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7 Best Credit Repair Companies and Services of 2020

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Having poor credit can make it a real challenge when it comes to buying a home, car, or getting any type of loan. A low credit score can result in your loan application being denied or it can cause you to pay higher interest rates than normal.

Even if your bad credit is a result of errors on your credit report that aren’t your fault, trying to fix the problem by yourself can be extremely difficult and frustrating. That’s where credit repair companies come into the picture.

A credit repair service is a company that works on your behalf to remove negative items on your credit report such as late payments, liens, charge-offs, debt collections, bankruptcies, and more.

However, not all credit repair companies are created equal. Each company has their own pricing structure and unique methods for repairing your credit score.

We’ve reviewed 17 different credit repair services to figure out which ones are effective, reliable, and provide the best value. Below you’ll find our top picks for the best credit repair companies of 2020.

Top 7 Best Credit Repair Services of 2020

Credit Saint: Best Company Overall

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Credit Saint is our top choice for the best credit repair company. Credit Saint has had an outstanding A+ rating at the Better Business Bureau for over 10 years and has helped thousands of customers successfully improve their credit scores.

Credit Saint starts by offering you a free consultation to go over your credit history and to identify negative items that are damaging your credit. Once problem areas have been identified, Credit Saint will send challenges to all 3 credit bureaus on your behalf in an attempt to remove them from your credit report. 

Credit Saint can help remove questionable negative items such as:

  • Collections
  • Late Payments
  • Bankruptcies
  • Repossessions
  • Liens
  • Foreclosures
  • Judgements
  • Hard Inquiries

Credit Saint is one of the most aggressive credit repair companies (which is a good thing) but they understand that one size does not fit all. They have 3 different levels of service packages to choose from, depending on your needs.

The Credit Polish package includes challenges to the 3 major credit bureaus, free score analysis, a credit score tracker, and 5 challenges of negative items per dispute cycle.

The Credit Remodel package includes everything in the Credit Polish package but also includes inquiry targeting, on-going credit monitoring through Experian, and 10 negative item disputes per cycle.

The Clean Slate package is the most aggressive option available. It includes everything in the above packages, but also comes with sending Cease & Desist letters on your behalf as well as challenging an unlimited number of inaccurate items on your report.

Out of all the credit repair agencies we reviewed, Credit Saint offers the best bang for your buck. You’ll be assigned a personal case advisor that will be in touch with you every step of the way while they work to fix your credit.

Here is what we like most about Credit Saint:

  • A+ BBB Rating For Over 10 Years
  • Online Dashboard To Monitor Your Progress
  • 90-Day Money Back Guarantee
  • Free Consultation and Score Analysis

Click Here To Visit The Official Credit Saint Website

Lexington Law: Most Reputable Credit Repair Firm

lexington-law

Founded in 1991, Lexington Law is an actual law firm that specializes in credit repair services. Lexington Law is the biggest credit restoration firm in the United States, with over 10,000,000 negative items removed from their clients’ credit reports in just 2017 alone.

Lexington Law is a company with a team of paralegals and lawyers that use specific laws to protect your credit from situations that may be out of your control. This credit repair company can help you if your credit score has been negatively affected by:

  • Identity Theft
  • Divorce
  • Military Service
  • Student Debt
  • Medical Bills

Lexington Law first works by obtaining a copy of your credit reports and then analyzes them for negative items that are harming your score. Their law firm will then send disputes on your behalf to challenge inaccurate items. They’ll provide you with an online dashboard, so you’ll have access to your progress every step of the way as well as solutions that can help you repair your credit even faster.

Lexington Law provides 3 different credit repair packages to choose from, depending on your needs. Price ranges from $89.95 to $129.95.

The Concord standard service is their basic package with prices starting at $89.95 per month. This includes challenging harmful items with the 3 credit bureaus as well as your creditors.

The Concord premier package includes everything in the standard service as well as score analysis, TransUnion alerts, and removing hard inquiries. This option costs $109.95 per month and is their intermediate service.

PremierPlus is their top of the line credit repair service that includes everything in the above packages as well as cease and desist letters, FICO score tracker, identity theft protection, and a suite of personal finance tools. This is their most powerful package at a price point of $129.95 per month.

