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How Much Does It Cost to Repair My Credit?

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Repairing your credit doesn’t cost anything if you do it yourself. If you hire a credit repair company to assist you, however, you’ll have to pay fees, which can range widely.

Key Takeaways

  • Credit repair doesn’t cost anything if you handle the process yourself. If you hire a credit repair company to assist you, you’ll typically pay fees of $19 to $149 per month.
  • There is nothing a credit repair company can do for you that you can’t do for yourself. There are also scam artists posing as legitimate credit repair businesses.
  • Only inaccurate information can be removed from your credit reports. You can find step-by-step instructions for disputing errors on the three major credit bureaus’ websites.

Understanding Credit Repair

Credit repair is the process of removing unfavorable information from your credit reports, which can, in turn, raise your credit score.

The first step is to obtain your credit reports. By law, you’re entitled to a free credit report from each of the three major credit bureaus—Equifax, Experian, and TransUnion—once every 12 months. The official website for that purpose is AnnualCreditReport.com.

The next step is to review your credit reports carefully for inaccurate information, such as late or missing payments that you believe you made on time. You’ll also want to make sure that there are no accounts listed on your credit reports that you don’t recognize. If there are, that may be a sign that an identity thief has opened credit accounts in your name.

If the information in a credit report is accurate, there is nothing you can do to change it. You simply have to wait until the information is old enough to fall off your report. That’s generally seven years. In the case of bankruptcy, the period is 10 years, and there’s no time limit for “information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance,” according to the Federal Trade Commission (FTC).

In the meantime, you can improve your credit going forward by practicing good credit habits, such as paying your bills on time and keeping a low credit utilization ratio.

However, if you discover inaccurate information, you have a right to challenge it, and the credit bureau is legally required to investigate. If the bureau decides you’re right, it will strike that information from your credit report. All three of the major credit bureaus’ websites describe the steps you’ll need to take and provide online forms you can use to get started.

You can either handle the credit repair process by yourself or hire a professional credit repair company to guide you through it. As the Federal Trade Commission explains, there is nothing that a credit repair company can do for you that you can’t do for yourself. The reason you might want to hire one is if you don’t feel comfortable with the process or don’t want to devote as much of your time to following it through to the end.

What Credit Repair Companies Do

A credit repair company doesn’t do everything for you. Its primary role is to advise you on the credit repair process and provide ongoing support as you dispute inaccurate information. Some also offer a package of related services, such as credit monitoring.

While some credit repair companies are national, others operate only in certain states. For example, as Investopedia’s report on the Six Best Credit Repair Companies of 2020 noted, the Credit Pros does not provide service in Kansas, Maine, Minnesota, or Oregon. 

Each company has its own pricing structure. In general, the companies bundle their services into packages and charge monthly fees. Prices range from $19 to $149 per month, depending on the services you sign up for. There may also be set-up or enrollment fees, as well as cancellation fees. Some, but not all, companies offer a money-back guarantee.

Once you sign up with a credit repair company, it may be several months before you see results. It usually takes up to six months, or longer, for your credit to be totally repaired. What’s more, errors that have been corrected may reappear on your credit report for various reasons, so you should check your reports periodically even if you believe they have been fixed and challenge that information again.

Important

Any credit repair organization that claims it can get negative, but accurate, information removed from your credit report is probably a scam.

Scam Credit Repair Companies

While there are legitimate credit repair companies, the field is also fertile territory for scam artists. The Consumer Financial Protection Bureau has a list of red flags to watch out for.  Those include: 

The Bottom Line

Repairing your credit doesn’t have to cost you anything. You can handle the process yourself by following the step-by-step instructions on the three major credit bureaus’ websites. If you want help, you can hire a credit repair company to assist you. They generally charge anywhere from $19 to $149 a month for their services. But beware of scam credit repair offers, which may leave you in worse financial shape than before.

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Credit Repair Companies

Give yourself some credit (reports)

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Image courtesy FTC
Image courtesy FTC

By EMILY WU
Attorney, Federal Trade Commission

One important back-to-basics step you can take this Financial Literacy Month (or anytime) is checking your credit report. 

Your credit report has a summary of your credit history. For example, if you’ve been evicted and a landlord turns uncollected rent over to a collection agency, that might be on your credit report. Information in your credit report affects your credit score. That’s important because businesses — like insurance and phone companies — use your credit score to decide whether to give you a policy or service, and what rate to offer. And potential employers and landlords also might check your credit.

So you want to know that the information on your report is accurate. And if it’s wrong, you want to make sure someone didn’t steal your identity.

Here’s the plan:

Order your free credit report. Go to AnnualCreditReport.com or call 877-322-8228. Until the end of the pandemic, everyone in the U.S. can get a free credit report each week from all three national credit bureaus (Equifax, Experian, and TransUnion).

Read the reports carefully. Do you recognize the accounts? Do they list credit applications? Did you apply for credit at those places?

Spot mistakes. Fix anything that looks wrong (read more about how). But if it looks like someone else is using your credit, go to IdentityTheft.gov to report it and get a recovery plan.

Spot a credit repair scam. If a credit repair company asks for money up front, or tells you not to contact the credit bureaus yourself, that’s probably a scammer.

