Regrettably, credit repair has a reputation akin to that of dentists; no one desires anyone to interfere with them, and they detest dealing with them. Sadly, anyone with a beating heart and persuasive abilities can establish a credit repair firm. This is why credit repair businesses are plenty, even resembling McDonald’s, as they can be found on almost every corner. Being an active part of the credit repair industry for 15 years and running some of the largest credit repair entities nationwide, I, like most people, acknowledge the level of scrutiny faced by our industry, and unfortunately, most of it is true.Bad credit is on the rise and is an epidemic that won't disappear soon. The vast number of credit repair firms that have surfaced in the past year alone highlights the numerous credit repair options that exist. So, as a consumer with the intention of hiring a credit repair firm, you must conduct due diligence to ensure that you don't fall prey to unscrupulous entities.As the owner of a credit repair business, I have had the pleasure of serving over 20,000 individuals and improving their lives. And as a way of giving back, I'd want to provide clarity on how our industry operates and offer you the necessary tools to help you make the best decision while hiring a credit repair company.
Table of Contents
How to Find the Best Credit Repair Company in Lubbock?
Different Credit Repair Services in Lubbock, TX: Understanding the Options
The Credit Repair Process in Lubbock
Credit Sustainability is More than Credit Repair
Free Credit Repair Services in Lubbock
Valuable Suggestions for Credit Repair
How to Find the Best Credit Repair Company in Lubbock?
As a credit repair professional, I always suggest that individuals should perform their own research to determine the best credit repair company. Online reviews can be helpful, but they may not always provide accurate information. Instead of recommending my company, I believe in providing a guideline for individuals to follow in their quest to find the best credit repair company. Here are some steps you can take to find the best credit repair company in Lubbock:
1. Make a list of credit repair companies in Lubbock that have a good online presence and reputation. You can use Google to find this information.
2. Look for an established company with at least three years of website history. Check their Google reviews for validity, and scan through them to make sure they appear accurate.
3. Once you have narrowed your list down to a few companies, call them during business hours and ask them these essential questions to help make your decision:
A. How long have you been in business? Are you licensed and bonded? If so, can I see a copy of your bond? B. Do you have a physical office where I can come in and meet you and your team? C. Do you offer a free consultation? D. Do you offer a money-back guarantee? E. What is your fee structure? Is it a flat fee, or do you charge monthly? F. How long does the average process take?
These questions will provide clarity on the type of business and assist you in making a well-informed decision. Keep in mind that the most effective and least expensive company may not always be the same. Do your research thoroughly before making a decision.
Different Credit Repair Services in Lubbock, TX: Understanding the Options
With over 1 million financial service companies and credit repair services in the US, it can be challenging to identify the best choice for your credit repair needs. To streamline your search and assist your understanding, here are the three types of credit repair services you may find in Lubbock, TX:
Flat Fee Companies
This category is the best choice for achieving the quickest results while saving more money in the process. The flat fee model only charges you for the accounts disputed, with a one-time service fee. With flat fee services, the credit repair company usually does a consultation and examines your credit reports to give you a quote. Since they are incentivized to complete services quickly, you can expect faster results.
Monthly Fee Companies
Most credit repair companies charge monthly fees without thoroughly reviewing your credit reports. Because of this, companies utilizing monthly fee models may not be as effective. There is no motivation for monthly fee companies to fix your credit quickly since they get to collect monthly fees for a longer duration. With their structure, they usually dispute a few items at a time, which can take several months to complete. Although it is less costly monthly, the cost can add up over time, and it may take longer to see full results.
Pay for Delete
This model is appealing to many people but is not prevalent. You only pay for the results achieved, which puts more pressure on the credit repair company to execute their services. However, it is essential to read and understand the fee structure before choosing this option. Most Pay for Delete companies charges a lot for each item removed. For example, they may charge $299 as a set-up fee and $75 per item removed. If an account is reporting to all three credit bureaus, it is considered three items, so the cost can add up quickly. Therefore, it is crucial to understand the fee structure and ask the company directly what their fee would be if they removed all your accounts from your credit report.Choosing the right credit repair service is up to you. Although flat fee companies are usually the most efficient choice, it is recommended that you research and consider your situation to make the best decision.
