There are many resources available when you’re in need of fixing your credit report. Let’s start with the biggest problem we see. Most consumers don’t know where to begin when it comes to finding a decent credit restoration company. We always tell our clients to start with a free credit pull. US Government’s site for free credit reports and consumer information. Bad credit is a problem faced by many, especially in today’s harsh economic climate. A poor credit score can have a negative impact on your financial well-being. Situations like this often result in loan rejections or higher interest rates. There’s nothing worse than having to be lucky to get a lender. This is why most people turn to sites that to help them raise their FICO scores and ultimately improve their standing with banks and lenders. Finding reliable credit score services can be difficult if you don’t know where to start. That’s why we came up with this site. Besides our Online Directory, we also have valuable documentation and information. Some of these resources include how to best go about the process of finding a credit repair company. Let’s break down some specifics:
Credit Repair Resources – Identify The Best Companies
It is often difficult to tell a trustworthy online company from the rest of the pack. Here is a short guide to help you find reliable credit repair services. Of note, some online companies only operate in select states, while other larger firms may work throughout the country. It shouldn’t make a difference either way if a company only operates in one state or if they operate nationwide. There will always be pros and cons in this regard when looking for the best credit repair companies.
Expertise and experience
Almost anyone can start a credit repair business but some will have trouble explaining how credit repair works. You need to buy a few software programs and you are in business. But, the programs will not provide you with expertise and experience in the industry. So the first thing you should check when shopping for a credit repair service is how long they have been in business. Your credit score is such an important aspect of your life to trust someone who is not well experienced in the business. Choose a company that has been in business for several years. You can always check their FTC complaint details and Better Business Bureau (BBB) profile to know how long they have been operating.
Do they ask for upfront fees?
According to the Federal Credit Repair Organization Act, the best credit repair companies in the US should NOT charge any upfront fees. These fees can not begin until the service is performed. Walk away from a company that asks for upfront fees. There are services out that there that do a great job and only charge a fee after the service has been performed.
Does it have a physical location?
A company with a physical location looks more stable than one which only exists online. Likewise, a company operating behind a P.O Box address looks suspect. A physical address shows the company has the intention to provide quality services for a long time. Take time to check the credit repair company’s location via Google Maps to verify its physical address.
What payment options do they provide?
A reliable credit repair firm should at least accept online payment via credit cards. At best, they should be able to process payments by debit card on their own rather than via third parties such as PayPal. You are better off avoiding credit repair services that accept cash or money orders only.
What other financial services do they provide?
When these companies first appeared on the market, their core service was handling credit bureau disputes. The method was useful in cleaning a client’s credit report but took a long time. It also never worked for most people because it only addressed 35% of one’s credit score. Things are quite different today. Many of these online reputation companies should provide extra services and resources. These options include direct creditor disputes, credit score lessons, debt validation, and letters of goodwill. Find a company that provides all these services and more.
Avoid falling for fake promises from a credit repair company
Many companies will give you promises that are too good to be true. They’ll tell you how they can create a completely new credit report for you or guarantee you a 700 score and much more. It is illegal to do some of these things so don’t be fooled. Find a reputable credit repair company that tells you exactly what they can provide. Be realistic in your expectations too. Ultimately, the goal is to get your finances to a point where you can submit an application and expect approval for most bank and mortgage loans.