The negative perception of credit repair is, unfortunately, similar to that of dentists - people dislike others meddling with their personal business. Anyone with a persuasive tongue and a pulse can open a credit repair business, leading to a saturation of such companies akin to McDonald's restaurants on every corner. Having been in the credit repair industry for a decade and a half while running one of the largest credit repair firms in the country, I understand the skepticism surrounding the field. In some regards, the scrutiny is well-earned.Bad credit is a severe issue that seems to be only increasing as time passes. The rise of credit repair companies in recent years exemplifies the number of options available to consumers. Therefore, individuals need to conduct ample research to ensure they do not fall victim to predatory companies.As a credit repair business owner, I have been fortunate to assist more than 20,000 individuals, improving their lives in the process. In an effort to give back, I wish to provide transparency and clarity on how our industry operates and equip you with the knowledge necessary to make informed decisions when it comes to hiring credit repair services.
Table of Contents
Finding the Best Credit Repair Company in Fort Collins
Various Credit Repair Companies: What’s the Difference in Fort Collins?
The credit repair process in Fort Collins
The Holistic Approach to Credit Repair
Free Credit Repair Services in Fort Collins
Important Tips to Consider for Credit Repair
Finding the Best Credit Repair Company in Fort Collins
When people ask me for advice on finding the best credit repair company, I don't simply promote my own business. Instead, I encourage them to undertake their own research to ensure that they select the best option for their needs. While online reviews can provide some guidance, they may not always be trustworthy. I have learned that persuasion is not an effective business strategy; rather, I believe that people should be convinced through their own research. With this in mind, I have compiled a list of key steps you should take to identify the optimal credit repair company in Fort Collins.
Step 1: Create a List
Begin by conducting a quick online search for credit repair companies near you. Whenever possible, opt for a local firm since they offer the reassurance that you can visit their office if necessary. Prepare a list of candidates that have a good online reputation and rating.
Step 2: Check Reputation
Ensure that the firms on your list have established reputations. As there are numerous fly-by-night credit repair companies, be sure to conduct thorough research. A reputable company should have been operating for at least three years and have a reasonable number of reviews. To determine how long a website has been in operation, visit https://archive.org/web/ and enter their URL.
Step 3: Give Them a Call
Once you have narrowed your list, contact every company to learn more about their business. Bear in mind that if a credit repair company does not answer their phone during business hours, this may indicate their inability to handle your requirements. Here are some important questions to ask:
A. How long have you been in business? Are you unlicensed and bonded? If so, can I see a copy of your bond?B. Do you have a physical office where I can come in and meet you and the team?C. Do you offer a free consultation?D. Do you offer a money-back guarantee?E. What is your fee structure? Do you charge a flat fee or monthly?F. How long does the average process take?
Asking these questions will help you determine which firm provides the best value for your needs.
Various Credit Repair Companies: What’s the Difference in Fort Collins?
In the United States, there are over a million active credit repair and financial service providers operating. While having plenty of options enables customers to be selective in their choices, sorting experienced from inexperienced companies can be a challenge. To help you understand how credit repair functions, we’ll describe the three distinct types of credit repair proffers available below:
Flat-fee Companies
This type of credit repair provider accounts for about 5% of companies, and in our estimation, it is the quickest means of achieving results while also saving funds. Flat-fee services generally bill you solely for disputed accounts while charging a one-time fee for the service. As they are motivated to finish their work rapidly, this type of service tends to be faster and more efficient. The credit repair provider typically assesses your credit history and provides you with a cost estimate for the dispute on those accounts. We based our whole business model on this structure after my conversation with a mortgage company early in my credit repair career. They told me they preferred to work with a credit repair company that utilizes a flat-fee structure so that their clients can get pre-approved without delay.
Monthly-fee Companies
Most credit repair companies follow a monthly fee structure. However, most of these companies fail to review individual credit reports, which raises the question of how they determine the accounts upon which they can work. While not all monthly-fee companies are inefficient or impractical, this model may not suit all clients since the credit repair provider possesses little motivation to resolve credit issues promptly. This model can get expensive over time as monthly fees accumulate, and it might take longer to attain satisfactory results as only a few items are disputed each month.
Pay-for-delete
Although there are fewer Pay-for-delete credit repair providers, this model presents a fascinating and appealing way to pay for credit repair services. With this model, you only pay for completed work, which prompts the credit repair provider to work more efficiently. While this model has significant appeal, it is essential to understand the cost structure before signing up. Pay-for-Delete providers usually charge a hefty set-up fee plus an additional charge for each deleted item. A single account can cost as much as $524 to delete from all three credit reports. To make an informed decision, ask to see the fee structure and inquire how much you might need to pay if they removed all your accounts from your credit report.We highly recommend that you evaluate all the options available to you before selecting a credit repair provider in Fort Collins that best suits your requirements.
