Damaged credit can have long-term negative impacts on your life across a huge range of processes from financing a home to landing your dream job to getting security clearances from the government. Fortunately, with the help of the right company, your financial reputation can be restored, opening the door for new opportunities and less stress related to your credit report. Here is an overview of credit repair services, what they do and how to choose the right one if you require credit repair.
How to Find a Legitimate Service
Take the time to find the best credit repair service you can for the best outcomes. Unfortunately, there are scammers who look to take money from people who are desperate to repair their credit. Online reviews are widely available with reports from real-life clients who have dealt with the company already. Take advantage of the amount of information by reading the reviews of a company from as many sites as possible. If a company has been in business for years, has collective accreditations/awards from industry organizations like the Better Business Bureau and receives consistently high reviews across a number of different platforms, they’re probably a good bet.
How They Work
CROA is the industry shorthand for the Credit Repair Organizations Act, the law allowing companies to operate on behalf of clients to repair negative credit histories. Credit repair laws allow the removal of negative items from credit reports through the same process regardless of whether it’s a repair service company or an individual. However, the advantage of using a reputable credit repair company is the massive amounts of time and energy you’ll save when you leave it to someone else to send emails, make phone calls and record information. Professionals who work on credit issues daily are familiar with the process and can usually achieve better and faster results than an individual without experience handling their own credit repair.
Costs Associated with Credit Repair
Payment for the services of a credit card repair firm is usually straightforward. Clients usually pay a setup fee of about $100 as well as subsequent monthly payments averaging around $50 until the issue is resolved or the client feels happy with the progress already made. Much of this cost is associated with hiring the services of an attorney that is licensed in your state who can handle your case legally. Often there are different packages of services you can buy, depending on if you’re a business or an individual looking for credit repair.
Bad credit can harm even the most financially responsible people. Identity theft is increasingly common in the digital age when so much information is exchanged online. A repair service can help restore your credit to a better state.