If we haven't met before, my name is Joe Mahlow, and I have a passion for Personal Finance and Credit. I often create posts on various topics that are important to my followers and readers. Today, I want to dive into the topic of Credit Repair for Free. I receive a lot of questions from both current and previous clients regarding this topic. And the answer is yes; you can absolutely repair your credit without spending a dime. However, keep in mind that anything that is "free" will most likely require a significant amount of work. But, if you're willing to dedicate the time and effort, you can save yourself a lot of money and time in the long run. So, let's get started!
Table of Contents
Credit Repair for Free: Is It Possible?How to Fix My Credit Score for Free?Exploring Free Credit Repair SoftwareObtaining Your Credit Report for Free Credit RepairThe Importance of Credit Repair in Improving Your Credit ScoreTo Wrap it up
Credit Repair for Free: Is It Possible?
When a person or a company offers free credit repair, there is more to it than meets the eye. No business or individual is likely to repair your credit without an ulterior motive, such as gaining testimonials or reviews. Even the founder of ASAP Credit Repair started with free services to establish his reputation. However, he always aimed to receive feedback and testimonials in return. While the company still offers free credit repair services, it comes with the cost of enrollment and service payments.If you want to repair your credit for free, you can do it yourself, but it will require your time and effort. You have to reserve at least two hours per month for 3-5 months to complete the necessary steps. Alternatively, you can approach a credit repair service or company near you for assistance. Though such services usually cost $400-600 on average per customer, it can be a wise investment compared to the effort that you have to take when doing things yourself.
Here are the summarized bullet points:
- Despite ads offering free credit repair, you usually have to give something in return when getting the service for free.
- Founder of ASAP Credit Repair initially provided free services to gain testimonials.
- Free credit repair services from ASAP Credit Repair is offered, but only one round of service is free, and clients still have to pay for enrolment and service fees.
- Do-it-yourself (DIY) credit repair methods are free but require time, effort, and patience to complete the necessary steps.
- Alternatively, one can approach a credit repair service or company near them to help repair their credit, at the cost of $400-$600 onaverage per customer.
How to Fix My Credit Score for Free?
Fixing your credit score on your own is a simple process that may require a considerable amount of time. However, it is easier than most people assume. Under no circumstances should you ever dispute your credit reports online because it waives your legal right to dispute your report more than once within a year. In addition, the online dispute process is obsolete and ineffective, resulting in poor outcomes.In my opinion, the process of repairing your credit score is a 70/30 one. That implies that 70% of your time will be spent researching and analyzing your credit reports, while the remaining 30% will be utilized to draft your credit disputes. To simplify and summarize the entire procedure, we have compiled a checklist of things you should do to fix your credit score on your own for free:
1. Obtain your credit reports online.It is highly recommended that you use a credit report provider like Identity IQ, which provides the most comprehensive data to assist you in locating all the conceivable mistakes on your credit report.
2. Fully grasp what disputing entails.You should be familiar with two laws that safeguard you as a consumer and outline the guidelines for disputing your credit report, namely, the Fairy Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). You don't have to read them; instead, you need to understand your legal rights.
3. Draft your dispute letter.Ignore any advice from charlatans online. Composing a dispute letter is easy via Google Docs or pen and paper. Obtain the Credit Reporting Agencies Addresses (Equifax, Experian, and Transunion) from Google and record the Creditor's Address at the bottom of the credit report. Then, in the letter, provide your name, address, date of birth, and the last four digits of your social security number. Identify the account name and account number you wish to dispute. Finally, compose the body of the paragraph, which should be straightforward, requesting that the account be validated by supplying proof of the account's authorization, such as a Credit Application, ledger balance history that shows all payments made on the account with dates and times, and all monthly billing statements provided to me since the opening of the account. Sign the letter to conclude it.
4. Wait for 30 days.If they fail to supply the requested documents by mail, send a second dispute letter via certified mail stating that you did not receive the requested documents and that you want the account deleted (if it is a charge-off or collection) or the late payment history removed (if it is an account with late payments).
5. Repeat the procedure if necessary.Continue repeating this last step as many times as necessary until you receive the resolution that you seek. If you become stuck, it is highly recommended that you contact a reliable credit repair firm like ASAP Credit Repair.
Remember to keep the disputes you draft simple and straightforward while composing them. You may look for dispute template letters on Google to see what a structure looks like but never use any online template letters.
