Frequently Asked Questions About Credit Repair & Credit Repair Companies
Is credit repair legal?
Not only is credit repair legal, it’s also your right under the following federal laws:
- Fair Credit Reporting Act
- Fair Credit Billing Act
- Truth in Lending Act
- Fair Debt Collection Practices Act
Collectively, these laws allow you ask the credit bureaus to remove any inaccurate or unverifiable items on your credit report. There are a lot of different ways you can repair your credit, which is why it can be helpful to get a credit repair company to help. They understand the inner workings of the law and can use that knowledge to your benefit and get you credit back on track.
Can I repair my credit by myself?
Yes, you can repair your credit on your own; in fact, we recommend it. While credit repair companies can be quick and efficient in the process, you actually have the ability to do everything they do. The best way to begin is to start learning the laws mentioned above.
You may discover, however, that repairing your credit is a lengthy, time-consuming process. Even after learning the relevant consumer credit laws, you still have to make phone calls, write letters, document your communication, and follow-up with the credit bureaus and creditors. A credit repair company, on the other hand, leverages years of experience to get the job done quickly.
Can negative items really be removed from my credit report?
Yes, there’s a good chance that negative items really can be removed from your credit report. In fact, it happens thousands of times every day. Even major items like bankruptcies and foreclosures have the potential to be erased.
My credit is awful. Can credit repair really help me?
Credit repair sometimes works best for people with bad credit because your score has nowhere to go but up. In fact, you’ll probably see a noticeable difference in your credit score with just one or two negative items removed. Credit repair does take time, however, so it’s best to get started as soon as possible. Try giving one of our top-rated companies a call to find out how they can help you.
Can I dispute my credit report online?
You certainly can open a dispute online, but we don’t recommend it. While convenient, it’s the least effective option for trying to remove negative items. There’s no paper trail for you to refer to and it’s easy to get lost in the shuffle. We advise disputing through written letters with a return receipt.
Do credit repair companies really work?
Yes, reputable credit repair companies truly do provide positive results for customers. But not all credit repair companies are created equal. There have been plenty of scams out there that take advantage of people with bad credit. Many have been sued and closed by the FTC. But it’s still smart to do your research to choose one of the best to help you with your credit repair. We only review the most reputable companies so that you know exactly what to expect when hiring a credit repair service.
So how do credit repair companies get a bad reputation? Your creditors and even the credit bureaus want to avoid disputes at all costs. It takes time, effort, and money, and giving you a higher credit score earns lenders less money in interest the next time you go to get a loan. But it’s your right under the FCRA to hire a credit repair company so that you have an expert on your side.
Why use a credit repair agency?
Having bad credit follows you through all areas of your life. It can prevent you from getting a credit card, mortgage, or car loan; and if you do qualify, you’ll likely pay some of the highest interest rates. But bad credit doesn’t just affect your financial life. Even landlords, employers, insurance companies, and cell phone carriers check your credit report to get a sense of how trustworthy you are.
But repairing your credit on your own takes time — and a lot of it. Not only do you have to learn the entire process of credit repair, you also have to actually do it. That can take hours spread out over months. Plus, consumer dispute success rates are much lower compared to professionals.
You might even cause more damage to your score when you try to repair your own credit. You could also inadvertently re-open a statute of limitations on a collection, depending on where you live. Using a credit repair company lessens the chance of failure because they have truly seen it all. Plus, the ones we recommend all employ a staff full of lawyers and paralegals who understand consumer credit law inside and out. Their success rates are phenomenal; since 2015, Lexington Law has removed over 7.5 million items on behalf of clients.
Paying for a credit repair company is an investment in your future and can save you loads of money in the long run by having access to credit at affordable interest rates. Find the best one by reading our review pages.
How do I choose a credit repair company?
You definitely need to perform your due diligence when picking a credit repair company. Finding the right one can mean significantly improving your credit score while picking the wrong one could likely result in wasted time and money and no change to your credit score. To put it into perspective, you can expect to spend between $300 and $500 on your credit repair over the course of a year. If the company is making any progress on your report, you’ll have lost all that money and time.
The biggest factor to consider when evaluating credit repair companies is how trustworthy they are. You definitely don’t want to get scammed so it’s important to choose a company with a strong reputation for success. Take a look at customer reviews as well as how long the company has been in business. All of this information should give you a pretty clear idea of what sort of service you’ll receive.
Every credit repair company listed on our website meets a plethora of minimum standards. Each one has been in business for a long time and regularly satisfies customers. If more than one pops out at you from the list, get a free consultation from a few different companies. Then you can see what kind of plan they recommend for your personal situation and pick the one that sounds best.
How long does credit repair take?
There’s no straightforward answer to this because the amount of time for credit repair depends on so many different factors. Your credit situation, strategy, and financial goals all play a part in the amount of time you’ll need to wait for a full credit recovery.
What negative items can be removed from my credit report?
You can challenge any negative credit listing that is deemed inaccurate, misleading, incomplete, or questionable. You can also have something removed if it is unverifiable or untimely. Specifically, you can target late payments, credit inquiries, collections, charge-offs, bankruptcies, foreclosures, tax liens, repossessions, judgments or any personal information.
Can I cancel with a credit repair company at any time?
Of course. Part of our criteria for listing a credit repair company on this website is that you are able to cancel whenever you want. We recommend that you cancel your plan once you hit your target credit score that you’ve decided for yourself.
Are there any guarantees?
The majority of our recommended credit repair services offer some sort of guarantee, though a few don’t. Read each review fully to get a sense of what to expect from each one, then call to confirm that they provide a money back guarantee based on results.
How can I start repairing my credit?
The fastest way to get started is to read through our credit repair company reviews. Once you understand the services each one offers, you can choose the best one for you. When you’re ready, you can call or fill out a form online to start the credit repair process.
Have more questions?
Feel free to contact us with any questions we haven’t already answered. We’ll get back to you as soon as possible.
If you have specific questions about your credit report, you can get in touch with one of the credit repair companies we’ve listed. They’ll give you a free credit consultation and answer those questions that are related to your personal situation.