Just like dentists, credit repair has an unfortunate reputation that makes people hesitant to deal with it. But with a pulse and persuasive power, anyone can open up a credit repair company, leading to a saturation of options available. Unfortunately, a lot of the scrutiny on the industry is true, especially considering the epidemic of bad credit that is only getting worse. The influx of credit repair companies in recent years means that as a consumer, you need to perform due diligence to prevent being taken advantage of.
As an owner of one of the nation's largest credit repair companies for 15 years, I understand the negativity surrounding our industry. However, as a way to give back, I want to provide transparency and clarity on how credit repair works. I have had the privilege to assist over 20,000 people in changing their lives, and now I want to give you the tools to make the best decision when choosing a credit repair company.
Contents:
How to Find the Best Credit Repair Company in Broken Arrow
Different Types of Credit Repair Companies in Broken Arrow
The Credit Repair Process in Broken Arrow
The Role of Credit Repair in Building Sustainable Credit
Free Credit Repair in Broken Arrow
My Last Piece of Advice...
How to Find the Best Credit Repair Company in Broken Arrow
When it comes to credit repair, finding the right company to trust is crucial. However, it's important to note that there is no one right answer when asked who the best credit repair company is. Nevertheless, there are steps you can take to identify a reliable company. In this article, we'll provide you with a list of things you should do to determine the best credit repair company in Broken Arrow.
Make a List
Start by doing a quick Google search for credit repair companies in the Broken Arrow area. Look for companies with good or acceptable Google review ratings, and which are close to your home. You don't necessarily have to opt for a local company, but if you'd like to have the option of visiting the company's physical office, then consider searching locally.
Reputation
Ensure you only consider companies with a good online presence and reputation. In an industry with lots of fly-by-night companies, it's important to take this step. Look for established companies with websites that have been online for at least three years. Check the website's history by visiting https://archive.org/web/ and entering the website's URL. Make sure the company has plenty of reviews which appear legitimate.
Make the Call
Once you've completed step 2, you should have a shorter and updated list of potential companies. The next step is to pick up the phone and call them. Expect some companies not to answer the phone during business hours, which could be a red flag. When you call, ask for clarification on the following:
A. How long the company has been in business, whether they are licensed and bonded, and if you can see a copy of their bond.
B. Whether the company has a physical office that you can visit.
C. Whether they offer a free consultation.
D. Whether they offer a money-back guarantee.
E. What their fee structure is like. Is there a flat fee for their services, or will you be charged monthly?
F. How long does the average process take?
Asking these questions will enable you to make the best decision for your circumstances. In the next section, we will discuss what factors should determine your choice of the most cost-effective company.
Different Types of Credit Repair Companies in Broken Arrow
In the United States, there are over a million active credit repair and financial service companies to choose from. With so many options, it can be difficult to differentiate between experienced and non-experienced companies. To help you better understand credit repair, we will explain the three different types of credit repair companies in Broken Arrow.
Flat Fee Companies
Flat fee credit repair companies are the best option for those looking for fast results and cost-saving benefits. Only 5% of credit repair companies operate this way. They typically bill you only for the accounts they dispute, and you pay a one-time fee for the service. Flat fee companies are faster because they have an incentive to complete the services quickly. In this process, a credit repair company will look over your credit report to determine if they can help you, and then provide you with a quote. Mortgage companies prefer this type of structure because it allows their clients to get pre-approved faster.
Monthly Fee Companies
Most credit repair companies charge monthly fees and this model is not efficient because most companies never look over your credit report to see if they can help you. Monthly fee companies have no motivation to fix your credit fast because the longer you're on the program, the longer they collect a fee from you. In addition, the credit repair company usually disputes only a few items at a time. This means if you have ten negative accounts, the process will take 6-8 months to get full results.
Pay for Delete Companies
Fewer companies offer this model, but it can be enticing because you only pay for results. Pay for Delete companies put pressure on themselves to perform because they only get paid for the items removed. However, most of these companies charge a lot for each item removed, and it can become very expensive. It's important to ask to see the fee structure and ask the company directly how much it would cost to have all your accounts removed from your credit report.
