Much like dentists, credit repair has garnered a less-than-favorable reputation. People don't like the idea of someone meddling with their finances and often dread having to deal with credit repair. Unfortunately, the ease with which individuals can start a credit repair company has led to a saturation of the market, with such companies appearing on virtually every street corner.On top of this, credit repair companies have long been under fire for unethical practices. With bad credit becoming an increasingly widespread issue, consumers have more options than ever when it comes to credit repair - but this also means that they must take great care in selecting a reputable company to work with.As someone who has been in the credit repair industry for 15 years and owns one of the largest credit repair companies in the country, I am well aware of the skepticism and criticism often directed toward this field. With that said, I have also had the immense privilege of helping over 20,000 individuals better their finances and transform their lives.My aim in writing this is to provide transparency and clarity regarding the inner workings of the credit repair industry, educating consumers and equipping them with the tools they need to select a trustworthy and effective credit repair company.
Table of Contents
How to Find the Best Credit Repair Company in Tampa
Different Credit Repair Companies in Tampa: Understanding the Types
The Credit Repair Process in Tampa
The Importance of Personal Finance in Credit Repair
Free Credit Repair in Tampa
Final Tips for Credit Repair
How to Find the Best Credit Repair Company in Tampa
If you're looking for a credit repair company in Tampa, I recommend you do your research to find the best option for you. A good Google review rating and a local office are essential factors in your search. In order to determine the credibility of the company, it's important to check its online presence and reputation. Once you have chosen potential companies, the next step is calling them and asking important questions for further clarification. Here are some of the questions that you should ask:
1. How long have you been in business? Are you licensed and bonded? If so, can I see a copy of your bond?
2. Do you have a physical office where I can come in and meet you and the team?
3. Do you offer a free consultation?
4. Do you offer a money-back guarantee?
5. What is your fee structure like? Do you charge a flat fee for your services, or do you charge me monthly?
6. How long does the average process take?
Asking these questions will help you analyze and make the best decision for your credit repair needs.
Different Credit Repair Companies in Tampa: Understanding the Types
There are over one million active credit repair and financial service companies across the United States, and choosing the right one for you can be challenging. When it comes to credit repair, it's helpful to know about the three types of credit repair companies you'll find.
Flat Fee Companies
Flat fee credit repair companies only charge you for the accounts they dispute, and payment is made as a one-time fee for their services. Only around 5% of companies use this model. Working with a flat fee service can often be faster, since these companies have an incentive to get your services completed more quickly. A credit repair company that offers a flat fee structure can be an excellent choice for those who want to save money and obtain quick results.
Monthly Fee Companies
Most credit repair companies charge monthly fees, and they don't typically do a consultation by looking over your credit reports to determine if they can help you or not. This model doesn't fit all clients, and the credit repair company has no real motivation to fix your credit fast because they get to collect fees from you for a longer time. In this structure, the credit repair company is usually only disputing a few items at a time. It may take six to eight months or longer to obtain full results. Although you might pay less each month, the fees can add up over time, and this model can become very expensive.
Pay for Delete
Fewer companies offer the Pay for Delete model, but it’s an interesting and appealing way to pay for credit repair. You only pay for the results you get, which puts pressure on the credit repair company to perform. However, most people don't know that Pay for Delete companies charges a lot for each item removed. For instance, an example company may charge $299 as a setup fee (non-refundable) and $75 per item removed. So, removing an account from all three credit reports will cost $524.
In conclusion, a flat fee credit repair company is the best option in most cases, but it's crucial to do your own research and calculations before making a decision.
The Credit Repair Process in Tampa
When it comes to credit repair in Tampa, opinions on the process can vary greatly. Unfortunately, much of the advice available is outdated or simply ineffective. As someone with 15 years of experience in the industry, I know firsthand the amount of trial and error required to perfect the process. The continually evolving nature of the credit repair process, combined with ever-changing regulations and laws, means that nothing in the industry remains constant. What is clear, however, is that credit repair need not be complicated. Instead, it is the credit reporting agencies themselves that put up roadblocks to an effective dispute process. By staying up to date with all the changes, we are able to provide clients with the best possible results.
