5 Things to Consider When Choosing a Credit Repair Service

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(DailyDig.com) – A credit repair service can help restore damaged credit, making it easier for the individual to secure loans, get better rates, or even get a rental property. Choosing the right credit repair service, however, is essential to ensuring that the service can actually do what it claims: restoring credit. What should you look for? Consider these key elements.

1. How long has the credit repair service been operating?

A credit repair service that has only been open for a short period of time may not have the skills and experience necessary to navigate the complicated road to credit restoration. The more complicated the repair process–or the more complicated the issues that led to poor credit in the first place–the more experience a credit repair company may need in order to sort things out. While an inexperienced credit repair company may still offer the assistance needed to help navigate bad credit and achieve a better result, an experienced company can often provide the tools necessary to see better overall results.

 2. Does the credit repair company have realistic claims of what it can accomplish?

In order to feel confident about a credit repair company, consumers should carefully consider what the credit repair company claims it can do compared to whether those claims are actually realistic. Some credit repairs may have unrealistic pricing models: they may claim that they will help clients secure great deals at exceptionally low fees in an effort to bring them in, then end up doing little or nothing to help restore their credit. Carefully considering multiple credit repair companies and what they feel they can realistically offer can help many people determine whether the company they are considering can realistically accomplish what they claim.

A credit repair company should also clearly outline its process, including the specific steps it will take to accomplish its stated goals. If the company cannot provide that information, it could indicate that the company does not have the experience or skill it claims.

3. What does the credit repair company charge, and how does it explain its fees?

Unethical companies may try a “bait and switch” approach: they have relatively low fees up front, but once a client has started working with them, they start introducing additional fees, surprise charges, and unexpectedly high costs. A good credit repair company, on the other hand, will clearly explain its fees and pricing so that clients know what to expect as they work with that company.

Consider whether the company offers a money-back guarantee, including a guarantee of what credit score could be obtained. A money-back guarantee often shows that the company stands behind its results.

4. What ratings does the company have from past clients?

People interested in using credit repair services should take a careful look at past reviews before the select the credit repair service for their needs. A company that has a strong rating from past clients has likely achieved the results it claims and provided great service to those clients. A company that has poor overall ratings, on the other hand, may not have the skill necessary to truly support its clients–and that could ultimately lead to more financial troubles, rather than restoring overall credit.

5. Does the company offer a clear, well-written contract?

Consumers should always make sure that they understand the terms of any contract before signing on the dotted line. All too often, credit repair companies have complicated contracts that prove difficult to examine. A well-written contract, on the other hand, will outline costs, results, and what methods the firm will utilize in your specific case to help restore your credit. If you cannot understand the terms of the contract, you may want to consider turning to a credit repair company that offers a more understandable breakdown of its services.

Choosing a credit repair company is just one step on the road to recovering damaged credit, but it’s a critical step. By looking for these key elements, many consumers find that they can identify a more effective credit repair company that will realistically fit their needs.

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