Regrettably, the world of credit repair is often met with the same disdain as dentists. Few people enjoy someone meddling with their credit, and even fewer enjoy the dirty work that comes along with it. Unfortunately, anyone with a heartbeat and the ability to persuade can start a credit repair business. As a result, credit repair companies have become as ubiquitous as fast food chains, with one seemingly on every corner. With 15 years of experience in the credit repair industry and running one of the largest companies of its kind in the nation, I understand all too well the skepticism that our industry faces. Unfortunately, much of the skepticism is warranted.
Poor credit has become an epidemic, and it's only getting worse. The sheer number of credit repair companies that have sprung up in the past year alone is a testament to this fact. As a result, consumers must exercise extreme due diligence when choosing a credit repair company to avoid getting ripped off.
As a credit repair business owner, I've had the privilege of helping over 20,000 people improve their credit scores. To give back and provide transparency, I want to demystify the credit repair industry and empower you with the knowledge to make the best decisions when selecting a credit repair company.
Table of Contents
How to Find the Best Credit Repair Company in Salt Lake City
Different Types of Credit Repair Companies in Salt Lake City: Making the Right Choice
The Credit Repair Process in Salt Lake City
Credit Sustainability: More than Just Credit Repair
Free Credit Repair Services in Salt Lake City
Tips for Choosing the Best Credit Repair Service
How to Find the Best Credit Repair Company in Salt Lake City
When people approach me for credit repair assistance, they often ask me to recommend the best credit repair company. But instead of suggesting my own company, I advise them to conduct research and due diligence to find the most reliable option. Though online reviews can be helpful, they should not be the only basis for determining a company's reputation. After all, unscrupulous businesses can fake good reviews. Therefore, I suggest creating a list of candidate companies in your area using the following steps:
1. Use Google to find credible companies with a high rating and a nearby location. While local companies are not mandatory, they offer better accountability and accessibility.
2.Check the reputation of the selected company by looking for an established website that has been online for at least three years. You can use https://archive.org/web/ to check the website history of the company.
3.After selecting a few companies, call them to ask important questions. Their promptness in answering your call is a quick indication of their professionalism, and the answers to your questions will give you greater clarity on their operation. Some of the pertinent questions that you should ask include:
-Are you licensed and bonded? Can you show me your bond copy?
-Do you have a physical office where I can meet you and your team?
-Can you provide a free consultation?
-Do you offer a money-back guarantee?
-What is your fee structure? Do you charge a flat service fee, or a monthly fee?
-What is the average processing time?
These steps will help you evaluate and choose the best credit repair company for your needs at a reasonable cost.
Different Types of Credit Repair Companies in Salt Lake City: Making the Right Choice
In Salt Lake City and throughout the United States, there is an overwhelming number of credit repair and financial service companies to choose from. While having options is great, it can be challenging to differentiate inexperienced firms from reputable ones. Therefore, it is essential to understand the different types of credit repair companies before making a decision.
Flat Fee Companies
Only 5% of companies use this model. In contrast, charging a flat fee for the accounts they dispute often leads to faster results and significant client savings. The company will perform a credit report consultation to determine the price for disputing accounts that need fixing. In Salt Lake City, a flat fee structure is often preferred, especially by mortgage companies, requiring clients to get pre-approved promptly. The fee charged covers all services and encourages the company to expedite the credit repair process.
Monthly Fee Companies
Monthly fee companies are the most common types of credit repair companies. The company will charge fees each month, but rather than looking over your credit report, the company disputes only a few items at a time, thus, making the process time-consuming and often expensive. Though this payment model is attractive for some clients, given that they pay less each month, the overall cost can add up over time.
Pay for Delete
This model appeals to many people since they only pay for results. However, only a few companies use this payment model. They charge clients a fee per "item" removed, with the caveat that each record appearing on all three credit bureaus will be considered three items. While the method sounds enticing, the fees can add up and become expensive.
As a helpful hint, choosing a flat-fee company is a wise investment. However, doing the research to determine which company is best for you is critically important.
