Regrettably, credit repair companies have a reputation that is similar to that of dentists; most people do not want anyone messing with their money, and they dislike having to deal with them. However, credit repair companies are as ubiquitous as McDonald's, and they are not hard to come by. If you have a heartbeat and the ability to convince, you can start a credit repair business. Although, like most people, I understand the amount of scrutiny our industry receives, and much of it is true, having been in the credit repair business for 15 years and running one of the nation's largest credit repair firms.
Bad credit is a widespread problem that is only increasing. The rising number of credit repair operations in the past year alone shows how many alternatives are available, but as a consumer, you must conduct extensive research to avoid being exploited.
Having had the privilege of serving over 20,000 customers and changing their lives as a credit repair business owner, I desire to repay society by providing transparency and clarity about how our industry works. Furthermore, I want to equip you with the necessary tools to help you make the best decision when hiring a credit repair business.
Contents:
How to Find the Best Credit Repair Company in Palm Bay
Different Credit Repair Companies in Palm Bay: Which One to Choose?
The Credit Repair Process in Palm Bay
Credit Repair Should be Paired with Effective Personal Finance Management
Free Credit Repair in Palm Bay
Helpful Advice on Credit Repair
How to Find the Best Credit Repair Company in Palm Bay?
When individuals approach me seeking credit repair solutions, they often ask me one crucial question: "Who is the top company in the field?" Yet, instead of redirecting them to my firm, I recommend that they invest time researching all available options. While online reviews are critical, they can also be misleading. Thus, I have compiled a list of recommended measures you should follow when assessing credit repair companies in your area, such as Palm Bay.
1. List Preparation
Undertake a Google search for credit repair companies in or close to your area with a decent rating on Google reviews and make a list.
2. Reputation
It is vital to consider only companies with well-established online reputations and a web presence of at least three years, which can be verified through archive.org. Also, ensure that the reviews are valid and credible by scrutinizing their tone.
3. Make the Call
After filtering based on your criteria, and you have a shorter updated list of viable options, it is important to make a call. Several essential questions should be asked when conversing with credit repair organizations:
A. Are you licensed and bonded? Can you provide a copy of your bond?
B. Is there a physical office where I can meet your team?
C. Do you have free consultations?
D. Is there a money-back guarantee?
E. What are your fee structures - monthly or flat rate?
F. What is the average time it will take for the process?
Asking these questions will help you make informed and wise decisions when choosing the most efficient and cost-effective company.
Different Credit Repair Companies in Palm Bay: Which One to Choose?
In the United States alone, there are over 1 million active credit repair and financial service companies, making it difficult to choose the right one. To gain a better understanding of how credit repair works, we will discuss the three different types of credit repair companies, including flat fee, monthly fee, and pay for delete. Keep reading to determine which option is best for you.
1. Flat Fee Companies
Of all the companies in operation (only 5%), flat fee companies offer the quickest results while saving you the most money. What distinguishes these companies from the rest is their process - you only pay for the accounts they dispute, and the service involves a one-time fee. After inspecting your credit reports, they will determine if they can help you and estimate a quote based on those accounts. Choosing a flat fee company ensures faster results and eliminates any delays when getting pre-approved for loans.
2. Monthly Fee Companies
Most credit repair companies charge monthly fees, but the downside to it is that most companies that use this model don't thoroughly review your credit score. The process decreases the level of effectiveness and efficiency in repairing your credit score. Monthly fee companies have no motivation to fix your credit score quickly as the longer you are on the program, the longer they get to collect fees from you. They usually dispute a few items at a time, which means it can take 6-8 months to get full results. Although you may be paying less out of pocket each month, the fees can add up over time, making this model expensive.
3. Pay for Delete
Fewer companies offer this model, and it offers an interesting and enticing way to pay for credit repair. The model is simple - you pay only for results, which puts pressure on the credit repair company to perform. However, most people do not know what they are getting into until it's too late. The way most Pay for Delete companies work is that they charge you $299 as a set-up fee (non-refundable) and then $75 per item removed. This model can be costly; if an account is reporting to all three credit bureaus, it is considered three items, making it a pricey endeavor.
