Best Credit Help Companies Based on In-Depth Reviews
- 200+Hours of research
- 44+Sources used
- 22Companies vetted
- 4Features reviewed
- 5Top
Picks
- Failing to make payments on time will result in a poor credit score.
- Mistakes in credit reports lower scores. Studies show that 5% of reports have errors in them.
- No credit help company can guarantee results.
- Credit help is a process that requires patience. Don’t expect things to be fixed overnight.
How we analyzed the best Credit Help Companies
Our Top Picks: Credit Help Services Reviews
This site does not include all companies or all available offers. Companies listed below are listed in alphabetical order.
Credit Saint review
Price
Like most credit help companies, Credit Saint offers a free credit evaluation and charges both a first-work startup fee and monthly fees for ongoing service. Restoring your credit takes time and you can expect to pay for several months of service when you engage the company. That's in part because, by law, creditors and credit monitoring bureaus have 45 days to respond to any inquiries or disputes you may file with them.
Credit Saint has three different service levels. It Polish plan has a first-work fee of $99 and a monthly fee of $79.99. Credit Saint will work on five negative items per 45-day cycle under the Polish plan. The company's Remodel plan costs $99 to begin work and $99.99 per month thereafter. Ten items are included with that plan. Credit Saint's most aggressive plan, Clean Slate, starts up with a $195 fee and costs $119.99 per month for continuing service. The Clean Slate plan doesn't limit the number of negative items the company will try to mitigate on your behalf. If you have many detrimental remarks on your report, taking this "all-hands-on-deck" approach has the potential to make the credit restoration process speedier for you and, in the long run, potentially less expensive.
Credit Saint stands behind its services with a 90-day money-back guarantee. Customers are also free to cancel their accounts at any time without penalty.
Methods
Credit Saint believes that its core practice of writing customized letters to creditors and credit bureaus on clients' behalf is the most effective way to improve a credit profile. According to the customer service rep we spoke with, the company does not use form letters. Many credit restoration companies are fueled by artificial intelligence nowadays and tout as much, but Credit Saint is more old school. The company will take multiple approaches and try a range of arguments with creditors to help you have each negative mark on your credit report removed. If at first they don't succeed, they try, try again. That's one of the advantages of having qualified credit experts manage credit restoration for you. They often see opportunity where consumers see a brick wall.
It's important to understand that Credit Saint cannot change the amount of legitimate debt you're responsible for and does not negotiate to have your debt reduced or set up payment plans for you. But debt and damage are two different things. Credit Saint works on stemming the damage done when customers don't manage their credit well. Most legitimate negative remarks can't be removed from your credit report—it's up to consumers to improve their credit habits and, over time, derogatory marks do fall off your credit report. But the company does report that it is occasionally successful at having collections removed from reports when extenuating circumstances exist.
Results
According to the Credit Saint consultant we spoke with, 90% of customers see positive results within 45 to 90 days of signing on for credit restoration services. That's an impressive record since, as we mentioned, credit restoration is a slow process. We would be remiss, however, if we didn't mention that consumers can often raise their credit scores significantly simply by bringing all of their credit accounts up to date, even by making minimum payments. There are other DIY credit restoration tactics you can undertake on your own, including closing unused accounts, consolidating debts and reducing your number of creditors, establishing a clean record with a new pre-paid credit card, and more. Free credit counseling is available from various resources like the National Foundation for Credit Counseling.
Credit Saint Summed Up
Credit Saint has been in business for 17 years and is often named as one of the top credit help companies in the US. The company currently earns an A- rating from the Better Business Bureau: most companies in this category are not so well regarded by the BBB or other consumer protection organizations. Consumers on Trustpilot give Credit Saint 3 out of 5 stars, but the company is diligent about responding to negative reviews. We found Credit Saint's customer service representatives to be knowledgeable, helpful, and forthright. They didn't overpromise, which is a common practice among less reputable firms. Overall, if you're in credit trouble and need help finding your way out of it, Credit Saint is definitely worth a call.
Lexington Law review
Since 2004, Lexington Law Firm clients have seen over 83 million items removed from their credit reports.