Exploring Free Credit Repair Software
As a beginner in the credit repair industry, my priority was to find a tool that would help me create effective dispute letters, streamline the customer experience, and save time. Fortunately, Credit Repair Cloud Software was built to cater to credit repair companies and clients alike. Hence, individuals can also use the software, and there is a free 30-day trial period where users can explore the software's features, generate their very first dispute letter, and benefit from the vast information on credit repair available. Credit Repair Cloud boasts of several dispute letters and tactics, dispute reasons useful in customizing dispute responses to the accounts' actual conditions. However, using the free trial version would only have access to the software's 1st round dispute letters. Thus, to complete the credit repair process, users would need to create their future round letters or pay to upgrade to a higher version. Additionally, there are other credit repair software options available in the market with varying features and price ranges. Users can explore these options and decide what suits them best. Who knows, after successfully using the tool, they can establish a reliable Credit Repair Business to help others too!
Here are the key takeaways:
1. Credit Repair Cloud Software offers a free 30-day trial period where users can explore its features.2. Credit Repair Cloud has several dispute letters, tactics, and dispute reasons available for users' benefit.3. The free version of the software is limited to the 1st round of dispute letters.4. Users would need to create their future round letters or pay to upgrade to complete the credit repair process.5. There are several other credit repair software options to explore.6. Using the knowledge gained, they can establish a Credit Repair Business and help others fix their credit.
Obtaining Your Credit Report for Free Credit Repair
When it comes to repairing your credit for free, having copies of your credit reports from all three major bureaus- Equifax, Experian, and TransUnion- is essential. If you are just starting, it is recommended to keep things simple and dispute with only one credit bureau initially. Accessing your credit reports will allow you to pinpoint derogatory accounts that you need to address in your disputes. However, it's important to know which credit report to use since not all are equally effective.The Fair Isaac Corporation (FICO) report is commonly used by lenders to evaluate a credit application, but it's costly to access. Therefore, it's not recommended to obtain this report until the end of the credit repair process. Instead, you should obtain the best Vantage score report, which gives you the same information as a FICO report but at a much lower cost.When it comes to selecting a credit report to use for repairing your credit, IdentityIQ stands out as the most effective option. Although the data feed that provides information for this report is similar to other Vantage Scoring Reports, IdentityIQ offers more data, making it easier for you to identify errors in your credit reports. While it's not mandatory to use IdentityIQ, accessing all three credit reports from a reliable credit monitoring site is essential. It is worth noting that according to client feedback, results were higher when using IdentityIQ reports compared to other traditional sites.
In summary:
- Obtain copies of all three credit reports from Equifax, Experian, and TransUnion
- Dispute with one credit reporting agency initially
- Determine which credit report to use and obtain the best Vantage score report, such as IdentityIQ
- Accessing all three credit reports from a reliable credit monitoring site is essential for optimal results.
The Importance of Credit Repair in Improving Your Credit Score
The brief response is yes, but it is crucial to acknowledge that credit repair is only one approach to enhancing your credit scores. Concurrently, it is vital to manage and maintain strong, established credit, as well as a strong payment history for your credit scores to continue to progress. You cannot undervalue that credit repair is not a comprehensive remedy for your credit issues because unless the account is incorrect or has erroneous reporting, it's challenging to get an accurate account eliminated from your credit report.So, in what way does credit repair increase your credit score?
1. Eradicating negative payment history or adverse accounts can often improve your credit score.
2. However, it's also critical to have positive revolving and installment accounts reporting, or your credit score increase may be minimal.
3. Maintaining an excellent payment history on your active account is one of the essential elements of sustaining great credit.
4. If you require to establish credit, it is advisable to begin with a secured credit card that could assist you in building your credit rapidly.
In conclusion, credit repair could be an effective tool in enhancing your credit score, but affording established credit, making timely payments, and keeping your credit card balances minimal at all times are crucial to make sure credit repair works most efficiently for your credit scores.
To Wrap it up
In my 15 years in the industry, I have witnessed numerous situations where people do not know how to initiate the credit repair process. This lack of initiative results in them spending more money on paid interest. To avoid this, I recommend taking the following steps:Initiate the process by either learning about credit repair or hiring a credit repair company.Do not become complacent or procrastinate.Taking the initiative today to repair your credit can save you thousands of dollars in paid interest over the next few years.If you are struggling with where to start or whom to hire, check out ASAP Credit Repair for a free consultation and evaluation. Our team specializes in helping clients repair and restore their credit fast.