By Sarah Davis,
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Not everyone is going to have a good credit score. Life happens and there are several factors that can change the monetary value assigned to you by lenders.

Make sure you’re careful when looking for a company that will help repair your credit. There are companies out there using unethical practices, or even worse, illegal ones! Knowledge is power, so here are seven things to look at before hiring a Credit Repair Company.

1. How much experience do they have?

It’s possible for an individual entrepreneur with enough skill and patience to successfully boost their own score on their own over time, but unless it’s something they already possess in spades – this kind of thing isn’t for everybody. So definitely check if the company you’re looking to hire has been around for a while, and what kind of track record they have. Reviews from third-party review sites or independent reviewers can help give useful insight regarding the track record and experience of a credit repair agency. Read reviews about the best credit repair agencies of 2022 because you need updated information about the performance and credibility of your credit repair agency candidates. Thus, credit repair companies can be looked at as ‘middle men’. They are often considered to be the main players in the game. It is important that you not only trust your source but also that it’s a reputable company with time-tested standards. There should be no problem checking out the company’s website and verifying their reviews and feedback from past and current customers. That can help give you an indication of how well they perform in different scenarios. It’s also crucial to understand how long they’ve been in business; most long-term companies will provide information about previous who may be willing to talk to you about their experiences.

2. What is their process?

It’s important to know how the company you hire is going to get rid of your bad credit. Have them explain exactly what they will do – because there are several options out there, and each has its own benefits and drawbacks. For example, if they promise to deal with your creditors directly, ask them how many contacts you’ll be expected to have! It should always be kept at a minimum. Make sure they provide proof of their process: Once you sift through all of the different companies that claim to provide reliable credit improvement services, you should then determine whether or not they actually have proof of their process. A lot of credit repair companies, especially those who are just starting out, don’t really know their products very well. Look for things like testimonials, case studies, and success stories – anything that will provide reassurance about the service you’re getting.

3. Can I keep my existing accounts while they help improve my score?

It might feel like it takes forever when other people are helping repair your credit, but imagine how hard it would be if you had to get all new bank accounts and credit cards! In fact, if you’re not careful, it’s possible that canceling some of your old active accounts could actually end up hurting your score. So before committing yourself to a company, ask if they can keep everything running while making sure the negative information falls off in time. You should also be able to receive access to your own copies of your credit reports. This gives you the opportunity to look at exactly what is being changed on your report and allows you to make sure they are doing their job correctly. Some companies will use this as a way of trying to get higher rankings in search engine results, but if these are legitimate services, then they should have no issue sharing this with you without any additional cost or hassle.

4. How much time do I have?

This is especially important if you’ve been hurt by identity theft! If so, there are certain rules and regulations in place designed specifically to protect you from an unfair judgment based on stolen information. Depending on what state you’re in – there might be something called a Statute Of Limitations when it comes to removing items from your file after such an incident has taken place.

5. How much am I paying?

This is a very common question that anybody dealing with money issues will want to know the answer to. If you’re hiring somebody to help repair your credit, make sure you’re getting what you pay for! Of course, there are several factors involved here, but even if they’re doing an awesome job it might end up being more expensive than just working on your score naturally by yourself over time. On the other hand, some of their services might be absolutely necessary in order to ensure success so this is something worth thinking about beforehand!  If their rates are low, then that’s a sign of being both reputable and efficient. This means they have the process down to a science, so it is advantageous for them to be able to offer low prices.

6. Do they offer any kind of guarantees?

Lastly, ask them if out if they stand behind their work and have anything to say should things not go according to plan – or if they end up hurting your credit instead of helping it! It’s a good idea to know if their services will come with some kind of warranty, especially when there are a lot of scams out there. Searching for reviews or testimonials from other customers can help you get a better idea about the company in question, but make sure you’re checking multiple sources! Also, they should offer a free consultation: “You don’t pay anything until you see results.” It’s common sense when looking at these types of offers. If they already have your credit report, then there is no need to start paying them before seeing any results that will come afterward. This is how it works with most agencies; but if that isn’t the case for you, then you should question whether or not they are really offering top-notch service.

7. What types of media will they use?

In most cases, this isn’t vital information because chances are they’ll just send you an email once everything is set up and ready to go. However, some companies might offer physical mail campaigns at an additional cost that can potentially speed things along more quickly – so don’t forget to ask beforehand!

And there you have it! Now that you’ve read this article, hopefully you’ll be better prepared to start shopping for a credit repair company. It’s possible to do it on your own if you’re willing to put in the work – but how well it goes will completely depend on who they are and what kind of experience they have. Even if at first glance everything looks great, make sure you look into their history and ask around before hiring them! And definitely don’t forget to check their guarantees and warranties as well as their payment terms. But other than that, remember: if something sounds too good to be true…it probably is!

Sarah Davis
Sarah Davis
Sarah Davis is a business executive specializing in mergers and acquisitions, corporate finance, and international law. She achieved her MBA from Cornell University after completing a legal undergraduate at UC Berkley. Sarah runs her own business consultancy firm in tandem with working alongside the FinImpact team.

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