Connect with us

Credit Repair Companies

7 Tips for Getting a VA Home Loan

Published

on

  1. You can get started without the Certificate of Eligibility (COE)
  2. Your credit score still matters, but it’s not everything
  3. Make sure you have enough saved
  4. Shop for a VA lender and get pre-approved
  5. Hire a real estate agent that’s VA-savvy
  6. Choose a property that’s VA-approved
  7. Close the deal only when you’re ready to move in

Serving our nation is a tough job, but it does have its perks. One of them? Being able to finance your home purchase through a VA loan.

VA loans are backed by the U.S. Department of Veterans Affairs and are available to service members, veterans and eligible surviving spouses.

The program allows those qualifying to take advantage of a unique set of benefits, including $0 down payment, low interest rates and closing costs, and the ability to forgo private mortgage insurance (pmi), just to name a few.

Over 1.2 million homes were purchased with VA loans last year — a record volume since the program was first launched in 1944.

So with this particular loan type more popular than ever before, we’ve decided to put together a useful list of tips on how to get a VA mortgage loan in order to secure your dream of homeownership. Though the process closely mirrors that of getting a conventional loan, there are some key differences you need to be aware of.

Ads by Money. We may be compensated if you click this ad.Ad

$0 Down VA Loans for Veterans, active-duty and surviving spouses

VA Loans to buy a home without a down payment. Click on your state to get started.

HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas

Get Started

1. You can get started without the Certificate of Eligibility (COE)

The Certificate of Eligibility or “COE” is issued by the U.S. Department of Veterans Affairs as proof that you have fulfilled the minimum military service requirements to be eligible for the VA home loan benefit. In other words, the COE is your golden ticket to getting a VA loan.

However, it’s not absolutely necessary to have the COE before you start. According to John Bell, deputy director of the VA’s Veterans Benefits Administration, prospective homeowners can still get pre-approved without a COE since it is usually verified during the loan process itself.

It’s also a common misconception that you have to procure the document yourself. Bell says mortgage lenders can get the COE for you. Roughly 80% of the time they can get it instantly, otherwise, it can take up to five business days.

But if you want to be cautious and make sure you meet the service requirements before applying for the loan, you can always request a copy of your COE through the VA’s eBenefits portal, or by reaching out to one of the VA regional loan centers in your area.

2. Your credit score still matters, but it’s not everything

True, VA loans generally offer lower interest rates and better loan terms than conventional loans even if you don’t have stellar credit. That being said, though the VA does not set a minimum credit score, your credit score still will have bearing on what rate and terms you’ll receive.

Isabel Williams, broker-owner of We Save Loans, a Florida-based mortgage company that specializes in VA mortgages, says that lenders will still need to check your credit score to approve you for the loan and determine your interest rate, just as with a conventional loan (aka a loan not insured by a government agency).

And as with any conventional loan, the higher your credit score, the better the deal. With VA loan rates already so favorable, a good credit score will allow you to get a rock bottom variable or fixed rate and mortgage payment, allowing you to make the most out of your hard-earned entitlement. (If you don’t know your credit score, some financial institutions like Discover, American Express and Citibank, allow their customers to view their FICO score for free.)

If your score is not the greatest, don’t lose heart. According to Williams, lenders tend to be more flexible with VA loans and look at your overall financial picture.

“They are more holistic,” Williams says. “They look at what your credit history looks like, and what your income versus debt looks like.” VA lenders will look at your residual income, which is how much money you have left after paying taxes, debt-to-income ratio, and other necessary expenses.

Regardless of your credit score, in all cases it is a good idea to pull up a copy of your credit report so there are no surprises before you apply. These could take the form of negative marks like delinquencies and accounts in collection you may not have known about.

You can get a free copy of your report from all three major bureaus (Experian, Equifax and TransUnion) by visiting AnnualCreditReport.com.

If after checking your report anything seems amiss, you can contact the bureaus directly to get any inaccuracies removed from your credit report. You can also hire a credit repair company to help you do this if you don’t feel confident enough to repair your credit yourself.

