How Much Does Credit Repair Cost by Company?
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People can find themselves in a position where they have a problem with their credit for any number of reasons, and it often gets in the way of their choices in life. It can impact your ability to buy a house or a car and get the job you want.
There are companies that can repair your credit for you, which may be a good solution if you find yourself in this position. With years of experience in working with credit companies and knowledge of the laws regarding credit reports, we can help you repair your credit.
What Is Credit Repair?
In simple terms, credit repair is the work a company does to repair your credit. You have legal rights that we can help protect. For example, your credit report must be completely accurate without any errors. In addition, it has to be fair and substantiated.
If you review your credit report and see an old balance, you can dispute this and require the company to update your report to reflect an accurate balance. If you see anything inaccurate on your credit report, we can help you have it removed.
Another situation that occurs is that a collection account may be sold to a few different collection companies over time. In these cases, it may show up on your credit report more than once, even though it is only one debt. This violates the standard of fairness, and all but one will be removed from your report.
In addition, there are often errors on people’s reports. It is very important to review your credit report so that you can catch these errors and have them removed before they impact your score.
How Can a Credit Repair Company Help?
The first thing that a credit repair company will do is obtain a copy of your credit report from all three credit bureaus, which are Experian, Equifax, and Transunion. It is important to get copies of all three because they have different lenders, credit card companies, debt collectors, and so on. Even though a debt might be reported to all three, often it is only reported to one or two.
The credit repair company will look for any errors or discrepancies, and they will work with you to identify any potential errors. You can send them your proof of payment for anything that is incorrect. Another example may be that your ex-spouse’s debt is appearing on your credit report. If you are divorced, they will take your final divorce decree from the court to prove that the debt belongs to your spouse.
In addition, credit repair companies know all of the laws that protect you, such as the Fair Credit Billing Actor the Fair Debt Collection Practices Act. There are other regulations for medical illnesses, students, and other situations. The credit repair companies know how these laws work, and they can use them to make sure that your credit report is fair and accurate.
What Do Credit Repair Companies Cost?
Different credit repair companies charge different fees, and there is some variance. It depends on where you live, what you need, as well as the company policies. Under the Credit Repair Organizations Act, the credit repair company cannot charge you anything in advance. They have to complete the work first.
Credit repair cost generally includes a fee to get started and a monthly fee to continue monitoring and challenging your score. Most credit repair companies offer a basic service for around $99 a month, such as one of the best companies, Grandaddio at $97.
The initial fee is important to show that you are committed to the process. The monthly fee is for ongoing challenges and monitoring. Some companies offer identity theft services and credit monitoring for an additional fee. The goal should be to raise your credit score, and the best credit repair companies will help you outline a plan to do so.
If your credit is bad because of ongoing debt, a credit repair company won’t be able to help you. They can help you repair your credit report by removing errors or duplicate entries, but they cannot change the facts. If you are behind on your payments, you need to get them caught up to repair that part of your credit.
Can You Repair Your Credit on Your Own?
If you have good credit, but you notice one simple mistake, you may be able to dispute it on your own. You need to file disputes with all three credit bureaus, and you can do this on their websites or by sending them a letter. If they do not remove the item for you after the dispute, you may want to call a professional credit repair company to help.
What Should You Expect From a Credit Repair Company?
You should expect a credit repair company to be professional and have a track record for helping people repair their credit. They should be willing to explain your consumer credit rights to you. If you have any questions, they should take the time to thoroughly answer them for you. You should have confidence in their knowledge and experience, and you should feel as though they are completely transparent with you.
In addition, you should expect the credit repair company to take the time to understand why you believe the item(s) should be disputed. Because there are three aspects to credit reporting, including accuracy, fairness, and substantiation, they will need to understand the debt in its entirety. Otherwise, they will not be able to effectively help you.
Finally, you should expect your credit repair company to tell you exactly what they will do to help you and how they will do it. You should have a pretty good understanding of how the entire process works before you move forward.
If you call a company that is unwilling to have these communications with you, you may want to look at other options. When you are hiring a company to provide an important service such as this, you have the right to know how the process works.
Are There Other Ways to Repair Your Credit?
There are many different causes for bad credit. Sometimes people have an inaccurate item on their reports, but other times they have missed or late payments. In addition, having a high debt to credit ratio will lower your credit report. There are many different aspects to your credit score.
If you have a collection account or a charged off credit card on your credit report, it will take seven years before it falls off. It has the largest impact in the first two years, but even though it drops down afterward, it is still there.
If you are using more than 30% or your credit, this fact can lower your score. It is important to try to keep your credit usage as low as possible, or open another credit card that you only use for emergencies.
You will want to use less than 30% of your available credit, make sure that your payments are on time, and dispute anything that is inaccurate. That is the best way to make sure your credit is as good as it can be.
How Long Does It Take to Repair Your Credit?
Credit repair is not an overnight process. Once you start working with a credit repair company, it will take some time for them to identify errors and dispute them. The credit bureaus take time to review the disputes once they receive them. They will request proof of the debt from the creditors that you dispute. They may ask for additional information as well.
In addition, you will need to continue to make your payments on time and try to pay down your debt. Improving your credit score can take time, and it may involve changes to your spending habits. If you want to have a good credit score, you need to find ways to improve your financial situation.
If you have marks on your credit report that are accurate, timely, and verifiable, they will not be removed. You will need to wait out the seven years until it ages off of your report.
Your credit score is important in your life. It determines whether or not you can get a loan to buy a house or a car, as well as whether you can borrow money for your business. It can be the difference in how much interest you pay for a loan. When you have bad credit, you can pay significantly more interest to borrow money.
A reputable credit repair company will be transparent with you about the process, and they will be thorough in their work. They will explain the process to you before they get to work. You should not have unrealistic expectations, and they will go over your report to let you know what they can do and what they can’t. They will be professional and thorough, and you will know where you stand.
Ready to take your Credit to the
Ready to take your Credit to the