Credit Repair: How Much Does It Cost & Best Offers

Credit Repair How Much Does It Cost & Best Offers

Credit history is an essential indicator for banks and financial institutions, based on which they make decisions about providing clients with loans. That’s why If your report has a record of missed payments, bankruptcy, or debt collection, your chances of getting a loan drop significantly. 

Do You Need Cash Immediately?

Fill out a request form to get money fast!

Get Money

To enjoy the best loan terms again, you can contact a credit repair company to improve your FICO. It will help you analyze your credit report, find any negative marks that can be removed, and make the appropriate inquiries to the bureaus and the lender. 

How much does a credit repair cost? Do you need one, or can you do everything by yourself? Let’s find out now. 

Best Credit Repair Companies: Understand Costs 

We have selected several organizations that offer the best credit recovery terms. They are all reliable, provide free consultations to determine an overall plan of action, adhere to local laws, and charge monthly rather than one payment upfront. 

Credit Saint

This company is one of the most reputable in the field because it employs professionals ready to help even people in the most challenging situations. To give you confidence in the results of cooperation, the organization promises a full refund if you do not see any changes in 90 days. However, you will have to pay for this confidence more than in other similar companies – package prices start from $79 and reach $119, and the set-up fee will cost you $99-195.  

Among the main advantages of the organization, clients name the influential work of experts, good packages (they all include credit monitoring, not just repair), and a large number of positive reviews collected since 2004.  

However, the company also has disadvantages – for example, the limited number of requests that experts can submit on your behalf. If you choose the $99 plan, you can only file five such disputes, which is very few for the active stage of creditrepair. There is also little educational material on the company’s website, which is also not to the user’s liking. 

The company’s rates include the following services: 

  • Credit Polish is the cheapest option. If you pay for it, experts will be able to send on your behalf five disputes a month about inaccurate information in your report. It also includes an initial FICO score analysis and a personal progress tracker. This rate is best for those with few negative marks, preferably no more than one. 
  • Credit Remodel is a middle plan that, in addition to all of the above services, has five additional services per month and Experian credit monitoring. Although this package will make tracking progress more manageable, it is best for those with 2-3 negative marks in the report. 
  • Clean Slate is the most expensive plan, suitable even for people with a low credit score willing to have good credit. It is the one that will allow experts to send unlimited letters on your behalf, as well as communicate with debt collectors and lenders. 

This option may be the most effective if you have a difficult situation, but it’s also the most expensive. 

Lexington Law

This company offers much more options for those who want to restore good credit. However, the price for its services also remains high. 

After a free consultation, the experts at Lexington Law can help you choose the best plan out of these three: 

  • Concord Standard for $99.95 per month. 
  • Concord Premier for $119.95 per month. 
  • Premier Plus for $139.95 per month. 

 In addition, you’ll need to pay an initial fee of $89.9 to $129.95 per month at the beginning of the partnership. After that, depending on the plan, you will have a different number of credit disputes, credit monitoring, identity theft insurance (in each package), help with debt management, and more.     

This company has a lot of perks, and the main one is that you can get 50% off the first week. It also has an excellent customer service team you can contact through the app. 

On the downside, the prices are high, with only 19 disputes every two months and no refund if you don’t get any results. 

Lexington Law’s primary services include:

  • Creditor assistance, which means communicating on your behalf with lenders to discuss issues of debt validation or late payments. 
  • Identity Theft Insurance of $25,000 in case your personal information is stolen. 
  • Debt Management, designed to help you make an effective repayment plan. 
  • Credit Alerts notifying you of any changes in your credit history and more. 
  • Personal Finance Manager, which can help you learn how to manage your money more efficiently.

Overall, this company offers many more valuable services than its competitors, but if you only need credit repair, it is better to choose the cheaper option.  

Sky Blue Credit

Everyone loves this company because of its simple pricing structure, 90-day guarantee, and many valuable services. So, to start working with this company, you will have to pay a $79 one-time fee and another $79 monthly. 

The organization has just one rate that includes all the services: 

  • Five disputes for each credit bureau per month. 
  • Professional Credit Analysis, ready to help you prevent new negative marks on your report and explain how to remove the ones you already have. 
  • Score Rebuilding is a service to help you discover what extra steps you can take to improve your FICO score. For example, in reviews, users have written that they were offered a secured credit card, which immensely helped.
  • Debt management, which allows you to handle all of your existing loans more quickly. 

The company has only one disadvantage – the lack of credit monitoring which is important for those fighting for good credit. If you do not need this service and want to try your first credit repair, feel free to apply to this organization. 

The Credit People

This company has some of the lowest prices for their services compared to their competitors, as their initial work fee is $19 and the monthly subscription is $79. Furthermore, the organization guarantees that you will not have to pay if you are unsatisfied with the result (but there are limitations). In addition, it offers unlimited subscriptions and, unlike the previous option, has credit monitoring. 

Another plus of the company is that it has a lot of educational content on its website. So even if you don’t want to use its services, you can find many step-by-step instructions on handling credit repair yourself. 

