Regrettably, credit repair services are often compared to dentists in terms of reputation - no one wants to be messed around with or bothered by them. The sad truth is that if you have a persuasive ability and a heartbeat, you can open up a credit repair company, resulting in an abundance of such businesses, much like the prevalence of McDonald's franchises on street corners. As someone with 15 years of experience in the credit repair industry and running one of the largest companies in the nation, I understand the scrutiny that our industry faces, and frankly, so many critiques are justified.Bad credit is a significant issue, and the situation is only worsening. The fact that numerous credit repair firms were created in the last year alone speaks volumes about the range of alternatives available for credit repair. This means that, as a customer, you must undertake thorough research to ensure you are not being exploited.As a business owner offering credit repair services, I have been fortunate enough to assist over 20,000 individuals and change their lives. I understand that it is, therefore, my duty to give back, and as such, I want to provide clarity and transparency on how our industry operates. I aim to provide you with the tools needed to make the best possible decisions when hiring a credit repair company.
Table of Contents
How to Find The Best Credit Repair Company in St. Louis
Different Types of Credit Repair Companies in St. Louis
The credit repair process in St. Louis
Personal Finances are the Foundation of Credit Sustainability
Free Credit Repair in St. Louis
Tips for Fixing Your Credit
How to Find The Best Credit Repair Company in St. Louis
If you're in search of a credit repair company in St. Louis, you may be wondering how to choose the best one. You might come across several companies while searching online, and it's important to assess them to find the most reliable option. Here are some tips to help you determine the best credit repair company for you:
1. Make a list of St. Louis-based credit repair companies with good Google review ratings.
2. Consider the reputation of each company by checking their website history and ensuring that their reviews are legitimate.
3. Make the call and ask some important questions. This can help you understand their level of experience, their fee structure, and whether they offer a money-back guarantee.
These steps will help you make the best decision possible. Keep reading to find out more about the most effective and least expensive credit repair company options.
Different Types of Credit Repair Companies in St. Louis
The United States has over 1 million active credit repair and financial service companies. This availability enables consumers to choose companies selectively, but it becomes tough to differentiate between experienced and inexperienced firms. To get a better understanding of credit repair, this paragraph explains the three types of credit repair companies available in St.Louis.
Flat Fee Companies
Flat fee companies are the best option to get faster results, save more money and charge only for the accounts they dispute. This structure which is used by only 5% of companies, offers an incentive to complete the services quickly. Flat fee credit repair companies begin with a consultation by reviewing credit reports to determine if they can help the client and then quote a price based on those accounts. If you want faster and more efficient services, it is advisable to select flat fee companies.
Monthly Fee Companies
Most credit repair companies operate on the monthly fee model. However, this structure seems inefficient because many companies do not review the credit report of the client, making it difficult to determine if they can offer assistance. In addition, most monthly fee companies have no motivation to fix credit reports promptly since prolonged servicing leads to the collection of higher fees. Typically, credit repair companies using this structure dispute only a few items at a time, making the credit repair process for 10 negative accounts take around 6-8 months. Consequently, the client may end up incurring high fees over time.
Pay for Delete Companies
While fewer companies use this structure, it offers an intriguing and more enticing way to pay for credit repair. The idea is to pay only for delivered services, forcing credit repair companies to perform within specific guidelines. However, this model can be misleading, with companies charging high fees to remove a single negative item. Clients will be required to pay "$299" as a setup fee (usually non-refundable) and $75 per item removed. In cases where an account is reporting to all three credit bureaus, it is considered three items, and clients have to pay $524 to remove one account from all three credit reports. It is, therefore, crucial to ask the company to show its fee structure.It is advisable to select flat fee companies as they offer the fastest and most efficient results. However, it is vital to research and calculate the costs before selecting the best company for one's needs.
The credit repair process in St. Louis
Different people will give different answers on how to handle credit repair, and there is a lot of outdated and poor advice out there. Having 15 years of experience in the industry, I have learned through trial and error what works best. The process of credit repair is constantly changing, especially with new laws and regulations coming into play. Despite this, credit repair is not complicated; it's fighting against the credit reporting agencies attempting to outsmart the consumer that's challenging. They have put procedures in place to limit the effectiveness of dispute processes and push people toward utilizing their online platforms. To provide clients the best results, we work hard to keep up with changes in the credit repair industry.
