Unfortunately, the world of credit repair has a reputation similar to that of dentistry; people are hesitant to let anyone mess with their credit, and they dread having to deal with credit repair companies. Sadly, anyone with a heartbeat and the ability to persuade can open up a credit repair company, turning the industry into something akin to a fast food chain. There's one on every corner. Having worked in the credit repair industry for 15 years and running one of the largest credit repair companies in the country, I'm all too familiar with the scrutiny this industry faces. Unfortunately, much of it is true.
Bad credit is a growing epidemic, and it doesn't seem to be getting any better. The number of credit repair companies that have popped up just in the last year shows how many options consumers have and underscores the need for due diligence to avoid being taken advantage of.
As a credit repair business owner, I'm honored to have been able to help over 20,000 people and change their financial lives for the better. And to give back to the community, I'd like to offer transparency and clarity about how our industry works and provide consumers with the tools and knowledge they need to make informed decisions when choosing a credit repair company.
Table of Contents
How to Find the Best Credit Repair Company in Greensboro
Different Credit Repair Options Available in Greensboro, NC
The Credit Repair Process in Greensboro
The Role of Credit Repair in Long-Term Credit Sustainability
Free Credit Repair Services in Greensboro
Tips for Improving Your Credit
How to Find the Best Credit Repair Company in Greensboro
When individuals ask me about the best credit repair company, I advise them to practice due diligence and conduct research, as numerous fraudulent and unestablished companies are in the market. Although online reviews can be helpful, they are not always authentic. I recommend making a list of credit repair companies in your area that have a good reputation, are well-established, and have a physical office nearby. In order to evaluate their competency and assess their suitability for your needs, I suggest calling the credit repair companies on your list and asking them a few key questions, such as how long they have been in business, whether they are licensed and bonded, whether they offer a free consultation, whether they provide a money-back guarantee, how much they charge for their services, and how long the process generally takes. Answering these queries should provide enough information to determine the most effective and cost-efficient company for your credit repair needs.
Different Credit Repair Options Available in Greensboro, NC
There are over a million active credit repair and financial service companies in the United States, and choosing the right one can be challenging. To help you understand how credit repair works, we’ll cover the three types of credit repair companies you’ll encounter.
Flat fee companies
Flat-fee credit repair companies are ideal for getting the fastest results and saving the most money. These companies often charge only for the accounts they dispute, and you pay a one-time fee for their service. They typically begin with a consultation, evaluating your credit report to identify accounts they can help you with. Most flat fee services complete the process faster since they are incentivized to get the job done quickly. With this structure, credit repair companies are often looking for a flat fee, as it allows their clients to get pre-approved faster.
Monthly fee companies
The majority of credit repair companies offer monthly fees. However, this model may not be an efficient option as most companies don’t analyze your credit report, which raises concerns about their effectiveness. The credit repair company may only dispute a few items each time, causing a delay lasting over six months to get the full results. Although you pay less out of your pocket per month, this model can get expensive over time.
Pay for Delete
Pay-for-Delete companies are few, but it's an approach that appeals to many people. You pay only for results, therefore, putting pressure on the credit repair company to perform. Though the idea is enticing, companies using this model charge a lot for each item removed. To get one account removed from all three credit reports, this model can cost around $524. We recommend you look at their fee structure and ask the company directly what the fee would be if they removed all accounts from your credit report.
Although we highly recommend selecting a flat fee company, we advise researching and making the best decision for yourself.
The Credit Repair Process in Greensboro
The credit repair process can be complicated, with outdated and unhelpful advice circulating widely. Having spent 15 years in the industry, our team has perfected the process through trial and error and continuous evolution in response to regulation and law changes. The credit reporting agencies are constantly evolving their processes to outsmart consumers, and we work hard to keep up with these changes to ensure we provide the best results to you.
Let's now explore the evolution of the credit repair process. In 2015, the "not mine disputes" tactic gained popularity, allowing clients to dispute all negative and derogatory accounts as "fraud," leading to their immediate removal from credit reports. However, the secondary legal reinvestigation process resulted in these accounts reappearing on reports. To refine the dispute process, credit reporting agencies implemented e-OSCAR, skeptically flagging inaccurate and frivolous dispute letters. Today, employing new and unique dispute tactics is crucial to boost the likelihood of correcting or deleting items from your credit report.
To achieve this, start with the legal right to contest the validity of any account on your credit report. This entails requesting validation of an account, checking that it is yours and legitimate, rather than merely disputing known errors. Determine if there are errors in reporting or on the account itself, and provide evidence to contest these. Call as a non-customer to request the relevant documentation for account validation, if needed.
We will soon post a blog on account documentation to request, providing easy access to all necessary documents. With this new and effective approach, you can take control of your credit report and see real results.
The Role of Credit Repair in Long-Term Credit Sustainability
As you may know, personal finances are the primary driver of your credit score. Unfortunately, many Americans struggle with credit issues, which constantly fluctuate with their financial situation. Credit repair can be a useful tool to address derogatory accounts on your credit report, but it is not a complete solution to long-term credit sustainability. Before seeking credit repair, it's essential to take control of your personal finances, including paying off revolving credit balances, making timely payments, and reducing credit card usage. Maintaining your finances is key to maintaining sustainable credit, even during economic downturns or job losses. Neglecting your finances will only lead to an endless cycle of credit repair, which is often ineffective in the long term. By focusing on financial discipline, you can achieve credit sustainability and avoid repeating the same credit repair mistakes.
Free Credit Repair Services in Greensboro
It's a question that comes up often for those struggling with bad credit: "Can I fix my credit for free?" The answer is yes, you can, and all it takes is the cost of paper and a stamp to do it yourself. While professional credit repair services are available, it's possible to dispute your credit report on your own. However, be prepared to put in some time and effort. If you're not interested in taking this on, consider hiring a professional, but if you're willing to commit a few hours a month, you can learn how to fix your credit like the pros through our blog.
Testimonials and Reviews
When I started in the credit repair industry, I provided free credit repair services to people in exchange for a testimonial or review. You, too, can find newer companies willing to do the same by joining "Credit Repair" Facebook groups and making a post requesting help in exchange for a detailed review. Though you may encounter negative feedback, there should be no problem finding someone to do your credit repair for free.
Tips for Improving Your Credit
Conduct thorough research to ensure a long-lasting solution when choosing a credit repair service. Keep in mind that personal finance is often at the core of credit issues. Avoid wasting money on unsuccessful credit repair attempts. Instead, identify and address unhealthy spending and saving habits that may be impeding your progress. While credit repair is effective and has positively impacted over 20,000 clients, taking the initiative to restore your financial stability before engaging in credit repair for an effortless and enduring solution is crucial.