Are credit repair companies legitimate?

Know what to look for and what to avoid when it comes to getting help. A fraudulent credit repair company, for example, may claim that it can help you hide negative account information or bankruptcy. After you pay the company, they may provide you with a nine-digit number that looks like a Social Security number, calling it a credit profile number or credit privacy number. They can also direct you to request an Employer Identification Number (EIN) from the Internal Revenue Service.

Credit Saint also gives you access to a credit rating tracker and monitors changes to your Experian report. Plus, it has a 90-day money-back guarantee if you don't see any changes in your credit history after three months. Despite this, Lexington Law remains a powerful player in the industry and offers the advantage of having an experienced law firm dealing with your case. Warning signs of credit repair scams include companies that ask you to pay before you provide services.

The company can tell you that it can guarantee a specific increase in your credit score or eliminate negative credit information on your credit report, even if the information is accurate and current. If you have errors on your credit report, which happens to 34% of consumers, says a Consumer Reports study, you may need help getting it back on track. While you can repair credit reporting errors on your own and save money in the process, there are credit repair companies that can step in to help you. While the success of credit repair companies is not guaranteed, this can make disputing errors and contacting each credit bureau a simpler experience.

Having a good credit score is critical because lenders use it to determine if you qualify for loans, mortgages, and credit cards; landlords can also use it when reviewing a rental application. The Best Credit Repair Companies Can Help You Resolve Negative Information or Errors in Your Credit Report. When comparing credit repair companies, look for one that is reliable, effective, affordable, and has good customer service. These are the six best credit repair companies.

Ovation Credit Services has been in business for 45 years. It has built a reputation for trust and a supportive customer service. Helps your customers improve and repair their credit scores through two cost-effective packages. If you don't know which package is right for you, Ovation Credit Services offers a free consultation to guide you.

You will have access to their risk-free discount and refund policy, regardless of the package you choose. It offers discounts for couples, seniors, military members, and referrals, plus a refund policy that states during any month that Ovation Credit Services does not “provide the agreed services”, we will not charge you monthly fees for that month. Lexington Law has been in operation for over 15 years, making it one of the most trusted credit repair companies. It was founded “to revolutionize the credit repair industry, providing ethical and effective credit repair to consumers in need.

Through three different service packages, Lexington Law offers clients a roadmap to build their credit and achieve their financial goals. The Credit Pros has been in business for 12 years. It offers a personal credit management and repair platform based on artificial intelligence (AI) and includes credit monitoring at no additional cost. Other credit repair companies include credit monitoring as an additional service.

Before starting to work with The Credit Pros, potential customers can schedule a free consultation in English or Spanish. This is a practical way to see if the company fits your specific needs and which package would best support you. Sky Blue Credit has been in operation for over 30 years and offers a unique and simple credit repair service option. Their service includes everything a customer needs to find and dispute errors in their credit reports and repair their credit scores.

Unlike other credit repair companies on this list, no upgrades are needed for more expensive packages. According to Sky Blue Credit, customers are told that the credit repair process can take up to six months; however, they can cancel at any time during that period at no additional charge. Credit repair is when consumers work with companies that specialize in eliminating errors from credit reports with the intention of increasing their credit rating. Depending on the company the person works with, they can access a variety of additional features, including free credit rating updates, credit monitoring, writing cease and desist letters to debt collectors, or even writing recommendation letters to lenders you apply with a loan.

While many companies announce how many negative entries they have eliminated, there are no reliable statistics demonstrating the effectiveness of credit repair companies. Credit repair companies can help you in the process of removing negative elements from your credit report, but you are not guaranteed to be successful. Because you can do everything a credit repair company can do on your own, it's often best to take the time to review your credit reports on your own and file any disputes. Doing the work yourself is completely free, which will save you hundreds of dollars that you would have to pay to a credit repair company.

Take advantage of this offer and check your reports for errors, if any, dispute them or consider hiring a credit repair company to do it for you. Automatic credit repair involves checking your credit, disputing any mistakes, and working hard to repay the debt and create a history of on-time payments. All plans include access to The Credit Pro mobile app, which allows you to review disputes, receive real-time updates, and monitor your credit score and report. Commercial credit bureaus often send you warning notifications when a derogatory mark is about to be added to your credit report.

You may be entitled to additional free credit reports in certain circumstances, such as after you place a fraud alert, become unemployed or receive public assistance, or have been denied credit or insurance within the past 60 days. While there are many companies that legitimately help people repair their credit and that comply with federal law, that is not the case with all of them. Get the basics you need to stay on top of your credit; including access to 1 agency credit rating, Equifax credit reporting block and alerts. By law, you are entitled to a free credit report every 12 months from each of the three major national credit bureaus: Equifax, Experian and TransUnion.

If the only negative notes on your credit report are errors that can be successfully disputed and eliminated, you're likely to see an improvement in your credit score fairly quickly. While legit credit repair companies can do what they promise, the field is rife with scammers. Unfortunately, there are many fraudulent credit repair companies that scam customers and make promises they can't keep. The company's free consultation is available in English and Spanish, something that is not common in the credit repair industry.

Credit repair companies are helpful if you can afford the service and don't have time to dispute the items. Many of these companies offer legitimate credit repair services, but unfortunately, many more are essentially a scam. . .

Gwen Dasilva
Gwen Dasilva

Entrepreneur. Proud coffee advocate. Wannabe music fanatic. Certified twitter enthusiast. Coffee geek.