Ads by Money. We may be compensated if you click this ad.Ad

A low credit score can negatively impact your mortgage application and interest rate.

The good news is that credit repair companies, such as Credit Saint, may be able to help you increase your credit score in within a few months!

Signup to Improve My Credit

3. Make sure you have enough saved

It’s a common misconception that because VA loans don’t require a down payment, buyers won’t be required to pay anything upfront out of pocket. “People hear this a lot,” Williams says. But it couldn’t be further from the truth.

Even if you don’t need a down payment, you’re still responsible for certain closing costs, including the following:

  • Loan origination fees
  • Application fees
  • Discount points (if applicable)
  • Hazard insurance
  • Real estate taxes
  • Title insurance
  • Recording fees
  • Appraiser fees
  • Home inspection fees

Other third-party fees, like brokerage fees and termite reports are absorbed by the seller with VA loans.

Additionally, you’ll have to pay the VA funding fee. The funding fee is a one-time payment you make which enables VA loans to have such favorable terms. The fee varies depending on whether you are a first-time homebuyer and if you make a down payment. It can be up to 3.6% of your loan amount.

Some of these costs can be rolled up into your loan but that will result in a higher monthly payment. That’s why Williams recommends building a nest egg to pay these fees up front before beginning the home buying process.

Ads by Money. We may be compensated if you click this ad.Ad

Saving money is a smart move. Saving before applying for a mortgage is even smarter.

Setting money aside in a savings account puts your dream of a new home within reach. To open an account, click below now.

Open an Account Today

4. Shop for a VA lender and get pre-approved

Fact: Shopping for lenders isn’t as fun as house hunting. However, it’s a necessary step in order to secure the best terms and interest rates and make sure you save money down the line.

There are different types of companies offering VA loans these days, so how do you choose the right one?

First, there are many reputable lenders that exclusively cater to military members, veterans, military spouses, and their families. Veterans United, USAA and Navy Federal all have vast experience servicing VA loans and can help make the application and lending process smoother.

Still, it will pay to shop around and compare offers from multiple lenders. You can always use a rate comparison website, like LendingTree or Credible, which feature VA loans and are completely free.

You can also get multiple offers from a mortgage broker. Independent mortgage brokers do charge a fee for their services, but Williams says that sometimes you can compare mortgage rates from as many as 100 lenders, with just one credit inquiry, saving you time and minimizing the impact on your credit.

Getting many offers can sometimes lead to the situation where you have more than one contender all offering similar rates and fees. In these cases you need to check out who has the best track record. You can do this by looking them up in the Nationwide Multistate Licensing System (NMLS), or the Consumer Financial Protection Bureau’s database.

Once you’ve chosen your lender, it’s time to get pre-approved. This will allow you to know how much house you can afford.

Here’s a list of the things you’ll have to provide the loan officer for this process:

  • An official form of identification, such as your driver’s license or passport
  • Your social security number
  • Proof of income in the form of paystubs, W2s or your two most recent tax returns
  • Statements of assets (savings accounts, IRAs, etc.)
  • Statements of debts

Preapproval is essential in today’s highly competitive market, as it will allow you to make an offer faster to secure your new home.

Ads by Money. We may be compensated if you click this ad.Ad

Ready to take the next step and buy your new home?

For veterans, active-duty service members and surviving spouses, VA Home Loans can help make buying a home more affordable.

Get Started

5. Find a real estate agent that’s VA-savvy

It’s also important to find a realtor who is an expert in VA loans, according to Williams.

“It’s already a pretty tough market, and not having someone that understands the VA loan process, or how to actually put together that offer could possibly hurt you,” she says.

To be eligible for a VA loan, the chosen home must meet certain property requirements (see tip six ahead.) So, having a real estate agent that knows the market, what’s allowed by the VA, and how to draft a successful offer, is crucial to getting the best deal on the home you want.

There are also various other VA loan products a VA loan specialist would be the most familiar with, including VA loan refinance, cash-out refinancing, and interest rate reduction refinance loans (IRRRL).

To find a VA-savvy agent, contact your VA regional loan center to see if they have someone they can recommend in your area. Some lenders, like Veterans United, also have their own division of real estate agents that specialize in finding VA-approved homes, so that’s another option you can explore.