Look, it’s been a tough time, and it’s hard to get back on track. But you can take steps to rebuild your credit. Only time and a plan to pay off debt will improve your credit, but with free credit reports available every week, it’s a good time to take a small step towards recovery. 

. . .

The above information is from the Federal Trade Commission Consumer Information blog

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Credit Repair Companies

Introducing Oasis Credit Group, New York City’s premier credit repair company – Press Release

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Oasis Credit Group is a credit repair company, based in New York, that is proficient in erasing bad credits accumulated from terrible financial decisions whilst providing its clients with a first-class platform for business or personal growth.

Available statistics suggest that 43% of consumers haven’t checked their credit score in the last year. Meanwhile, VantageScore says there are about 220 million scoreable people and 68 million of them have bad or poor scores. Hence, Oasis Credit Group is aptly positioned with its services—the ability to remove all negative derogatory and delinquent accounts across all 3 bureaus.

“The first thing we do is obtain a 3B Credit Report which is one report from the 3 major credit bureaus. We will then analyze the entire report with the client on the line. We will go over each item that is on the report and figure out what needs to be done. Ex. dispute with the bureaus and/or furnisher, Debt Settlement with the creditor or collection agency, Adding positive accounts, etc. We do not sign up any client who wants to sign up. If we cannot help, we will not onboard the customer”, explained the company CEO.

Oasis Credit Group started as a small business funding industry where they observed the biggest reason for denial was someone’s credit score. “After figuring out a way to help people with their credit scores, we decided to move strictly to credit repair as we saw the number of consumers who can use our service AND the amount of business who can help as well”, explained a company spokesman.

Oasis Credit Group differentiates itself from other companies in the credit repair industry with a number of impeccable services including:

  • 100% Money-Back Guarantee
  • Flawless integrity
  • Sufficient experience with consumer, business, and mortgage credit
  • Full-time availability and customer support
  • Affordable fees, with NO long binding contracts.


Oasis Credit Group
offers a referral bonus as an incentive for any client referred to them.  “As mentioned above, we know what it likes to have a client declined due to credit. We are your solution. Refer those clients to us or any client you know can use our help and we will get them a better credit score AND you will get paid for the referral. We pay a residual commission for each active client each month.”

Perhaps, a pointer to the company’s proficiency is the rave reviews and customer testimonials from clients. According to a client, Gloria G.: “After working with 3 different credit repair companies I had 0 results after 2 years. I was on my last try and Abie was awesome from the first phone call. He didn’t promise anything that wasn’t possible and gave me an accurate timeline to reach a score of 650 so I can get my dream home. They were able to get the results I needed in 2 months! For anyone that has been struggling I strongly recommend you give Oasis a try they DELIVER!”

Media Contact
Company Name: Oasis Credit Group
Contact Person: Abraham Shalam
Email: Send Email
Phone: (646) 727-6985
Country: United States
Website: oasiscreditgroup.com



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Credit Repair Companies

Hope for individuals with negative credit listing – Press Release

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Professional Credit repair consultants explores the available options for those affected by economic distress occasioned by COVID 19 pandemic

With COVID 19 pandemic causing great havoc on the economy, individuals and business are grappling with effects of jobs losses and low business.  According to financial analysts, rate of defaults has hit a record high, with the number of people who are listed increasing in the past one year, and recorded figures being the highest in a decade. This has led to flurry of activities with credit repair experts exploring on solutions that can save people from further distress.

To avoid financial issues associated with negative credit listing, Intel Credit Consultants, a credit repair firm advises individuals and businesses to seek professional assistance on the options that are available to handle the negative items on their credit report. “A professional credit repair is in a good position to advise you on action you can take to repair your credit. You will be given the pros and cons of each of the option, helping you decide on the best way to proceed,” said a senior credit repair officer at Intel Credit Consultants while adding that some of the options may include, paying off, disputing, negotiating removal or settling.

“As your Credit repair consultants, we will review your full credit reports from the credit bureaus, we will monitor your credit information and ascertain what can be removed in line with Fair Credit reporting Act,” said the company representative while articulating how they help in credit repair.

Credit repair process starts with understanding the current situation. Credit report, according to the senior credit expert at Intel Credit Consultants will give the credit history of an individual or business. They will assist in analyzing the information, seeking to help the client understand what it means and how this affects them and their finances.

“We will help in preparation of the appropriate letters to both the credit bureaus and debt collection firms. We normally prepare letters which specifically address the credit information; our experience has shown us that doing general letter is not effective as they are mostly ignored by the credit bureaus. This is what sets us apart from the rest of the players in this sector and also helps us in quickening the process. To make sure that the letter gets to the targeted recipient we opt to mail them on your behalf,” said a senior expert in the firm while adding that they educate their clients providing them with information that will help them make informed decisions.

For more information visit: https://intelcreditconsultants.com/

About Intel Credit Consultants

Intel Credit Consultants is a credit repair company that puts its clients’ needs first making sure they are educated and well informed on every credit decision. The trustworthy and hardworking black owned business aims at helping its clients reach their full potential. Known for its highly skilled technicians, Intel Credit Consultants are one of the fastest credit repair companies targeting to see improvement in client’s credit score within a short time.

Media Contact
Company Name: Intel Credit Consultants
Contact Person: Media Relations
Email: Send Email
Phone: 866.990.7175
Country: United States
Website: https://intelcreditconsultants.com/



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