What Is This Service?
Credit repair companies have almost a mixed reputation in
trading world. A large number of people have experienced dramatic benefits from
hiring professional services. In other way, many have been robbed, to put it
bluntly. There are amazing reasons to hire a service, but you should know how
to select a good one and what tasks you should expect them to complete. Here
are some key points that can help you choose a company that will deliver a
Before selecting a credit repair company, you should pick up
the phone and make a few calls. Most companies offer free initial
consultations. Take advantage; this is an opportunity for you to make a careful
and better decision. Take some while before making your calls to think about
your goals and issues. It would be a better option for you to make a written
list of questions which are in your mind. Listen carefully to the company
representative as they answer your questions. Trust yourself as you are relaxed.
If, you are not happy with the conversation you should make your mind to move
on for another company.
Check other Business Bureau as the better option
Take a careful look at the Better Business Bureau records of
the prospective companies on your list. A complaint or two should not rule
anyone out, but a significant pattern of problems is a bad sign. You will also
notice that complaints are categorized. If the majority of complaints are in a
single category it may be an indication of the type of experience you will
have. If the company offers a money back guarantee and you see complaints about
their failure to refund money you might be right to question the integrity of
Consider the Costs and Payment Options
Credit repair companies are fully governed by the Credit
Repair Organizations Act (CROA), which is very specific about allowable fee
structures. Credit repair companies are only allowed to charge after work has
been completed. This is not to say that the entire process must be complete
before they require payment. A typical and very compliant approach to billing
is to charge a setup fee after the initial setup and consultation is complete,
and then to bill monthly at the end of each month of service. Up-front fees are
not allowed, so if you are asked to pay for the entire program in advance you
should reconsider using that company.
There may be some very good new companies in the business,
but unless you are very comfortable with their presentation and credentials you
might be headed for a poor experience. Successful credit repair requires
experience. There is quite a bit involved. On one hand, the effectiveness of
the program depends on the company's ability to deal with the credit bureaus,
collectors, and creditors. Time brings finesse, and finesse brings results. In
addition, over the years we have heard of many credit repair companies
collapsing from their own inability to manage the work flow. Credit repair
requires a unique ability to organize, track, and respond to correspondence.
There is no substitute for experience.
The Breadth of Service
It is essential to choose a good credit repair company that does more than send out letters to the
credit bureaus on your behalf each month. The range of services that are needed
to produce the best results include help in building new credit, debt
validation services for those with active collections, statute of limitation
research, the ability to escalate a dispute to a creditor level if appropriate,
and FICO score optimization counseling. There are many credit repair services
that are entirely software oriented and do nothing beyond sending letters.
These services are fine for someone who is fully versed in all aspects of
credit repair and only wants help sending letters to the bureaus, but if you
want more comprehensive help you should look elsewhere.
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Choosing the Right Credit Repair Service for Better Result