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New Trade Association Aims To Improve Consumer Credit Experience

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The American Association of Consumer Credit Professionals (AACCP) recently held a press briefing to announce its new formation as a trade association dedicated to advocating for “holistic consumer credit repair.”  Despite the word “repair” missing from the trade group’s name, the association is comprised of credit repair industry experts and advocates for the credit repair industry. 

Responding to a perceived gap between the significant credit problems facing consumers and limited efforts by regulators and lawmakers to help consumers overcome those problems, the AACCP aims to educate consumers about the responsible use of credit and their legal rights and responsibilities about how furnishers and consumer reporting agencies publish information about their creditworthiness.  The group prides itself on being the only consumer advocate in the credit reporting system.  The aim is to “support consumer access to credit through accurate, fair, and substantiated credit reports.”  A short video on the group’s website also promises to protect consumers against bullying by “shadowy debt collectors.” 

The AACCP wants stakeholders in the credit ecosystem to know that they do more than just fix tradelines on consumer reports.  The group’s inaugural announcement and website explain how modern credit repair organizations offer consumers more because they:

  •  Know the industry and the laws designed to protect consumers;
  •  Understand the circumstances of individual consumers to help them raise relevant questions with creditors and other furnishers of credit report information;
  •  Operate with integrity and maintain a strong focus on compliance with applicable statutes;
  •  Help consumers review, analyze and understand their credit reports in order to identify items that may need to be challenged and, if possible, changed;
  •  Advocate on behalf of consumers to resolve potential issues on their credit report with creditors/furnishers and the Consumer Reporting Agencies (CRAs a/k/a credit bureaus); and
  •  Educate consumers on their credit reports, how to build positive credit, and encourage them to use credit responsibly.

(See, https://aaccp.org/about/)

The group describes these services as a “holistic approach to credit repair advocacy.”  A stated focus of this advocacy is to bring racial equity and fairness to the credit system.  The group’s founders are familiar players in the credit repair space, Progrexion and Lexington Law.

The credit repair industry is regulated by state and federal law.  The Credit Repair Organizations Act (15 U.S.C.S. § 1679 et seq.) is the federal law governing all credit repair services.  Like many other consumer protection laws, the CROA prohibits false and misleading behavior, requires certain consumer disclosures, empowers consumers with certain legal rights, and establishes a private right of action for consumers against credit repair organizations that do not follow the law.  Many states have implemented similar laws proscribing certain harmful behavior and mandating consumer-friendly behavior.  Despite a 5-year statute of limitations on violations of the CROA, a quick search revealed only a small number of reported cases involving this statute.  The law has been on the books since September 1996.

The collection industry and the credit repair industry share many similarities.  They are both highly regulated by state and federal laws throughout the country.  Their reputations are shaped most often, not by the law-abiding actors who bring assistance and value to consumers, but instead by the few who disregard the rules and bring harm to consumers.  They each sit on the front lines of consumer interaction, listening to stories of hardship and helping consumers triumph over their credit challenges.  Both industries have also had their share of government and civil scrutiny, with the government going after the biggest players in the marketplace:

…and courts narrowing the application of the Fair Credit Report Act to disputes received “directly” from a consumer:

But the relationship between the credit repair industry and the collection industry has not always been simpatico.  Debt collectors are the recipients of tens of millions of dispute letters from credit repair organizations annually; often perceived as frivolous and unsubstantiated.  Collectors themselves have taken action against credit repair organizations to stop this untoward behavior:

Yet, in the end, both industries pursue their stated purposes of helping consumers overcome financial challenges.  Will this new trade association change public perception?  Will lawmakers be persuaded to pass laws favorable to the credit repair industry?  Will regulators take a kinder, more gentle approach to regulating the credit repair industry?  The impact of this new association on the public, consumers, lawmakers and regulators remains to be seen.  There may be more in common between the collection industry and the credit repair industry than either is willing to admit. 



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CyberloQ Technologies Inc. Announces Business Update on Growth and Sales Strategies Other OTC:CLOQ

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VENICE, FL, March 03, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — CyberloQ Technologies Inc. (OTC: CLOQ) (“CyberloQ” or the “Company”), a provider of advanced authentication algorithms and geofencing capabilities for data control, today provides a review of the Company’s market opportunities, current initiatives and revenue model.  