Lexington Law offers an exclusive offer to ConsumersAdvocate.org readers': $119.95 per month. Clients enjoy the flexibility of month-to-month contracts and can cancel anytime without penalties. The firm offers a comprehensive range of services under one monthly fee, including communication with credit bureaus, verification requests, unlimited disputes on questionable credit items, monthly TransUnion FICO score updates and cease and desist creditor interventions available. Moreover, clients benefit from features such as creditor intervention for late payments, credit monitoring, and identity theft insurance with one level of service.
Online registrations is available, ensuring convenience for clients. Additionally, the firm is compliant with the Credit Repair Organization Act, registered with Attorney General Offices, and bonded for added consumer protection.
Ovation Credit Services review
Using educational tools and a one-on-one customer service approach, Ovation strives to tackle credit assistance hands on. As part of the LendingTree family of companies, Ovation enjoys favorable industry standing with a commitment to excellence.
Services
Before even signing up, customers can fill out an online form so one of Ovation’s credit analysts can contact them to go over their credit report and answer any questions that might arise. After this free consultation, customer can choose from the two levels of credit repair that Ovation offers.
- The Essentials Plan includes personalized credit dispute options, an assigned case advisor that will guide you step-by-step, and general management tools.
- The more extensive Essentials Plus Plan includes everything the previous plan offers as well as unlimited dispute and goodwill letters to creditors, credit monitoring through TransUnion, and a personalized recommendation letter from Ovation for any potential future lenders.
Aside from these credit assistance plans, Ovation offers a credit monitoring service which can be added on to your existing plan or simply purchased separately without any of the assistance plans.
Ovation’s credit professionals can successfully resolve errors and questionable items on a customer’s credit report, including inquiries, late payments, collections, charge-offs, or foreclosures, among others.
Pricing
Pricing with Ovation is straightforward. Both plans have a one-time $89 initial work fee. Its monthly fees will depend on the plan chosen: After you've paid the initial work fee, you can pay by the month and cancel at any time. Depending on the plan you select, ongoing service is priced between $49 and $109 monthly.
What really sets Ovation apart from other credit help services is its wide variety of discounts. These include:
- The Competitive Upgrade - a $50 credit if you are currently working (within the last 12 months) with another credit assistance company and switch to Ovation.
- Tell a Friend - customers can receive a $30 credit for every friend they refer to the service, and $50 for every couple referred.
- Couples Discount - a 20% discount on any pairing of two individuals using the service.
- Military Discount - a 10% discount available for all retired or active duty personnel.
- Senior Discount - 10% off for all clients 65 years and older.
Ovation offers a no-risk refund policy, which means that if the company fails to provide any agreed-upon service during a specific month, you can request a refund of that month’s fee. Customers can also cancel their service anytime without penalty.
User Experience
The company’s website is loaded with educational material on all kinds of financial topics, not just credit assistance. There are tons of articles related to building credit, managing debt, and understanding credit scores, as well as explainers on topics such as bankruptcy, home buying, credit cards, and much more.
Customers can contact service members via phone or email, with a streamlined, user-friendly, and personalized dashboard to review your case.
Ovation is an accredited business with the BBB, carrying an A+ rating with them. It also scores an excellent 4.4 out of 5 on TrustPilot, with 90% favorable reviews.
Pyramid Credit Help review
Headquartered in New York, Pyramid Credit Repair has been offering credit assistance services to people all across the country for over 10 years.
Services
Pyramid Credit Repair’s process to help customers fix their credit contains three steps.
- First, potential customers contact the company to schedule a personalized assessment of their credit situation. This free assessment focuses on what the problem areas are and what Pyramid can do to help.
- Second, if you decide to enter into agreement with the company, you get assigned a dispute manager that will guide you through the credit help process. You both come up with and design a customized plan to tackle the problem in the least amount of time possible.
- Finally, you put the plan into action, where your assigned credit expert can scrutinize and challenge any misrepresentations and get your credit back on track.
Customers should remember that every financial situation is different and can take different paths towards resolution. Some may take longer than others. The purpose of credit help companies such as Pyramid is to assist the customer towards a successful conclusion in as quick a time as possible.
Pricing
Pyramid offers three different plans, each providing the company’s credit assistance services for one flat, monthly fee.
- The Singles Plan is the most basic, offering Pyramid’s services to individuals for $99 each month.
- The Couples plan offers the same personalized service but for two individuals, at a monthly cost of $198.