Here is what we like most about Lexington Law:

  • Over 183 million challenges and disputes sent on behalf of their clients since 2004.
  • Real attorneys that are experts at credit repair law
  • Remove charge offs, late payments, collections, and foreclosures
  • Free credit report consultation and score analysis

Click Here To Visit The Official Lexington Law Website

Sky Blue Credit: Best Value

sky-blue-credit

Sky Blue Credit is a credit repair company that helps clean up errors on your credit profile and raise your score so you can enjoy lower interest rates and get approved more easily when applying for a loan.

The unique selling point of Sky Blue Credit is their flat-rate pricing structure for all of their services. One low monthly fee gets you every feature they offer without confusing pricing plans or costly upgrades. Their price point of $79.95 is one of the lowest in the industry, offering excellent value for those on a budget.

Sky Blue Credit Repair disputes 15 items on your credit report (5 items per bureau) every 35 days. This is a great value compared to credit repair companies that only dispute items every 45 to 60 days, charging you monthly fees during the process.

Once you sign up with Sky Blue, you’ll be provided a detailed analysis of your credit history including any hard-to-spot errors that could be harming you. Once problems are identified, Sky Blue will send customized disputes on your behalf. They also will send re-dispute letters if necessary, to maximize their chances of success. They also check on the statue of limitation for any debt you have as well.

Sky Blue offers their services free of charge for the first 6 days while they gather your reports and also offers an impressive 90-day money back guarantee. If you’re looking for the best credit repair services while on a budget, Sky Blue Credit is a great option to consider.

Click Here To Visit The Official Sky Blue Credit Repair Website

CreditRepair.com: Best Credit Repair App

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CreditRepair.com is a credit repair agency that boasts over 1,800,000 removals on their clients’ credit reports since 2012. Here is their 3-step credit repair process:

  1. Once you sign up, they will pull your credit reports and identify items from your credit history that might be hurting your score. They then build a game plan for repairing your credit as quickly as possible.
  2. Their credit pros then interact with the credit companies to challenge inaccurate items including charge offs, liens, hard inquiries, foreclosures, and more.
  3. Continuous monitoring of your credit for issues that may arise.

CreditRepair.com provides a variety of tools that help you get your credit score repaired as quickly as possible and keep you in the loop during the entire process. You’ll get a personal online dashboard, score tracker, mobile app, text and email alerts, as well as TransUnion credit monitoring.

CreditRepair.com offers 3 different plans depending on your needs and budget:

  • Basic – Recommended service level for those with just a handful of negative items to dispute.
  • Moderate – Best for individuals with a moderate amount of negative items.
  • Aggressive – Perfect for people that have a large number of negative items.

With monthly plans starting at just $99.95, CreditRepair.com is one of the best credit repair companies in the industry. Here is what we like most about CreditRepair.com

  • Free credit report summary with action plan
  • On-going credit monitoring services provided by TransUnion
  • Personalized credit repair plans to meet your needs
  • Useful mobile app that allows you to easily track your progress

Click Here To Visit The Official CreditRepair.com Website

The Credit People: Fastest Credit Repair

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The Credit People is one of the top credit repair companies of 2020. This company has been in business for over 15 years, offering both monthly pay-as-you-go and six month flat-rate service plans.

The Credit People markets itself for unbeatable customer satisfaction and has earned features in The New York Times, Wall Street Journal, and SmartMoney.

The Credit People says that it can improve your credit score by 53 to 187 points. It’s important to note that these figures are estimates because credit repair companies cannot guarantee their services. (More on this in a moment.) The company also has had nearly 1.5 million negative items removed from credit reports since 2004.

The best overall company for repair speed has an equally impressive pedigree for quality. According to The Credit People website, lenders approved 71% of its users for home loans, and 78% secured auto loans. Its average customer saw a 32% improvement in their credit score after joining.

Some of the other perks of joining The Credit People include:

  • 24/7 account access
  • Unlimited disputes
  • Debt and inquiry validation
  • FCRA certification
  • Toll-free customer support

The company charges an annual fee of $419 rather than a monthly one, making it cheaper than other credit repair services. You can try The Credit People for one week for $19 to see if you like it. The company also offers a 60-day money-back guarantee.