To our Shareholders, 

We would like to thank you for your continued support as we advance our operations to become a recognizable, key player in cybersecurity. We are pleased to provide you an update on our operations, current opportunities and plans for growth. 

MARKET OPPORTUNITIES 

According to Juniper Research, ecommerce merchants are expected to lose $25 billion to online payment fraud by 2024. The COVID-19 global pandemic has only increased the use of ecommerce and online banking, which in turn drives greater demand for technologies that enable secure online transactions. 

As the need for cyber security solutions increases, CyberloQ continues to focus on banking fraud prevention and credit management through its proprietary CyberloQ™ and TurnScor™ software. We believe merchants are primarily responsible for the safekeeping of clients’ assets and personal information, but consumers must also take measures to protect their personal financial data; it’s our mission to provide tools that enable them to do so (https://CyberloQ.com/why-cyberloq/). 

Secure online payments are vital for the success of ecommerce, and we believe CyberloQ provides the solution for proactive, comprehensive cybersecurity.

TECHNOLOGY

CyberloQ’s customizable data security solutions provide an additional layer of protection to consumers, merchants and e-commerce as a whole, while TurnScor credit management platform provides consumers a cost-effective way to manage and repair their credit profiles.  

·      CyberloQ™ is a banking fraud prevention technology that enables institutional clients to combat fraudulent transactions and unauthorized access to customer accounts. Through the use of a customer’s smart-phone, CyberloQ uses a multi-factor authentication system to control access to a bank card; transaction type or amount; website; database or digital service. The mobile applications for CyberloQ have been built, and have been successfully integrated into the banking ecosystem.

·      TurnScor™ is a web-based proprietary software platform which allows customers to monitor and manage their credit from the privacy of their own homes. Although consumers can sign-up for TurnScor on their own, the Company also intends to market TurnScor to certain institutional clients, where appropriate, in conjunction with CyberloQ as a value-added benefit to offer their customers. This combination will give consumers the bonus ability to control and repair their credit in anonymity.  

REVENUE MODEL 

The CyberloQ and TurnScor technologies create two revenue streams, each with a distinct marketing strategy designed to expand visibility, both domestic and International, and the application of our products among retail and wholesale/institutional customers. 

Retail –

Our retail model will allow for the direct marketing of our brands to consumers. The CyberloQ executive team is in late-stage discussions with a large direct marketing company regarding the development and launch of a digital wallet that would include the CyberloQ and TurnScor technologies. If negotiations are finalized, the direct response company will create a marketing program to present the e-wallet to its multi-million customer data-base, and then explore the launch of regional and national campaigns. 

We are confident this unique combination of a cybersecurity digital wallet and a state-of-the-art credit repair portal will give CyberloQ a competitive advantage in the marketplace. 

Wholesale/institutional – 

Our wholesale/institutional revenue strategy calls for customized licensing agreements that will provide online security to businesses, fintech companies, databases, governments, healthcare institutions, online service providers, financial institutions, online gaming space and more. These licensing agreements allow our clients to offer the CyberloQ technology to their customers as a value-added service or as an additional product. This allows our clients the ability to design the strategy that best suits their needs and those of their customers. 

An example of this model is our re-seller agreement with Transact Payments Malta Ltd. (“TPML”) in Europe and Asia. Per the agreement, the licensing fee structure provides CyberloQ as a value-added service to its network, then passes the licensing costs to its customers. Learn more about this structure here https://www.smallcapvoice.com/interview-cyberloq-technologies-cloq/ .

We also have a re-seller agreement with Strategic Solutions Integrated, LLC ( SSI ) in the greater Virginia area to assist with the Dept. of Defense and other government related entities (www.SSI-inc.org). 

COMMITMENT TO SHAREHOLDER VALUE 

We would like to reiterate our focus on establishing effective sales and marketing strategies that will enable the Company to safeguard e-commerce while increasing our corporate growth and shareholder value. Based on the growth plan defined, we are expanding the infrastructure required to handle large scale clients on a global basis, and will provide additional shareholder updates as they become available.  

Thank you again for your trust and support, 

The CyberloQ Executive Team

About CyberloQ Technologies Inc.

CyberloQ Technologies Inc. (OTC: CLOQ) secures clients’ sensitive data and valuable information with a patented, aggressive and proactive approach. CyberloQ’s advanced authentication algorithms, private blockchain and industry-leading geofencing capabilities give clients complete control of their data for real-time authentication and dedicated fraud protection. For more information, visit https://CyberloQ.com/

Safe Harbor:
From time to time, the Company may issue news releases that contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material may contain statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance are not statements of historical fact and may be “forward-looking statements.” “Forward-looking statements” are based upon expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties that could cause actual results or events to differ materially from those anticipated.

