There can be numerous issues with your credit report that are difficult to rectify on your own, but if you are willing to invest both time and money, there may be ways of improving it. Credit repair companies can be an invaluable resource in disputing errors on your credit reports and initiating positive change to your history. But how can you know which credit repair firms are trustworthy? Consumer Financial Protection Bureau has taken swift action against many credit repair companies for engaging in unlawful practices, including demanding upfront payments and promising unrealistically positive results. Furthermore, Consumer Rights of Accountability Act prohibits such companies from charging fees for services they have yet to fully provide and allows consumers three business days to opt-out of contracts if desired.
Credit repair services will begin by reviewing your reports and disputing inaccurate or false information found there, working with credit bureaus and data furnishers to have it removed from them and thus having an immediate positive effect on your score. It may take longer for resolution of disputes; so please don’t expect instantaneous results.
The best credit repair companies are those that treat their clients with respect and dignity while providing them with all of the information needed to build a positive credit history. With years of experience helping people rebuild their scores, these firms will guide you through the entire process – explaining every step involved with repairing your credit and how long it should take as well as explaining any applicable regulations related to reporting credit reports and laws that govern it.
If a company promises to repair your credit overnight or asks you for money upfront, it may be a scam. To stay safe when choosing a credit repair company and sign a contract with one, use extreme caution when choosing. For additional guidance from the Consumer Financial Protection Bureau’s (CFPB), read up on their tips for working with credit repair companies.
While there are legitimate companies out there, most aren’t. Some credit repair services may actually be scams designed to take your money or provide subpar services or suggest illegal ways to manipulate your credit report – for instance some may recommend opening new credit accounts so as to add positive information that could potentially backfire and harm you instead of helping it.
Credit Repair Cloud advertises itself as credit repair in a box and offers monthly subscription plans that vary based on your active clients and can save 20% if purchased annually. Furthermore, free trials are also offered with this software; most reviews on Trustpilot are positive while there are a few 1-star complaints which cite refund issues and poor support services as major negative points.