Click Here To Visit The Credit People Website

Pyramid Credit Repair: Best Customer Service

pyramid

Pyramid Credit Repair Company has assisted people with bad credit for nearly a decade. It originally started as a self-help software company in 2011 but has exploded in scope. Today, the New York-based business has 273 dedicated team members and more than 8,000 support team members.

Pyramid Credit Repair offers three packages to improve your credit score: Singles Plan, Couples Plan, and 24/7 Protection. The packages have the same features, including personalized support, finance tools, and no contracts. If you sign up for the Couples Plan, you receive a 50% discount for the first month. Veterans and teachers receive an additional 20% to 15% off, respectively.

The company offers an online safeguard with its 24/7 Protection plan. Credit professionals monitor your scores and reports for inexplicable fluctuations. They also watch the dark web and provide a $25,000 insurance policy in case of identity theft.

Thousands of people trust Pyramid Credit Repair to fix their bad credit. The company has a 4.8 out of five rating on TrustPilot, though it lacks a rating from the Better Business Bureau. Sign up today and take advantage of the company’s flexible billing options.

Click Here To Visit The Pyramid Credit Repair Website

Ovation Credit Services: Best Guarantee

ovation

More than 120,000 people have already improved their credit score, thanks to Ovation Credit Services. The company has made a name for itself with cost-effective results and outstanding customer support. Ovation takes pride in building personal relationships with its customers and finding customized solutions to improve their credit reports.

All clients receive a free consultation during their initial appointment. The meeting gives case advisors a chance to review someone’s credit history and determine the appropriate services. Its site states that a quarter of people have at least one error on their credit report, and more than half have outdated information.

After you sign up to get started with Ovation, your advisor will file disputes on your behalf. That can involve writing goodwill letters or contesting late payments with creditors. Ovation Credit works with credit reporting bureaus to make sure you have an accurate credit score.

The company has a first work fee of $89 for its basic package. After the first month, the work fees drop to $79 per month. Ovation Credit Services has a Better Business Bureau rating of A+ and a 4.3 rating on TrustPilot.

Click Here To Visit The Ovation Credit Services Website

How Do Credit Repair Companies Work?

The best credit repair companies start by downloading your credit reports from each of the major credit bureaus. You can download these documents for free once per year, too, thanks to the Fair Credit Reporting Act. All you have to do is visit annualcreditreport.com or call (877) 322-8228.

The credit repair agencies will send your credit reports through a review process where credit professionals look for errors. Some of the most common mistakes include incorrect balances, inaccurate personal information, and data management errors. Credit repair companies find the ones that drag down your credit score and correct them.

Unfortunately, they can’t fix these items with a magic wand. Companies need to gather evidence proving that the credit report has false information. Building a persuasive case can take anywhere from a few hours to a few days.

Your service provider will then send the dispute and evidence to the appropriate credit monitoring companies. Credit bureaus have a legal obligation to respond within 30 days. They will contact your credit repair company, explain whether they corrected the alleged error and why.

Factors to Consider Before Choosing A Credit Repair Company

Setup Fee

Credit repair can be expensive. Fortunately, most credit repair companies don’t charge a setup fee for you to get started. If a company asks for a large upfront payment, know that it violates the Credit Repair Organizations Act.

Money-Back Guarantee

Most businesses also offer a money-back guarantee because of the Credit Repair Organizations Act. The statute requires credit repair companies to complete their services before charging clients. Most places work around this stipulation by using a monthly pricing model and offering a money-back guarantee.

Don’t let a money-back guarantee make or break your decision. We understand that it’s comforting to have that guarantee in writing before you start. However, it’s more important for you to pick the best credit repair company for your needs.

Free Consultation

Even if you have good credit, you can benefit from a free consultation. Credit repair companies can determine what you’re doing well and where you can improve. They may find questionable items, such as tax liens, late payments, or charge-offs, that lower your score.

