Connect with us

Credit Repair Companies

What to know if you’re considering using a credit repair service

Published

on

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.

  • Credit repair agencies can help you remove incorrect information from your credit reports, in exchange for a fee. But you can also file a credit report dispute on your own, for free.
  • These companies generally give you access to your credit report for an an additional fee, but you can get your credit report for free each week through April 2021.
  • Remember that credit repair services aren’t miracle workers; they can’t make late payments disappear from your report if you indeed paid your bills late.
  • Consider the alternatives to credit repair, such as fixing your credit on your own, working with a credit counseling agency, or using a debt consolidation loan to get your finances back on the right track.
  • See Business Insider’s list of the best personal loans.

If your finances aren’t where you’d like them to be, it’s easy to let your credit score spiral out of control. After all, your payment history is the most important factor that makes up your FICO score, meaning just a few late payments can cause your score to plummet. Accounts in default and collections can hurt your score further, along with the total amount you owe in relation to your credit limits. And when you hurt your credit score, you’re damaging your chances of getting approved for new lines of credit, or for getting a favorable interest rate when you apply for a loan.

If you find yourself in a position where it seems like nothing is going right with your credit, you may be wondering if you need third-party help. Credit repair companies promise to help rectify any mistakes on your credit report, but before you sign up, it’s important to know what they can and cannot do. 

According to the Federal Trade Commission (FTC), consumers hire credit repair companies to help them figure out what went wrong with their credit, and to investigate any mistakes that may be on their credit reports. However, these companies cannot remove negative information on your credit report if it’s accurate. All they can do is figure out what the mistakes are, then help you take the steps required to get any mistakes corrected so they can stop damaging your credit score.

Lexington Law, a credit repair company that also offers legal counsel, says that the expertise of credit repair companies is what makes the process easier for consumers. Credit repair companies “know what to look for, understand the process needed to fix inaccuracies, and are informed on what clients are legally entitled to request from both credit bureaus and creditors.”

While consumers can look for credit report mistakes on their own, having professional help could make the process easier and less stressful. After all, not all consumers are educated on credit, and having a helping hand throughout the process may even be required to keep some consumers on track.

Lexington Law also says that you shouldn’t confuse credit repair with credit counseling. Credit repair companies tend to be for-profit agencies that will help you repair your credit for a fee, whereas credit counseling agencies tend to be not-for-profit companies that help consumers create a plan to get out of debt and get their finances back on track.

Still, the FTC notes that you should know that not-for-profit status doesn’t mean that services are free, and that some credit counseling agencies charge high fees or ask their customers to make voluntary payments. With that in mind, you should make sure you know about all upfront fees involved in any service you seek out while you work to repair your credit score.

The most important thing you should consider when it comes to credit repair is the fact that, no matter what anyone says, credit repair companies cannot do anything for you that you cannot do yourself.

The FTC points out that “only time and a personal debt repayment plan” can really improve your credit. Credit repair agencies can help you get incorrect information removed from your reports, but this is also something you can do yourself.

If you do decide to work with a credit repair company, you should know these details ahead of time:

  • The FTC notes that it’s illegal for credit repair companies to lie about what they can do for you.
  • It’s illegal for credit repair companies to charge you before they provide any help.
  • You have the legal right to a written agreement in writing before they perform any services.
  • You also have the right to know the exact costs you’ll pay, how long it will take to get results and any guarantees.
  • You have three days to cancel the agreement without any charge.

If a credit repair company doesn’t perform the services it promises, you have the right to sue them for your losses and to seek punitive damages. You also have the right to join a class action lawsuit against any credit repair company you work with.

You may want to work with someone who can help you repair your credit, but you should know that you could pay significant sums of money over time. Not only can you expect to pay a monthly fee while you receive credit help, but other upfront fees can also be charged to access your credit reports or get the work started.

While the charges from credit repair companies can vary, here are some of the most popular companies you can work with, and how much you can expect to pay:

Only you can decide if working with a credit repair company is worth it. However, it may be smarter to take the steps to get negative information removed from your credit reports on your own. After all, credit repair costs vary, but this assistance is never free.

Most companies charge a monthly fee as well as an upfront cost to obtain your credit reports, and the monthly fee can be up to $100 with most popular agencies. You also have the right to get all three of your credit reports for free every week from AnnualCreditReport.com through April of 2021, so there’s no need to pay for this service.

