The field of credit repair is often viewed in a negative light, much like dentists. Nobody enjoys having someone meddling with their finances, and thus, it can become a hassle to deal with credit repair agencies. Unfortunately, it's quite easy for anyone with some persuasion skills and a heartbeat to set up a credit repair business. This has resulted in credit repair companies becoming as ubiquitous as McDonald's in terms of their sheer number. Having spent 15 years in the credit repair industry and owning one of the nation's largest credit repair companies, I have experienced first-hand the criticism our field receives, which is largely warranted.
It's disheartening to witness the prevalence of bad credit, which seems to be growing at an alarming rate. The recent influx of credit repair businesses may attest to this, and as a consumer, it's important to do thorough research to avoid being taken advantage of. As the owner of a credit repair business, I have had the opportunity to bring about positive change in the lives of over 20,000 clients. As my way of giving back, I want to offer transparency and guidance on how our industry operates, and help you make an informed decision when choosing a credit repair company that's right for you.
Contents:
How to Find the Best Credit Repair Company in Cambridge
Comparing Credit Repair Companies in Cambridge, MA
The Credit Repair Process in Cambridge
Credit Sustainability Depends on Personal Finances
Free Credit Repair Services in Cambridge
Suggestions for Credit Repair
How to Find the Best Credit Repair Company in Cambridge
If you're looking for the best credit repair company in Cambridge, don't make the mistake of relying on persuasive sales pitches. Instead, do your due diligence and research to find the one that suits your needs the best. The following steps will help you determine the most appropriate credit repair company for you.
Step 1: Make a list
Start by doing a quick Google search for credit repair companies in Cambridge and make a list of the ones with acceptable Google reviews and are in your local area. This step is crucial, as it helps to ensure that you can easily visit the office if needed.
Step 2: Check their reputation
Before considering hiring any credit repair company, it is important to ensure that they have a good online presence and reputation. You should check whether the company has an established website and has been in business for at least three years. Additionally, you should scrutinize online reviews to ensure that they are legitimate.
Step 3: Make the call
Once you have compiled a shortlist of credit repair companies, you should make a call to inquire further about their services. Some of the questions you should ask include:
• How long have you been in business? Are you unlicensed and bonded?
• Do you have a physical office where I can come in and meet you and the team?
• Do you offer a free consultation?
• Do you offer a money-back guarantee?
• What's your fee structure like? Do you charge a flat fee for your services, or do you charge me monthly?
• How long does the average process take?
Asking these questions serves the purpose of allowing you to analyze the information and make an informed decision.
Comparing Credit Repair Companies in Cambridge, MA
In the United States, there are more than 1 million active credit repair and financial service companies, making it challenging to differentiate between experienced and non-experienced companies. To help you better understand the three types of credit repair companies available, let us explain each type:
1. Flat Fee Companies
Only about 5% of companies operate like this, and in our opinion, this is the best way to get the fastest results and save the most money in the process. Flat Fee credit repair companies typically only bill you for the accounts they dispute, and you pay a one-time fee for this service. This process is usually faster as these companies have an incentive to complete your services in the quickest possible time. The credit repair company will offer a consultation by looking over your credit reports to determine if they can help you out, followed by the quotation of a price based on the accounts they will be working on.
2. Monthly Fee Companies
Most credit repair companies in Cambridge charge monthly fees. However, we do not believe this model is efficient because most companies that use it don’t ever look over your credit report. Monthly fee companies also have no motivation to fix your credit fast because the longer you're on the program, the longer they can collect the fee from you. Additionally, the credit repair company is usually only disputing a few items at a time, which means if you have ten negative accounts, it can take 6-8 months alone to get full results. While this option may be cheaper for you each month, it can add up over time and can get very expensive.
3. Pay for Delete
Fewer companies offer this model; however, it offers an interesting and more enticing way to pay for credit repair. The name says it all—you pay only for results, which puts pressure on the credit repair company to perform. The way most Pay for Delete companies work is that they charge you a lot for each item removed. So, an example company will charge you $299 as a set-up fee (non-refundable) and $75 per item removed. It's important to note that if an account is reporting to all three credit bureaus, it is considered three items. Thus you may pay $524 just to get one account removed from all three credit reports.
We recommend you select a flat fee company because we genuinely believe it's the best option. However, it's important you do your research and calculations on your own before selecting a credit repair company that's suitable for you.