Consultants can fix your credit score now and in the future. Learning good financial habits will stop you from making credit repair an annual occurrence. Some tips from credit pros to improve your credit score include:

  • Paying your bills on time
  • Paying off debt
  • Keeping credit card balances low
  • Only applying for new lines of credit when you need them
  • Not closing unused lines of credit
  • Asking to increase your available credit

Flat Fee or Monthly

You have two choices when paying for a credit repair company: a flat fee or a monthly one. Most companies use a monthly fee so that consumers will have greater flexibility with their payments. For instance, Sky Blue offers a flat rate of $79 per month instead of a one-time fee. On the other hand, The Credit People charges a one-time payment of $419 per year, which translates to $34.91 per month.

Good Customer Service

Most credit repair companies offer the same services with slight variations. One of the ways that businesses stand out is through customer service. The best credit repair companies have knowledgeable and friendly credit pros who guide you toward the optimal credit repair options.

If you have bad credit, the odds are that you want to see results as quickly as possible. Exceptional customer service teams will monitor your credit score 24/7 and send you notifications when they see improvements. They can also relay results about disputes and challenges on your credit report.

Customer Reviews

Customer reviews let you know if previous clients had a positive experience with a particular credit repair company. Sites such as Yelp, Google, Yellow Pages, and Angie’s List collect reviews from customers worldwide. While customer reviews shouldn’t make or break a company for you, they can make it easier to find a worthwhile provider.

Don’t forget to check with the Better Business Bureau, too. The non-profit organization helps consumers identify reliable and trustworthy organizations from all industries, and it gives a rating to most companies. Visit its website to see if your credit repair company has a positive BBB rating and customer reviews.

How Long Does It Take to Repair Your Credit?

Credit repair takes three to six months before you can expect to see progress. It may not take as long if you correct your credit score annually or have only a few mistakes. If you have never looked at your credit report, though, it may take more than six months to improve your credit.

Are Credit Repair Companies Worth It?

The process is the same whether you fix your credit with an agency or by yourself. You gather credit reports, look for errors, and submit dispute letters. It helps to have a credit professional guiding you through the process, especially if you’re not a credit expert.

The best credit repair companies take the burden off of you when fixing your credit. They handle error identification, gather documentation, and send dispute letters. Credit repair companies also understand what evidence credit bureaus want if they’re trying to eliminate negative items.

The small sign-up fee or monthly charge can save you tens of thousands of dollars in the long run. A few points on your credit score can make all the difference in your loan and credit card interest rates. As we mentioned earlier, visiting top credit repair companies can save you $40,000 on your 30-year fixed-rate mortgage.

Remember, fixing your credit score isn’t a one-time transaction. It’s something you work on your entire life, so you should develop a favorable rapport with creditors and lenders. Take the time to repair your credit and learn good financial habits that are priceless.

How Much Does Credit Repair Cost?

Most credit repair companies charge a monthly fee between $79 and $129. You may also pay a setup fee or enrollment fee on top of the flat rate. The credit repair service usually takes several months to work but can last a year.

You can buy credit repair software that cuts down the time to navigate credit reports and bureaus. Some companies have a freemium, where you can download the essential software and pay for exclusive features. Most credit repair software costs between $40 and $400, including our favorite, Turbo Score Home.

Do Credit Repair Services Guarantee Results?

Beware of any claims that sound too good to be true. Even the best credit repair companies can’t eliminate a lot of negative credit information quickly. Credit monitoring bureaus take the same amount of time to correct errors, whether they come from everyday people or credit repair companies.

The same goes for promises of specific increases in your credit score. Credit reports are complex documents that fluctuate with every transaction you make. Don’t allow a credit repair company to guarantee results that it can’t keep.

How To Avoid Credit Repair Scams

The federal government passed the Credit Repair Organizations Act in 1968. The statute prohibits credit repair companies from making false or misleading statements about their products or services. Any companies that offer credit repair services must provide contracts in writing and give consumers a chance to cancel the arrangement.

Credit repair companies cannot accept payment until they finish the services. Because it takes six months to improve a credit score and repair credit, you can theoretically wait that long before paying, too. Many companies use a setup or signup fee, first work fee, and monthly payment structure to circumvent this rule.

Being a smart consumer means knowing your rights. The Fair Credit Reporting Act lets you dispute any errors for free. You do not have to pay a company for this service, though it helps to have a credit professional on your side.