While it’s possible to get negative information removed from your credit reports if it’s incorrect, you likely won’t be able to get negative information removed from your reports if the data is correct. For example, you cannot make a late payment go away if you truly paid a bill late and that information was reported to the credit bureaus. Only time can make true negative reporting go away, notes the FTC.

In fact, most negative reporting stays on your credit reports for seven years, but bankruptcy will stay on your report for 10 years. “Unpaid judgments against you will stay on your report for seven years or until the statute of limitations runs out, whichever is longer,” reports the FTC.

If you do get a copy of your credit reports and you find negative information that’s incorrect, you can dispute it on your own. To dispute incorrect information on your credit reports, you should take the following steps:

  • Contact the creditor (such as your bank) that reported the negative mark on your report to try to resolve the issue
  • If you can’t resolve the issue with your creditor, contact the credit-reporting company that issued the report with the inaccurate negative mark
  • You’ll want to send the credit-reporting agency a letter using this format provided by the FTC

The FTC says that credit reporting agencies are required to investigate the items you dispute within 30 days unless they determine that your dispute is frivolous or unwarranted.

You should also consider some other options for repairing your credit if you have room to improve. This can include the do-it-yourself method, which involves creating a plan to stay on top of your bills and pay down debt over time.

To help repair your credit yourself, you should make sure all of your bills are paid early or on time, work to pay off any debts in default or in collections, and pay down debt in order to lower your credit utilization. You should also refrain from opening or closing too many accounts while you try to improve your credit score.

Read more: How to keep your credit score up when the economy feels uncertain

Also consider debt consolidation, which involves getting a debt consolidation loan or a 0% APR credit card that lets you pay off your debts at a lower rate, at least at first. Finally, consider reaching out to a credit counseling agency that can help you design a plan to pay down debt and change your lifestyle so you can avoid racking up more debt in the future.

Source link

Continue Reading
Click to comment

Leave a Reply

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

Credit Repair Companies

Free credit repair consultation for people in credit distress – Press Release

Published

on

Free credit repair consultation for people in credit distress

At a time when the number of people with negative credit listing has increased, Intel Credit Consultants is coming to the aid of the credit distressed individuals and business through offering free credit repair consultation.

With the rate of credit default reaching new levels, a credit repair company is offering individuals and business a free consultation. While announcing this credit repair assistance, the lead consultant at Intel Credit Consultants said this is meant to help individuals and businesses make informed credit decisions. “We are aware of the situation  occasioned by the pandemic and we would like people as well as businesses to come out strong , remove their negative information and improve their chances of getting credit to finance their activities,” said the company representative while urging those in need of credit repair services to register for free consultation.

Intel Credit Consultants relies in a pool of experienced credit repair professionals to help its clients. The team is reputed for its experience and high skills as well as dedication to provide assistance quickly and effectively. The company representative says that the team goes out of the way to ensure customer satisfaction and delivering the desired results.  He observes that the free consultation is a step towards providing a path that will streamline a customer credit path and open avenues where they can live comfortably without being bogged down by issues of negative listing.

“The importance of credit repair cannot be overemphasized, it can open many doors for you especially if you are considering buying a house, a new car, furnish your house, taking a loan among other financial decision. We are providing assistance that will help improve your credit score,” said the lead consultant while adding that they are a reputable firm, a choice of many people looking to repair their credit fast and at affordable rates.

While explaining how they operate, the company spokesperson said the first step is becoming a member through signing up. The new member is supposed to choose a plan where they analyze the available options. The credit repair company has a variety of programs that a member can choose from. Once a customer provides all the necessary information and documents, the company representative says they can now sit and see the progress. “On average our clients see an 85 point increase in their credit score in a period of one month,” said the representative while adding that they have received numerous testimonials from customers who are happy with their services. “We are happy to hear positive feedback from our customers, we are pleased to learn that we made a difference in their lives, providing an avenue where they can improve their financial standing. This is who we are, a credit repair company that makes a difference in people’s lives,” said the representative while reacting on the positive testimonial from the customers.

Intel Credit Consultants promises to continue offering credit repair assistance, encouraging those who are looking for services to take advantage of their free consultation through booking an appointment through their website: https://intelcreditconsultants.com/

About Intel Credit Consultants

Intel Credit Consultants is a US based black owned credit Repair Company. The company that puts its clients needs first making sure they are educated and well informed on every credit decision.

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/



Source link

Continue Reading

Credit Repair Companies

Give yourself some credit (reports)

Published

on

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

Source link

Continue Reading

Credit Repair Companies

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

Published

on

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



Source link

Continue Reading

Trending