Let's talk about the process in St. Louis
In 2015, disputing negative accounts with a "not mine" dispute proved successful in deleting accounts, but this process was quickly flagged as fraud and led to secondary legal investigations. Nowadays, if you stick to these outdated tactics, credit reporting agencies siphon out inaccurate disputes and hinder your ability to get results. The new, efficient credit repair process revolves around legally contesting the validity of negative accounts by requesting that the data furnishers prove the accounts are valid and then using the information gathered from loan authorizations to request specific documents. This approach helps understand the steps of the process and enables clients to have complete control over their disputes.
What account documentation should you ask for?
Contact the data furnishers (creditors or collection agencies) to obtain any original signed documents or payment ledgers showing all transactions made on an account to be validated. If necessary, Google searches or calling customer service for a specific list of requirements for loan authorization may be helpful. We will be posting a blog containing all the necessary forms and documents soon, so stay tuned.
Personal Finances are the Foundation of Credit Sustainability
Your personal finances drive your credit score, and achieving sustainable credit requires long-term control over your finances. This is a task that most people find challenging, which explains why so many individuals in America have poor credit. Credit repair is a helpful tool in fixing derogatory accounts in your credit report, but it is not a one-stop solution. To achieve sustainable credit, address your personal finances before investing in credit repair. Start by paying off revolving credit balances, paying all accounts on time, and reducing credit card usage. It is vital to fix your financial deficit for credit sustainability. When you have your finances under control, your credit score will follow.
Breaking the Endless Credit Repair Cycle
Credit repair often becomes a repetitive cycle for individuals looking for quick solutions. 'Repeat’ clients are a common problem in the credit repair industry due to their failure to take financial management seriously. Pouring all your money into credit repair instead of paying down balances and keeping them down can lead to an endless cycle of credit repair. While you can address both your credit and finances simultaneously, most people are not able to achieve this because of insufficient funds. Focus on getting your finances in line to achieve sustainable credit. Once your credit is fixed, it will stay fixed if you have gained control over your finances. This is crucial advice for anyone looking to permanently improve their credit score.
Free Credit Repair in St. Louis
When it comes to fixing your credit, a common question that arises is whether it can be done for free. The answer is simple and straightforward - yes, you can do it for free with the cost of just paper and a stamp. All you need to do is follow the step-by-step instructions provided on my blogs to repair your credit like a pro. However, it is important to understand that free services come with a time cost, which may not be a viable option for some people. If you are one of those people who don't have time or are not willing to put in the effort to fix your credit, then I suggest you consider professional credit repair services.But, if you are serious about repairing your credit report and are willing to commit 2-4 hours a month, you can do it for free. Check out my blog post on "Repair your credit like the pros" to get started. You can also leave a testimonial or review of your experience with our services.When I started my credit repair business in the early 2000s, I would offer free credit repair to random people in return for a testimonial or a review. It helped me build my reputation as a reliable credit repair company. You can also explore this option by searching for "Credit Repair" Facebook groups and requesting credit repair services in exchange for a detailed five-star review. You might encounter some negativity, but there are newer credit repair companies that are willing to help you fix your credit for free.
Tips for Fixing Your Credit
Conduct thorough research before choosing a credit repair company that can help you resolve your credit issues for good. This may take time and require reaching out to several different companies, but it's worth it to ensure that your money and time are not being wasted.
Work on improving your personal finances since poor financial habits are often the root cause of credit problems for many people. It's common for people to spend their paychecks on credit repair without first addressing their spending and saving habits, only to claim that credit repair was a fraud or ineffective later on. However, I have personally seen credit repair work for over 20,000 clients whose positive credit scores have changed their lives for the better. But keep in mind that fixing your credit starts with you - get your finances under control to make credit repair a quick, easy, and ultimately permanent solution. Please don't lose hope; you can do it!