Exercise skepticism if the credit companies can’t give you a straight answer or if they provide misleading information. For instance, you should avoid any credit repair companies that tell you to avoid contacting the nationwide credit monitoring bureaus. Don’t let the company misrepresent your information by creating a new identity and credit report with your Social Security Number, either. Make sure they safeguard your privacy.

The 7 Best Credit Repair Companies and Services of 2020

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How to Remove a Charge Off From Your Credit Report

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Charge offs are bad news when it comes to credit reports and scores. They’re considered major derogatory items (aka “major derogs”) and are among the worst types of entries you can have in your credit history.

In many cases, charged off accounts can remain on a credit report for up to seven years. But removing a charge off early is sometimes possible. Keep reading to discover three ways to remove charge offs from credit reports, along with other helpful details about these negative credit entries. 

Before we continue – If you want to avoid the hassle of removing a charge off by yourself and just want to hire a company to handle the process for you, our top recommendation is Credit Saint.

3 Ways to Remove Charge Offs from Your Credit Report

1. File a Dispute with the Credit Bureaus

The companies you do business can legally share details about how you pay your bills with the credit bureaus. Those credit bureaus, in turn, can gather information about you from multiple sources and package it together into easy-to-read reports. The credit bureaus then sell those reports to others who want to review your data to forecast the risk of doing business with you.

You also have rights when it comes to your personal credit information. One such right comes from the Fair Credit Reporting Act (FCRA). Per the FCRA, a consumer can “dispute with the consumer reporting agency the accuracy or completeness of any information in a report.” 

When you dispute a charge off or any other item, the credit reporting agency that receives your request has 30 days to investigate. At the end of the investigation period, the bureau must take one of the following actions with the disputed item:

  • Delete it
  • Update/correct it
  • Verify that it’s accurate   

If your dispute is successful, they may remove the charge off from your file. But if the investigation doesn’t go in your favor, the account will stay put. 

2. Pay for Delete

A pay for delete is a type of deal you can sometimes make with the original creditor. It starts with an offer to settle or pay back the full amount of a charged off account or a collection. In exchange for the debt being paid in full, you ask the original creditor to have the bureaus delete the account from your file. 

A creditor can ask a credit bureau to remove a charged off account from your report any time it wishes. There’s nothing illegal about the practice since credit reporting is optional. The bureaus, however, frown upon pay for delete settlements. 

Credit bureaus instruct debt collectors that report information to the credit bureaus (aka data furnishers) not to request deletions of accurate accounts in exchange for payment. In fact, data furnishers sign agreements with the credit bureaus promising to follow these and other rules. If a data furnisher violates its user agreement and gets caught, it might lose its ability to submit customer data to the credit bureaus in the future. 

Credit reporting is important to many businesses. It helps creditors encourage customers to pay on time. For this reason, convincing a creditor to accept a pay for delete offer can be a long shot. If you negotiate a payment for deletion deal on a charge off, get the offer in writing before you make any payments. 

3. Hire a Credit Repair Company

The FRCA gives you the right to dispute inaccurate information on your own. However, you don’t have to manage the process by yourself. Some people prefer to hire credit experts to assist with getting a charge off removed.

Credit repair companies can dispute questionable and inaccurate information on your credit reports—charged off accounts included. And if your initial dispute is unsuccessful, an experienced credit repair company should be able to help you follow up again. 

Of course, there’s no guarantee that credit experts will be able to remove a charge off from your credit report. Any trustworthy company will be quick to point out this fact. But if you’re comfortable with the fees and you don’t want to send and track credit disputes yourself, working with the best credit repair companies might be a good fit for you. 

If you’re looking for a good credit repair company that gets results, our top recommendation is Credit Saint. They are the most successful company for getting negative items removed from your credit, including charge offs. Take advantage of their free credit consultation to see how they can help you.

What Is a Charge Off? 

When you borrow money from the original creditor, you promise to repay the debt, plus interest and fees, at a certain amount (or percentage) per month. If you miss a payment, the credit card issuer may report you as late to the credit bureaus. Miss enough payments and that same creditor could opt to charge off your account.

The term charge off describes a debt on which you’ve fallen so far behind that the creditor no longer believes you will pay it back. So, the creditor writes the account off as a loss for accounting and tax purposes. 