- The 24/7 Protection plan is offered by IdentityIQ and it monitors the three major credit scores and reports as well as “dark web” monitoring. It also offers identity theft insurance for up to $25,000. The service costs $29.99 per month.
Pyramid’s plans are flexible, allowing customers to pause, resume, or cancel service at any time. There are no contracts.
Veterans and active duty personnel receive a 20% discount each month, while teachers receive 15% off per month.
User Experience
Although Pyramid’s website doesn’t include any type of educational material, it does offer 24/7 phone assistance. Furthermore, your assigned credit expert will be available to answer any question via the online portal, email, phone, or even text message.
Safeport Law review
Founded in 2022 and headquartered in Lagrange, Georgia, Safeport Law is a network of attorneys that helps consumers enhance their credit scores and profiles. The company's primary focus lies in collaborating with clients, creditors, and credit bureaus to rectify inaccuracies present in their credit reports. Safeport Law's services entail identifying and eliminating erroneous negative remarks from clients' credit profiles, facilitated by credit experts backed by specialized attorneys in credit relief.
Safeport Law's credit help services start with a complimentary consultation, followed by collaborative efforts to pinpoint detrimental remarks affecting clients' credit scores. Subsequently, the company engages in thorough credit score analysis and communicates with creditors to rectify inaccuracies. Should cooperation from creditors be lacking, Safeport Law escalates the matter by challenging negative remarks with major credit bureaus on behalf of its clients, emphasizing the importance of providing evidence to dispute accurate negative remarks.
For a monthly fee of $99, Safeport Law offers its credit repair services, with a 90-day money-back guarantee if unsuccessful in removing negative remarks after three months. While the company's accreditation by the Better Business Bureau attests to its reliability, concerns regarding the transparency of its credit specialists' credentials warrant attention.
Sky Blue review
Since 1989, Florida-based Sky Blue has delivered credit bureau dispute services to members who wish to enjoy a transparent and user-friendly experience.
Services
The company offers a wide variety of credit help services. They include:
- Pro Analysis, which goes beyond the easy to identify errors and searches for hard-to-spot issues that could potentially hurt your credit scores.
- Faster Disputes, which send up to 15 items (5 per bureau) in 35-day cycles, as opposed to most other credit help companies that take 45 to 60 days.
- Custom Disputes, which tailors each dispute to your specific situation, improving its effectiveness.
- Statute of Limitation (SOL) Research, which analyzes collections to determine the best course of action and whether or not it is wise to dispute them.
- Score Assistance, which identifies specific actions that can be taken to optimize your credit profile.
- Credit Rebuilding, which provides guidance to open new credit cards and maintain balances to reach ideal score benefits.
- Extra Services, which include debt validation, goodwill letters, cease and desist letters, debt settlement, and negotiation consultations, as needed.
Pricing
Sky Blue’s commitment to transparency is a feature not seen on most credit help services. For one fixed monthly fee of $79, individuals can receive all their services with no need to upgrade if you need additional assistance. A couples plan that offers the same services is also available for $119. The company does not charge you for the first six days, essentially giving you a trial period in which you can cancel anytime without having to pay.
A significant feature of Sky Blue is its 90-day guarantee. If you are not satisfied with the service provided during the first 90 days of membership, you can request a complete refund. Customers can also pause their memberships temporarily if they need to take a break from the monthly fee, and activate it again to continue with the service.
User Experience
Sky Blue is also pretty transparent in terms of its services and understands that customers may have questions regarding the credit assistance process. To that end, their customer service available over the phone during regular business hours as well as an online support center. If you can’t find the answer to your question by browsing their extensive FAQ section, you can contact them directly and they will respond via email.
Sky Blue’s employees do not work on commission, which means that their answers to your questions are not driven by sales tactics but by looking at your credit situation and finding the right solutions to assist you with it.
The Credit People review
Headquartered in Utah, The Credit People has been assisting customers get their credit in order using With over 15 years of experience, the company tailors its credit help services to each customer’s specific needs,
Services
The Credit People offer credit assistance services on par with industry standards. These include:
- Free credit reports and scores from the three major credit reporting agencies
- Score-driven results
- Unlimited disputes
- Communication with creditors
- Debt validation
- Inquiry validation
- Additional help beyond the credit reports
- 24/7 access to your account, so you can monitor your case
Customers can also benefit from The Credit People’s free credit consultation offer, wherein the customer fills out an online form and receives a call from a credit professional to go over their case.
