3 Tips For Choosing a Reputable Credit Repair Company
As a consumer, you need to know that you are paying a reputable credit repair company. What is the first thought that comes to mind when hearing the term Credit Repair? Billions of people in this country are exposed to these very types of pop up ads, commercials, and hear the promises of firms that guarantee to turn your poor scores into one that is financially acceptable. Many automatically hear the term and are immediately skeptical, and given the rise of credit repair scams over the past decade, they should be. One might even say there is a stigma attached to the entire industry; however, despite the general perception around this industry, there ARE honest, trustworthy companies and professionals that are legitimate. The small amount of time that you put into finding these reputable companies, will lead to a large payoff.
Be a Healthy Skeptic
One of the first steps you must take when choosing a credit repair company is to take a skeptical approach. Being skeptical can be a really profitable trait, when you use it to protect yourself, and your bank account, from the millions of piranhas that are waiting to attack. Ask questions, research companies and the names attached, and make logical decisions, rather than emotional ones. Avoid key words like “Guarantee”, and one’s that promise to “creating a new identity”, or companies that promise to eliminate bankruptcies off your report, all in a thirty-day turnaround. Seeing, hearing, or reading these terms should result in one action—WALK AWAY! The BBB, Better Business Bureau is going to be your greatest asset in this journey. ONLY speak with companies that have been given an “A” rating simply because their overall worth has been earned through honest work and satisfied customers.
Yelp is also an excellent resource for finding reviews on any company. If the company you are considering for credit repair has lower than a 4 star rating, run away. Not only will you waste your money, but you’ll waste time. The longer your credit score is low, the more money you will lose out on in higher interest rates.
Longevity Equals Reliability
A second step that you can take when choosing a credit repair company requires an investigative tactic. When Googling “Credit Repair Companies”, you will be staring at a screen of information overload. From the ads on the right-hand side of the screen, to the links listed, one key component that can speak for the validity of a company is the amount of years they have been in business. More importantly, don’t read the company’s bio and assume they are telling you the truth. Gather all of their contact information, call or go to the BBB online, check out the company’s state website and the local and state consumer protection offices. But as a good rule of thumb, if you can’t find ANY bad reviews on a company, that’s the one to choose.
Fees, Falsehoods, & Fabrications
A respectable credit repair company should charge, in the vicinity, of five-hundred dollars. Many consumer’s goals entail removing inaccurate charges and statements on their report, as it is these very false claims that lower one’s credit score. Now, some companies will offer a low-cost fee per item that needs to be removed from your report; this affordable charge doesn’t necessarily mean that the company is fraudulent, though. For instance, let’s say that there is one flaw on your report that is incorrect and needs to be removed as soon as possible.
Some notable companies will charge a flat fee, under one-hundred dollars, to remove it; however, you must keep in mind that the charge is USUALLY for removing the blemish from only ONE credit bureau. In summary, to have the problem completely taken care of, your fees now tripled.
Our credit score has an impact on a number of elements, and improving it will benefit in a number of financial ways. From lower interest rates to being the main variable that gets you the keys to your first home….DON’T IGNORE YOUR CREDIT SCORE. Bad credit or no credit IS A PROBLEM, but it’s nothing that can’t be fixed over time, with the right credit repair company.