Regrettably, credit repair is often compared to going to the dentist; people generally dislike anyone meddling with them and prefer not to interact with them. However, if you possess a pulse and possess persuasive abilities, you can establish a credit repair company; hence, you'll find them on virtually every street corner, much like McDonald's. Having worked in the credit repair sector for 15 years and having run one of the largest credit repair firms in the United States, I understand the criticism our industry attracts, and, to be honest, much of it is true.
Bad credit is an ongoing problem that is only getting worse. The rise in credit repair businesses in the previous year alone demonstrates how many alternatives are available to repair your credit. Consequently, as a consumer, you must do thorough research to ensure that you are not exploited.
As the proprietor of a credit repair company, I've had the privilege of serving more than 20,000 customers and improving their lives. I want to provide transparency and clarity on how our industry functions and offer you the resources to assist you in making the best decision when selecting a credit repair company, as a way of giving back.
Contents:
How to find the best credit repair company in Lewisville?
Different Credit Repair Companies in Lewisville, TX: Understanding the Three Types
The Credit Repair Process in Lewisville
Credit Sustainability: Beyond Credit Repair
Free Credit Repair Services in Lewisville
Guidelines for Improving Your Credit
How to find the best credit repair company in Lewisville?
When it comes to finding the best credit repair company, it's important to be diligent and do your own research. Although online reviews can provide useful insights, they aren't always reliable. As a credit repair expert, I always advise people to make their own list of potential companies and do some background checks. Here are some tips on how to find the best credit repair company in Lewisville:
Make a list:
- Start by doing a quick Google search for credit repair companies in your area. Make a list of companies with good Google review ratings that are close to your home.
- Check reputation: Only list companies with a good online presence and reputation. Established companies usually have been online for at least three years. Make sure to scan through the reviews to confirm their legitimacy.
Make the call:
- After narrowing down your list, it's important to call the companies and ask a set of critical questions to get more insight into their business. Some of these questions include:
Questions to ask:
- How long have you been in business? Are you licensed and bonded?
- Do you have a brick-and-mortar office where I can come in and meet you and your team?
- Do you offer a free consultation?
- Do you offer a money-back guarantee?
- What is your fee structure like? Do you charge a flat fee or a monthly fee?
- How long does the average process take?
Asking these questions will help you analyze and compare the different companies based on your requirements. Remember, the most effective and least expensive company is not always the cheapest, but the one that can provide you with the best results.
Different Credit Repair Companies in Lewisville, TX: Understanding the Three Types
There are over one million active credit repair and financial service companies in the United States, with many options to choose from in Lewisville. While this allows for more selectivity, it can be challenging to distinguish between experienced and non-experienced companies. To gain a better understanding of how credit repair works, it's important to know the three different types of credit repair companies available.
1. Flat fee companies
Flat fee credit repair companies, which are rare (only 5% of companies operate this way), allow for speedy results and cost savings. These companies typically bill only for the disputed accounts and charge a one-time fee upon service completion. Since they have an incentive to complete work quickly, they can be faster than other types of credit repair companies. They usually begin by consulting on credit reports to determine how they can help and then quote prices based on those accounts. Choosing a credit repair company that charges a flat fee is what loan officers may recommend to their clients because it enables them to get pre-approved for mortgage loans more quickly.
2. Monthly fee companies
The majority of credit repair companies charge monthly fees, and this model may not be efficient for some clients. These companies typically do not review the credit report and may only dispute a few items at a time. Thus, it can take 6-8 months to get full results, and fees can add up over time. Although payments are lower, this type of structure may not yield the best results.
3. Pay for Delete
Pay for Delete is another model that offers a flexible way to pay for credit repair. You pay only for results, which can motivate the credit repair company. However, it may not suit all clients since this type of company may charge high fees per item removed. An example is a company that offers a setup fee of $299 (non-refundable) and a charge of $75 per item removed. These fees can become costly, so it's crucial to get a clear understanding of the fee structure before choosing this option.
While the preferable option may be a flat fee company, it’s important to do your research beforehand to make an informed decision that works best for your situation.
The Credit Repair Process in Lewisville
Credit repair advice is abundant, but much of it is outdated or not effective. The credit repair process is always changing, with new regulations and law changes impacting the industry. While the process is not complicated, credit reporting agencies have put processes and procedures in place to make it harder for consumers to dispute errors. To keep up with industry changes and provide the best results to clients, we continue to refine our credit repair process.
