Similar to dentists, credit repair has a negative reputation that many individuals try to avoid. However, due to the ease of opening a credit repair company, these businesses have popped up on nearly every corner. As someone who has worked in the credit repair industry for over 15 years and owns one of the largest companies in the nation, I understand the skepticism surrounding our industry, and unfortunately, it is often justified.
Bad credit is a growing problem and has become an epidemic in recent years. The increase in credit repair companies is a clear indication of the rising demand for these services. As a consumer, it is crucial to do your research and exercise caution to avoid any predatory companies.
Having served over 20,000 customers, I understand the positive impact credit repair can have on someone's life. In an effort to give back to the community, I want to provide insight into how our industry operates to help individuals make informed decisions when selecting a credit repair company.
Contents:
How to Find the Best Credit Repair Company in High Point
Different Credit Repair Companies in High Point: Comparing Their Services
The credit repair process in High Point, NC
The Importance of Personal Finances in Credit Repair
Free Credit Repair Services in High Point
Tips to Permanently Fixing Your Credit
How to Find the Best Credit Repair Company in High Point
When clients ask me to recommend the best credit repair company, I urge them to do their due diligence and conduct research. While online reviews are helpful, they're not always trustworthy. As a business owner interested in building long-term client relationships, I'd rather people do their own research and come to their own conclusions. That said, I'm confident that if they look hard enough, they'll find that my company offers the best services in High Point. After 15 years in the field, I've compiled a list of tips for selecting the right credit repair company for you:
1. Make a list
Do a quick Google search to find companies located near you that have a good Google review rating. Although you don't need to limit your search to local firms, I recommend selecting one in which you can feel secure.
2. Reputation
It's crucial to choose companies with a solid online presence and reputation. This may require some sifting since there are so many fly-by-night credit repair companies out there. Established firms usually have websites that have been online for at least three years.
3. Make the call
Once you have a shortlist of credit repair companies, it's time to start calling them. Most companies will have a recorded message but make sure to leave a message with your contact details. However, some companies may not answer the phone during business hours, this can be a sign of their ability to handle your business. Here are some 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's your fee structure like? Do you charge a flat fee for your services, or do you charge me monthly?
F. How long does the average process take?
By asking these questions, you can determine which company meets your needs and budget.
Different Credit Repair Companies in High Point: Comparing Their Services
In the United States, there are countless active credit repair and financial service companies, with over one million to choose from. It's great to have so many options, but it can be challenging to differentiate between experienced and inexperienced companies. Knowing the three different types of credit repair companies can give you an edge. Here's what you need to know:
1. Flat Fee Companies
Flat Fee credit repair companies generally bill clients only for the accounts they dispute, and clients pay a one-time fee for this service. As only around 5% of companies operate using this structure, the competition ensures these companies are incentivized to finish their job fast, saving clients both time and money. After going through your credit report, a consultation is conducted, and a price quote is given based on the accounts they will dispute. Flat fee services are preferred by mortgage companies because it doesn't delay a client's ability to get pre-approved.
2. Monthly Fee Companies
Most credit repair companies charge their clients monthly fees, which, as indicated in its name, is a monthly cost to keep the service. However, most of these companies don't fully analyze your credit report, so it's essential to ask how they determine if they can help you. Monthly fee companies don't have much incentive to improve your credit score quickly, meaning you may be paying for months before seeing any improvement. This structure also means the credit repair company disputes only a few accounts at a time, so even if you have ten different accounts to challenge, it could take several months to sort them all out.
3. Pay for Delete
Fewer credit repair companies offer "Pay for Delete" services. With this model, you pay only for positive results, putting pressure on the repair company to work faster and better. However, the cost is high and depends on the number of items removed. For instance, it could cost $75 to delete one negative account from one credit bureau. This fee quickly adds up if you have multiple accounts to fix and multiple credit bureaus to work on.
While we recommend flat fee companies like ours as the best possible option, each credit repair model comes with its pros and cons. Don't just take our word for it – conduct your research and evaluate which credit repair company is the right fit for you.