Of the minuses of the organization, users highlight the following: 

  • First, they want you to pay for six months at a time. The company is trying to convince users to pay at once for six months, although it is often unprofitable even with a significant discount.  
  • Poor customer support, because it is only available by phone or by mail and responds slowly. 

The services included in the credit repair package include: 

  • Unlimited credit disputes. 
  • Credit Monitoring. 
  • Debt Validation. 

If you realize that you need standard credit repair for a small amount of money, you can choose this company. We especially recommend it to those who have a lot of negative marks. 

Ovation Credit Repair

Ovation has the most discount programs, more than 6. After the first free consultation, the expert will explain to you exactly how he will solve the problem with negative marks in your report and what package is best for you to choose. The rates, by the way, are only two – the standard one for $79 and $109, and the initial payment is $89. 

The company doesn’t offer refunds if you’re not happy with something, but if you’re unhappy with the service for any particular month, you can get the next month as a gift. Another drawback is the lack of credit monitoring for all three bureaus; you will only be able to track your reports from TransUnion and then only in the most expensive tariff. 

The organization offers users standard services such as Professional Credit Analysis, Unlimited Credit, and Identity Theft Insurance. It also provides Credit Letter Templates for those who choose the most expensive rate, but that’s a disadvantage because it means you have to deal with lenders yourself. 

Overall, it’s not the best option, but you can choose it if you want unlimited disputes and Identity Theft Insurance for a low price. 

The Credit Pros

Perhaps this company has the broadest range of services, but its prices are appropriate. After a free consultation, you will be able to choose one of these plans: 

  • Basic for $119 includes unlimited monthly payments, credit and identity monitoring, and debt management services. However, these services are only available for one debt repayment account. 
  • Medium for $139 is as similar to the previous option as possible but has no account limit. 
  • Or the premium for $149 includes everything from the previous plan and a credit builder loan with reports to all three bureaus to help you recover your FICO score even faster. 

Of the company’s downsides, users cite only the lack of educational content on the website. The down payment is $119-$149 and is the same price as the rate you choose. 

This option may be a good choice compared to the previous options, especially if you want to get your high credit scores back as quickly as possible.

Credit Versio

This is the cheapest option of all, so if you want to try credit repair for the first time, the best place to start is with this company. Let’s say this organization has not been on the American market as long as the previous one, but it offers many valuable services. 

The most interesting fact about the company is that much of its work is based on artificial intelligence. Instead of hiring people to monitor every step of the bureaus’ interaction, the founders created software that sends you reports, tracks changes in your report, and finds factual errors. 

Is it good? On the one hand, artificial intelligence is more attentive; it will not miss any inaccurate information in your report and will not make a mistake when sending the letter. But on the other hand, it will not be able to find those inaccuracies that are more subjective and interpret the law in your favor. 

Credit Versio’s AI-driven tools help users deal with more than 20 types of negative marks on a credit report, so it’s worth a try. Considering the price ($19.95 to $29.99 per month, the same amount it will cost you to make an initial payment), you certainly won’t lose much.  

Our selection requirements 

We have analyzed the following metrics to select for you the best options of companies that provide credit repair services:

  • Overall. After collecting complete information about a particular company, we always started our review with 1-2 phrases describing it in general. 
  • Pros & Cons. A brief overview of the pros and cons of each company will help you quickly choose which one is best to go to. 
  • Monthly fee. As you have seen, companies offer similar services, but at different prices. To keep you from overpaying, we’ve been honest about whether or not you should go to that organization for that cost.  
  • Set-up fee. Many companies don’t pay attention to this initial fee, so we decided to put it in every description so that you know exactly how much you will need to spend to improve your credit scores. 
  • Why choose it? Each organization has its advantages and disadvantages, so to make it easier for you to choose, we’ve written in each review which option would be best for whom. 
  • What credit repair services does the company offer repair packages? This is important because each organization provides a different set of features. If you don’t know the exact list of services, you could buy the wrong rate or go to the bad company and not get the desired results. 

What is a credit repair? 

When you miss payments on your loans or otherwise break an agreement with your lender, the lender sends information about it to the credit bureau. As a result, your credit scores go down, making you no longer eligible for loans on favorable terms. To get your score up, you need to remove that information from your report – that’s what is called credit repair. To avoid doing this yourself and wasting your time, you can go to an organization with experts who can try to remove the negative marks from your report. 

It is essential to understand that usually, such companies can only remove inaccurate or untrue information, or they can arrange with the lender that you pay off the loan in full in exchange for removing the negative mark. You can do it yourself if you have the time, energy, and desire to div it out.  

How does credit repair work?

Initially, you register on the website of such a company and provide personal information, such as name, address, place of work, and Social Security number. Next, you pay the set-up fee, the rate you want, and the organization’s experts get to work. 

The first thing they do is to look up your credit report in all three bureaus, and carefully examine it for errors or inaccuracies. But, again, it must be the expert who does this, as he knows the law better than the average person and can understand how to interpret it in his favor. 