A charge off, despite how it sounds, isn’t the same as debt forgiveness. If the debt is legitimate, you still owe the money you borrowed plus any interest and fees you agreed to pay. 

How Does a Charge Off Affect Your Credit Score? 

Derogatory information, like a charge off, has the potential to hurt your credit. To make matters worse, a charge off doesn’t just have the potential to damage your credit once. It might hold your score back to some degree for several years.

Should I Pay Charged Off Accounts? 

There are several factors to consider as you decide whether to pay a charged off account.

  • Are you expecting a credit score increase? Paying a charge off often won’t increase your score. If your goal is to boost your score, you may be better off to focus on bringing past-due accounts current, or paying down debt balances before you address charge offs. 
  • Do you plan to apply for new credit in the future? Some lenders may not be willing to work with you if you have outstanding, negative debts. A mortgage lender, for example, might want any charged off accounts on your credit report to show $0 balances before approving your application. 

If you decide to pay or settle a charge off in full, it’s important to keep good records. Get a copy of the debt balance you owe (or the debt settlement offer) from the creditor before you pay. Then follow up to get a receipt and zero balance statement afterwards.

How Long Does a Charge Off Stay on Your Credit Report? 

Credit reporting isn’t required. No law forces a company to report information about you to the credit reporting agencies. Nonetheless, many creditors do proactively opt to share customer data with Experian, TransUnion, and Equifax. 

When a debt collector shares your information or includes it on a credit report, there are rules they have to follow. The FCRA limits how long negative information, like charged off accounts, can stay on your credit report. Charge offs in particular can only remain on a consumer credit report for seven years. 

Is a Charge Off Worse Than a Collection? 

Charge offs and collections represent two types of derogatory accounts that can appear on a credit report. According to FICO, both charge offs and collections are likely to have a serious negative affect on your fico scores. 

But is a charge off worse than being referred to a collections agency from a credit scoring standpoint, or vice versa? The answer depends on several factors. 

1. The Age of the Account

Credit scoring models, like FICO and VantageScore, consider many details when evaluating your history. The age, or rather the recency, of derogatory information on your report is one such detail. Negative information on your credit report that occurred a long time ago won’t affect your FICO scores as much as recent negative items from failing to pay back the debt. 

So, if you have a debt collection account on your credit report that’s one month old and a charge off that happened three years ago, the debt collection account will most likely hurt your credit score more. If a charge off on your credit report is more recent than a debt collection account, then the charge off will probably have a bigger impact. 

2. The Balance of the Account

The information on a credit report is broken up into different sections. When you review your credit report, you’ll usually find charged off accounts (if you have any) in the “credit accounts” section. This section may go by a different name, but it will contain details about your current and closed accounts. 

Because of the way a charged off account appears on credit history, it might show that you owe a past-due balance to a credit card company. Past due balances are negative factors in terms of credit scoring. 

A debt collection agency, by comparison, does not list past-due balances. And the balance of the collection account itself is not considered by many scoring models. The fact that your account was turned over to a debt collector is what hurts your score. 

The balance on a collection tends to be largely irrelevant. So, if you have a charge-off with a past-due balance on your credit report, it could potentially be worse for your score than a collection (assuming both accounts are the same age). 

How Many Points Does a Charge Off Drop Your Credit Score? 

It’s difficult to predict how much any specific action will affect your credit file. Credit scoring models don’t consider one item at a time when calculating your score. Rather, scoring models look at all of the information on your credit report together and predict your level of risk based on the overall picture. 

A new late payment to a debt collector, for example, won’t drop your score by 20 points. Likewise, the appearance of a new charge off on your report isn’t worth a specific number of points either.

The impact a charge off has on your credit history is influenced by factors like the recency of the event and whether the credit card account has a past-due balance. The other items on your credit report are also relevant. And, of course, the type of scoring model that is used to calculate your FICO score makes a big difference in the outcome as well.  

Will a Charge Off Affect Buying a House? 

Mortgage lenders check your credit reports from all three credit reporting agencies when you apply for a home loan. If any of your reports contain negative information, like charged off accounts, it might cause some problems. For this reason, it might make sense to contact a credit repair company to see if they can help.

