Credit Repair Offers
I get so many credit repair offers on the phone, via email, and in my mailbox that I've pretty much learned to ignore them at first glance. If you're anything like me, you're choked with credit repair offers -- some of them seem innocuous and others look a bit like predatory credit schemes. How can you tell the difference? How can you select a credit repair offer that may help you get out of dutch?
Having just paid off my student loans (nearly $20,000 worth) this past September, I'm quite familiar with credit repair services. I used a third party "not for profit" credit assistance service that really got the ball rolling and helped me on my way to financial independence. I can't say enough for the service that helped get me through a tough financial time. I needed outside help to correct errors on my credit report and to help get me on the right track credit-wise.
Credit Repair Services
Recent studies suggest that I'm not alone. According to consumer groups, as many as 80% of credit reports contain errors that can be repaired easily. Sure, many of these errors are misspellings or other typographical or clerical errors, but these same consumer advocacy groups suggest that at least a quarter of credit reports contain serious errors -- the kinds that can get you denied for a credit application. Do the math -- this means that one in four people in America is being denied credit opportunities because of errors.
Remember that the information your credit report uses to determine your credit worthiness can limit your options in terms of housing, purchasing power, job opportunities, and just about everything you buy, sell, or do. When you're looking for a credit repair service, or looking over a stack of credit repair offers, remember to check for the following features:
Credit Repair Features
Has the credit repair company you're investigating been working in credit repair for a couple of decades? You don't want to put your entire financial future in the hands of a company that's only been doing this for a few years.
Does the credit repair offer in your hand come with the help of a staff of attorneys and paralegals? People educated in the law are your best asset against credit bureaus, and the company you pick to repair your credit should be chock full of them.
Will the credit repair company talk to all three major credit reporting bureaus? Do they have experience dealing with incorrect credit reports? You need a company with experience working with EquiFax, TransUnion, and Experian, otherwise you may as well fight your credit battles on your own.
Another good idea -- look for a credit repair offer tjhat includes a money-back or refund policy of some kind. If the company isn't willing to bet the price of their service to win your business, they aren't worth a second glance.
Also, look for a credit repair offer that has multiple "levels" or "tiers" of service. You don't want to do business with a "one stop credit shop". Different people have different needs in terms of credit repair, and the company you trust to repair your credit history should acknowledge that.
Credit repair offers are a dime a dozen. This is good news -- it means that when you get a credit repair offer, you can quickly scan the company's details and be very choosy about specific services you need. Picking a credit repair company that fits your needs exactly makes life easier. You can start tossing out all those credit repair offers that don't include exactly what you need.