The credit repair process in High Point, NC
When it comes to credit repair and the process, there are numerous opinions, but not all of them are helpful. Having worked in the industry for 15 years, we understand that the credit repair process is constantly evolving, and credit reporting agencies are frequently changing their processes and procedures. Their goal is to prevent you from having an effective dispute process and instead direct you to limit your ability to control your disputes on an online platform. Keeping up with all of these changes is crucial to ensure that we provide the best outcomes to our clients.
The credit repair process timeline
In 2015, credit repair became more prevalent, and people started to achieve favorable outcomes by disputing all their negative accounts using the "not mine disputes" process. Unfortunately, this hack did not always work as new innovations to combat it were usually created each time. Without knowing the process steps, most people found it difficult to use them effectively. Therefore, we use a new and unique dispute approach that is much more effective.
The new effective credit repair process
It is within your legal right to contest the validity of any account on your credit report. Instead of only disputing errors on the credit report, ask the data furnisher to provide proof of the account's validity. From original signed documents to payment ledgers showing all transactions made on the account, everything must be documented. This process is more effective in getting the items corrected or deleted from your credit report.
What account documentation should I ask for?
The account documentation you should request is based on the original loan that was authorized. If you are unsure of what documents to request, call as a non-customer and ask what documents are necessary to authorize a new loan. You can also do a quick Google search to find more information on this. We will post a quick blog on this topic shortly so that you'll have access to all the documents you can request.
The Importance of Personal Finances in Credit Repair
Credit repair is just a part of the solution.
Personal finances drive credit scores, and bad financial habits affect credit scores.
Credit repair helps fix derogatory accounts, but it is not the only solution to sustainable credit.
Get personal finances in line first.
- Sustainable credit is achievable only if personal finances are controlled.
- Prioritize paying down revolving credit balances and making timely payments.
- Minimize credit card usage to attain financial stability.
The endless cycle of credit repair.
- Credit repair becomes an endless cycle without fixing financial issues.
- Repeat clients are prevalent in credit repair, leading to stagnancy.
- Clients should focus on aligning finances before opting for credit repair for sustainable results.
Free Credit Repair Services in High Point
A common question that I often receive is whether there is a way to fix one's credit for free. The answer is yes, and it primarily involves carrying out the services by oneself at a cost equivalent to the paper and stamp expenses. I have numerous blog posts outlining the necessary steps to repair your credit report like a professional. However, it's essential to note that anything free comes at the expense of precious time. Technically, it is legal to dispute your credit report any time you want, but most people tend not to have adequate time or find it too tedious and time-consuming. For those who don't have the time or the inclination to go through the credit repair process, I highly suggest that you seek the services of a professional credit repair company. Nonetheless, suppose you're committed to dedicating approximately 2-4 hours of your time each month to dispute your credit report for free. In that case, I encourage you to review my blog post on "Repair Your Credit Like the Pros."
Submit a testimonial or review
When I first started operating in the credit repair niche, I offered free credit repair services in exchange for testimonials or reviews from random customers. Back then, I needed positive reviews or testimonials, so I would request customers to authorize me to work on their credit in exchange for a testimonial or review, which meant that they received free credit repair. The cost I incurred in sending disputes was tiny, and the value accrued from the reviews far exceeded it. The key takeaway here is that other credit repair companies may also be willing to offer a similar deal. Therefore, I implore you to join relevant "Credit Repair" Facebook groups and post a simple message:
"Seeking a new credit repair business owner willing to assist me with my credit concerns in exchange for a detailed 5-star review."
You may receive negative feedback, but chances are you'll find someone willing to do your credit repair for free.
Tips to Permanently Fixing Your Credit
Conduct thorough research to find the best credit repair company that can assist you in resolving your credit issues permanently. While it could take a considerable amount of effort to examine various credit repair companies, it is critical to ensure you don't squander your time and funds.
Improve your personal finances, which is the leading cause of many people's problematic credit. Many people spend their paychecks on repairing their credit, only to later express disappointment on the internet, stating that credit repair is either ineffective or fraudulent. In truth, bad spending and saving habits often hinder their ability to keep their credit on track. Credit repair can and does work, as evidenced by the lives of the 20,000-plus clients whom I've observed it positively influence.
Credit repair is a long-term solution that starts with you. Before credit repair becomes a swift, uncomplicated, and essentially permanent solution, you must gain control of your finances. Don't give up hope; you've got this!