The Company discourages any and all promotional activity by non-Company actors, and encourages investors and potential investors to review the Company’s public filings, its website and its press releases, and to discuss these matters with their personal legal and financial advisors. Non-Company newsletters/recommendations, websites or general stock symbols/classifications or other identifiers regarding our securities, whether positive or negative, should not be relied on because these items are simply opinions/policies of a third party. These third parties are, in many instances, paid by the publisher or other third parties and the Company believes that they profit from the publication of this literature and the results on the market. These materials should not be a substitute for investors’ research and/or independent decision-making.

Company Contact: 

Chris Jackson

President, CyberloQ Technologies Inc.

612.961.4536

[email protected]

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7 Best Credit Repair Companies and Services of 2021

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Having negative items on your credit reports 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 from 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 its 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 2021.

Top 7 Best Credit Repair Companies of 2021

Credit Saint: Best Company Overall

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 FICO credit score 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 inaccurate information from your credit report. 

Credit Saint can help remove questionable negative items such as:

  • Collections
  • Late Payments
  • Bankruptcies
  • Repossessions
  • Liens
  • Foreclosures
  • Judgements
  • Credit 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. Credit Saint has 3 different service packages to choose from, depending on your credit repair 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.

Overall, Credit Saint offers the best bang for your buck among all credit repair agencies we’ve reviewed. Their A+ rating at the Better Business Bureau is the best in the credit repair industry and they also offer a 90-day money back guarantee for their services. If you want a free credit consultation to see if they can help, you can talk to one of their credit pros for free without any obligation.

  • A+ Better Business Bureau Rating For Over 10 Years
  • Online Dashboard To Monitor Progress in Real-Time
  • 3 Different Credit Repair Services To Choose From
  • 90-Day Money Back Guarantee
  • Free Consultation With One of Their Credit Repair Experts

Click Here To Visit The Credit Saint Website For More Information

Lexington Law: Most Experienced Company

Founded in 1991, Lexington Law is an actual law firm that specializes in credit repair services. Lexington Law is the biggest credit restoration company 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.

Overall, Lexington Law is one of the most experienced credit repair agencies that you’ll find. They’re a little more expensive than other credit repair companies, but their quality of work is unmatched.

  • Get Help With Late Payments, Charge Offs, Collections, Foreclosures, & More
  • Ranked #1 Credit Repair Company By Many Independent Review Sites
  • Over 56 Million Removals Since 2004
  • Over 500,000 Active Clients

Click Here To Visit The Lexington Law Website For More Information

Sky Blue Credit: Cheap Credit Repair

Sky Blue Credit is the best credit repair company if you’re looking for transparent pricing and excellent value. Rather than offering multiple credit repair options and service levels to choose from (which can be overwhelming), Sky Blue Credit offers all of its services for a flat-rate of $79 per month.

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 Credit, 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, the Sky Blue credit pros 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.

  • Clean Up Errors on Your Credit Report
  • All Services Included For One Low Monthly Rate
  • No First Work Fee and No Charge For The First 6 Days
  • 90-Day Money Back Guarantee
  • No Contracts – Cancel Service At Any Time

Click Here To Visit The Sky Blue Credit Website For More Information

CreditRepair.com: Best Reviews

CreditRepair.com is one of the top credit repair companies for challenging inaccurate information on your credit report. This company has been around since 2012 and has removed over 1,800,000 harmful items from their clients’ credit reports since 2012.

When you sign up with CreditRepair.com, they’ll immediately retrieve your credit report and analyze it to find items that may be invalid, inaccurate, or misleading. They will then build you a personalized credit repair plan to not only remove negative items that are hurting your score, but also provide a strategy for rebuilding positive credit.

After thoroughly analyzing your credit reports, CreditRepair.com will begin challenging the negative items that are likely having the biggest impact on your score. They have several different methods for repairing your credit including debt validation letters and goodwill letters.

CreditRepair.com offers 3 different credit repair packages depending on your needs.

Direct – This is their entry-level package and includes up to 15 negative items challenged per month, and 3 creditor disputes per month. This plan costs $69.95, which is one of the lowest monthly fees in the credit repair industry. This plan is recommended for those with only a handful of negative items.

