The credit repair industry has a reputation on par with dentistry - no one likes to deal with them and they certainly don't want anyone messing with their finances. The unfortunate truth is that practically anyone can open a credit repair company and this has led to an oversaturation in the market. Just like McDonald's, there seems to be a credit repair company on every corner. Having worked in the industry for 15 years and running one of the largest credit repair companies in the country, I understand why our industry faces such scrutiny and I'll admit that much of it is warranted.
Bad credit has become an epidemic that's only getting worse. The rise of these credit repair companies in recent years shows just how much demand there is for these services. As a consumer, this can make it difficult to choose the right company to work with and avoid being taken advantage of.
In my role as a credit repair business owner, I've helped over 20,000 people turn their financial lives around. As a way of giving back, I want to be transparent about how our business operates and provide you with the necessary tools to make an informed decision when choosing a credit repair company.
Contents:
How to Find the Best Credit Repair Services in Westminster?
Different Credit Repair Companies in Westminster, what sets them apart?
The Credit Repair Process in Westminster
The Importance of Personal Finances in Credit Sustainability
Free Credit Repair in Westminster
Essential Advice to Fix Your Credit and Improve Your Financial Status
How to Find the Best Credit Repair Services in Westminster?
When it comes to credit repair, people often ask me: "Who is the best credit repair company?" However, my response is never straightforward. While I own a credit repair company, I believe in empowering people to do their own research and due diligence. Online reviews can offer insights, but they may not always be trustworthy. I recommend researching and shortlisting potential credit repair companies in your area. In this article, I have compiled a list of steps to help you to choose the best credit repair service for your needs in Westminster.
Create a List
Start with a quick Google search of credit repair companies in Westminster that have an acceptable Google review rating. To feel more reassured with the company, it's best to use a local credit repair service because you can visit their office at any time. Make a list of the credit repair companies available in your area.
Check Reputation
Research the reputation of the companies that made your list. You can determine an established company by checking its website history, which should be at least three years, according to one industry authority. To check a website's history, go to https://archive.org/web/ and enter the URL. Ensure the company has enough reviews that look genuine. Do a thorough scan of the reviews to ensure that you avoid being deceived by fake Google reviews.
Make the Call
Narrow down your list to the most updated and reputable credit repair companies, and make contact. When you phone them, ask a few pertinent questions, such as how long they have been in business. Do they have a physical office where you can meet them in person? Is there a free consultation? Do they offer a money-back guarantee? What are their fees? Do they charge a flat or monthly fee, and what is their average process time? You need to analyze the answers you receive to make the best decision for yourself.
These steps will guide you towards finding the most effective yet less expensive credit repair services in Westminster, which will suit your specific needs.
Different Credit Repair Companies in Westminster, what sets them apart?
With over a million active credit repair and financial service companies in the US, it can be challenging to distinguish between experienced and novice firms. However, it also allows you to select the best fit for your needs. Here are the three types of credit repair companies you will come across and their respective models.
1. Flat Fee Companies
These companies constitute only 5% and are the best way to get quick results and ensure you save some money. They typically charge you for disputed accounts and a one-time fee for their service. Since they have an incentive to complete your service quickly, they tend to be faster. After reviewing your credit reports, they provide a consultation and quote a price based on the accounts they can help with. Many lenders prefer them as they do not delay clients' ability to get pre-approved.
2. Monthly Fee Companies
This model is not fast, efficient, or effective, mainly because most of them do not go over your credit report diligently. As a result, they hardly determine if they can help you. Although it may be cheaper per month, the fees accumulate over time, and the process can take six to eight months to achieve comprehensive results. Therefore, they are not suitable for all clients.
3. Pay-for-Delete Companies
While few companies embrace this model, it offers a more enticing way to pay for credit repair. However, it can get expensive. These companies do not charge for work done, but rather, you pay for results provided. In most cases, you might pay $75 for every deleted item, which can add up to a hefty sum for each negative account. It is vital to understand the fee structure and the cost of removing all accounts from your credit report.
