- 1 Best Credit Repair Companies of 2020
- 1.1 Which credit repair company is the best?
- 1.2 5 Top Credit Repair Companies
- 1.3 Does credit repair really make a difference?
- 1.4 Is credit repair a good decision?
- 1.5 How do these credit repair services repair your credit?
- 1.6 Credit repair organizations usually work like this:
- 1.7 Are these credit repair services worth the cost?
- 1.8 Frequently Asked Questions
Which credit repair company is the best?
If you’re looking to repair your credit score then you’ve come to the right place. Everyone would like to have a good credit score, but life doesn’t always pan out the way we like it to. In current turbulent economic times, it would not come across as a surprise for many families to knuckle down with a bad credit score, which is one problem that everyone can do without at the moment. A poor or bad credit rating will not reflect well on your financial well-being, resulting in rejections of loan applications and higher interest rates, among others. This is where we come in, bridging the gap between those who would like to fix their credit ratings as well as the appropriate credit repair companies who will get the job done well.
That is why more and more people turn to credit repair services looking for a solution and an improvement in their FICO scores. Credit restoration agencies can help fix credit rates by removing negative items from a client’s report. That includes late payments, repossessions, foreclosures, and more. Finding a reliable and effective credit repair organization can seem like a difficult task. It is hard to pick one firm with so many of them available on the market.
That is why we did the research and the reviews of the top credit repair companies. Our goal was to find out which company had the best customer service and the highest satisfaction rate. We used a number of different factors to analyze each company in areas such as the average number of negative items removed, client satisfaction rate, price, and speed of result to provide our credit repair services reviews.
These are the top five companies of 2020 and a short overview of each.
5 Top Credit Repair Companies
Sky Blue Credit Repair (Our #1 Pick)
Lexington Law Firm
The Credit People
Pyramid Credit Repair
Does credit repair really make a difference?
Many people think that credit repair is a fraud (see Credit Repair Scams) before they start to understand how these services work. We did very detailed reviews on the most popular companies and our conclusion is that these services do work. Or course, not all companies are on the same level. They even use different approaches to the problem.
For example, Lexington Law says that they remove 10 negative items from their client’s credit reports each month, while others remove more or less. Some companies offer a money-back guarantee if clients are not happy with the results, while others don’t. Most of the companies do not charge for case evaluation, meaning that they will first look at your case and advise you before you pay.
There are lots of options on the market because the companies have to compete. You should choose the one that fits your financial capabilities and the results you want to get in the end.
Is credit repair a good decision?
While there are obviously far more important decisions to make in life such as who to marry, where to stay, and which vocation one ought to take up, repairing one’s credit is also a smart and important financial move. With hindsight it might even be one of the financial decisions which one can ever make in life. We ensure that our dealings are simple and transparent enough to furnish our clients with an array of choices to end up with a healthier credit score at the end of the day. It must be stressed that our business model relies on the client’s decision in repairing their credit without being biased in the choice of company or disseminated information, hence helping them.
Our proud track record shows that clients normally enjoy at least 20% or more savings through comparison shopping on our site, which is a true win-win situation for everyone involved.
How do these credit repair services repair your credit?
The million dollar question (for some) would be “How does a credit repair company work?” Note that many of our clients have already tried out different ways over time to improve their situation but have not managed to do so, turning to us eventually. Hence, financial resources are even more scarce now and they are unable to make any more financial mistakes that could deteriorate the situation further. We want to assure our clients on what they will benefit from upon hiring one of the reputable credit repair agencies available.
This is how credit repair companies work: they ensure that any kind of negative items which can be removed from a credit report will be done. Some of these items that do not tilt in one’s favor include late payments, repossessions, foreclosures, and liens, among others. We understand that we cannot work magic for all cases, since there are still regulatory guidelines and rules of the game that need to be adhered to. However, we are well versed with the different situations where a certain credit repair service is able to help one out and get our clients out of a financial rut.
Before you decide to hire one of these credit repair companies, it would be wise to know what will you get for the money you pay. Companies that are good have to be upfront and tell you exactly what can they do with your particular case. The best companies will get rid of negative items from your report and improve your overall FICO score. That will help you buy a car, a home, insurance and a mortgage much easier.
Effective credit repair
Legitimate credit repair services will work should there be any kind of legitimate errors found in a credit report. Basically, any kind of credit repair firm will work to ensure that whatever errors which can be removed from a credit report will be removed. Not everyone is well versed with financial terms and lingo, and hence, errors will creep in eventually. Such errors could be as simple as personal information mistakes or errors in reporting from lenders. Since a sizable amount might cause a dent in your credit, those who feel that their credit reports contain such errors would definitely do well to appoint a credit repair company to pinpoint of such mistakes.
