4 Factors to Consider When Choosing a Credit Repair Companyby Jeff M. Writer
Credit scores, credit repair and every other thing relating to these words can be the make or mar factor in the lives of many people. Financial institutions use this to make their judgments when it comes to dealing with their customers.
And because companies like these use your credit to decide whether to do business with you or not, it's almost impossible to go through life these days with bad credit. It is not even advisable when you consider that your purchase of a house, getting a good job or even renting an apartment could all depend on whether you have a good credit score or a bad one.
If you’ve been able to keep a good credit score, good for you. If you haven’t been so lucky, our guess is you’re already on the lookout for how to repair your credit. Of course this is the part where the names of several credit repair companies appear.
But how can you ensure that you end up with the right credit repair company? Here are 4 factors to consider:
1. Know what you can do and what you can’t
It’s very important to have an idea of what exactly a credit repair company can do for you that you can’t do for yourself. Don’t go running to a credit repair company without first becoming knowledgeable about the way credit works.
This alone will help you in your search for the best credit repair companies around. It will also help you to get the best deal available because no one will be able to confuse you with big and complex sentences or words.
2. The CROA
Before you decide on which credit repair company to use, you need to find out if they’re in line with the Credit Repair Organization Act (CROA). CROA makes it illegal for credit repair companies to lie about what they can do for you, or to charge you before they've performed their services.
The CROA, enforced by the Federal Trade Commission, requires credit repair companies to explain things like the total cost you will pay, how long it will take to get results, your legal rights in a written contract that also details the services they'll perform amongst other things to you.
3. Deletion rate
The deletion rate is the percentage of negative accounts that are removed from a client’s profile. This is a good pointer that will give you a good idea of how hard a credit repair company will work for you and will help you to juggle in between choices.
4. The Reviews
Another factor that can help you to make the perfect decision is the kind of reviews that these companies have. Look each company up online and read what their customers have to say about them. Were they satisfied? Which company served their clients the best? Which one has the highest number of positive reviews?
Created on Dec 9th 2017 15:38. Viewed 931 times.