While flat fee companies remain the best choice, it is essential to do your research and consider different factors before making any decision.
The Credit Repair Process in Westminster
When it comes to credit repair, there is a lot of advice out there, but a lot of it is outdated or not good advice, making the process difficult to perfect. However, it is crucial to keep up with all the changes to ensure the best results for clients. In Westminster, credit repair started gaining popularity in 2015 with the process of disputing all negative and derogatory accounts using a not mine dispute tactic. However, this was short-lived as credit reporting agencies introduced more refined processes, making it harder for people to dispute inaccuracies. The new, effective credit repair process is not a secret and has been around all along. In fact, it’s the legal right of consumers to contest the validity of any account on their credit report. By requesting that the data furnisher provide proof of the account, consumers can determine whether there is an error on the account or its reporting. By using any such proof, consumers can effectively respond by stating what the error is and requesting its correction or deletion. For those unsure of what account documentation to ask for, non-customers can call lenders or do a quick Google search.
The Importance of Personal Finances in Credit Sustainability
1. Personal finances drive credit scores
- Personal finances have a significant impact on credit scores.
- Poor financial habits can lead to credit issues.
- Credit scores fluctuate based on personal financial situations.
2. Credit repair is one tool of many
- Credit repair can fix derogatory accounts but is not a complete solution.
- Sustainable credit requires control over personal finances.
3. Prioritize fixing personal finances first
- Credit sustainability is more important than just improving credit scores.
- Prioritize paying down balances, paying accounts on time, and limiting credit card usage.
- Fixing personal finances is the best solution to credit sustainability.
4. Avoid the endless credit repair cycle
- Repeat clients are a problem in the credit repair industry.
- Focusing solely on credit repair without fixing personal finances leads to an endless cycle.
- Get serious about fixing personal finances to achieve long-term credit fix.
Free Credit Repair in Westminster
Frequently asked is the question, "Is it possible to fix my credit for free in Westminster?" The answer is yes, but it requires investing a considerable amount of time. With my multiple blogs, I have outlined the steps to repair your credit on your own, much like a professional. However, free services always come with a price - the time spent. Although disputing your credit report is your legal right, most people lack the will or the time to do the work. If free credit repair is unappealing to you, it may be worth hiring a professional credit repair company. But if you're willing to commit around 2-4 hours each month to disputing your credit report for free, I highly recommend reading my blog post on "Repair Your Credit Like the Pros."
Over the years, I have offered free credit repair to individuals in exchange for a testimonial or review
When I first started in the credit repair industry in the early 2000s, I didn't have any reviews or testimonials, so I opted for clients to allow me to fix their credit in exchange for a review. Although it cost me to send out their disputes, the value of the feedback was worth the minimal cost of doing credit repair. Similarly, newer credit repair companies may be willing to offer the same. My advice is to search for "Credit Repair" Facebook groups, join them, and make a simple post like this one:
"I'm searching for a new credit repair business owner in Westminster who might be willing to address my credit concerns in exchange for a comprehensive 5-star review."
You might encounter some haters, but finding someone to do your free credit repair should not be an issue.
Essential Advice to Fix Your Credit and Improve Your Financial Status
1. Conduct Thorough Research:
When searching for a credit repair company that can help you, invest time and effort in gathering useful information, such as reviews and ratings from other consumers. This step is crucial to ensure that you do not waste your resources, money or time.
2. Work on Your Personal Finances:
The leading cause of low credit scores is frequently issues with personal finances. Rather than hastily throwing money at repair efforts and falling for scams, address the root of the problem by changing your basic spending and savings habits.
3. Credit Repair is Effective:
Credit repair can significantly improve your credit score and enhance your quality of life. In fact, the author has seen over twenty thousand clients' lives change for the better. However, it is essential to take personal responsibility by getting your finances under control before pursuing credit repair services.
4. Stay Motivated:
Do not lose hope in your quest to improve your credit and personal finances. It will not be easy, but keep in mind that you are capable of implementing changes that can have long-term positive effects.