From legitimate errors, we move on to unverifiable errors. If there is one particular thing that everyone needs to know about their credit report, it would be this: every single credit report needs to have details that can be verified. For instance, assuming a negative item which has been listed on a credit report from a lender who was eventually bought over or went bankrupt would normally receive a call from credit bureaus for verification purposes. Should they receive no answer, then it has no place whatsoever in a credit report. Such a loophole is often overlooked by many, and credit repair services take advantage of it in order to raise the credit rating of their client.
Should our clients lenders want to cooperate with credit repair agencies, then bringing further negotiation to the table might work in our client’s favor with regard to their final score. However, this is by no means a hard and fast rule as certain lenders are not willing to work this way. A credit repair service is not some sort of magical panacea that will see a top notch credit score at the end of the day, but the chances of ending up with a higher score are greatly increased with the right service provider.
We have an unbiased outlook
We pride ourselves in being an unbiased credit repair matchmaker. With that in mind, we maintain a high level of independence between credit repair shoppers as well as credit repair service providers. A matching analogy would be how Airbnb brings together property owners with some living space to rent out to adventure-seeking travelers. As we do not take the step to repair our client’s credit ratings on our own, this removes all forms of biases when it comes to recommending a credit repair service provider that has the ability and expertise which best suits our client’s current situation. When we deal with our clients, we do not apply any of the sales pressure tactics nor do we rely on affiliate commission through a seemingly infinite number of listings that one has to go through before clicking it. We believe that this will help build up a level of trust between us and our clients. Fast credit repair services are dime a dozen out there, and not all of them are reliable, some operating on a fly-by-night basis. Three main factors that we are constantly on a lookout for would be reputation, longevity, and of course, a money-back guarantee clause for our clients. Having said that, it would be best to stay away from anyone or an organization that is able to promise an instant turnaround in a credit score that is down in the doldrums. Finding legitimate companies is not an easy task and these are more often than not scams which masquerade as a legitimate operation in hopes of ripping off the gullible and desperate.
We have a unique business model
One of our strengths would be our special business model that is very different from what the rest of the credit repair industry practice. We will not obtain a single penny from our clients until they pick companies that they would like to engage with. We believe that such levels of transparency will further increase our reputation for honest dealings, and it pushes our main focus right to the forefront for any client: to enable the search for a credit repair service provider to be as painless and effortless as possible.
Danger signs to take note of
Just because one might be in rather dire financial straits, this does not mean throwing common sense out of the window. Just like any other sales pitch out there — if it is too good to be true, it probably is. Some possible danger signs that we recommend people to avoid include:-
- Being insistent on paying the service fees upfront even before a single minute of work is done. The law dictates that the credit repair companies do not have the authority to force anyone to cough up money before the services promised have been completed and duly delivered to the client’s satisfaction.
- Credit repair companies that do not inform their clients of their legal rights, as well as the means of action that clients are able to take personally without having to incur additional charges in terms of service fees. For instance, anyone is able to obtain a free copy of their credit report should credit be denied them within the past 60 days. This rule also extends to the denial of insurance or employment within a similar time period. Any mistakes or out-of-date details can be fixed in the credit report for free upon request.
- A claim that every single negative entry in the credit file can be removed. This is impossible to achieve if the credit report in question is already accurate and updated, as the credit bureau does not entertain such an option. However, inaccurate information is always open for dispute to be corrected without the assistance or service from a third party.
- Suggestions of starting from a clean slate with a “new” credit report through the application for an Employer Identification Number as opposed to one’s Social Security Number. This is illegal as it involves the creation of a new credit identity, and would lead to an even greater degree of trouble with the law later on.
- No written contract is provided for the client. All contracts ought to be furnished with essential details such as the company’s contact details, a full description of services on offer, a detailed list of services provided, the amount of time before the completion of the assignment, as well as final bill.
- “Free credit repair services”. Nothing screams fraud more than a company promoting their services for free or offering a cheap ‘credit fix’ or ‘credit help’. The best credit repair services are not usually the cheapest and are never free.
The rule of law is this: any credit repair company is unable to carry out its duties until the client signs a written contract with a three day cooling off period without being tied down or pressured to pay the fees involved.
Credit repair organizations usually work like this:
Are these credit repair services worth the cost?
The prices depend on the company you choose to work with and they are general between $59.95 and $99.95 on a monthly basis. The good thing is that long-term contracts are not available with services like these and that means that clients can cancel the services at any given time without a penalty. Some companies even offer a money back guarantee if the client is not happy with the results.
Their expertise will take care of as many negative items on your credit report as possible, and you will notice a considerable change in a matter of a couple of months. Reach out to these companies and fix your credit rates once and for all.