Not sure how to choose a credit repair company. Let me be of assistance to you. The opening thing you should do is to interview the credit repair company! That’s right interview. After all, you are hiring them – the credit repair company will be YOUR employees. You should interview at least three companies. Look for a company that will live up to meet YOUR needs.
That brings us to my 1st point – What are your desires? Make a list of what you are trying to accomplish. Are you trying to purchase a home or a car? What score do you need to get to satisfy your goal? How much time do you have to work with? How much are you willing to take an active role in the repair process – Are you willing to allow the credit repair company do it all or do you want to do a portion of the work yourself? Make a list of how you answered these querys then interview more than one credit repair companies looking for one that most likely satisfies YOUR needs.
Secondly, ask the credit repair companies what they will do for you. Some credit repair companies will be vague here – this is a bad sign – if they won’t tell you about their process how can you hold them accountable later on for not completing their tasks. Ask them if they dispute with the 3 major credit bureaus. Ask them if they use certified mail (hint – most don’t). Ask them if they will correspond with your creditors. If the credit repair companies say they will contact your creditors ask a follow up question: Will you contactthe creditors as me or will you intervene as a 3rd party on my behalf? A creditor receiving a letter from a third party is typically more responsive than a creditor who gets a letter from you, the consumer.
Know how much it will cost you! Sounds simply right but there are some dangers hidden here. Let me clarify. First, the pay as you go plans. Many, many companies offer this type of plan. Basically you agree to pay monthly and have the right to cancel anytime. Sounds safe right? But give it some thought. Are they really going to fix your credit as quickly as they can? Perhaps they will refurbish your credit but be warned – they may well try to refurbish it slooooowly while trying to keep you paying for an expanded period of time! How about the “pay for deletion” model? Quite a few companies have started using to this model. Basically, you agree to pay X amount of dollars every month towards your bill. The credit repair company agrees to restore your credit and only charge you for the corrections they make. The problem here is when you get your first bill. clarify. Let’s say you agree to pay $50 for the correction of every collection account, $15 for the deletion of each incorrect name, $10 for the correction of each old address, $50 for the deletion of each charge off account, $65 for the deletion of each judgment, etc. Now, here comes the be wary part, you, as a consumer, are thinking if they get ABC collection company removed your credit report you owe them $50. Surprise! That collection account was on all 3 bureaus so when it is removed from all 3 – that will be $150! Add in a few uncomplicated name removals, old address removals, and presto your first bill could easily be $800. You were not expecting that were you?!? No problem, the collection company will suspend your account while you pay them your monthly fee of $100 each month for 8 months before they do any more work for you. Not exactly what you were hoping for hun? These credit repair companies usually rake in $2,000 to $4,000 for a fully completed repair which is usually a shock to the consumer who was figuring a much smaller bill not knowing those charges were per bureau!
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Don’t forget to ask for references. Remember the last time you applied for a job? Didn’t the prospective employer inquire you for references? Look for testimonials from past clients, samples of their corrections, membership in reputable trade organizations, how is their better business bureau rating? All these things will help you pick the credit repair company that is right for YOU! If you are communicating with them on the phone, ask who the owner is? Sounds like a simple question but it will certainly help you determine how forthright the company is willing to be with you!
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