Just like going to the dentist, credit repair can seem daunting and bothersome. Unfortunately, the accessibility of credit repair has also led to an influx of companies operating without proper training or a client-focused approach. With over 15 years of experience running one of the largest credit repair companies in the nation, I understand the valid concerns people have about the industry.
The reality is that bad credit is becoming increasingly common, which has led to the rise of many credit repair options. While having choices can be beneficial, it also means consumers now have to invest more time researching and choosing the right company.
As a business owner who has positively impacted over 20,000 individuals through credit repair, I want to use my experience and insights to give back. I believe everyone should have transparency and clarity about how credit repair works and the necessary tools to make informed decisions when selecting a credit repair company.
Table of Contents
How to Choose the Best Credit Repair Company in Peoria
Comparing Credit Repair Companies in Peoria, Illinois
The Credit Repair Process in Peoria
Credit Repair is Only a Part of the Solution
Free Credit Repair Services in Peoria, IL
My Final Recommendation
How to Choose the Best Credit Repair Company in Peoria
Finding the right company can make all the difference in the world regarding credit repair. But with so many options available, it can be difficult to know where to start. As a credit repair expert with 15 years of experience, I've learned that the best approach is to do your research. To help you get started in your search for the best credit repair company in Peoria, I've put together a list of steps you can take:
Create a list of eligible companies in your area
Use Google to find companies in Peoria with a positive or acceptable Google review rating and close to your home. While you can choose to work with a company outside of your city, it's always best to feel secure that you can visit their office anytime unannounced.
Check their reputation
Find a credit repair company with a good online presence and reputation, indicating their credibility. It's important to make sure they have enough reviews that seem legitimate before you make a decision.
Make the call
After trimming down your options based on reviews and reputation, reach out to each potential credit repair company. When you call, be sure to ask specific questions about their business, such as how long they have been in operation if they have licenses or bonds to operate, and if they offer free consultations or a money-back guarantee.
Asking these questions will provide insights into the business, fees, and process duration and allow you to make a more informed decision. Following these steps, you can find the most effective but least expensive company to help you repair your credit.
Comparing Credit Repair Companies in Peoria, Illinois
There are many credit repair and financial service companies in the United States. With over 1 million currently active, it can be difficult to decide which one to select. However, it is essential to differentiate between experienced and non-experienced companies to ensure the best outcomes. It's important to understand the following three types of credit repair companies to make the right decision:
Flat Fee Companies
Only 5% of companies operate using a flat fee service structure, which is believed to be the most effective for two reasons. Firstly, payment is collected only for disputed accounts, and customers pay a one-time fee for this service. Secondly, flat fee services are completed more quickly because the credit repair company is incentivized to complete the service as soon as possible. The credit repair company generally reviews the customer's credit report and fixes their credit based on the agreed price.
Monthly Fee Companies
Most credit repair companies charge monthly fees but don't efficiently review your credit report. Therefore, it's difficult to know how they determine whether they can help you out or whether they're efficient or effective. This structure can be impractical for all customers. Monthly fee companies dispute only a few items at a time, so the process can take several months to complete, which can be costly in the long run.
Pay-for-Delete Companies
Fewer companies utilize this model, but it's more enticing to its clients. You pay only for the results produced, which enforces the credit repair company's obligation to perform. However, this model has little transparency, and many people end up paying a lot of money. For example, some companies charge $299 as a setup fee and $75 per item removed. Also, Pay-for-Delete model companies consider an account to be three items if it's listed on all three credit bureaus, making the process more time-consuming and expensive.
Although the Flat Fee Company model is highly recommended, it's vital to explore each company's advantages and disadvantages and do personal calculations on which model will benefit you most.
The Credit Repair Process in Peoria
If you ask different people about credit repair in Peoria and the process involved, you will likely get varying answers. While there's a lot of outdated or just bad advice out there, it's worth noting that the credit repair process is always evolving. The industry's complexities, along with law changes and other regulations, mean that nothing stays constant. Credit bureaus always try to put processes and procedures in place that limit your ability to "control" disputes effectively. Therefore, keeping up with the changes is crucial to ensure you provide your clients with the best results.