The Credit Repair Process in Lubbock
When it comes to credit repair, there is a lot of advice out there, but much of it is outdated or ineffective. Having been in the industry for 15 years, I know that the process is constantly evolving, and legal changes can make it even more complex for consumers. Credit repair itself is not complicated, but credit reporting agencies often put obstacles in place to frustrate consumers and limit their ability to dispute errors. As experts, we stay up-to-date on all changes and regulations to ensure we provide the best results for our clients.
Let's Talk About the Process
The traditional approach to credit repair involved disputing all negative accounts as "not mine," which led to immediate results but often resulted in the accounts reappearing later on. The credit reporting agencies then refined their processes, and now it takes unique tactics to get corrections made. The new, effective process involves asking creditors or collection agencies to validate accounts by providing proof of their validity. If errors are found, then they should be disputed using any available proof to show what the errors are and request that they be fixed or deleted.
What Account Documentation Should I Ask For?
The documentation needed to validate accounts will depend on the original loan and its validation requirements. Non-customers can call and ask what documents are required to authorize a new loan or find more information online. In a future blog post, we'll provide a list of documents you can request to make the process as smooth as possible.
Credit Sustainability is More than Credit Repair
The driving force behind your credit score is your personal finances. This explains why millions of Americans encounter credit issues. Credit scores fluctuate based on financial wellness, similar to how the stock market operates. Nonetheless, credit repair is one of the many tools that can be used to fix derogatory accounts on your credit report, but it does not guarantee a permanent solution.
Prioritize Your Finances
Fixing your credit is doable, but can you maintain it in the long run? Very few can achieve this because they do not have complete control over their finances. If you want sustainable credit, you need to work hard on improving your personal finances. This involves paying down balances, making timely payments, and reducing credit card use. To keep the account open, you can keep a small balance of one to ten dollars on the credit card, but it should only be utilized for emergencies. Only by fixing financial deficits can you enjoy better credit sustainability with fewer score decreases.
Put an End to Credit Repair Cycle
Credit repair can become an endless cycle for some individuals who habitually resort to it. This cycle is a result of carelessness in personal finance management and pouring all money into credit repair instead of reducing balances before seeking credit repair. It is possible to work on both credit and finance simultaneously, but this requires a specific financial status. Prioritizing finances yields better credit sustainability, which is the ultimate goal.
Free Credit Repair Services in Lubbock
Many people inquire about whether there is a way to fix their credit reports for free. The answer is yes! You can do it yourself. The services of credit repair are laid out in multiple blogs that I have written. However, keep in mind that anything free will require you to invest time. Although it is legal to dispute your credit report at any time, most people do not have the time or do not want to put in the effort. In such cases, I would highly recommend hiring a professional credit repair company. However, if you are serious and willing to commit around 2 to 4 hours a month, then read my blog post on "Repair Your Credit Like the Pros." To gain valuable feedback, I ask my clients for a testimonial or review and, in return, offer free credit repair services. Similarly, you can connect with newer credit repair agencies on Facebook groups and offer to share detailed five-star feedback in exchange for credit repair services.
Valuable Suggestions for Credit Repair
Conduct thorough research to find the best credit repair company that can assist you in, fixing your credit. Even though it may require a significant amount of effort and communicating with various credit repair firms, it is critical to ensure that you are not wasting your finances or time.
Focus on improving your personal finances since they are the primary source of most individuals’ problems. Many people invest their money in repairing their credit and subsequently claim that credit repair did not work or was a fraud while the reality is that their poor spending and saving habits prevented them from maintaining good credit standing.
Credit repair can be effective and transformative; I have witnessed it change the lives of more than twenty thousand clients. However, it begins with you, and you must manage your finances to make credit repair an easy, fast, and mostly permanent solution. Do not give up hope; you are capable of doing this!