6. Choose a property that’s VA-approved

Remember we said that not all properties can be financed through a VA loan? Well, here’s why.

Bell, from the VA’s Veterans Benefits Administration, says that the VA home loan program was designed as an “owner-occupied program.” This means that you can’t use a VA loan to purchase a vacation home or an investment property. It must be the borrower’s primary residence. Additionally, not all condominiums can be financed through a VA loan as well.

“Condominiums must meet certain requirements for it to be eligible for VA lending,” Bell says. “Some of those requirements are things like, first right of refusal when you go to sell the property,” he adds.

If you already have your eyes on a specific condo, you can find if it is VA-approved by looking it up on the VA’s condo database. If it isn’t — don’t fret. Bell says you can always contact the VA to request an evaluation of the complex to see if it can be added to the list. This process can take as little as two weeks.

All properties must also pass a VA appraisal for VA loan eligibility. This appraisal is conducted by someone chosen by the VA and its main purpose is to determine whether the property is in good livable condition and that its selling value is in accordance with other similar properties.

7. Close the deal only when you’re ready to move in

In order to be eligible for a VA loan, you must complete the VA’s minimum occupancy requirement at closing. This is a document in which “you must certify that you intend to occupy the property as your home.”

The VA considers 60 days from your closing date as a reasonable timeframe for you to occupy the property. If you’re an active-duty service member, your spouse or dependents may satisfy this requirement for you by moving in first.

In some circumstances, this period may be extended up to 12 months. So, this is something to consider before you apply for the loan.

Ads by Money. We may be compensated if you click this ad.Ad

Keep it simple with a Moving Company.

By hiring a Moving Company, getting set up in your new place will be easy and convenient. Make it happen today by clicking below.

Get Started

Summary of the 7 VA Loan Tips:

  1. You can get started without the Certificate of Eligibility (COE)
  2. Your credit score still matters, but it’s not everything
  3. Make sure you have enough saved
  4. Shop for a VA lender and get pre-approved
  5. Hire a real estate agent that’s VA-savvy
  6. Choose a property that’s VA-approved
  7. Close the deal only when you’re ready to move in
Resources
Download Money’s 21 Smartest Money Moves for 2021

Fine tune your financial life this year with Money’s expert advice on investing, retirement, building credit, and more. It even comes with a handy checklist. Best of all? It costs you nothing.

Download Money’s 21 Smartest Money Moves for 2021

Fine tune your financial life this year with Money’s expert advice on investing, retirement, building credit, and more. It even comes with a handy checklist. Best of all? It costs you nothing.

By clicking “Get Money’s Toolkit,” I would like to receive relevant marketing communications from Money and selected partners. I understand I can opt-out by clicking unsubscribe in any email. I have read Money’s Privacy Notice and consent to the processing of my personal information.

Success!

Check your inbox or begin downloading your 2021 Toolkit now be selecting the button below.


Download now

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Credit Repair Companies

La Reyna Del Credito Helping People Defeat the Financial System by Improving Their Credit Scores

Published

on

La Reyna Del Credito Helping People Defeat the Financial System by Improving Their Credit Scores

Financial freedom is somewhat an alien word where Ivonne Arvizu comes from, and she made a solemn promise to make it happen for herself and as many others as possible. With a work rate that has cut across different clients with varying professions such as medicine, entertainment, business, legal, real estate, financial professionals, police officers, and thousands of other people who needed credit report at one time or the other, Ivonne Arvizu has created a strong impression about La Reyna Del Credito. Ivonne acquired her credit repair knowledge a long time before she established her credit repair company, and she started helping people fix their credit while she worked at a bank. The bank was against her offering such services due to a conflict of interest. Ivonne, not willing to let herself get tied down in some banking bureaucracy she didn’t agree with, resigned from the bank and made her company into a full-fledged, official credit repair business.