Standard – This package includes everything above plus cease & desist letters to creditors, quarterly credit score analysis, hard inquiry challenging, and 24/7 credit monitoring. This package is $99.95 per month.

Advanced – This is their most comprehensive credit repair plan and includes up to 19 negative item challenges per month and 6 creditor disputes per month. Additionally, you’ll also receive your monthly FICO score, identity theft protection, $1 million in identity theft insurance, and an array of personal finance tools. The advanced plan is just $119.95 per month, which is a pretty good value considering everything that’s included.

Overall, CreditRepair.com is one of the best options when it comes to credit repair. They have the best credit repair app in the industry, which is available for both Android and iPhones.

  • 50% off setup fee if you sign up with a friend or family member
  • Aggressive credit repair process that gets results
  • 3 unique credit repair programs to choose from
  • Free credit analysis
  • 15+ challenges per month

Click Here To Visit The CreditRepair.com Website For More Information

The Credit Pros: Fast Credit Repair

The Credit Pros is a fast-growing credit repair agency that has been in business for over 12 years and is trusted by over 200,000 clients nationwide. They maintain an A+ BBB rating and are consistently rated as one of the best credit repair services by many independent review sites.

The Credit Pros offer 3 different credit repair packages to meet the needs of all clients. Whether you’re looking for credit score monitoring or a full-fledged credit repair service, you’re likely to find a plan that meets your needs and budget.  Here are the 3 packages that are offered by The Credit Pros.

The Money Management package is their entry-level plan that starts at just $49 per month. It includes Transunion credit monitoring, identity and dark web monitoring, as well as CashRules finance manager. The CashRules finance manager offers the ability to integrate your banks, set budgets, get alerts, and easily track transactions.

The Prosperity Package is $119 per month and should fit the needs of most credit repair clients. It includes everything in the Money Management package, but also offers 3-bureau credit repair. The AI-driven credit repair process includes:

  • Cease and desist letters to collection agencies (to stop harassment)
  • Debt validation letters to creditors
  • Goodwill letters to creditors
  • Unlimited dispute letters
  • One-on-One Action Plan With a Certified FICO professional

The Success Package is $149 per month and includes everything above + a guaranteed $1,500 line of credit. With the credit line, they report directly to Experian and Transunion, so you can build a positive credit history faster.

If you’re not sure what plan is right for you or if you have questions about your credit, you can request a free, no-obligation consultation to see if they can help. 

Overall, The Credit Pros is one of the best options when it comes to hiring a credit repair agency. With unlimited disputes, 24/7 access to client portals, and identity theft protection with every plan, you can’t go wrong with The Credit Pros.

  • AI-Driven Credit Repair Technology
  • Quick Credit Repair For Expedited Results
  • A+ Better Business Bureau Rating
  • Credit Monitoring Is Included At No Additional Cost
  • One-on-One Action Plan With Certified FICO Specialist
  • Monthly Plan With Unlimited Dispute Letters Available
  • Free Consultation With A Credit Repair Specialist

Click Here To Visit The Credit Pros Website For More Information

The Credit People: Best Guarantee

The Credit People is one of the top credit repair companies of 2021. 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 For More Information

Ovation Credit Services: Best Customer Service

More than 120,000 people have already improved their credit score, thanks to Ovation Credit Services. This credit clean up company has made a name for itself with cost-effective results and outstanding customer support. Ovation Credit Services 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 credit cleaning 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 Credit Services, 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.

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. Credit fixers like AMB Credit Consultants need to gather evidence proving that the credit report has false information. Building a persuasive case can take anywhere from a few days to a few weeks.

Your credit fixer 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 legitimate 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 30-90 day 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. Reputable 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.

Credit help companies such as Trinity Credit Services 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-Rate or Monthly Fee

You have two choices when paying for a credit repair company: a flat fee or a monthly one. Most credit fixing 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. There are also credit restoration companies such as Pinnacle Credit Repair that have no monthly fee, but instead, charge a one-time fee for their services.

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. Trinity Credit Services is one example of a credit fixer with excellent 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.

Credit Repair 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 credit restoration 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 such as AMB Credit Consultants 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 remove negative information from your credit report.

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 up to $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 first-work fee on top of the flat monthly rate. The credit repair service usually takes several months to work but can last a year. For example, Pyramid Credit Repair charges $99 per month, which falls in line with the credit repair industry average. Pyramid Credit Repair also has a couples plan that is $198 per month.