Pricing
The Credit People’s service plans come in two pricing tiers:
- The Monthly Membership, which costs $99 month-by-month. The plan also requires a one-time $19 first work fee for the first month.
- The Flat Rate Membership, which costs $419 for a six-month plan. Signing up for this plan nets a savings of $74 over monthly fee.
The company prides itself on its satisfaction guarantee. Monthly subscribers can cancel anytime, without being charged the month of service. Customers enrolled in the Flat Rate Membership have a full six-month satisfaction guarantee.
The company offers a $20 discount for spouses that sign up for the same service.
User Experience
The Credit People’s website offers limited educational material and it doesn’t provide much in the way of product information. Nonetheless, once subscribed to the service, customers can login to their personalized dashboard to monitor the actions, progress, and results of their credit restoration journey. Users also have access to all credit scores and reports.
Customer service is available over the phone and via email.
The Credit Pros review
Founded in 2009, The Credit Pros operates as a financial technology firm headquartered in New Jersey, dedicated to aiding individuals grappling with credit-related challenges. The Credit Pros prioritizes the identification of problematic elements within clients' credit reports, offering advisory services and educational resources to enhance their understanding of their credit standing. Clients can initiate the process online by requesting a free consultation, available in English or Spanish. Subsequently, a specialist contacts them at the appointed time to delve into their case intricately.
The Credit Pros offers four distinct credit help plans, ranging from CreditSentry Monitoring at $19 per month to the Success Package at $149 per month. These plans include consultations with certified FICO professionals, issuance of dispute letters, debt validation and goodwill correspondence to creditors, as well as cease and desist letters to collection agencies. Clients retain the flexibility to cancel their service at any time without incurring penalties.
Customers can access support services by contacting the company during regular business hours or submitting inquiries via email. The Credit Pros maintains accreditation with a B+ rating on the BBB and a favorable Trustpilot score of 4.5 out of 5, underscoring its reliability and customer satisfaction.
More insight into our methodology
Price
All credit help companies offer a wide range of packages, suited to any consumer’s particular needs. Since you’re going to invest your hard-earned dollars, we encourage you to consider every aspect of these plans before signing on. While some companies only charge when results come in, most of them have a monthly fee system in place.
There’s a popular notion among consumers that credit help can be expensive. The important question to ask yourself is how badly do you need it? Will the price you pay now be an investment in a future where you can save a lot more?
Turnaround
Things move slowly in credit help. A letter is sent to the credit bureaus to dispute any inaccurate items on your report. Once the letter is received, they have 30 days to respond to your dispute. This may be the start of various 30-day waiting periods. One of the complaints most expressed by consumers is the long duration of the process. Naturally, there’s cause for concern when you’re subscribed to a service that bills you every month. But to be fair, credit help does not occur overnight.
“Consumers have expectations that are too high, because they are not aware of how the process works,” one credit expert told us. “Your credit cannot be helped in a few days. I find myself having to carefully explain the process, because some believe that two or three months are enough.”
We cannot stress enough the importance of managing your expectations. No company can make guarantees, they can only promise to work hard on your behalf. Some companies have more success than others, as our research shows. Also, if any negative items on your credit report are timely and accurate, even the best credit help company may not be able to have them removed.
Methods
Every company has different methods for approaching lenders and creditors to improve your credit score. For the most part, a specialist will go over your report carefully, looking for items that may be disputed and/or removed under the Fair Credit Reporting Act. The FCRA is federal legislation that protects consumers from the inclusion of inaccurate information on their credit reports.
While much of the world communicates electronically, the credit help industry still communicates with creditors to a great extent by conventional postal delivery. Typically, a credit help company will send letters to creditors and ask them to affirm the validity of the debt. If the creditor is unable to comply, the item may be removed from your credit history.
In other situations, companies may send goodwill letters to creditors. The goal of these letters is the removal of an uncharacteristic one-time human mistake. Maybe you missed a payment or were late. A goodwill letter will attempt to appeal to the notion that no one is perfect and possibly result in the removal of your misstep.
Your credit score and the number and type of negative marks on your report will determine the kind of credit help service you’ll need. Companies that offer various levels of intervention, high numbers of disputes per month, and credit bureau monitoring were ranked higher.
