Regrettably, the reputation of credit repair companies can be similar to that of dentists- dreaded. Many individuals don't want anyone messing with their credit and are loathe to deal with credit repair companies. However, opening a credit repair company only requires a heartbeat and the skill to persuade, so credit repair businesses are becoming more ubiquitous, like McDonald's on every corner. Having been in the credit repair business for 15 years and operating one of the largest credit repair companies in the country, I know firsthand the industry's scrutiny, and more often than not, much of it is accurate.The issue of bad credit is becoming an epidemic, and it's only worsening. The increase in credit repair companies in the previous year alone demonstrates how many options one has when it comes to credit repair. This means that as an informed consumer, you must do your due diligence to ensure that you are not being taken advantage of.As someone who owns a credit repair company, I have the privilege of assisting over twenty thousand people and altering their lives. In an effort to give back, I want to provide transparency on how our industry works, offer clarity, and provide you with the necessary tools to make the best decision when engaging a credit repair company.
Table of Contents
How to Find the Best Credit Repair Company in Ontario
Different Credit Repair Companies in Ontario, What's the Difference?
The credit repair process in Ontario
Only Credit Repair Won't Help: Focus on Personal Finances First
Free Credit Repair in Ontario
Tips for Credit Repair Success
How to Find the Best Credit Repair Company in Ontario
When people ask me who the best credit repair company in Ontario is, I don't immediately suggest my own company. Instead, I encourage them to research and do their due diligence. While online reviews are helpful, they aren't always accurate or credible. Based on my 15 years of experience, I believe that persuasion doesn't work as well as the conviction that comes with research.
To help you determine the best credit repair company in your area, follow these steps:
1. Make a list of companies in Ontario with a good Google review rating and are close to you.
2. Choose companies that have been established for at least three years and have credible online reviews.
3. Call the shortlisted companies and ask important questions to understand the type of business you will be dealing with.
Questions to ask:
A. When did you establish your business, and are you licensed and bonded?B. Do you have a physical office where I can meet you and your team?C. Do you offer free consultation services?D. Do you offer a money-back guarantee?E. What kind of fee structure do you have? Is it a flat fee or a monthly charge?F. How long does the process take on average?Asking these questions will help you analyze and make informed decisions. Remember, it's important to determine the most effective and least expensive company.
Different Credit Repair Companies in Ontario, What's the Difference?
With over 1 million active credit repair and financial service companies in the United States, it can be challenging to differentiate between experienced and non-experienced companies. However, understanding the types of credit repair companies can help make the selection process easier. Below are the three different credit repair companies you will find and the pros and cons of each:
Flat fee companies
- Typically only bill you for the accounts they dispute and charge a one-time fee for their service.- Faster service because they have an incentive to complete your services quickly.- Offers a consultation by looking over your credit reports to determine if they can help you out and then predicts a price based on those accounts.- This type of structure is best for fast results and saving money in the process.
Monthly fee companies
- Typically charges monthly fees based on a few items disputed at a time, which can take up to 6-8 months to get full results.- Longer fees, the longer they get to collect a fee from you.- Doesn't look over your credit report, so it's difficult to determine if they can help you.- It may not fit all clients and can be expensive over time.
Pay for Delete
- Helps to pay only for results, which puts pressure on the credit repair company to perform.- Fewer companies offer this model.- Pay per item removed, which can rack up fees quickly.- It's essential to ask to see the fee structure and ask the company directly if they remove all of your accounts from your credit report.In conclusion, while flat fee companies are the best option, it's important to research and calculate fees to make the best decision for yourself in Ontario.
The credit repair process in Ontario
When it comes to credit repair, you may receive conflicting advice as there is an abundance of outdated or inaccurate information available. With over 15 years of experience in the industry, we have recognized that the process is constantly evolving and is further complicated by regulatory changes. Credit repair is not complicated, but credit reporting agencies often hinder you from using an effective dispute process by implementing processes and procedures to limit your control. Therefore, we strive to stay up-to-date with all the changes to provide our clients with the best results.