Ivonne Arvizu has always been about excellence and flying the flag high all her life. Despite coming from a humble background and a poor family that never fulfilled the American dream, Ivonne set out to make a difference. She became a homeowner at the age of 20 and has dedicated more than 18 years of her life helping the Latino community elevate its financial status. Ivonne has been featured in Spanish programs on television networks like Telemundo, Univision, Radio Nueva Vida, Radio Inspiracion, and other broadcast services educating the public about financial freedom. Through La Reyna Del Credito, Ivonne is changing lives and shaking things up in the financial world.

La Reyna Del Credito was established on the premise of “Life happens, and anyone can get into a bad credit situation.” In Ivonne’s words, “Nobody ever hopes to have bad credit. It just happens, and it does not discriminate. There are so many variables that cause people to have bad credit and fortunately for them, ‘La Reyna del Credito’ exists.” Beyond fixing bad credit scores, La Reyna Del Credito helps people get their mortgage credit within days so they can buy their dream homes without stress. The company established a FICO program that ensures this guarantee, and it has boosted La Reyna Del Credito’s credibility in the Latino community.

La Reyna Del Credito has proven to be a game-changer for the Latino community and has pushed its members to focus on becoming more financially stable in their retirement age.  With more than 1,087 real estate deals closed in 2018 alone and a money-back guarantee on all credit fixes if the company does not deliver the score, La Reyna Del Credito has given people more confidence in its services as it continues to deliver excellent results. The bulk of the company’s clients are Spanish-speaking Latinos who migrated to the United States without knowledge of how credit scores work, and they need guidance. Ivonne Arvizu has built something outstanding, and she’s willing to see it through till she has fixed the finances of hundreds of thousands of people.

Learn more about La Reyna Del Credito on the company’s official website.

Media Contact
Company Name: La Reyna Del Credito
Contact Person: Ivonne Arvizu
Email: Send Email
Phone: (213) 434-9873
Country: United States
Website: http://www.lareynadelcredito.com

Advertisement. Scroll to continue reading.

Source link

Continue Reading

Credit Repair Companies

Improve Your Credit Score with a Credit Repair Company

Published

on

Securing a loan for your home or business investment can turn out to be quite overwhelming for individuals and businesses out there. People with poor credit scores often struggle with their loan applications, as it gets a bit challenging to have your loan application approved at a low interest. In fact, a credit score happens to be the first thing a bank or a financial institution is likely to notice when reviewing your loan application.

Sometimes, simple things such as late payments and irregular bill payments can lower your credit score significantly. Even if you manage to find a private lender who’s willing to approve your loan application, there is a good chance they will charge you a high interest for the loan.

Why Do I Need to Hire a Credit Repair Company?

It isn’t always your utility bills or debt payments that lower your credit rankings, but sometimes, you might end up with a bad credit score because of a small error on your credit report. Regardless of the complexity of the issue you are facing, you can’t deal with the problem on your own. It is important that you seek help from a credit repair company to look into the matter and fix the issue quickly. As the name suggests, the credit repair company is in charge of fixing the errors in your credit report and removing the items that might be lowering your credit score. This includes charge-offs, late payments, liens, debt collections, and so on.

With a large number of credit repairing companies claiming to offer high-quality and cost-effective services, the decision of choosing the most reliable company could be a little overwhelming. Each company offers a set of unique services that are designed to improve your credit score in different ways. You might have to apply for a loan to finance emergency health requirements, your dream home, a startup, business capital, child’s education, and other requirements. Here are a few other reasons why you must hire a credit repair company:

·      Fix Inaccuracies on Your Credit Reports

Research shows that more than half the population of the United States report inaccuracies and unnecessary errors in their credit reports every year. These errors occur due to the miscalculation is wrong information. As mentioned earlier, it isn’t always your debts and late payments that affect your credit rankings.

Sometimes, small errors in the report could have a profound impact on your credit score. It is, therefore, important for businesses and individuals to get their credit reports reviewed once in a while. Only a credit repair company has the expertise and skills it requires for reviewing the credit reports thoroughly and fixing the errors. The sooner you get these errors fixed, the faster you will be able to apply for a home loan.

·      Job Opportunities

Many reputable companies ask applicants to attach a copy of their credit reports with the job application so that they know their staff is trustworthy. A good credit score increases your chances of getting hired by a reputable company.

