Most Credit Repair Companies Are Not Made Equal

 

Along with thousands of credit restoration companies conducting business across the country, finding the right one can end up being difficult and intimidating but it is imperative that you take the time required to not only find a reputable one but also find one that has the knowledge, experience and capability to provide the level of service you expect and the optimal results you deserve. Your choice should not be impulsive. Choosing a bad credit score restoration organization will leave you vulnerable and increases the probability that further damage will be caused to your personal credit file but on the other hand, choosing a good credit score restoration organization has the potential to be one of the best financial decisions of your life simply by dramatically cleaning up your personal credit file plus improving your credit score. There are numerous items to think about beyond price when making your decision. Realizing the difference between price and worth is imperative as seeking the help of a company in the credit repair market is almost always a case of, “You get what you pay for”. These paragraphs explain the four sorts of credit repair companies that make up the industry and what to expect from each.

Credit Repair Company Type 1:
The very first type of credit repair company is normally an one-man show run out of the home office. In general, this type of company promotes extremely low rates for their program and will usually have unbelievable service guarantees to top it off. It is far from uncommon for this type of credit restoration organization to be a complete scam plus take the consumers’ money without delivering any service at all. Moreover, if you are dealing with a company that falls straight into this category you are lucky when the only thing you lose is your money and not your identity in the process. In this day and age, identity theft is happening upon epidemic proportions. Unless you know the company to be reputable, you should think twice before handing over your personal identification info.

While all credit restoration institutions that fall into this category are not scams, it is very common for the individual running this type of company to be totally unaware of the compliance all credit score restoration organizations must adhere to. This business will typically use 3 or 4 regular dispute letters that are extremely universal and not intended to be used in every scenario. Although using standard dispute characters may provide some level of good success, their use also has the potential to further damage your credit. Moreover, the use of standard dispute letters usually just provides temporary results as the damaging information removed from your personal credit file will likely reappear on your credit file the next time it is reported by the creditor.

Credit Restoration Company Type 2:
The second kind of credit repair company generally appears to be much more legitimate. They will have a physical office but similar to credit restoration company type 1, they only use the same standard dispute characters mentioned above. While typically not planning to operate illegally, compliance issues are often overlooked. The largest difference between credit score repair company type 1 and 2 is that the second usually makes use of an inexpensive software program that allows it to create volume and handle clients on a much larger scale. The letters utilized are extremely generic and for that reason, will not obtain the best results possible. Although this kind of credit restoration company may do a large amount of business, they are not setup to take care of consumers that have specific credit related problems. This type of credit restoration company uses more of a cookie cutter approach.

The first two types of credit repair companies mentioned make up for greater than 90% of the credit repair industry. Credit repair company type 3 and 4 are completely different plus make up for less than 10% of the market. It is very important to note the differences.

Credit Restoration Company Type 3:
Not only will be the third type of credit repair business usually compliant with the laws governing credit restoration organizations, but it is also usually well versed in the U. S i9000. Code used to dispute negative credit score items on the consumers’ credit file. Using more than just standard dispute letters, this type of company can be much more effective than the first two. Because this type of credit repair company has such a good understanding of the U. S.
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Program code related to credit, it is typical for this type of company to offer custom credit score repair work to its customers. The ability to provide custom work for the clients allows this type of company to go above and beyond the level of service provided by the first two types of credit repair companies.

Credit Repair Company Type four:
The forth type of credit repair company is very much like the third enter that it is usually compliant with government law, extremely well versed in the U. S. Code required to be effective within the credit repair industry and typically also offers to perform custom dispute work with its clients. The largest difference among credit restoration company type several and 4 is that credit repair company type 4 has lawyers on staff or is contracted with a law firm. Credit repair corporation type 4 will also usually become more expensive than the other three credit score repair company types but will almost always be more effective. Not only may an attorney based credit restoration company provide the best results possible, yet a credit restoration organization which has attorneys on staff or is usually contracted with a law firm can also enforce the consumers’ rights should lawful action be required to correct inaccurate products on a consumer’s personal credit file. Further than that, by using an attorney based credit restoration company, the consumer can reduce the possibility that an item will be re-reported with a creditor as an attorney has the ability to take additional steps to block negative items from being re-reported on a card holder’s personal credit file. There are very few credit score restoration organizations that fall into this particular category.

As you can see, it is not only essential to find a credit restoration organization which is staffed with subject matter experts and it has the ability to provide great results however it is also very important to find one that is up to date with the guidelines set forth by the government. Further, you should now understand the benefit of using a credit restoration company which has attorneys on staff or is usually contracted with a law firm. Your credit report has more of an influence in determining your financial future than most other things. You should not put your credit report in the hands of just anyone. Choose a credit restoration company that is compliant, amply trained in the related U. S. Code, staffed by subject matter experts and attorneys or employs the services of a legal professional.