An Overview of the credit repair process
In 2015, the "not mine dispute" strategy was popular among clients, where all negative and derogatory accounts were disputed, claiming that they were not theirs. As a result, Equifax, Experian, and Transunion would flag these accounts as "fraud" instead of investigating, leading to immediate results for clients. However, the same accounts that were removed in the first month started to reappear in the third month after the legal reinvestigation process. This process became ineffective when the credit reporting agencies introduced e-OSCAR, allowing them to weed out frivolous dispute letters. Thus, unique and more efficient dispute tactics are required for successful outcomes today.
The New, effective credit repair process in Ontario
Contrary to what many believe, you have the legal right to challenge any account on your credit report. Rather than disputing only errors, contest the validity of the account by requesting the data furnisher (creditor or collection agency) to validate it. You can ask for original signed documents, payment ledgers, and other relevant documents to ensure the account is indeed yours and is valid. If an error is found, use any proof you have to request correction or deletion.
What account documentation should I ask for?
The type of documentation required depends on the original authorized loan. It is advisable to call as a non-customer to clarify the documents needed to authorize a new loan. You can also conduct online research to find more information on this topic. We will soon post a blog on this page to help you access all the documents you need. Stay tuned!
Only Credit Repair Won't Help: Focus on Personal Finances First
When it comes to personal credit, your finances are what determines your credit score. Your credit scores fluctuate based on your financial situation, much like the stock market. Credit repair is a useful tool, but it's not a comprehensive solution. To maintain sustainable credit, you must prioritize your personal finances. Pay down your revolving balances, pay all your accounts on time, and stop using your credit cards regularly. Achieving financial stability is the best way to sustain good credit scores.
The Endless Cycle of Credit Repair
Most credit repair clients become repeat offenders due to their failure to address their financial situation. Instead of investing their paychecks in paying down their balances, they spend their money on credit repair, leading to an endless cycle. Although it's possible to simultaneously work on finances while fixing your credit, most people struggle to manage both. Prioritizing your finances is crucial to achieving a long-term solution for your credit.
Free Credit Repair in Ontario
The question often arises: "Can I repair my credit for free in Ontario?" The answer is that it is possible to fix your credit without spending any money, except for the cost of paper and postage, by taking care of the services yourself. In my various blogs, I have outlined the steps on how to repair your credit like a pro, but remember that anything that is free always comes with a hefty "time" price tag. While you do have the legal right to challenge your credit report at any time, most people either do not want to put in the work, or simply do not have the time. If you would rather not repair your credit yourself, I highly recommend engaging the services of a professional credit repair company. On the other hand, if you are serious about dedicating approximately 2-4 hours per month to challenge your credit report for free, I strongly suggest you check out my blog post entitled "Repair your credit like the pros."
Leave a Testimonial or Review
Years ago, I used to offer free credit repair to strangers in exchange for a testimonial or review. When I first began working in the credit repair industry in the early 2000s, I did not have any testimonials or reviews, so I would approach people and ask them to allow me to rectify their credit in return for a testimonial or review. In essence, the client received free credit repair, although it cost me to issue their disputes. Nevertheless, the value I reaped from the review was far greater than the small cost of providing credit repair. The point here is that there are many newer credit repair companies who would be willing to do the same thing I did back then. My advice is to join "Credit Repair" Facebook groups and make a simple post similar to this one:"I am searching for a new credit repair business owner in Ontario who would be willing to assist me with some credit concerns in exchange for an immensely detailed 5-star review."You may encounter some negative comments, but you should be able to find someone to repair your credit at no charge.
Tips for Credit Repair Success
Conduct thorough research to find the best credit repair company that can help you improve your credit score permanently. Of course, this requires a significant amount of time and effort, but it is crucial to avoid wasting both your money and your time.
Work on improving your personal finances - this is the root cause of most people's credit problems. Many people pay hefty fees to fix their credit scores without realizing that their bad spending and saving habits are the actual problem. Don't make that same mistake.
Keep in mind that credit repair can be a game-changer - as evidenced by the over 20,000 clients whose lives I have seen transformed. But credit repair will not work alone; you need to be financially responsible. Take charge of your finances, and credit repair will work as a quick, easy, and essentially permanent solution.
Don't give up hope. You can do this!