June 15th, 2021 | Updated on July 20th, 2021
Consumers enlist the help of credit repair companies when they need to boost their scores. Unfortunately, assessments by FICO and VantageScore may be tarnished by reporting errors.
Removing these on your own is both a challenge and a hassle. Save time by delegating the job to professionals and tracking their progress online.
How It Works
Repair experts will analyze your reports meticulously. If mistakes are detected, they will be prioritized based on importance. For example, a Chapter 7 bankruptcy is the most damaging, as it stays on records for 10 years.
History of payments determines the largest share of FICO and VantageScore, so missed payments must be removed urgently.
Experts recommend considering the number of years in business, reputation, value for money, additional services, and other factors. You can find the best credit repair companies on https://creditfixed.com/ and compare their offers. Here are five things to think about.
Do You Need Basic Or Aggressive Repair?
How soon do you want to see the results, and how many mistakes must be corrected? Some companies will only dispute a particular number of items per billing cycle. For example, they may challenge five errors per bureau every 30 days.
If you need to choose a credit repair company, pay attention to the service levels (there are usually three). Premium packages offer unlimited repair — the most convenient option for complicated cases. This is not cost-effective if you have just a few errors to remove.
To assess your needs, you may collect all three reports online. Until April 20, 2022, US citizens may download data from TransUnion, Experian, and Equifax weekly from www.annualcreditreport.com. Previously, you could only do it once a year.
Any repair company will collect your information, find the mistakes, and send dispute letters. The differences include the number of challenges per month and additional services. Make sure you will not be paying for something useless.
Consider BBB Ratings And Feedback
To find a reliable provider, consider official ratings and reputation. Go to the website of the Better Business Bureau and enter the name of your prospective provider. You will find a ton of useful information, including comments from real customers.
Some repair firms are accredited, but this is not a deciding factor. Pay attention to the rating and the number of complaints over the past three years and 12 months. Has the company responded to all of them, and how many are marked as resolved?
Look For A Money-Back Guarantee
In credit repair, there are no guarantees. A credible firm will never promise a specific increase by some deadline. On the upside, they may guarantee a refund if such a policy is in place. This is a major selling point in the industry.
In most cases, the policy covers the first 60 or 90 days, and it is voided by a single deletion. You can get your money back if the company fails to make any changes to the flawed reports.
In rare cases, the policy is unconditional, so you can get a refund for any reason. At the moment, it is only available from Sky Blue Credit Repair.
A money-back policy gives you peace of mind and shows confidence in the company’s ability to help you. Surprisingly, some of the biggest names in the industry (such as Lexington Law) give no refunds at all.
Choose Additional Services
The most basic level of repair includes four elements. The company will collect your reports from all three sources.
The team will analyze the documents to find mistakes and gather evidence. Finally, they will send dispute letters to the respective bureaus. As a customer, you will track the progress of your case online through an app or a web portal.
Professional repair is not limited to these essentials. Most providers add at least a few extras to the mix. For instance, you may get identity theft protection, TransUnion alerts, FICO score tracker, personal finance tools, and more. There is usually a wealth of free educational content on the site.
All companies charge a recurring fee based on their billing cycle (30-45 days). In addition, you may need to pay the first work fee, also known as the setup fee, before the company gets down to business. The first consultation may or may not be free depending on the provider.
Today, the monthly cost ranges between $79 and $129.95. Your expenses will depend on the service package, as most providers have several.
Choose between basic, intermediate, and advanced repair based on your case. Make sure you are getting the best value for money. There is no point in signing up for a premium tier if you need basic assistance.
How Long Will It Take?
As a rule, there is no contract, so you are only charged as long as the services are needed. Note that even basic cases take over a month to resolve, as any bureau will investigate each claim for 30 days. The more items you dispute per cycle — the faster the results.