Results
Many credit help companies boast of great track records. However, many of these claims need to be taken with a grain of salt. Sure, it’s easy to state that you’ve helped “thousands of people,” but what’s your success rate? Where are the percentages?
Do not be swayed by grandiose remarks on a landing page. Dig deeper until you find a company with a proven record of tending to needs similar to your own.
Helpful information about Credit Help Companies
Good Credit Enables You to Make Major Life Purchases
Were you denied a car loan? Having a hard time getting a low interest rate on your mortgage? A healthy credit score is highly beneficial for big purchases. If your bad credit is getting in the way, fixing it can seem like a daunting task. The good news is that there’s a way back from a bad credit report. Sometimes a denial is all the motivation you’ll need to take the next step. As a credit expert pointed out to us, “Most of our clients request credit help service after being denied a loan or a credit card.”
Ninety percent of lenders will take a look at one of your scores as tabulated by the Fair Issac Corporation (FICO) before approving anything. FICO analyzes your consumer credit report from the three major credit reporting bureaus (Experian, Equifax and TransUnion) and assigns you an official score for each.
Sure, there are hundreds of websites offering free credit scores. But the fact remains that many of these use a different scoring model than FICO. This is the reason why the score you get online doesn’t always correspond with the score being used by the lender you may be dealing with.
So, What Exactly Is Credit Help?
Credit help is the process of attempting to remove negative items from a person’s credit history. These removals may result in a better credit score. A company that offers this service will go to bat for you in an effort to improve your credit through proven methods and accepted industry practices.
A credit help company will get your report from the three bureaus to identify negative items and work to have them removed. These items are weighing your score down. The process involves disputing some of these items, sending letters on your behalf and even engaging creditors in conversation to negotiate the removal process.
How Does Credit Help Work?
As negative items are removed from your report, your credit score will begin to increase in time. Credit help is a tedious process that will require patience. In the end, you are investing in a healthy financial future. While you may spend several hundred dollars on a credit help effort, you will save lots more over time with lower interest rates resulting from an improved credit score. Here are some examples of the potential savings you can realize with a better credit history:
Higher FICO Scores = Lower Payments:Monthly Payments for Total Interest Paid Over the Life of a 30-Year Fixed $150,000 Mortgage |
|||
|
FICO Score |
APR |
Monthly Payment |
Total Interest Paid |
|
760-850 |
3.354% |
$661 |
$88,105 |
|
700-759 |
3.576% |
$680 |
$94,781 |
|
680-699 |
3.753% |
$695 |
$100,174 |
|
660-679 |
3.967% |
$713 |
$106,778 |
|
640-659 |
4.397% |
$751 |
$120,315 |
|
620-639 |
4.943% |
$800 |
$138,005 |
The Cash Benefits After Credit Score Improvement:Approximate Savings in Interest Paid Over the Life of a 30-Year Fixed $150,000 Mortgage |
|||||
|
Your old FICO Score |
Improved to 640-659 |
Improved to 660-679 |
Improved to 680-699 |
Improved to 700-759 |
Improved to 760-850 |
|
620-639 |
$17,690 |
$31,227 |
$37,831 |
$43,225 |
$49,901 |
|
640-659 |
X |
$13,537 |
$20,141 |
$25,534 |
$32,211 |
|
660-679 |
X |
X |
$6,604 |
$11,997 |
$18,673 |
|
680-699 |
X |
X |
X |
$5,394 |
$12,070 |
|
700-759 |
X |
X |
X |
X |
$6,676 |
What Credit Help Company Is Right for You?
This all depends on your needs, how much work your credit requires, and of course, your budget. Many companies offer a wide range of packages. Before you decide, consider the following:
- What they offer: Make sure you’re not paying for things you don’t need. When dealing with package deals, it’s easy to get lured into paying for services you will never receive.
- Reputation: Read plenty of reviews, but keep in mind that more comments in the credit help industry are motivated by bad experiences than by good ones. Get insight from reputable online outlets.
- Cancellation policy: Can you cancel at any time? Are there any penalties?
Damage to Your Credit History
How Did Your Score Get So Low?
Were you surprised to learn your credit was in bad shape? You’re not alone. A variety of factors can affect your credit score, causing it to take a dive. Some may be your own fault, while others may be the product of circumstances beyond your control.
