Credit repair costs nothing if you handle the process yourself. There's nothing a credit repair company can do for you that you can't do for yourself. Maybe you're dealing with sky-high interest rates, oppressive charges, or you just can't find the loan you need because of your bad credit. But with a legitimate credit repair company, such as the ones listed below, you can correct any inaccuracies reported to a credit bureau and improve your credit rating.
Each credit repair service below will charge a monthly fee for their services. The services you receive will vary depending on the credit repair company and the level of service you choose. While all of these companies will file disputes with each credit bureau on your behalf, some also offer credit monitoring, credit counseling, identity theft screening services, debt validation letters, submitting goodwill letters and writing dispute letters, among other services. While both levels provide you with a professional credit analyst, the basic level only considers dispute letters and follow-up.
The premium tier will provide you with credit rating monitoring, goodwill letter submissions, unlimited challenge validation letters, and a final recommendation letter. This agency states that many clients see results within 15 to 30 days because the company immediately begins sending dispute and debt validation letters on their behalf. The credit firm offers a reasonably comprehensive service for one of the lowest monthly costs on this list. Clients are assigned a dedicated credit repair specialist who is supervised by a licensed attorney.
New customers have a five-day money-back guarantee to try out the service. If they are not satisfied, they can receive a full refund of the down payment. Each month, the credit repair service you hire will file a set number of dispute letters on your behalf. Credit reporting agencies have 30 days to investigate and resolve each dispute.
This means that your credit repair process can take several months to complete, depending on the number of disputes you need. And since there's no way to know how long your disputes will last, most agencies charge by the month. In most cases, you can cancel your service and stop making payments with 30 days' notice. No company in the credit repair industry or any credit repair software currently available on the market can completely erase your credit profile.
If you have legitimate negative elements in your credit reports, such as late payments, default, or bankruptcy, you will have to wait until those items expire in your reports. This can take between two and 10 years, depending on the type of negative element. A credit repair company can only dispute inaccurate items in its credit report and challenge its creditors to verify legitimate items. It is illegal to claim that a legitimate item is inaccurate when filing letters of dispute.
In some cases, a repair service may file a letter of goodwill on your behalf to ask the debt collector to remove an accurately reported negative item. This is not a guaranteed process and it is completely up to the debt holder to accept or deny the request. The time you'll need to repair your credit will depend on the amount of work you need to complete. For example, it may take you a month or less to eliminate some inaccuracies in your credit report.
Deeper Disputes May Take Longer. When you file a dispute through a credit bureau, that agency generally has 30 days to investigate the claim and make a decision. Most credit repair services limit the number of disputes they will file on your behalf each month. This means that you may have to wait several months to file all the necessary disputes.
A credit repair service can legally request the removal of any inaccurate information from your credit report. This can be as simple as misspelling your name, address, or Social Security number, or something much more complex, such as accounts added to your name due to identity theft. You should question any credit repair service that claims it can delete legitimate items, erase your valid debts, or completely clean your credit history. This is usually a sign of a credit repair scam and rarely leaves you with a clean credit rating.
Instead, these fraudulent companies often clean your bank account and execute. If you have negative elements in your credit report, you may want to hire an experienced credit repair company to handle this complex work for you. The credit repair industry is usually full of reputable companies that can help you repair your credit. However, some bad apples claim that they can erase your credit history or promise that you'll leave with an excellent credit score.
In the end, these services always turn out to be a credit repair scam. The cost of credit repair services is a small price to pay to hire a legitimate credit repair company that cares about your interests. These companies want their credit rating to improve through legal means. While the monthly fee may seem high, it's a minimal cost compared to the amount you'll pay in interest, fees, and charges if you live on poor credit.
Consider credit repair as an investment in your future. Your Best Alternatives to Lexington Legal Credit Repair. Consumers have the right to challenge credit information they consider to be inaccurate. This process is, and has always been, completely free.
The credit repair agencies listed above have a long history of helping consumers improve their credit ratings by eliminating legitimate inaccuracies. You can get a free credit report from each of the three major credit bureaus, TransUnion, Experian, and Equifax once a year. All plans include access to The Credit Pro mobile app, which allows you to review disputes, receive real-time updates, and monitor your credit rating and reports. Under the subscription model, a credit repair customer is charged for the services provided by the credit repair company for the previous 30 days.
Credit repair companies can make this process easier by doing the heavy lifting for you, obtaining your reports, finding inaccuracies, and disputing any errors directly with creditors and major credit bureaus. It's not shameful to hire a reputable credit repair service if you don't have the time or energy to repair your credit yourself. If you are interested in hiring a credit counselor, The National Foundation for Credit Counseling offers low-cost debt counseling, debt consolidation and debt management plans. In fact, it is a CROA violation for a credit repair company to guarantee that it can remove negative elements from its credit reports.
Debt settlement, credit repair and credit counseling are all in the realm of personal finance, but it is important to consider the key differences between the three methods. A credit repair agency can help you improve bad credit by working on your behalf to eliminate inaccurate or outdated information. Before your credit counselor begins your credit repair process, you'll need to pay a first-job fee equal to your monthly fee. And while it's legal to hire a credit repair company to dispute credit information, paying for this service doesn't mean that the information will be deleted.
The most affordable package (Money Management) includes tools such as bill reminders and a budgeting system that syncs with your credit accounts in real time, as well as credit monitoring and identity theft services. . .