Finding a trustworthy credit fixing firm is a challenge. The industry is thriving, and scams are not unheard of. Qualified professionals will help you raise the score in the most efficient way.
Top 5 Ways to Find a Credit Repair Company
On average, fixing the errors takes between 3 and 6 months, depending on their number and the speed of analytical work. Follow our tips for hiring a team that will not let you down.
You can find the best credit repair companies by clicking here.
According to a study by the Federal Trade Commission, 20% of American consumers have unjustified scores.
Incorrect reporting makes loans expensive or inaccessible. It also affects recruitment, insurance, and rent. To prevent this from happening, here is how you can find the finest credit repair companies worth trusting.
1. Compare Different Sources of Information
To find a truly reliable provider, consider a range of sources. Find a list of providers in your area and compare their reputation and background.
For example, you could start with the Lexington Law firm review on creditrepairpartner.com, which is a trusted review platform.
BBB is another great source, as it gives a wealth of objective information.
First, you can see all the essential business details, such as the year of establishment, headquarters, legal status, etc.
Secondly, the feedback section all shows complaints registered over the past 3 years and 12 months.
You can see how responsive the firm is, and if the issues have been resolved. Trusted providers get criticized time after time, so look for recurring complaints.
Does the company achieve results, and how soon? Have there been any issues with billing? Can they help you delete specific items, such as false inquiries on your credit report?
Have the users questioned the staff’s competence?
Draw some tentative conclusions and turn to other sources — professional reviews and feedback aggregators, such as Consumer Affairs and TrustPilot.
The absence of negative feedback is just as suspicious as its prevalence. Caution is paramount.
2. Look for a Free Consultation
Only some companies provide the first consultation free of charge. This is a major advantage. The experts will retrieve your files and suggest a strategy to remedy the errors.
Pay attention to the assurances they give. An honest provider will not guarantee a specific increase, as repair is not a science.
Steer clear of companies whose promises are too good to be true.
Find out as much as possible about the services offered. Repair may only work for incorrect information. Deleting accurate entries is not only impossible but also illegal.
This industry is built on the stipulations of The Fair Credit Reporting Act, which obliges bureaus to use only verifiable data. Real experts will mention this and outline realistic expectations.
3. Find One with a Good Online Presence
Today, an online presence is crucial for any business. Some firms (for example, Lexington Law) even create their own mobile apps! Top brands have professional-looking websites.
They are well-designed and easy to navigate. You can find a range of educational resources, such as articles and video tutorials.
These companies are more than fixers — they are educators committed to raising financial literacy. You may also be able to sign up online.
Otherwise, registration requires a call or a visit to the company’s office.
4. Make Sure You Get a Written Contract
A written contract is required by law. It must clearly stipulate the rights and responsibilities of both parties. Pay attention to the fine print — the devil is in the details.
Make sure cancellation is allowed at any stage. This ensures compliance with The Credit Repair Organizations Act. Repair contracts do not have a fixed duration.
Instead, you are charged as long as the services are required, and can terminate them at any time without a fee.
Shady companies make their cancellation charges difficult to find or decipher.
5. Look For a Money-Back Policy
The company may not promise specific results, but it may offer refunds in specific conditions. Typically, the warranty covers the first two or three months of service.
It is valid unless at least one item is removed from your reports. You may also find unconditional policies allowing cancellation for any reason. This is an unbeatable offer.
Not Every Score Can Be Repaired
Some consumers misconstrue credit repair, expecting it to help them eliminate any damaging details from their history.
In reality, only false, outdated, and incomplete entries are subject to repair. If your history is perfectly clean, but the score is low, you should work with your current accounts.
Both FICO and VantageScore consider a similar combination of factors. Prior payments, the sum of obligations, age of history, credit mix, and new accounts all contribute to the total.
Each of the elements has a specific weight. For instance, the timeliness of payments accounts for 35% and 40% of FICO and VantageScore estimations, respectively.
Any negative details affect your status for 7 years, although their influence fades gradually. The only exception is Chapter 7 bankruptcies. These derogatories remain relevant for a decade.
When you rebuild your score, you try to neutralize the damage with new positive information. Being diligent with payments and using as little of your credit limits as possible can give a considerable boost.
The Bottom Line
In this highly competitive industry, choosing a credible firm is not an easy task. Make your decision based on diverse information, from user feedback to the proposed agreement.
Be wary of any company whose promises are too good to be true. Remember that repair is not a science, and it will only work for erroneous data.
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