Regrettably, the reputation of credit repair is similar to that of dentists; most people are wary of trusting anyone to mess with them and would rather not bother with them. The problem is anyone with a heartbeat and the power of persuasion can easily open up a credit repair company, which means that credit repair companies are as ubiquitous as McDonald's on every street corner. Having worked in the credit repair industry for 15 years and managing one of the country's most extensive credit repair companies, I have first-hand experience with the scrutiny our industry receives. Unfortunately, much of it is true.
Bad credit is a growing epidemic that only seems to be getting worse. The recent surge of credit repair companies illustrates the sheer number of options available to consumers, making it even more crucial to perform extensive due diligence to not get taken advantage of.
As a credit repair business owner, I've had the privilege of assisting and transforming the lives of over 20,000 individuals. As a way of giving back to society, I want to shed light on how our industry operates while giving you the resources to enable you to make an informed decision when considering hiring a credit repair company.
Table of Contents
How to Choose the Best Credit Repair Company in Tacoma
Options for Credit Repair Companies in Tacoma
The Credit Repair Process for Residents in Tacoma
Credit Sustainability Requires a Financial Manifesto
Free Credit Repair in Tacoma
Valuable Guidelines to Improve Your Credit Score: Paraphrasing Tips
How to Choose the Best Credit Repair Company in Tacoma
Finding the best credit repair company can be a daunting task for many. With scams and fake reviews rampant online, doing your due diligence is essential to ensure you don't end up being ripped off. While the internet is a great resource, online reviews alone may not be sufficient when selecting a reputable credit repair firm. As a business owner with 15 years of experience in the credit repair industry, I urge you to do your research before deciding on a company to work with. Here are some steps you can follow to determine the best credit repair company in Tacoma.
Create a List
Check Google for credit repair companies in the Tacoma area with good or acceptable review ratings. Consider listing companies with a physical office near you. This way, you can conveniently visit them when you need to, without giving prior notice.
Check Reputation
Choose companies that have a good online presence and reputation. Use the Wayback Machine to ascertain a company's website has been in existence for at least three years. Check their reviews as well, making sure they have enough to make you feel comfortable. Look out for fake reviews and only rely on legitimate reviews when making your decision.
Make the Call
After creating a shortlist of credit repair companies, contact them and ask essential questions to better understand their services. Ask questions such as how long they've been in business, if they're licensed and bonded, their fee structure, and if they offer a free consultation or money-back guarantee. Getting answers to these questions will help you decide on the best credit repair company in Tacoma.
Finally, remember that persuasion should never be employed when choosing a credit repair company. Instead, conviction through research is the best tool to help you make an informed decision. By following the simple steps outlined above, you can choose the most effective but least expensive credit repair company that can help you restore your credit.
Options for Credit Repair Companies in Tacoma
There are over a million active financial service and credit repair companies in the US, which provides plenty of options, but also makes it challenging to differentiate between experienced and inexperienced providers. To gain a better understanding of credit repair services, it's essential to understand the three different types of companies you will come across.
Flat fee companies
Only around 5% of companies operate with a flat-fee model, but it's the best option for those looking for results quickly and cost-effectively. Companies that charge a flat fee typically bill clients solely for the accounts they dispute and charge a one-time fee. Since these companies are incentivized to complete their services quickly, they are usually the fastest. The credit repair company will assess whether they can provide assistance by reviewing your credit reports before providing you with a quote based on that information. Many loan officers prefer this model since it allows their clients to get pre-approved promptly.
Monthly fee companies
Most credit repair companies charge monthly fees, but this model is inefficient since many companies don't review your credit report. Hence, it's difficult to determine if they can help improve your rating. Credit repair firms that charge monthly fees usually have little motivation to resolve your credit problems quickly since they continue collecting their fee. Such companies also typically dispute a few accounts at a time. Hence, if you have ten negative accounts, achieving the desired results can take up to eight months. The monthly fees can add up over time, making this model quite costly.
Pay for Delete
Just a few firms offer the pay-for-delete model, which is an enticing way to pay for credit repair. This model is results-based, putting pressure on credit repair companies to act quickly. However, the catch is that even though you only pay for results, you still have to pay a lot for each account removed from your credit report. Despite the method's appeal, it's important to review and understand the fee structure before choosing this model.