In conclusion, a flat fee company in Palm Bay should be your first choice when it comes to repairing your credit score. Do your research and calculations to make the best decision for yourself.
The Credit Repair Process in Palm Bay
If you ask different people about credit repair, you'll find that there's a lot of outdated or unhelpful advice circulating. The credit repair process is continually evolving, and with the added complicating factors of regulations and law changes, nothing in the industry remains unmoved. The credit reporting agencies can make it difficult to dispute items, as they try to discourage consumers from using effective dispute processes. Therefore, keeping abreast of all the changes is crucial for credit repair companies to provide their clients with the best results.
The original credit repair process involved disputing negative and derogatory accounts in a process called "not mine disputes," but as the credit reporting agencies caught on, they began to employ more refined processes to remove frivolous letters. Today, using unique dispute tactics is essential for correcting and deleting items from your credit report.
The new, effective credit repair process revolves around validating the validity of any accounts on your credit report. Contesting the validity of an account means asking the data furnisher to provide proof of the account, including original signed documents or payment ledgers. Once you can establish that there's an error, you can use your proof to respond with a dispute. You can determine the account documentation required by calling the data furnisher as a non-customer or searching online.
Other relevant documents you can request will be outlined in a blog post to be shared soon. It's essential to understand that the credit repair process isn't complicated, but keeping on top of evolving regulations and law changes is necessary to offer the best results to clients.
Credit Repair Should be Paired with Effective Personal Finance Management
The driving force behind an individual's credit score is, without a doubt, their personal finances. It is essential to consider this when looking at the large number of Americans facing credit issues today. A credit score can be compared to the stock market, as it fluctuates based on one's financial situation. Credit repair is a tool that can help you clear derogatory accounts from your report, but it should be noted that it is not a "cure-all" solution. To achieve sustainable credit, credit repair is only a small part of the process.
Prioritize Personal Finances
While anyone can raise their credit score, the critical factor is maintaining it. Unfortunately, many people do not have command of their finances, making it challenging to sustain an exultant credit score. Ensuring that personal finances are in check is critical in avoiding the fluctuation or drop in credit scores. Before investing money into credit repair, priority should be given to paying all accounts on time, minimizing the use of credit cards, and reducing revolving credit balances. "Small" credit card balances should always be kept to prevent account cancellation. Fixing one's financial deficit should be the primary solution for credit sustainability.
Avoid the Endless Credit Repair Cycle
The repeat "offenders" of credit repair are a significant challenge in the industry. Credit repair becoming a constant cycle happens when one relies solely on credit repair instead of focusing on personal finances. Paying down balances and keeping them low before identifying the need for credit repair relieves one of the endless credit repair cycle. It is possible to balance and work on both credit repair and personal finances, but people often do not have the financial means to do both at the same time. Getting personal finances in line is crucial in achieving sustainable credit and keeping it for good.
Free Credit Repair in Palm Bay
The question of whether it's possible to fix your credit for free is one that is frequently asked. The truth is, it is possible to do it yourself, and I have written several blogs that lay out the steps to help you repair your credit like a pro. However, it is essential to understand that anything that comes for free usually comes with the price of your time. Although you have the legal right to dispute your credit report at any time, most people either don't want to put in the work or are too busy to do so. In such cases, it's best to consider hiring a professional credit repair company. If you are willing to devote 2-4 hours a month to dispute your credit report for free, I highly recommend checking out my blog post on how to "Repair your credit like the pros" in Palm Bay.
Sharing a testimonial or review can earn you free credit repair.
When I started in the credit repair industry years ago, I would offer free credit repair services to random people in exchange for a testimonial or review. Although it cost me some money to send out disputes, the enormous value of the reviews I received was worth the cost. There are now other newer credit repair companies that would be willing to offer similar deals. You can search for "Credit Repair" Facebook groups in Palm Bay, join them, and post something like this: "I'm looking for a credit repair business owner in Palm Bay who would be willing to help me with my credit concerns in exchange for an immensely detailed 5-star review." While you may get some negative feedback, you shouldn't have any difficulty finding someone to do your credit repair for free.