The Credit Repair Process in Salt Lake City
When it comes to credit repair and the process involved, there is a lot of advice out there that can be outdated or unhelpful. Having worked in this industry for 15 years, it is clear to me that the credit repair process is always evolving. Add the impact of changing regulations and laws, and it becomes even more complicated. Though credit repair itself isn't complicated, credit reporting agencies often try to hinder the consumer with their processes and procedures. They may push you towards online platforms that limit your ability to dispute effectively. To counteract this, we keep up with all the changes in order to provide the best results for our clients.
The History of Credit Repair and How It Has Evolved
In 2015, when credit repair first started to become popular, many people found success with a dispute resolution method called "not mine disputes." This method involved disputing all negative and derogatory accounts and claiming they did not belong to the individual. The credit reporting agencies would then flag them as "fraud," deleting these accounts without investigation. However, this success was short-lived as the credit reporting agencies implemented new processes that identified frivolous disputes. Today, unique and updated dispute tactics are essential for effective credit repair.
The New and Improved Credit Repair Process
Though the credit repair process may seem difficult, it is your legal right to dispute any account on your credit report. Instead of disputing only errors, request that the data provider provide proof of the account's validity. This step ensures that the account is not only yours but also valid. If you identify an error, you can use any proof you have to request a fix or deletion. Unsure of what documentation to ask for? You can call as a non-customer and inquire about the documents required to obtain a new loan or do a quick Google search. We will be posting a blog soon with a comprehensive list of documents you can request, so stay tuned for more information.
Credit Sustainability: More than Just Credit Repair
Regarding personal credit, your financial situation ultimately dictates your credit score. This explains why millions of Americans struggle with credit issues. Your credit score is akin to the stock market; it fluctuates with your financial situation. While credit repair can help fix derogatory accounts on your report, it is only one tool among many and does not secure your financial future.
Prioritize your Personal Finances
The real goal is not just improving your credit scores but rather ensuring sustainable credit. This means having a strong credit rating regardless of economic downturns or job losses. Sadly, this is beyond the reach of most as they continue to struggle with controlling their personal finances. To achieve sustainable credit, start by paying off outstanding revolving credit balances, paying all your accounts on time, and reducing credit card use. Keeping small balances on a credit card can prevent account closure, but it’s important to only use the card in emergencies. You must fix your finances before pursuing credit repair to maintain a steady credit rating.
Breaking the Endless Cycle of Credit Repair
A common challenge with credit repair is the constant relapse of repeat clients, who end up trapped in an endless credit repair cycle. To break out of this cycle, take your financial situation seriously. Pouring all your funds into credit repair without paying equal attention to clearing up your finances is a recipe for disaster. Although it's possible to address both issues simultaneously, most people don’t have the financial resources to handle both at once. It is essential to focus on getting your finances in order first so your credit score gets fixed once and for all. This is the best guarantee for a sustainable credit rating.
Free Credit Repair Services in Salt Lake City
It is a common question whether it is possible to fix credit issues for free. The answer is yes. You can repair your credit for free by doing it on your own. However, it may take a considerable amount of time and effort on your part. If you do not have the time or do not want to put in the work, you can always hire a professional credit repair company to do the job for you.
Here are some tips to help you repair your credit on your own:
-You have the right to dispute your credit report at any time.
-Check out blogs that offer step-by-step instructions on how to repair credit like the pros.
In the past, I used to offer free credit repair services in exchange for a testimonial or review. I would like to recommend newer credit repair companies that might be willing to offer a similar deal. You can find them in Facebook groups related to credit repair services. Simply post a message asking for a credit repair business owner who can help you in exchange for a detailed 5-star review. Although you may receive some negative responses, you should have no trouble finding someone willing to do your credit repair for free.
Tips for Choosing the Best Credit Repair Service
Conduct extensive research to find the right credit repair service that can help you restore your credit permanently and effectively. Although it may take time and effort to reach out to various credit repair companies, it is essential to ensure that you are not wasting your hard-earned money or valuable time.
Focus on improving your personal finances since this is the primary cause of poor credit for most people. Many individuals put their entire paycheck towards fixing their credit score and then label credit repair services as a scam when there is no significant change. It's important to understand that bad spending and saving habits are often the real culprits that hinder their ability to maintain good credit.
Credit repair can make a substantial difference in your life. As a professional in the industry who has helped over twenty thousand clients, I highly recommend starting with introspection and getting your finances in order, so credit repair can provide you with a quick, easy, and permanent solution. Don't lose hope because you are capable of managing your finances effectively.