·      Insurance Policies

You can’t secure the best and low-priced insurance policy with a bad credit score. It’s important to work on your credit score to get the best deals on insurance policies. That’s because a majority of insurance providers offer insurance plans based on your credit reports. A reliable credit repair company will help fix your credit score, saving you a significant amount of money on an insurance policy.

Best Credit Repair Companies

There is no denying that good credit repair companies can help improve your credit reports by erasing the negative items and fixing the inaccuracies. Here are a few popular credit repair companies you can count on for premium services.

·      Credit Saint: With more than 10 years of experience in this industry, Credit Saint tops our list of the best credit repair company. The Better Business Bureau has rated it A+ for the variety of services it offers. The company has undoubtedly improved the credit rating of a large number of customers successfully over the past few years. It reviews your FICO credit score, evaluates the negative items, and fixes the damaged credit score.

·      Sky Blue Credit: If the price and quality of the services are your main concerns, Sky Blue Credit is your best bet. The company has kept a fixed price, which is $79 a month, for an extensive range of credit repair services.

·      The Credit Pros: With over 200,000 customers based across different parts of the world, The Credit Pros is a 12-year old company that has received an A+ rating from the Better Business Bureau. You can enroll in its monthly plan that costs a flat fee of $49 or choose the prosperity package – whatever fits your preference and budget.

Source link

Continue Reading

Credit Repair Companies

7 Best Credit Repair Companies in 2021: Top-Rated Credit

Published

on

San Diego, CA, April 17, 2021 (GLOBE NEWSWIRE) — Credit repair companies work on behalf of their clients to improve their credit report by removing negative items, such as debt collections, late payments, and bankruptcies. There are significant differences between credit repair companies in terms of the methods they use for payment structures and to repair credit scores.

To determine the best credit repair services to use, we compared factors such as reliability, effectiveness, and value for money. Based on these specifications, and the pros and cons of each company, here are the best credit repair companies in 2021.

1. Credit Saint – Best Credit Repair Company Overall

Credit Saint is the overall best credit repair service because it has a long and solid record of helping thousands of people to improve their credit scores. The company’s success is evident as the Better Business Bureau has given this service an A+ rating for more than 10 years.

Customers receive a free consultation from Credit Saint to talk about their credit score and identify any negative items. It is possible to use this service free without any obligation.

If a user chooses to proceed based on the initial consultation, Credit Saint then contacts the credit bureaus on the individual’s behalf. The aim of this communication is to remove any inaccurate information from the customer’s credit report.

Some of the negative items this company can potentially remove from credit reports include:

  • Late payments
  • Judgments
  • Collections
  • Repossessions
  • Bankruptcies
  • Credit inquiries
  • Liens

Credit Saint recognizes that their customers have differing needs, which is why they offer three packages. The first option is the Credit Polish package that includes a free score analysis, challenges of five negative items per cycle to three major credit bureaus, and a credit score tracker too.

The next level package is the Credit Remodel package. This option features everything from the Credit Polish model above. However, users receive 10 negative item disputes per cycle and ongoing Experian credit monitoring as well.

Credit Saint’s most aggressive option is the Clean Slate package. Along with everything in the other two packages, this one includes unlimited challenges on inaccurate items, and the company will also send out cease and desist letters on the customer’s behalf.

Other points in Credit Saint’s favor include good value for money and that they offer a 90-day money-back guarantee. Overall, the positive features of Credit Saint are:

  • More than 10 years of A+ Better Business Bureau rating
  • Three different packages
  • Free, no-obligation consultation with a credit repair expert
  • Real-time progress monitoring via an online dashboard
  • 90-day money-back guarantee

2. Lexington Law – Most Experienced Credit Repair Company

One of the top credit repair services in terms of experience is Lexington Law, as it was founded in 1991. Now, it is the United State’s biggest credit restoration company. In 2017 alone, Lexington Law had more than 100,000 negative items removed from their customers’ credit reports.