Identity Theft
Nearly 60 million Americans have been victims of identity theft, according to an online survey from 2018. We’re all constantly exposed to identify theft and the worst part is you may not even notice you’ve been a victim until much later. By that point, the damage to your credit score is done, debt collectors are calling, and you’re left to pick up the pieces.
Late Payments
Potential lenders will always look at your payment history when reviewing your credit report. Late payments considerably affect your score while telling lenders you pose a risk most are unwilling to take. Something that seems as insignificant as one single late payment can depress your score and remain on your report for seven years.
Opening Too Many Credit Cards
The phone rings and it’s a well-known credit card company offering you thousands of dollars in credit. Sound good? Well, of course it does. They called you, after all. The problem with taking up too much credit at once is that your credit score will likely go down. Just because you can take on more credit, doesn’t mean you should.
Keep in mind that available credit can be good, if you keep your cards at 30% utilization or lower. Using up a lot of your credit, on the other hand, won’t do your score any favors. Further, it’s better to spread your debt out over several different lenders than to max out your credit limit with one while keeping the others near zero. If you have a tendency to rack up debt, a good choice is to limit the number of credit cards you have.
Negative Items
Negative items can be the result of bankruptcies, repossessions, foreclosures, late payments, accounts assigned to collection agencies, among others. If any of them show up on your credit report, your score will be affected. These can stay on your report for years before you realize the damage they’ve done to your credit.
Hard Pull Credit Checks
You can check your credit online and it won’t affect your score. When a creditor runs a check, however, it will certainly affect it. Inquiring yourself is considered a “soft pull.” When a creditor does it with the intention of deciding whether to approve a loan or a line of credit requested by you, this will have an effect on your overall score. This kind of check is called a “hard pull” and will remain on your record for two years.
Clearly, Jane was none too pleased to learn her credit score.
What Are the Unexpected Consequences of Bad Credit?
Higher Insurance Rates
Some insurance rates have a tendency to go up with bad credit. Most notably, auto and home insurance. For example, a driver with a poor credit score may pay an average of 71% more than a driver with good credit. That’s an extra $1,000 a year. Similarly, a homeowner with bad credit will likely pay twice as much in home insurance.
All these numbers may vary from state to state, but the fact remains that once you are seen as a high-risk consumer, your rates will go up to compensate for the risk you represent.
Harm to Job and Housing Prospects
With bad credit, future employment opportunities begin to look scarce. Especially if you’re trying to get a job in finance. Few employers would trust you with money when your credit score reflects so poorly on your ability to properly handle your own finances. Studies indicate that as many as 1 in 10 job seekers have been denied a new position based on a credit check. However, if an employer decides not to hire you based on your financial situation, you have to be informed.
Likewise, if you’re trying to rent a place, your new landlord will likely run a credit check to make an assessment of your financial standing. If your numbers indicate you have bad credit, your rental application could be denied.
Basic Life Achievements in Jeopardy
Leasing a car, cosigning a loan for one of your kids, buying a house…all of these require credit checks. When your numbers don’t look good, your chances of reaching these milestones don’t look good either.
You may still be able to get a loan despite your poor credit, but you’ll have to pay significantly higher interest rates.
One credit help customer we talked to, Alexis Rodríguez, was about to buy his first home in Florida when he encountered a similar situation: “I had an outstanding debt with a cable service provider that I wasn’t even aware of, but it had affected my score. My mortgage was already approved but the monthly payment was very high. So, the realtor suggested I work with a credit help specialist.”
Alexis Rodríguez worked with a credit help specialist.
A Strain on Personal Relations
A 2017 survey determined that over 40% of adults might take a person’s credit score into account before deciding to pursue a relationship with them. When dating a person with bad credit, you may come to see their finances as an indication of deeper troubles.
Should you decide to marry, bad credit will affect your chances of getting a low interest mortgage, among other potential complications. Marriage counselors note that in a solid relationship, each person serves as a kind of "emergency bank" for the other, but if one person has poor credit, this may make it difficult for them to come to the aid of his or her spouse. Also, studies have shown that financial disagreements are the leading cause of divorce.