The Evolution of Credit Repair
Some years back, people saw success disputing all their negative accounts using "not mine disputes." By claiming an account was not theirs, the credit reporting agencies, namely Equifax, Experian, and Transunion, would remove the account, flagging it as fraud. But this success was short-lived, and the credit reporting agencies quickly developed refined processes, making it difficult for people to obtain results within the dispute process. If you hope to remove negative information from your credit report, outdated tactics are no longer enough.
The New and Effective Credit Repair Process
It's your legal right to contest the validity of any account on your credit report, yet many are still unaware of this fact. Instead of only disputing errors, request that the creditor or collection agency validate the account. This involves providing proof of the account's validity, including original signed documents, payment ledgers, and more. If errors are identified, provide evidence and request that they be corrected or removed.
Account Documentation
The specific documentation required to validate an account varies depending on the original loan. You can contact the lender to find out more information or perform a quick Google search. We will also be posting a blog on this topic soon, which will provide you with access to all the relevant documentation. Stay tuned.
The Importance of Personal Finance in Credit Repair
Understanding Credit Scores
Your personal finances are the main driver of your credit score, just like the stock market fluctuates based on the economic situation. Therefore, credit repair is only a part of the solution to fixing your derogatory accounts.
Prioritize Personal Finances for Sustainable Credit
To have sustainable credit, you must prioritize your personal finances. Pay down revolving credit, pay all accounts on time, and stop using credit cards as much as possible. Doing this will fix your financial deficit and ultimately lead to improved credit sustainability.
Break the Endless Credit Repair Cycle
Endless credit repair cycles happen when individuals don't take their personal finances seriously and pour all their money into credit repair instead of paying down balances. Focus on getting financials in line first, so when credit is repaired, it remains fixed for good.
Free Credit Repair in Tampa
Many people wonder whether it's possible to repair their credit for free. The answer is yes! You can fix your credit for the cost of paper and a stamp by conducting the necessary services on your own. While it may come at a greater "time" cost, I have provided various blogs that outline the steps you can take to repair your credit like a professional. Although you are legally entitled to dispute your credit report at any time, most people either lack the time or willingness to put in the effort. Therefore, if you do not want to repair your credit yourself, I highly recommend hiring a professional credit repair company to do it for you. However, if you can commit around 2-4 hours per month to dispute your credit report for free, make sure to check out my blog post on how to "Repair your credit like the pros" in Tampa.You can also benefit from free credit repair services in exchange for a testimonial or review. When I first started working in the credit repair industry, I offered people free credit repair in return for a testimonial or review. Although it cost me to send out their disputes, the value of the review I received in return was immeasurable. If you're interested in receiving free credit repair services, I suggest you join a "Credit Repair" Facebook group and post a message indicating your need and willingness to offer a highly detailed 5-star review in exchange for help with your credit concerns in Tampa. While you may experience some negativity, you should be able to get someone willing to do your credit repair for free.
Final Tips for Credit Repair
It is recommended to conduct thorough research when searching for a credit repair company that can provide a permanent solution for your credit situation. Although it may require significant efforts and reaching out to various credit repair agencies, it is vital to ensure that neither your money nor time goes to waste. Moreover, improving your personal finance should be emphasized as it is the underlying factor behind most credit issues. Many people who spend their earnings on repairing credit and later claim that the process was a scam actually faced the challenge of bad spending habits, which hampered their ability to keep their credit score at a healthy level. Through my experience, credit repair works well and has transformed the lives of more than 20,000 clients. However, fixating solely on credit repair may not be a panacea. Rather, it starts with understanding and managing personal finances, which eventually makes credit repair solutions quicker, more comfortable, and more permanent. Have faith, and don't give up; you can do it!