If you’re considering using a credit repair company to help improve your credit, you may be wondering if they’re worth the cost. While there are some legitimate credit repair companies out there, there are also many scams. We’ll help you sort out the facts from fiction when it comes to credit repair companies.
Credit repair companies can’t do anything that you can’t do yourself:
The best credit repair companies process is actually pretty simple: you dispute inaccuracies on your credit report and the credit bureaus have to investigate and correct them. If there’s something on your report that’s accurate but you don’t like (for example, a late payment), you can’t get it removed just by paying a credit repair company.
Some credit repair companies may try to scam you:
Unfortunately, there are many scams in the credit repair industry. Some companies may try to get you to pay for services that you don’t need, or they may not deliver on their promises. Be sure to do your research before choosing a credit repair company, and look for customer reviews to get an idea of what others have experienced.
Improve your credit:
If you work with a legitimate credit repair company, they can help you improve your credit by disputing inaccuracies on your credit report and helping you to develop better credit habits. While it may take some time to see results, working with a credit repair company can be a helpful way to improve your credit.
Credit repair companies charge for their services:
Most credit repair companies will charge you for their services. This may include an initial setup fee, monthly fees, and/or per-dispute fees. Be sure to ask about all fees before signing up for services, so you know what to expect. The credit repair company will also provide you with a credit report and other documentation in order to show you the progress that has been made on your dispute. After each dispute has been finalized, make sure that the credit repair company sends you a complete report of the work.
Some free credit repair options available:
If you’re not interested in paying for credit repair services, there are some free options available. For example, you can check your credit report for free once a year at AnnualCreditReport.com. You can also dispute inaccuracies on your credit report for free. However, keep in mind that free credit repair options may not be as comprehensive as paid services.
Credit repair companies can be a helpful way to improve your credit, but there are also many scams in the industry. Be sure to do your research before choosing a credit repair company, and look for customer reviews to get an idea of what others have experienced. Keep in mind that most credit repair companies charge for their services.