Bad credit brings along a wide array of troubles that can affect your quality of life. And yet, there are solutions. Read on to see what you can expect from credit help
What to Expect Going Forward With a Credit Help Company
When you’re trying to improve your credit history, you’ll encounter lots of goodwill and a genuine desire to help you overcome financial obstacles and achieve your goals. Still, just like any other industry, the credit help business includes some people who may take advantage of your despair and lack of knowledge. According to one credit help expert, “With the rise in credit help fraud, the biggest challenge facing our industry is earning the trust of consumers.”
We don’t want you to become another sad statistic, so let’s talk about the tools you’ll need to avoid that.
The Dangers of Scams
The Consumer Financial Protection Bureau released a notice in 2016 specifying that more than half of consumers who submitted complaints chose the issue “fraud or scam” to describe their situation.
Like any other business, the credit help industry has its bad actors, so you must always keep an eye out to avoid falling prey to them. Clicking on the wrong link, providing credit card information to an unsafe website, or giving your Social Security number without careful consideration--these may result in identity theft or credit card fraud.
Beware of credit help companies that overpromise. Credit help does not happen overnight. Any organization promising an unrealistic turnaround should be viewed with skepticism. The same goes for companies requesting up-front payments without delivering results, offering a new credit identity, or bogus money-back guarantees without specifying conditions. Some companies even go so far as to promise to remove negative items that are correct. A dispute of this nature cannot be guaranteed and chances of the item being removed are slim at best.
If you’re not sure about a company, don’t sign up with them. Research some more and always be vigilant of potential warning signs. The right choice will be worth the wait.
It should be said, though, that some of the cries of “fraud! scam!” may come from consumers who have unrealistic expectations about the credit help process. A doctor isn’t running a scam if she treats but does not cure you. A lawyer isn’t engaging in fraud if he represents you to the best of his ability but doesn’t get you the justice you think you deserve. In the same way, a credit help specialist isn’t necessarily ripping you off if she makes every legal effort to remove negative items from your credit history but doesn’t succeed. There are NO guarantees in this business, other than the promise that a credit help company will work to the best of its ability. Sometimes that results in an improved FICO score; sometimes it doesn’t. Keep this in mind as you read the consumer comments about a particular credit help company.
Your Rights
With proper information at hand, you can make well-informed decisions concerning Credit Help. There are systems in place to protect you and your interests. Know your rights before you employ the services of any person or company offering to help you with your credit.
One of the safeguards against having a company take advantage of you is the Credit Repair Organizations Act. This law “prohibits deceptive practices by credit repair organizations.” Additionally, the law bars companies from requiring up-front payment, requires all contracts to be in writing, and provides you with certain cancellation rights. If you come across any credit help company not complying with this law, we advise you walk away and consider another organization for your needs.
As stated in the Free Credit Report Act (FCRA), you are entitled to one credit report from each of the three nationwide credit reporting companies every 12 months. Some people request one of the reports every four months in order to have year-round monitoring. To order your reports, visit annualcreditreport.com, the only authorized website for free credit reports.
FAQs about Credit Help Services
Can I fix my credit myself?
Most of the tools are there for the taking and anyone can undertake this task themselves. The problem is, it is a time-consuming and difficult task.
The first thing you’ll want to do is get your complete credit reports from all three credit bureaus and go over them thoroughly in search of errors. The next logical step is to go about disputing these errors. This is where many people give up and employ the services of a credit help company. Why? Companies have many more resources at their disposal and they’re used to dealing with creditors on a regular basis. Consumers, unfortunately, are not.
We asked Bianca D., a credit help customer, if she’d ever attempted to fix her own credit. “Yes, I’ve actually done that,” she said, “It’s really a big headache and it’s not something that’s worth the time and effort. I believe in outsourcing to the experts so things can get done properly.”
Is credit help worth it?
Your credit report paints a picture of your payment behavior. The better your credit, the lower your interest rate, which means you can save hundreds or thousands of dollars over the life of a loan. Credit help companies help you restore your credit by dealing with lenders and credit bureaus on your behalf. While you are able to do the same on your own, having a credit professional on your side makes the process less stressful.
Who are the three credit bureaus?
Keep in mind that not all your credit information is reported to these three bureaus. Furthermore, the most widely-used credit number is your FICO score.
In the event of death, will my family inherit my bad credit?
Will my bad credit affect my spouse’s?
That said, any financial actions that you pursue jointly will reflect on both credit scores. For instance, if you take out a loan, lease a car or buy a house together, these will appear under the payment history for both your names.