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5 Things To Consider Before Hiring A Credit Repair Company

Personal_Finance / Credit Cards & Scoring Dec 20, 2020 - 05:51 PM GMT

By: Steve_Barker

Personal_Finance

Are you planning to secure a loan or to buy your first home? When you are planning to do these things, your credit score is an important factor. Even when you are investing or saving up, your credit score is directly affected.  

A good credit standing is your ticket to getting that big plan into a reality. Poor credit standing won’t allow you to qualify for a credit card application or a mortgage application. Your credit score directly affects your financial security. So, if you are having a hard time making your credit standing look good, you may opt to hire a credit repair company. Rebuilding your credit score takes time and a lot of theoretical knowledge, which can drain you out or gets you burnt out. You would not want to go through all the stress in trying to level up your financial standing. 


A credit repair company will take care of your financial standing so you can have more time in other areas that you would like to work on. Also, you can save time and money since rebuilding your credit score is a long process that involves dealing with difficult people. In addition to that, there are tons of credit repair companies out there. So, what are the things to consider before hiring a credit repair company?

Here are some things to consider before hiring a credit repair company:

1. Experience and Track Record

It is crucial that you choose the right credit repair company for your needs. There are many credit repair options to choose from, you just have to select the best. Look into their years of experience and how well they performed over the years. You would want to make sure that the company you chose is well-established. A well-established credit repair company knows the ins and outs of rebuilding your credit score. You might want to consider also reading their customer reviews and testimonials. You need to choose a top-notched credit repair company with seamless customer service.

2. Turn Around Time on Deliverables

It is also vital that you check in with a credit repair company that would serve you in the quickest possible time. Some companies would deliver for about a month or weeks; some also can guarantee you to deliver fast results. You can inquire about the delivery time, so you can check if it fits with your need and how urgent your need is.

3. How Much is the Fee?

Some credit repair companies offer a “pay per delete” one-time payment which involves the removal of negative items on your existing individual credit report. Your credit score shows how reliable you are as a borrower. Removing late payments and other negative items will help your credit standing. On the other hand, some companies charge monthly for their services. These two (2) options have their own pros and cons, so it is important to choose which is best suited to your needs and think of how it will affect you in the long run. A good company wouldn’t force you to pay for something upfront unless they have delivered their services to you.

4. How About the Legalities?

You wouldn’t want to be scammed right? It is best also to check if the credit repair company that you plan to hire is fully operating under the Federal and state laws. Also, a reputable credit repair company adheres to licensing and bonding requirements, which vary from one state to another. This is to protect you from any misconduct during the engagement. A legitimate credit repair company will provide you a written contract stating your legal rights and the services they provide. Legit companies do not hide anything from customers. 

5. Don't Forget the References

You can request references from your preferred credit repair company to check how competent and reliable they are. These references consist of customers that they have worked with, in the past. It will enable you to clearly see how well they performed and serve their customers. If a credit repair company refuses to do so, you may refer to a legal counsel who can vouch for the company’s legitimacy. 

As a customer, you should be extra-cautious when choosing and working with a credit repair company. Since there are many credit repair companies, you should be able to differentiate a legitimate one from fraud or scam. You should see to it that the credit repair company you chose supports and will address your current financial situation. Since there is no one size fits all, your friend’s credit repair specialist may not work for you, so choose what is best suited for you. In addition to that, you need to consider its reliability as to how true they are in terms of delivering results. A good credit repair company does not lie in the results they can offer.

By Steve Barker

© 2020 Copyright Steve Barker - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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