In conclusion, choosing a flat fee company is the best option, but it's important to do your research and calculations so you can make the best decision for yourself.
The Credit Repair Process in Broken Arrow
The credit repair process can be confusing and misleading, with outdated or misguided advice being widely available. Having worked in the industry for 15 years, I have found that the process is constantly evolving. Moreover, the credit reporting agencies are constantly changing their processes, making it difficult for consumers to dispute effectively. This is why it is important for us to stay up-to-date with the latest regulations and law changes in order to provide the best results to our clients.
When credit repair began to become popular in 2015, many people achieved success by disputing all their negative accounts via “not mine disputesâ€. This forced the credit reporting agencies to delete accounts since consumers claimed they were not theirs. However, this process proved to be short-lived as e-OSCAR was implemented to filter out inaccurate letters. Nowadays, new and unique dispute tactics are required to achieve positive results.
The new effective credit repair process is not a secret and most people are not using it effectively because they’re not aware of the steps. Credit reporting agencies allow consumers to contest the validity of any account on their credit report, which means you can ask that an account be validated. This will ensure that the account is valid and belongs to you. By requesting this validation, you can determine whether there are errors on the account or report. Based on the validation request, you can then use your proof or request that the account be fixed or deleted.
If you want to know what account documentation to ask for, it depends on the original loan that was authorized. You can call the creditor or collection agency and ask what documents are required to authorize a new loan. Alternatively, a quick Google search can provide the relevant information. We will also post a blog with all the necessary documentation for you to request.
The Role of Credit Repair in Building Sustainable Credit
1. What Drives Your Credit Score?
Your personal finances are the force behind your credit score. The millions of Americans with credit issues can attest to this fact. Just like the stock market, your credit score changes based on your financial situation. While credit repair is a useful tool in fixing derogatory accounts, it cannot resolve all credit issues.
2. Focus on Your Personal Finances
While anyone can improve their credit score, sustainable credit requires a close look at your personal finances. In other words, even after a job loss or recession, you can maintain a strong credit position. Without control over your finances, your credit score will fluctuate. Before investing in credit repair, work on paying down revolving credit balances, making timely payments, and minimizing credit card usage. Ensure that your financial obligations are in order, and your credit score will follow.
3. The Vicious Cycle of Credit Repair
Many people fall into the cycle of repeat credit repair clients. The reason behind this is investing money in credit repair without a deep look into the state of personal finances. This strategic error leads to a situation where people are pouring money into fixing their credit situation but not their finances. Ensure your financial deficit is addressed before investing in credit repair. Otherwise, you may end up in a vicious cycle of repairing and then ruining your credit score.
Free Credit Repair in Broken Arrow
Many people wonder if they can fix their credit for free. The answer is yes, you can do it for the cost of paper and a stamp by completing the services on your own. If you're willing to commit 2-4 hours a month disputing your credit report, check out our blog post on "Repair your credit like the pros." However, if you don't want to put in the work or don't have time, consider paying a professional credit repair company. In the early 2000s, we offered free credit repair in exchange for a testimonial or review. If you're interested in doing the same, join "Credit Repair" Facebook groups in Broken Arrow and post a message seeking help. You may get some negative responses, but it's likely you'll find someone willing to provide credit repair services for free in exchange for a positive review.
My Last Piece of Advice...
It’s imperative to conduct extensive research when searching for a reliable company to help permanently fix your credit. This requires reaching out to numerous credit repair companies to ensure that your time and money are well-spent. Additionally, focus on improving your personal finances as it is the fundamental cause of credit issues for most individuals. It's often observed that people discard their salaries to repair their credit and then blame the companies for not delivering results or being involved in fraudulent activities. However, the actual trouble is their poor spending and saving practices, which hinder their capacity to maintain good credit status. Credit repair indeed delivers results; I’ve observed it transforming the lives of more than twenty thousand clients. However, it all depends on you; you need to sort out your finances before repairing your credit becomes an easy, swift, and long-lasting solution. It may appear challenging, but don't lose hope - you can do it!