The credit repair process in Fort Collins
When it comes to credit repair and its process, there is a lot of advice out there, but much of it is outdated or not useful. With 15 years of experience in the industry, it's important to keep up with regulations and law changes, as the credit repair process is always evolving. What makes it even more challenging is that credit reporting agencies will put procedures in place to prevent effective dispute processes, pushing consumers toward limiting their abilities. Keeping up-to-date is crucial to maximizing results for our clients.
Understanding the process is key
Back in 2015, disputing all negative and derogatory accounts under the "not mine disputes" process was a popular way to force credit reporting agencies (Equifax, Experian, and Transunion) to delete accounts that were claimed to be fraudulent. However, credit reporting agencies quickly refined their processes, making it harder for people to see results. Nowadays, new and unique dispute tactics are a must to get items corrected or deleted from your credit report.
The new, effective credit repair process
While there's nothing secret about the process, most people are not using it effectively because they don't understand the steps. It's your legal right to contest the validity of any account on your credit report, and requesting that data furnishers provide proof of the account's validity and ownership is crucial. Only when an error is spotted should you then consider submitting evidence to have it corrected or deleted.
What account documentation should I ask for?
The specific documents required for your account will depend on the original loan that was authorized. To gain a better understanding of these requirements, calling as a non-customer or conducting a quick Google search can be helpful. Soon, a blog post on this topic with a link to all necessary documents will be available.
The Holistic Approach to Credit Repair
Personal finances have a significant impact on credit scores. That's why merely investing in credit repair isn't enough to have sustainable credit. It would be best if you first had full control over your finances before engaging in credit repair. The focus should be on paying down revolving credit balances, paying all accounts on time, and minimizing the use of credit cards. Fixing financial deficits is the key to credit sustainability. Once finances are in order, credit scores will follow suit, and large credit score decreases will become less frequent.
The endless cycle of credit repair is a real problem, where clients fix their credit score only to go back to the same problem a few months later. This cycle happens when clients do not prioritize their financial situation and instead pour money into credit repair. To fix credit once and for all, it's crucial to get serious about financial management. This way, once credit scores are fixed, they remain that way.
Free Credit Repair Services in Fort Collins
The question of whether free credit repair exists is frequently asked, and the answer is yes. You can repair your credit for the cost of paper and a stamp without having to pay any fee for a professional service. However, free services often come with a significant investment of your time. Although you have the legal right to dispute any inaccuracies in your credit report, it is a time-consuming process that many people prefer to avoid. In case you don't have the time to invest or you find the task to be tedious, you can seek the services of a professional credit repair company. On the other hand, if you are willing to invest 2-4 hours every month, check out our blog post titled "Repair Your Credit Like the Pros," which lays out all the steps to repair your credit on your own.
Leave a Testimonial or Review for Free Credit Repair Services
When I began my career as a credit repair specialist in the early 2000s, I used to offer free credit repair in exchange for a testimonial or review. I did not have any reviews or testimonials at the time, which prompted me to ask for feedback in exchange for free credit repair services. Even though I incurred some costs in sending out disputes, the value of the testimonials and reviews I received was significantly higher than the cost incurred. Several new credit repair companies are willing to offer the same deal. To find a good credit repair company, join Facebook groups on credit repair, and post a message like this: "Looking for a new credit repair business owner who would be willing to help me with some credit concerns in exchange for an immensely detailed 5-star review!" Although you might get some negative comments, someone will undoubtedly offer to help you with your credit repair for free.
Important Tips to Consider for Credit Repair
When searching for the best credit repair company to fix your credit permanently, it is crucial to conduct thorough research. Though the process may be time-consuming and require reaching out to various firms, it is necessary to ensure that you invest your time and money effectively. Additionally, addressing your personal finances should be a top priority as they contribute to most people's poor credit situations. Many individuals waste their income trying to fix their credit, only to give up and blame the credit repair company when the problem is their bad spending and savings habits. However, credit repair does work, as seen in the transformation of over 20,000 of my client's lives. Start by taking control of your finances, and credit repair will become a swift and enduring solution. Do not lose hope as you can achieve good credit if you put your mind to it.
Consider the following tips when working toward credit repair:
1. Devise a budget and stick to it to ensure that you meet your financial goals.2. Communicate with lenders and creditors to negotiate payment plans and settle debts.3. Make prompt payments and avoid defaulting on loans or credit card bills.4. Keep your credit utilization rate under 30%.5. Regularly check your credit report for errors to correct any inaccuracies.