This company has a team of lawyers and paralegals that protect your credit using specific laws. Some of the issues that can impact a person’s credit score negatively, with which they help their customers, include:

  • Divorce
  • Medical bills
  • Identity theft
  • Student debt
  • Military service

Lexington Law has three packages available to accommodate the different needs of users. The most basic of these is the Concord standard service, and this includes challenging negative items with the customer’s creditors and the three major credit bureaus.

The next level is the Concord premium package. In addition to the services from the standard model, the person also receives TransUnion alerts and a score analysis. They also benefit from having hard inquiries removed.

Finally, the PremierPlus package is the most thorough credit repair service Lexington Law offers. In addition to the services of the other packages, this package includes personal finance tools, identity theft protection, and the FICO score tracker.

Although Lexington Law is a little more expensive than most other credit repair companies, they are one of the most experienced companies, and the quality of their work is outstanding.

The main benefits of using their services are:

  • Many independent review sites rank Lexington Law as the best option
  • Over 56 million removals since 2004
  • Help offered with charge offs, late payments, foreclosures, and collections
  • More than 500,000 active clients

3. CreditRepair.com – Best Credit Repair App

CreditRepair.com has some of the best reviews from former customers of all the credit repair services. Founded in 2012, this company has removed more than 1.8 million harmful items from its customers’ credit reports. This credit repair company’s app is available for iPhones and Android devices.

After signing up with CreditRepair.com, customers will have their credit report retrieved and analyzed to identify misleading, inaccurate, or invalid items. The team then creates a customized credit repair plan to help rebuild positive credit, and they employ various methods to achieve this.

CreditRepair.com offers customers three different packages, so people can choose the package that best meets their needs. Direct is their entry-level package and the cheapest option. It is ideally suited to people who have only a handful of negative items. The package includes 15 negative item challenges and three creditor disputes each month.

Those who opt for the Standard package also have cease and desist letters sent on their behalf, 24/7 credit monitoring, hard inquiry challenges, and quarterly credit score analysis. The cost of this service is in-line with the average for credit repair services.

The most comprehensive credit repair package CreditRepair.com offers is their Advanced package. Along with the services of the other packages, this package offers a monthly FICO score, identity theft insurance and protection, an array of personal finance tools, and up to 19 negative item challenges each month.

Some of the best features of CreditRepair.com include:

  • Effective and aggressive repair programs
  • Free credit analysis
  • Discounts if you sign up family and friends
  • 15+ negative item challenges monthly
  • Three credit repair packages to choose between

4. Sky Blue Credit – Good Value for the Money

For those who need a service offering good value for money, Sky Blue Credit is one of the best options. They have transparent pricing, free services for the first six days, and there is a 90-day money-back guarantee. Therefore, Sky Blue Credit is a great choice for people who have a limited budget.

Unlike other credit repair services that offer different packages, Sky Blue Credit offers all its services for a monthly flat rate. The services include disputing five items per each of the three major credit bureaus every 35 days.

After signing up to Sky Blue Credit, customers receive an analysis of their credit history, and any harmful errors are highlighted. The experts from this company then send dispute letters on their clients’ behalf and check the statute of limitation for any debts.

Some of the main features of Sky Blue Credit include:

  • One low monthly rate for all services
  • No fee for the first six days
  • Customers can cancel at any time
  • 90-day money-back guarantee

5. The Credit Pros – Good for Speedy Credit Repair

The Credit Pros have been in business for more than 12 years, and they have helped more than 200,000 people across the United States to improve their credit rating. It is consistently ranked as one of the best credit repair services by independent review sites, and it has maintained an A+ rating from the Better Business Bureau.

There are three packages available from The Credit Pros to meet differing repair needs. The entry-level option is the Money Management package, which includes identity and dark web monitoring and TransUnion monitoring. It also includes the CashRules finance manager, which allows customers to integrate banks, track transactions, get alerts, and set budgets.