The History of Credit Repair
A popular credit repair process in 2015 was the "not mine disputes" method, where clients claimed that negative and derogatory accounts on their credit reports were not theirs. This forced the credit reporting agencies to delete those accounts without investigating them. However, the credit reporting agencies quickly refined their processes, making it more challenging for people to get results within the dispute process. To achieve success today, unique and effective dispute tactics are necessary.
The New and Effective Credit Repair Process
Validating the legitimacy of the account is your legal right. Instead of solely disputing errors on your credit report, request the data furnisher to provide proof of the account, such as original signed documents or payment ledgers. Determine whether there is an error on the account or its reporting. If there is, use any proof you have to respond by stating what the mistake is and request it to be fixed.
What Account Documentation to Ask For
The account documentation to request depends on the original loan that was authorized. Call as a non-customer and ask what documents are required to be submitted or signed to authorize a loan. You can also do a quick Google search for more information on this. Stay tuned for a blog post about this topic, where you will find all the documents that you should request.
Credit Sustainability: Beyond Credit Repair
When it comes to personal credit, your credit score is primarily driven by your financial situation. This is why millions of Americans struggle with credit issues. Just like the stock market, credit scores fluctuate based on your financial behavior. Credit repair is just one tool that can help fix derogatory accounts, but it's not a one-stop solution. To achieve sustainable credit, you need to get your finances in order first.
Invest in Your Financial Well-being First
While anyone can fix their credit and improve their credit scores, it takes effort and discipline to maintain sustainable credit. This means you need to take control of your personal finances. Pay down revolving credit balances, pay all accounts on time, and limit credit card usage. Even small balances on your credit cards can help keep them active, but use them only for emergencies. Fixing your financial deficit is the key to credit sustainability. Remember, getting your finances in shape will positively impact your credit score and ensure it doesn't fluctuate frequently.
The Downfall of Credit Repair
Credit repair can become a never-ending cycle when people overlook their financial behavior. Many individuals seek credit repair help, improve their credit scores, but then end up in need of further credit repair assistance within a few months. This is because they didn't focus on improving their finances first. Prioritize your finances and spend your paycheck on paying down balances instead of pouring it all into credit repair. Though it's possible to work on both simultaneously, you may need to address the most pressing issue first. Invest time and effort in your finances, and you'll enjoy sustainable credit.
The Credit Repair Process in Lewisville
Credit repair advice is abundant, but much of it is outdated or not effective. The credit repair process is always changing, with new regulations and law changes impacting the industry. While the process is not complicated, credit reporting agencies have put processes and procedures in place to make it harder for consumers to dispute errors. To keep up with industry changes and provide the best results to clients, we continue to refine our credit repair process.
The History of Credit Repair
A popular credit repair process in 2015 was the "not mine disputes" method, where clients claimed that negative and derogatory accounts on their credit reports were not theirs. This forced the credit reporting agencies to delete those accounts without investigating them. However, the credit reporting agencies quickly refined their processes, making it more challenging for people to get results within the dispute process. To achieve success today, unique and effective dispute tactics are necessary.
The New and Effective Credit Repair Process
Validating the legitimacy of the account is your legal right. Instead of solely disputing errors on your credit report, request the data furnisher to provide proof of the account, such as original signed documents or payment ledgers. Determine whether there is an error on the account or its reporting. If there is, use any proof you have to respond by stating what the mistake is and request it to be fixed.
What Account Documentation to Ask For
The account documentation to request depends on the original loan that was authorized. Call as a non-customer and ask what documents are required to be submitted or signed to authorize a loan. You can also do a quick Google search for more information on this. Stay tuned for a blog post about this topic, where you will find all the documents that you should request.
Guidelines for Improving Your Credit
If you want a credit repair company to help you fix your credit permanently, you must conduct extensive research and contact multiple companies. It's critical to ensure that you do not waste your time or money. You must also concentrate on your financial situation, which is the root cause of most people's problems. Many individuals throw away their paychecks to repair their credit and then criticize credit repair companies online, claiming that the service was useless or that they fell victim to a scam. In fact, the issue is typically their poor spending and saving habits, which hinder their ability to maintain good credit. Credit repair can be effective; I have personally witnessed it change the lives of over twenty thousand clients. The first step is to get your finances under control, which will make credit repair quicker, easier, and practically permanent. Don't lose faith; you have the power to make a change.