Regrettably, credit repair is likened to dentistry in terms of reputation; most people do not wish to have someone interfering with their credit and do not want to deal with them. However, the ease at which a person can open a credit repair business has resulted in one on every corner, reminiscent of McDonald's. Having spent 15 years in the credit repair industry and running one of the largest companies in the country, I am all too familiar with the industry's negative perception, which, to an extent, is well-deserved.
Bad credit is a growing problem, and it does not seem to be improving anytime soon. In the past year, there has been a surge in credit repair companies, meaning consumers must exercise caution and conduct proper research to avoid exploitation.
As a credit repair business owner, I have assisted over 20,000 individuals in transforming their lives. To give back, I hope to shine a light on our industry's inner workings, provide clarity and transparency, and equip you with the necessary tools to make the best possible decision when searching for a credit repair company.
Table of Contents
How to Find the Best Credit Repair Company in Richmond
Comparing Credit Repair Companies in Richmond, VA
The Process of Credit Repair in Richmond
The Importance of Getting Personal Finances in Line Prior to Credit Repair
Free Credit Repair in Richmond
Tips for Credit Repair Success
How to Find the Best Credit Repair Company in Richmond
When clients ask me about the best credit repair company, I never suggest my own company. Instead, I encourage them to take charge of their due diligence and do their research. Although online reviews are helpful in providing insight, not all reviews are genuine. Therefore, I have compiled a list of things you should do to determine the best credit repair company in Richmond:
Make a list of companies
Start by doing a quick Google search and listing companies with an acceptable rating that are close to you.
Check the reputation of the company
It is crucial to list companies with a good online presence and reputation. Verify their website's history through the Wayback Machine and check their reviews for authenticity.
Make the call
After narrowing down your list, call the companies and ask essential questions about their experience, license and bond status, office location, consultation fees, and process duration.
Analyze the collected data
Determine the most effective yet affordable credit repair company based on the responses received.
By following these steps, you can have confidence in selecting a trustworthy and competent credit repair company that meets your needs.
Comparing Credit Repair Companies in Richmond, VA
There are over 1 million active credit repair and financial service companies in the United States. While this presents more options for selecting a company, it also makes it hard to determine which companies have the experience and skills to help you. To help you understand credit repair better, we will discuss the three types of credit repair companies.
Flat fee companies
These are the best options for getting quick results and saving money in the process. Flat fee companies only bill you for the accounts they dispute, and you pay a one-time fee for the service. This makes the process faster, and the company is incentivized to complete your services quickly.
Monthly fee companies
This is the most common type of credit repair service, but it may not be efficient for some clients. Most companies use this model and never review your credit report, making it hard to determine if they can help you. Credit repair companies using this structure have no motivation to fix your credit quickly since the longer you're on their program, the longer they can collect fees. This structure can get very expensive, and it usually takes several months to obtain full results.
Pay for Delete
Fewer companies use this model, which enables you to pay only for results. However, most companies that use this model charge a lot for each item removed. They may charge you $299 as a setup fee (non-refundable) and $75 per item removed. If an account reports to all three credit bureaus, that is considered three items.
While we recommend flat fee companies, conducting your research and calculations is important to make the best decision.
The Process of Credit Repair in Richmond
It's common to receive conflicting answers about credit repair and the process, depending on who you ask. With a plethora of advice available online, it can be challenging to know what advice to follow. However, after 15 years in the industry, we understand that credit repair is always evolving and that credit reporting agencies are continuously changing their procedures and processes. We keep up with the changes to ensure we provide the best results to our clients in Richmond.
An Overview of the Credit Repair Process
In 2015, many users were successful in disputing negative accounts using "not mine disputes" and forcing the credit reporting agencies to delete the account because it was not theirs. However, this resulted in problems in the future because, in later months, the same accounts removed would reappear after a secondary investigation. The credit reporting agencies refined their process with e-OSCAR, making it hard for people to get immediate results in the dispute process. Today, we must use new laws and tactics in the credit repair process to achieve better results.
An Effective Credit Repair Process
It is your legal right to contest the validity of any account on your credit report. You can ask that an account be validated to ensure it is valid and belongs to you. Request proof of the account from the data furnisher (creditor or collection agency), such as original signed documents or payment ledgers. If there is an error, use your proof to state the mistake and request that it be fixed or deleted.
Documentation for Account Validation
To request the correct documentation, call the non-customer service line and ask for the documents required to authorize a new loan. You can do a quick Google search or follow our blog for more information on this topic and get access to all the documents you need to request.
The Importance of Getting Personal Finances in Line Prior to Credit Repair
We will highlight how your money and credit score are closely tied together. We want to stress the importance of taking care of your finances before you start trying to improve your credit.
What Drives Credit Scores
Your personal finances drive your personal credit and credit score.
Credit Repair as a Tool
Credit repair is only one tool that can be used to fix derogatory accounts on your credit report, but it is not the end-all solution.
Sustainable Credit
The goal is to have sustainable credit, meaning that your credit strength remains the same regardless of recession or job loss. Unfortunately, most people cannot achieve sustainable credit because they lack control over their personal finances.
Prioritize Personal Finances
Before investing in credit repair, prioritize paying down revolving credit balances, paying accounts on time, and reducing credit card usage.
Fix Financial Deficits
Fixing financial deficits is the best solution for credit sustainability.
The Endless Credit Repair Cycle
An endless cycle of credit repair occurs when individuals do not take their financial situation seriously and pour money only into credit repair instead of paying down balances.
Advice for Fixing Credit
Focus on getting personal finances in line to maintain a fixed credit score for good.
Free Credit Repair in Richmond
The question of whether one can fix their credit for free arises frequently. The answer is yes. One can repair their credit without any cost or assistance by doing it themselves. I have written several blog posts on how to repair credit like a professional, but doing it for free comes with the price tag of investing your time. The good news is that you can dispute your credit report without any legal hindrances, but most people do not want to put in the effort or have time restraints. If you prefer not to repair your credit yourself, hiring a professional credit repair company is best. However, for those who are willing to dedicate 2-4 hours of their time monthly to dispute their credit for free, check out my blog post on how to "Repair your credit like the pros." Leave a testimonial or review.
When I began my journey in the credit repair industry in the early 2000s, I offered free credit repair services in exchange for testimonials or reviews from random people. I had no previous reviews or testimonials, so I asked people to allow me to repair their credit in exchange for their feedback, and in return, they received free credit repair services. Though it cost me a small sum to send out their disputes, the value of their reviews outweighed the expenses. The concept of trading services still exists, and newer companies are willing to offer free services, as I once did. I advise searching for "Credit Repair" Facebook groups, joining them, and posting a simple message requesting help with your credit concerns in exchange for a detailed 5-star review. You might encounter negative responses, but you should have no difficulty finding someone to provide free credit repair services.
Tips for Credit Repair Success
Careful research is key to finding the right credit repair company to help you fix your bad credit permanently. This requires contacting different companies and investing time in the search to avoid wasting your hard-earned money.
Additionally, take a critical look at your personal financial habits. Many people throw caution to the wind and pay for credit repair services without correcting the root causes of their bad credit scores. Poor spending and savings habits can undermine all efforts at credit repair, leading to frustration and disappointment.
Credit repair services can effectively transform lives by improving credit scores. However, success requires self-reflection and vigilance toward our own finances to establish lasting financial stability. Don't get discouraged; take on credit repair as a challenge to improve your life.