After finding such an error, the expert will submit all documents and evidence on your behalf to the bureau with a request to have the negative mark removed from your report. If necessary, he will also contact the lenders or collectors who put the information on your report. 

From there, the company will correspond with the credit bureau on your behalf until one of two options comes up – either the bureau will remove the mark or refuse to do so. 

Specialists who recommend contacting credit repair organizations usually emphasize that their experts will be able to do more than the average person because they will use all possible methods and know the procedure better. For example, they may send not just one letter, but a dozen so that at least one will work. Or the experts may notice that the debt collector does not know all the information about your loan and simply cannot confirm its validity, which makes the bureau obligated to remove the debt mark.  

How much does credit repair cost?

Almost all such firms work on the same principle – they ask for a $50-$100 down payment and then charge you about the same amount each month for a subscription (the first month is separate from the set-up fee). This low price is justified by the fact that it takes 6-9 months of active credit repair since lenders and bureaus have at least 30-45 days for each answer. 

This can take anywhere from $650 to $1,300 per year. Also, it’s essential to understand that sometimes companies will offer you fee-based ways to remove the marks rather than free. For example, suppose all the information on your credit report is correct. In that case, experts may negotiate a “pay per delete” method with your lender, meaning you will have to pay the entire debt, and he, in turn, will remove the information from your report. 

Is credit rebuilding worth its cost? 

Such services can cost you $100 a month, take many months, and have no guarantee that you will get the results you want. So are they worth it? 

The answer depends on your financial situation. Everything a credit repair company does, you can do yourself; there are step-by-step instructions on the Internet in the form of articles or even detailed videos. However, if you want to save time and effort and do not want to understand the issue, you can delegate the solution to the experts. 

How to repair your credit for free

To get rid of the negative marks yourself, you will need to do the following steps: 

  • Request your credit report.

It’s best if you can get reports from all three credit bureaus. At least once a year, each can provide you with a free copy, so just request one if you haven’t already. 

  • Read the report carefully and try to find mistakes in it.

More often than not, creditors get account numbers and credit information wrong. If you have dealt with debt collectors, check all the information on the report they put in to see if there is enough data. Often collectors do not get loans firsthand, so they may not even know who the original creditor is, and any inaccurate information is a reason to remove the mark. 

  • If you find an error, gather as much evidence as possible. 

Let’s say you saw a late payment mark in a month when you paid everything on time. If that’s the case, you can simply find the payment slip from that month so you can send it to the bureau later. 

  • Write a dispute letter to each credit bureau about every mistake you were able to find and prove.

Attach all of the evidence you collected and details of each error to this letter. Note that you need to write it according to a template you can easily find on the internet. 

  • Wait for a response from the credit bureau.

This can take 30-45 days. 

If you do not find any errors after the second point, you can go a different way and communicate not with the bureau but with the lender. He does not need a negative mark on your report, but the debt paid, so he may agree to the pay-for-delete option. Keep all your agreements in writing so you can present them to the credit bureau if anything happens. 

Scam credit repair companies: don’t lose your money 

A credit score is significant in Americans’ lives, so many companies are trying to profit from this importance. They will tell you that they will remove all the marks quickly with a 100% guarantee, just as long as you agree to give them the money. 

If you go to such a company, you will not only lose a few hundred or even thousands of dollars, but you could also lose your credit score and even get sued. It’s not uncommon for scammers to offer their customers illegal methods to remove marks, such as lying or falsifying documents, which gets them into difficult situations and may even get them in trouble with the police. 

  • To avoid falling into the hands of such scammers, remember the following stop signs of scam creditrepair companies:
  • They guarantee you 100% results before looking at your credit report. 
  • They ask for payment in total upfront (not allowed under the Credit Repair Organizations Act). 
  • They tell you to lie or falsify documents to get faster results. 
  • They promise to fix the problem in 1 or 2 months. 
  • They are not licensed. 
  • They withhold information from you about fees, processes, etc. 

Be careful, and never trust people who can quickly solve such a complicated problem, cheaply and with a 100% guarantee. As much as we would love to, it is impossible because, on average, this process takes 6-9 months. 

FAQ

When do I need credit repair?

If you have a low credit score, it is advisable to address this issue as soon as possible to borrow money on favorable terms. You may realize that you have a terrible FICO score if you are denied a credit card, get collector calls, or can't find a co-signer.

How to find reputable credit repair services

The main sign of scammers is that they ask for money in advance - this is forbidden for such companies at the legislative level. In addition, real creditrepair organizations will never ask you to lie to a credit bureau or forge documents. They will not give you a 100% guarantee or promise that they will solve all problems in 1-2 months, as these are also the signs of scammers.

What does credit repair include?

It all depends on the company package you pay for. However, most firms have about the same list of services, which includes the entire process from getting your credit report and finding inaccurate information on it to negotiating on your behalf with the lender and the credit bureaus.

Leave a Reply

Your email address will not be published.

*