The mid-level option is the Prosperity package. In addition to everything from the entry-level package, users get a three-bureau credit repair, which includes:

  • Debt validation letters
  • Goodwill letters to debt agencies and creditors
  • Cease and desist letters
  • Unlimited dispute letters
  • A one-on-one action plan from a professional

The Credit Pros’ most thorough and expensive option is the Success package. Along with all the services from the other two packages, customers also have a guaranteed line of credit of $1,500. The credit repair service also reports repayments to TransUnion and Experian, which allows the customer to build a positive credit history.

When deciding whether The Credit Pros is the right company for them, potential users should consider the following positive features:

  • Free consultation with a specialist
  • Better Business Bureau rating of A+
  • AI-driven credit repair technology
  • Quick credit repair for faster results
  • Various packages available
  • Option for unlimited dispute letters available
  • Credit monitoring included with all plans

6. Ovation Credit – Best Customer Service

Ovation Credit Services has helped more than 12,000 people to improve their credit score, and the company has a reputation for its outstanding customer service. They take pride in building relationships with users and providing them with customized credit repair solutions.

This credit repair company is one of the most cost-effective options as the monthly fees are affordable. At the initial appointment, each customer receives a free consultation. During the meeting, the advisor takes an in-depth look at the client’s credit history to determine the best solutions for each issue.

Moving forward, an advisor from Ovation Credit Services files disputes on behalf of their client. The process may involve the advisor contesting late payments with creditors and writing goodwill letters. Ovation Credit Services also ensures clients have an accurate credit score by working with credit reporting bureaus.

The main reasons to consider using this company’s service are:

  • A+ Better Business Bureau rating
  • Excellent customer service
  • Free consultation
  • Customized credit repair solutions
  • A cost-effective option

7. The Credit People – Best Customer Satisfaction Guarantee

The Credit People has been in operation for more than 15 years, so they are now one of the leading credit repair companies. It offers customers the option of either a six-month, flat-rate service plan or a monthly pay-as-you-go option.

Since 2004, The Credit People has removed approximately 1.5 million negative items from their customers’ credit reports, and statistics show that the average customer sees a 32 percent improvement in their credit score.

For a small fee, customers have the option to try out the services for a week before deciding if they want to continue using it. The Credit People also offers a 60-day money-back guarantee.

However, excellent customer service is what makes The Credit People stand apart from the competition. Some of the advantages of joining The Credit People include:

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

How Do Credit Repair Services Work?

The first step that most credit repair services take is downloading the customer’s credit report from the three major credit bureaus. Professionals then review the credit reports to identify errors. Common examples of mistakes include inaccurate personal information, incorrect balances, and data management errors.

It is not a simple process as the professionals must gather evidence to prove the information in the credit report is false. Doing so can take anything from a few days to several weeks.

Once the professionals have gathered the information they need, they send it to credit monitoring companies, and there is a 30-day window for them to respond. The credit bureaus will contact the credit repair service to say whether they have corrected the error or not and explain why.

Essential Factors To Consider When Choosing a Credit Repair Company

Before someone starts using a credit repair company, it is important they take the time to compare the options. Some of the factors to consider are outlined below.

Setup Fees

Companies should not ask for large upfront payments, as this is a violation of the Credit Repair Organizations Act. In most cases, legitimate credit repair companies do not have setup fees.

Free Consultations

Free consultations are beneficial, even for those who have good credit. If a free consultation is available from the service, it will help people to identify areas in which they can make improvements and what they are already doing well. It is an opportunity for people to learn good financial habits that will prevent them from needing credit repair services in the future.

Monthly Fees or Flat Rate Payments

Credit repair companies’ two payment types are usually either monthly fees or flat-rate payments. A customer must decide which is their preferred option when choosing the best service to meet their needs.

Credit Repair Reviews

As with any service, reviews from former customers can help people to decide if a company is reliable, effective, trustworthy, and good value for money. The user should not simply rely on the reviews posted on the credit repair services’ websites but check elsewhere online to get an accurate overview of others’ experiences.

Another tip is to check with the Better Business Bureau, as this service helps consumers to find reputable businesses with positive reviews.

Customer Service

Although most credit repair companies offer similar services, one way that the best companies stand out from the rest is the customer services they offer. The top companies offer customer service from friendly and knowledgeable professionals who can guide people through the best credit repair options.

