Credit Repair Companies
Credit Repair Services Can Help Improve Credit Score
A credit score is the most important number when it comes to obtaining loans, credit, mortgages, insurance, and in some instances, a job. Your credit history is the one and only thing that impacts your credit score. Bad credit generally means higher interest rates from lending institutions, disapproval on loans, higher insurance rates, etc. However, your credit can be improved through various measures provided by credit repair services.
| Service | Sky Blue | Lexington Law | Ovation | Veracity | My Credit Group |
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| Strong Points | Specializes in Finding Illegitimate Credit Report Items Experts in Laws That Govern: Credit Bureaus Creditors and Debt Collectors |
Consumer Advocacy Law Firm Lawyers Oversee Processes, Proactive Approach 3 Credit Repair Plans |
Customized Credit Repair Programs Individual Credit Adviser Staff Lawyers Oversee Process Same Day Service |
One on One Attention Industry Leader Provides Secured Credit Card Offers for Reestablishing Credit |
Fresh Start Program Used by U.S. Department of Defense Complete Credit Repair Service Offers: Includes Debt Settlement Credit Reestablishment |
| Monthly Fee | $49 | $59.95- $99.95 | $39- $59 | $49- $79 | $69 |
| Additional Fees | $49 | $99.95 | $79 | $69 Select setup, $99 Platinum setup | $99 |
| Couple Discount | Yes, 50% | Yes, $50 | Yes, 20% | Yes | No |
| Credit Report Review and Disputes | Yes | Yes | Yes | Yes | Yes |
| Credit Score Counseling | Yes | Yes | No | No | Yes |
| Credit Rebuilding Assistance | Yes | No | No | No | Yes |
| Debt ValidationService | Yes | Yes, Unavailable with Lexington Regular | Yes, Essentials Plus Only | Yes, Platinum Only | Yes |
| Assistance in Meeting Lender Requirements | Yes | No | Yes | No | Yes |
| Risk-Free Refund Policy | Yes | No | Yes | Yes | Yes |
| Identity Theft Protection Services | No | Yes, Concord Premier only | Yes, $25 extra | No | No |
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What is a Credit Repair Service?
A credit repair service is a company that assists consumers in removing incorrect information from their credit reports in an effort to improve their FICO score. Credit repair agencies differ in the depth of services they offer, however, all are governed under the federal Credit Repair Organizations Act designed to protect consumers. Some credit repair services offer strictly credit report review and dispute services, while other credit repair companies provide debt settlement and programs that help reestablish new, positive credit avenues.
Credit Repair Companies Offer
• Familiarity- Those within credit repair know the industry
• Commitment- These organizations want to improve your credit score, both to keep you as a subscriber and maintain regard
• Professionalism- Credit repair representatives know the jargon, strategies, and phases of credit improvement
• Consistency- Plenty of credit repair services operate on a monthly subscription- expect repeated advocacy
What Credit Repair Services Can Do
Credit repair services specialize in conducting the tedious legwork involved in cleaning up your credit. A credit repair agency reviews the credit reports from all three credit bureaus for any incomplete information or errors. This is particularly beneficial if you suspect you are a victim of identity theft. Credit repair services investigate any inaccuracies, gather required documentation and file the necessary disputes on your behalf. Examples of common inaccuracies found on credit reports that negatively impact your credit score are late payments, collections, tax liens and charge-offs. Credit repair services are a valuable time-saving resource, especially if there are numerous inaccuracies in your credit report or you have a long list of creditors.
Credit repair services function as paid agents, but these agents only have limited ammunition. Yes, they are good at scrounging your credit report. Yes, you can also help them along the way with information to have. However, each credit report is finite. You can’t conjure ammunition, but credit repair companies are better shots. Specific reasons to use a credit repair service include:
• Inaccuracies- Are all the entries on your credit accurate and current?
• Quantity- Can you tackle the amount of debt entries?
• Representation- Established credit repair services are part of the industry and can add to your clout
• Increased Loans- Consider if the cost is worth the chance of a larger operation or property
• Increased Credit- Consider if the cost is worth the chance of of better interest or higher limits
What Credit Repair Services Cannot Do
As the Federal Trade Commission points out, credit repair services cannot make debt disappear- only make your credit score improve. Oftentimes creditors can keep negative items on your credit report long after the issue has been resolved. Credit repair services act to eliminate these issues from your report. Credit repair services cannot:
• Remove Negative Information- You’ll normally have to wait for reports of late payments and delinquent accounts to expire, but there are some ways around this, such as settling with the creditor. Bankruptcies are a different story, and will almost always stick to your credit for 10 years.
• Erase Bad Credit- Their purpose is to purge inaccurate or misleading entries that harm you
• Remove Items- These include legitimate liens judgments, bankruptcies and bad loans from your credit report
• Create a new identity- Legal credit repair services suggest name changes or personal information to evade bad credit or debt Consumers should beware of credit repair companies making such promises or guarantees.
How to Find a Reputable Credit Repair Service
While plenty of credit repair services are reputable, plenty of scams also claim to improve credit.Apply these criteria to ensure your credit repair service is legitimate:
• Reputation- While false testimonials are a mainstay within illegitimate operations, reputable credit repair services are sure to be mentioned on a number of websites
• Associations- Credit repair services are more likely to appear in consumer reviews and have membership within different business organizations- in fact, many legitimate credit repair services make the point to so
• Honesty- Steer clear of credit repair services that claim to lessen your debt or claim to be endorsed by the FTC
• Practices- By law, credit repair services cannot demand fees prior to services rendered
Credit Repair Services Versus Do It Yourself Credit Repair
Credit repair services have the expertise in working with credit bureaus, know the ins and outs of credit law, and have the inside track on securing various settlements or repayment plans from their daily dealings with various creditors and lending institutions. However, you can clean up your own credit and achieve the same results, free of charge. For instance, you can contact all three credit reporting bureaus and dispute any incorrect information in your credit report, or contact each of your creditors directly and work out a settlement or payment plan to rebuild your credit. However, do it yourself credit repair takes time and effort, good organizational and record-keeping skills, and a deep commitment to adhering to a debt repayment plan.
Consider These Aspects When Deciding Between a Service or DIY credit Repair:
• Time- Given your credit history, how much time needs to be committed?
• Probability- What is the history of your creditors removing a negative item?
• Legitimacy - Is your current credit score an accurate reflection of your credit history and current debt?
• Personal cost- Hour per hour, is individually repairing your credit worth the time ?
• Expertise- Are you familiar with the jargon of the credit industry?
• Breadth- How many questionable charges have affected your credit report?