Understanding the Process
Credit repair became popular in Peoria in 2015, and users got results by disputing all their negative accounts using a "not mine dispute" process. However, in no time, this process proved ineffective since the credit reporting agencies flagged such accounts as "fraud." Eventually, the credit reporting agencies created refined processes that siphoned out inaccurate and frivolous dispute letters, making it challenging to get the desired results within the dispute process. Today, effective credit repair requires new and unique dispute tactics to get items corrected or deleted from your credit report.
The New and Effective Credit Repair Process
While there isn't anything secret about the credit repair process, many people aren't using it effectively because they don't understand the steps involved. You can contest the validity of any account on your credit report, meaning you can ask for the account to be validated to ensure its validity. So, instead of relying on online advice about disputing errors on your credit report, ask the data furnisher to provide proof of the account, whether that be any original documents, payment ledgers, etc. If you find errors in the reporting of the account, you can respond by stating the error and requesting that it be fixed or deleted.
What Account Documentation Should You Ask For?
If you aren't sure about the documents to request, the advice is to call the lender as a non-customer and inquire about the required documents to authorize a new loan. You could also do a quick Google search to find more information on the topic. Keep a lookout for a quick blog post on this topic, and we'll post the link soon on this page.
Credit Repair is Only a Part of the Solution
When it comes to improving your personal credit, your credit score is greatly influenced by your personal finances. It is no wonder that millions of Americans struggle with credit issues since credit scores fluctuate based on one's personal financial situation, similar to the stock market. While credit repair is a valuable tool to help fix derogatory accounts on your credit report, it is not a complete solution. Instead, sustainable credit requires full control over personal finances.
Get Your Personal Finances in Line First
Achieving sustainable credit is not just about fixing one's credit score; it is about maintaining a consistent credit strength while overcoming financial crises, like job loss or a recession. Unfortunately, most people cannot achieve this because they lack control over their personal finances. Before investing in credit repair, individuals should focus on paying down revolving credit balances, paying all accounts on time, and minimizing credit card usage. It is important to refrain from using credit cards excessively, except for emergencies, and maintain a small balance to keep the account open. By fixing one's financial deficit, the credit score will follow suit, avoiding any big decreases in overall credit scores.
The Endless Credit Repair Cycle
One common problem in the credit repair industry is repeat offenders, where clients go through an endless cycle of seeking credit repair without addressing their financial situation. This never-ending cycle happens when people spend all their money on credit repair instead of paying down balances and keeping them low. While one can work on fixing their credit and finances simultaneously, this can be challenging for those with limited finances. To achieve sustainable credit, it is crucial to focus on getting personal finances in order, ensuring that when credit is fixed, it is permanent. This is one of the most important pieces of advice for fixing one's credit for good.
Free Credit Repair Services in Peoria, IL
Are you wondering if you can fix your credit for free? The answer is yes! With some time and effort, you can do it independently without spending any money. Our blog provides the step-by-step procedure to repair your credit, just like the professionals. But keep in mind that free services always come with a “time†price tag. While you have the legal right to dispute your credit report at any time, most people don't want to put in the work or don't have the time. If you fall into this category, consider paying a professional credit repair company to assist you. However, if you have a few hours a month to spare, check out our blog post on “Repair your credit like the pros†and follow the steps to dispute your credit report for free. Additionally, we used to offer free credit repair in exchange for a testimonial or review. You can still find newer credit repair companies willing to do the same. Join a credit repair Facebook group, post your request, and offer a detailed 5-star review in exchange for help. You should be able to find someone willing to do your credit repair for free!
My Final Recommendation
Ensuring a permanent solution for your credit repair requires extensive research to identify the best credit repair company. Take the necessary steps to avoid wasting your valuable time and money trying to repair your credit. Additionally, it's imperative to focus on your personal finances, which are the primary contributors to credit damage. Many people blame credit repair for their financial woes when, in reality, their poor spending and savings habits have prevented them from maintaining good credit records. Credit repair indeed works, and as a witness to over twenty thousand clients whose lives have changed for the better, it all starts with you. So, first, get your finances under control, and then credit repair becomes a quick, easy, and permanent solution. Do not lose hope, and keep up the good work!