They will monitor their clients’ credit scores continuously so that the client achieves results quickly. Agents will notify clients about both improvements and challenges or disputes on their credit scores.

How Long Does Credit Repair Take?

Customers should not expect to see results immediately, as it can take between three and six months before progress is evident. However, if someone repairs their credit score annually or they only have minimal issues, then it may not take as long.

On the other hand, those who have lots of credit issues or who have never looked at their credit report may find it can take more than six months before they see improvements.

Is It Worth Using Credit Repair Companies?

One point to note is that a person can do everything that a credit repair company does and achieve the same results, which may cause people to question whether using a credit repair service is worth the money.

There are two benefits to using professional services rather than a person attempting to repair their own credit score. The first benefit is that it saves a person time, as the process is a heavy task. Second, using a professional service streamlines the process as they have experience of the different methods and they know how to get the best results.

In addition to saving time and achieving positive results faster, it is also worth noting that using a credit repair company can save people money in the long-term. If a credit score improves by a few points, it can save on mortgage repayments and loan or credit card interest rates.

What Does It Cost To Use Credit Repair Services?

The cost of using credit repair services can vary significantly, depending on the services the company offers. Although monthly fees typically range between $79 and $129, the industry average is approximately $99 a month. There is also the option to buy credit repair software, such as TurboScore Home, that reduces the time of navigating credit reports and bureaus.

Are Results Guaranteed When Using Credit Repair Services?

It is almost impossible for a credit repair company to guarantee results as credit reports are complex documents that change every time someone makes or misses a payment. Therefore, customers should be wary of services that make outlandish guarantees.

Avoiding Credit Repair Service Scams

Unfortunately, there are some scam credit repair companies out there. However, people can take steps to make sure they avoid such companies.

The first thing that people need to know is the Credit Repair Organization Act in 1968 prevents companies from making misleading statements about the services or products they provide. Furthermore, the services must provide written contracts that give consumers an opportunity to cancel the arrangement.

Legally, credit repair companies cannot collect payments until their services are complete. However, many get around this rule by having a setup fee followed by monthly payments to help spread the cost.

Apply caution if a credit company gives misleading information or they do not give straight answers to questions. For example, consumers should avoid companies that discourage customers from contacting credit monitoring bureaus. People should also avoid companies that create new identities or credit reports.

What Methods Do Credit Repair Companies Use To Get Items Removed?

Each company employs different methods to get items removed from a customer’s credit report. The following is an overview of some of the most common methods.

Goodwill letters: Credit repair services may write goodwill letters to creditors to encourage them to remove negative items from credit reports. Although it is not always successful, it works surprisingly often.

Debt validation letters: These letters request that creditors or debt collection agencies provide proof that a debt is valid. If they are not able to provide proof, then they must remove it from credit scores.

Negative item challenges: Consumers have the right to dispute questionable items on credit reports. Credit bureaus then have 30 days to respond. While some companies allow unlimited disputes in a billing cycle, others specify a maximum number of disputes.

Fixing inaccurate information: A method that is particularly useful for victims of identity theft is fixing wrong data. In most cases, credit repair companies assign a case advisor to a customer, and they will go through the customer’s credit report with them to look for inaccuracies.

Cease and desist letters: The Fair Debt Collection Practices Act states that if a customer requests a debt collection agency stops contacting them, then the debt collection agency must abide. Many credit repair companies offer a service of sending out cease and desist letters to creditors and debt collection agencies on the customer’s behalf.

Visit magnoliamedianetwork.com for more product comparisons and reviews.

Contact: [email protected]

Disclaimer:
The information does not constitute advice or an offer to buy. Any purchase made from the above press release is made at your own risk. Consult an expert advisor or professional before any such purchase. Any purchase made from this link is subject to the final terms and conditions of the website’s selling mentioned in the source. The content publisher and its downstream distribution partners do not take any responsibility directly or indirectly. If you have any complaints or copyright issues related to this article, kindly contact the company this news is about. The links contained in this product review may result in a small commission to the author if you opt to purchase the product recommended at no additional cost to you.

Source link

Continue Reading

Trending