  • A charge off could affect your credit scores. Most mortgage lenders have a minimum credit score requirement that you need to satisfy before they will approve your loan application. Charge offs are negative. So, they might cause your credit score to drop to a point where you won’t qualify for a mortgage. 
  • An outstanding balance could hurt you. Some lenders may ask you to pay the balance on any charged off accounts (or at least settle them in full) before they’ll approve you for a mortgage. 

How Long Does It Take for a Charge Off to Be Removed? 

The credit reporting agencies must remove the charge off from your credit report after seven years from the date. It might be possible, using one of the methods above, to remove the charge off early. But there are no guarantees when it comes to getting items removed from your credit file. 

Trying to remove a charge off from your credit report can be a tedious process, especially if you’re not familiar with the FCRA and other consumer protection laws. But you don’t have to dispute charged off accounts alone. Credit Saint specializes in disputing errors that may be hurting your credit scores and showing you how to add positive information to your credit reports as well. 

 

How to Remove a Charge Off From Your Credit Report

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National Classifieds | National Classifieds

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Reader Advisory: The National Trade Association we belong to has purchased the below classifieds. Determining the value of their service or product is advised by this publication. In order to avoid misunderstandings, some advertisers do not offer employment but rather supply the readers with manuals, directories and other materials designed to help their clients establish mail order selling and other businesses at home. Under NO circumstance should you send any money in advance or give the client your checking, license ID, or credit card numbers. Also beware of ads that claim to guarantee loans regardless of credit and note that if a credit repair company does business only over the phone it is illegal to request any money before delivering its service. All funds are based in US dollars. Toll free numbers may or may not reach Canada.

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Credit Repair Companies

Tips to avoid being defrauded by credit repair companies – Latest News, Breaking News, Top News Headlines

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In relation to the economic crises that have occurred in recent years, it is possible that your credit debts are increasing day by day, due to the use of credit cards, delays in paying mortgages, job losses, business closings , reduction of salaries among others. Reason why you could make the decision to go to a credit repair company thinking that they could support you with your credits. But before you could choose to request the advice of this type of companies, here are some tips to avoid being defrauded, according to what has been published by the National Commission for the Protection and Defense of Users of Financial Services (Condusef).

Tips to avoid being defrauded by credit repair companies

Although you could be anxious to pay your debts, you should be careful, because just as there are credit repairers that are known, there are others that only engage in fraud.

1.- Stay alert

There are no credit repairers that request cash or that you transfer it by deposit to a personal bank account. If you are presented with this type of situation, it is likely that they will try to carry out a fraud, so it is convenient that you could look for other options.

Tips to avoid being defrauded by credit repair companies. Photo: My Pocket.

2.- Do not sign any type of document without having read

If you have in mind to sign a contract with the credit repair company, first read this document in detail and verify what the conditions and deadlines are, and check what penalties are applied in case of delay or abandonment of the program. If you are not 100% convinced, do not sign it.

3.- Repair companies do not clean your credit history

In the event that the credit repair company you go to tells you that it could clean up your credit history, it is probably not true, so your credit history will be negative and in the future it could be difficult for you to obtain a new credit. It is also important to mention that no repair company could erase you from the credit bureau, even if they ask for money, since no person or institution can carry out this procedure.

4.- Look for valid options to negotiate your credit

There are other organizations that you could go to to negotiate or settle your debts, such as your financial institution, where you could agree on a fixed payment plan or, failing that, restructure the credit and also you could not be presented with fraudulent situations, which could lead to affect your personal finances.

It should be mentioned that credit repairers are companies that perform the function of intermediaries between the debtor and the financial institution to which it could be owed and their purpose is to offer the person who has the debt, a kind of negotiation with the banking institution through options for credit settlement. It also tries to reduce the amount through discounts and modify the credit history in the credit bureau.

According to information published by the Condusef, there is currently no legal framework that regulates the operations of credit repair companies, which means that these companies operate independently and independently, for this reason some people may go with repair companies who are not accredited, existing the probability that they are victims of fraud, and in the event that this happens, the Condusef does not have the faculties to offer them support.

More content about loans and personal finances, in our Credits section.



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