from company to company, as each has its own payment structure. Some companies may require you to pay a one-time flat fee, pay per derogatory mark or charge a monthly payment.
Credit repair companies cannot charge you until the work outlined in your contract is complete. The contract should also outline your right to cancel without penalty should you wish to do so.
We offer a variety of service levels to support every budget and need. Our credit repair service levels range from $95.95 to $139.95 and each option offers unique coverage to fix errors on your credit report.
Does Divorce Hurt Your Credit does divorce hurt your credit? The process of divorce is never an easy one—the emotional toll that comes with ending a marriage can significantly impact many areas of your life, whether that’s your living arrangements, your finances or—if you’re a parent—your children. In the midst of all this, you might … Read more
Average Credit Card Debt For College Students average credit card debt for college students. For many people, college is the first time they’re left alone as a young adult to learn, grow and make big decisions. In addition to deciding what classes to take, what major to pursue and what internships to apply for, many … Read more
How To Pay For Dental Work With Bad Credit how to pay for dental work with bad credit. Paying for necessary but costly dental care is difficult for many people, but even more so if you have bad credit. Bad credit makes it harder to get approved for certain loans and credit card options that you’d … Read more
Opt Out Of Credit Card Offers opt out of credit card offers. If you’re overwhelmed with credit card offers, fear not! The Fair Credit Reporting Act (FCRA) allows you to opt out. You can do so online, over the phone or by mail. Read on below for more information on opting in or out of credit card … Read more
What Happens When You Declare Money At Customs what happens when you declare money at customs? Is your credit card going to be accepted by overseas merchants? Can you make money with contract jobs in international locations and bring the cash back with you into the United States? These are just two of the many questions … Read more
Statute Of Limitations Credit Card Debt Florida If you have an old outstanding debt in Florida, you might be worried that your creditor or a collection agency will come after you. However, the statute of limitations plays a significant role in debt collection. In most cases, the maximum statute of limitations for Florida debt is five years, … Read more
Does Paypal Credit Affect Credit Score PayPal does not affect your credit outright, though if you dig into their terms of service you may notice that they mention credit scores and reports. To be a smart consumer and know more about the platforms you’re using, you should know what PayPal does with your credit information. … Read more
Venmo Security Venmo is generally safe if you take certain precautions. Because the platform uses encryption to protect your personal information, Venmo can be safely used to send money to people you trust. However, your account could be vulnerable if you lose your phone, share your password or fall victim to a scam. Fortunately, the … Read more
Tradelines Like My Jewelers’ Club The tradelines like My Jewelers´ Club have been closed after September 2022 as the FICO 10 algorithmic model excludes entries from tradelines that were just selling a credit line in exchange for a membership fee. This exclusion also applies to other tradelines studied on our website such as the New … Read more
New Coast Credit Tradeline Newcoast Direct tradeline was reporting to the three bureaus as Major Financial and Carmel Financial. The same has happened with MyJewelersClub and Shop Simplio, because their reports are not considered for the credit reports after the rollout of the FICO 10 algorithm which was consolidated after September 2022. My Jewelers Club, … Read more
End of content
End of content