While this assistant recommends a flat fee company, it's advisable to conduct thorough research and choose the best option that suits your needs.
The Credit Repair Process for Residents in Tacoma
The credit repair process can be confusing due to mixed advice and outdated methods, making it difficult to determine the best approach. It took the writer seven years to perfect the process, and with changes in regulations and laws, the credit repair process continues to evolve. Credit reporting agencies continually try to outsmart the consumer by placing barriers to an effective dispute process. Keeping abreast of these changes is essential to guarantee the best results for clients.
A detailed explanation of the new, effective credit repair process follows. In 2015, disputing all negative accounts through “not mine disputes†was popular and successful. However, this process soon proved insufficient as secondary legal investigations led to accounts reappearing on clients' credit reports. The credit reporting agencies refined their processes, making it harder to get immediate results.
The new, effective process involves contesting the validity of any account on your credit report. This requires the data provider to provide proof of the account's validity and ownership. If there are errors, requesting deletion of the disputed account or correction is simple with proof of the error.
Knowing which documents to request depends on the original loan authorization. A blog post by the writer listing all documents that can be requested will be available soon.
Credit Sustainability Requires a Financial Manifesto
Want to improve your credit score for good? Then it's important to understand that your personal finances are the foundation upon which your credit scores are built. In order to achieve sustainable credit, you need to have a solid understanding of your financial situation. Credit repair may be a useful tool for fixing derogatory items on your credit report, but it's only part of the solution. If you truly want to manage your credit score for good, you need to start by taking command of your finances.
Steps for Achieving Sustainable Credit
*Pay down revolving credit balances
*Pay all accounts on time
*Stop using credit cards as much as possible
It may seem daunting to mend your finances, but it's the only way to avoid the endless cycle of credit repair. Repeat clients are all too common in the credit repair industry because they fail to take financial planning seriously. It's important to remember that credit repair is just one piece of a larger puzzle. Once you have your finances in order, your credit score will naturally follow.
Free Credit Repair in Tacoma
It's a common question: "How can I repair my credit for free?" The truth is, you can fix your credit for the cost of paper and a stamp by doing it yourself. I have several blog posts outlining the steps to repairing your credit like the pros, but keep in mind that anything free usually requires a significant investment of time. You can dispute your credit report at any time, but most people either lack the motivation or time to do so. If you don't want to spend time repairing your credit, I highly recommend seeking professional help from a reputable credit repair company. However, if you are willing to commit 2-4 hours a month to disputing your credit report for free, check out my blog post on how to "Repair your Credit Like the Pros" in Tacoma.
Leave a Testimonial or Review
When I first started in the credit repair industry, I offered free credit repair to individuals in exchange for testimonials or reviews. I didn't have any reviews or testimonials at the time, so I asked people if I could fix their credit in exchange for a review or testimonial, and, in turn, they received free credit repair. While it cost me to send out their disputes, the value I received from the reviews was significantly higher than the credit repair cost. Many newer credit repair companies might be willing to do the same thing. My advice is to join "Credit Repair" Facebook groups, post a simple message like this:
"I'm searching for a new credit repair business that can assist me with credit concerns in exchange for a detailed 5-star review."
You might face some negativity, but finding someone willing to do your credit repair for free should be no problem.
Valuable Guidelines to Improve Your Credit Score
Conduct thorough research before you choose a credit repair company that can help you repair your credit score permanently. It may seem time-consuming, but this step is crucial to ensuring that you are not wasting your effort or money.
Along with finding a reliable credit repair service, focus on fixing your personal finances. According to statistics, a person's financial habits significantly affect their credit history. Thus, it is important to establish good earning, spending, and saving patterns to maintain a high credit score.
People often blame the credit repair industry for not delivering the promised results. However, they may not realize that their habits affect their credit score. Credit repair works, and it can change lives, as I have witnessed among my clients who have improved their credit scores. But it starts with you, and you must take control of your financial situation before opting for credit repair.
Finally, stay optimistic and keep working towards your goal. Remember, even a small step towards improving your credit score can lead to long-term benefits.