A poor credit rating is a nightmare to some people. Many are distressed in improving their credit score by themselves. With this present problem, credit repair companies exist to offer solutions to those who need credit rebuilding.
Just like many industries out there, there are also credit repair companies who take prey on desperate people. You must be vigilant enough to spot scams from legit. Some companies are there just to make quick profits, while the good ones will always have the sincerity in helping you improve your credit standing.
So, how do you identify a good credit repair company? Remember, not all credit repair companies that work for others will work the same for you. It should address your specific needs because you have a different financial situation from others. With that said, here are 5 qualities to look for in a good credit repair company:
- Good Ratings
A legit credit repair company is not afraid to have the Better Business Bureau review them. Excellent customer reviews show credibility that good companies can fix your credit score. Positive feedback from the Business Bureau and customers are statistics that you need to consider. The workforce involving the company also contributes to a good rating. A good company has a bunch of professionals who are experts in understanding how to address various credit repair related tasks.
- Transparency
Before signing up a contract with a credit repair company, you need to make sure that you are perfectly aware of what you are signing up for. These include full disclosure of the fee arrangement, a statement of your legal rights as their customer, and a detailed explanation of what they can do for you. You have the right to know how exactly they are going to help you with your credit standing. A credit repair company that does not show full details of the contract and hidden fees is definitely a red flag. The Credit Repair Organizations Act prohibits any misleading information and requires transparent contract details.
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- Money-Back Guarantees
In compliance with the law, credit repair companies are enforced to offer a three (3)- day money-back guarantee to customers without charging anything. Service cancellation is not a burden to companies; it is proof that they can truly solve your problems. Having this kind of stipulation in the contract signifies their confidence and reliability. Any business would want its customers to be satisfied and aimed to repeat clients. It is an added assurance that a company’s services have proven that their methods and system works.
- No Quick Fixes
Rebuilding a poor credit standing takes time. The duration of how long it takes to rebuild your credit score depends on the severity of the negative items on your existing individual credit report. As usual, rebuilding a financial standing varies from person to person. There isn’t a one size fits all solution; every problem is unique, which requires a unique solution. Fixing or leveling up your credit score does not happen overnight – it also requires a lot of work and time to process rebuilding.
- Legally Upright
This is not just about licensing and bonding requirements adherence, but this is also about how they are helping you. You should see to it that their ways and means are legal ways to help you with your credit standing. It should not be using fraudulent information just to make sure that your credit score will be better. Some companies would lie about your information or alter the truth just to seal a great credit report. It may work in some cases, but it will make you terrible later. You need to make sure that the credit repair company that you are working with uses the law to help you – not break the law to help you.
A good credit repair company puts your needs first to give you a memorable quality service. Never settle for a company that is after only their own well being. Look for companies that value customer satisfaction. A trusted company knows your pain points and your goals. They lend their expertise to achieve a good credit standing so you can get the results that you wanted. A higher credit score can help you refinance your start-up business or your existing payments with lesser monthly amortization. Selecting the best credit repair company is a big decision to make; you just don’t select the best, but you have to choose the right credit repair company for you because it is detrimental to your financial future.
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