The Credit Repair Process in Cambridge
The credit repair process can be confusing, especially since there is so much outdated or incorrect advice available. As someone with 15 years of industry experience, I know that credit repair is constantly evolving, and staying up to date on regulations and law changes is crucial to achieving the best results for clients. Although the credit repair process itself isn't complicated, credit reporting agencies often try to make it difficult for consumers to dispute negative accounts effectively. To combat this, it's important to use the most up-to-date and effective dispute tactics.
Let's discuss the most effective credit repair process. In 2015, many users found success by disputing all negative accounts on their credit report using the "not mine disputes" process. However, this method was soon complicated by additional legal reinvestigations at the agencies, leading to many of the accounts reappearing. Today, the credit reporting agencies use more refined processes, making it harder for people to get results within the dispute process. To be successful, you need to use new and unique dispute tactics.
The effective credit repair process is based on your legal right to contest the validity of any account on your credit report. Rather than only disputing errors, you can request that the data furnisher provide proof of the account's validity. If you find errors or incorrect reporting, you can use this proof to request that the agency fix or delete the account.
To request the appropriate account documentation, you need to know what legal documents were required for the original loan. If you are unsure, you can call as a non-customer to ask for more information or do a Google search to find appropriate documentation. Stay tuned for my upcoming blog post on this topic, which will provide more information and useful links.
Let's discuss the most effective credit repair process.
In 2015, many users found success by disputing all negative accounts on their credit report using the "not mine disputes" process. However, this method was soon complicated by additional legal reinvestigations at the agencies, leading to many of the accounts reappearing. Today, the credit reporting agencies use more refined processes, making it harder for people to get results within the dispute process. To be successful, you need to use new and unique dispute tactics.
The effective credit repair process is based on your legal right to contest the validity of any account on your credit report.
Rather than only disputing errors, you can request that the data furnisher provide proof of the account's validity. If you find errors or incorrect reporting, you can use this proof to request that the agency fix or delete the account.
To request the appropriate account documentation, you need to know what legal documents were required for the original loan.
If you are unsure, you can call as a non-customer to ask for more information or do a Google search to find appropriate documentation. Stay tuned for my upcoming blog post on this topic, which will provide more information and useful links.
Credit Sustainability Depends on Personal Finances
When it comes to personal credit, the driving force behind your credit score is your personal finances. For many Americans with credit issues, this reality is stunningly obvious. Your credit score is comparable to the stock market, fluctuating based on your financial situation. While credit repair can help fix derogatory accounts on your credit report, achieving sustainable credit involves more than just repair. Maintaining control over personal finances is crucial. Before investing in credit repair, prioritize paying down revolving credit balances, paying bills on time, and avoiding credit card use, except for emergencies. If finances are not in line, credit scores will continue to fluctuate. Sustainable credit requires financial stability. Focusing on establishing this stability, rather than pouring money into endless credit repair, yields long-term results.
Free Credit Repair Services in Cambridge
Getting your credit score back on track can be challenging. One common question people ask is "Can I fix my credit for free?" The answer is yes, but it requires putting in some time and effort. You can easily repair your credit by yourself with resources available online. However, if you are short on time, it's best to consider professional credit repair services.
Here are some steps you can take:
1. You have the legal right to dispute your credit report at any time.
2. It's always best to seek the services of a professional for a hassle-free experience.
3. If you are looking for a free service, you can search for newer credit repair companies who may offer free credit repair services in exchange for reviews or testimonials.
When I started in the credit repair industry, I used to offer free credit repair in exchange for reviews. If you want to try this strategy, search for "Credit Repair" Facebook groups where you can connect with newer credit repair companies for free services.
Overall, repairing your credit is a process that requires time and effort, but the right resources and understanding of the process can make it easier. Check out our blog post on "Repair Your Credit Like the Pros" to learn more about repairing your credit on your own.
Suggestions for Credit Repair
1. Conduct thorough research during your search for the best credit repair company that can help you fix your credit permanently. This process will require a significant amount of time spent researching and contacting various credit repair companies; however, it is crucial to ensure that you are not wasting your valuable resources.
2. Work on your personal finances since most people's financial issues stem from their spending and saving habits. It is common for people to blame credit repair for a lack of success when, in reality, their bad financial habits hindered them from keeping their credit in good standing. Credit repair is effective - it has changed the lives of over twenty thousand of my clients. It all starts with your money management. Improve your finances before seeking credit repair as a quick and permanent solution. Do not lose hope; you can do this!