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 repair credit, you can theoretically wait that long before paying, too. Many companies such as Credit Versio use a setup 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.

How Do Credit Repair Companies Get Items Removed?

Every legitimate credit repair company has its own unique methods for repairing your credit. Here are some of the most common methods credit improvement services use to fix your credit.

Goodwill Letters To Your Creditors – Most companies in the credit repair industry use creditor goodwill letters in an attempt to remove negative items from your credit reports. Goodwill letters are essentially letters that are sent to your creditors, nicely asking them to remove negative items that they reported to the credit reporting agencies. Goodwill letters sent to your creditors don’t always work, but they work more often than you’d think.

Cease and Desist Letters To Debt Collectors – Cease and desist letters are letters sent to your creditors or a debt collection agency, requesting that they stop contacting you regarding your debt. According to the Fair Debt Collection Practices Act, if you demand a credit collection agency to stop contacting you, they must abide. Not every company offers these services, but many credit repair companies do.

Debt Validation Letters – Challenge validation letters are sent to debt collection agencies or your creditors, requesting proof that your debt is valid or within the statute of limitations. If a creditor can’t prove that your debt is valid, the debt must be removed from your credit scores.

Fix Inaccurate Information – Once you’ve signed up with the best credit repair company, you’ll be assigned a personal case advisor. They will work with you to go through your credit reports, looking for inaccurate data and questionable items that can be disputed. This is especially useful if you’ve been a victim of identity theft. 

Negative Item Challenges – You have the right to dispute any questionable items on your credit reports that you disagree with.  By law, credit bureaus have up to 30 days to respond to your challenge from the time they receive your dispute letter. Before you sign up with any credit repair company, make sure you pay attention to how many disputes you are allowed to file per billing cycle. Some companies offer unlimited disputes, while offering a limited number of challenges per month.

 

The reviews and statements published here are those of the sponsor and do not necessarily reflect the official policy, position or views of Observer.

7 Best Credit Repair Companies and Services of 2021

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These Are Top Consumer Complaints, NY AG Says

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Attorney General Letitia James highlighted some of the top scams New Yorkers are facing to kick off National Consumer Protection Week.

Citing the COVID-19 pandemic, James said that Internet-related and price gouging scams were the greatest threat to consumers, with thousands of complaints levied to her office during 2020.

The top 10 consumer complaints in 2020, according to James’ office:

  • Internet-Related (internet services and service providers, data privacy and security, digital media, data breaches, frauds through internet manipulation): 9,832 complaints;
  • COVID-19 Price Gouging (online and brick and mortar gouging of prices for items such as hand sanitizer, masks, gloves, bathroom tissue, food): 7,701 complaints;
  • Landlord/Tenant Disputes (security deposit releases, tenant-harassment): 2,752 complaints;
  • Health Clubs (continuous charging of fees while clubs were closed, inability to cancel memberships, refunds not provided, no response from clubs): 2,621 complaints;
  • Automobile (sales, service, financing, repairs): 2,561 complaints;
  • Consumer Services (security systems, tech repairs, immigration services, employment training): 2,512 complaints;
  • Retail Sales (any sale of goods: food, clothing, rent-to-own, online orders): 1,609 complaints;
  • Credit (debt collection, credit card billing, debt settlement and debt relief, payday loans, credit repair, credit reporting agencies, identity theft): 1,436 complaints;
  • Utilities (wireless and residential phones, energy servicers and suppliers, cable and satellite): 1,378 complaints;
  • Travel (inability to cancel or lack of refunds for cancellations required by COVID-19 travel restrictions): 1,251 complaints.

James also cautioned about new COVID-19 vaccine scams, fake vaccine cards, and purported cures to the vaccine, which are phony. Puppy scams have also been on the rise in the past 12 months, according to the Attorney General. 

“The havoc unleashed by the COVID-19 pandemic, in addition to the numerous other ways consumers were defrauded in 2020, sadly resulted in my office receiving a record number of consumer fraud complaints in 2020,” James said. “Consumers who have helped identify and report issues to our office have been invaluable partners in our efforts to stop deceptive scams and will continue to be vital partners going forward. 

“I urge all New Yorkers to follow these tips to minimize the risk of falling victim to fraud, but, when fraud does occur, my office will continue to fight to protect New York consumers.”

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