If you're looking to repair your credit, you may be wondering how much a credit repair person costs. The good news is that you don't need to pay anyone to repair your credit. The Credit Repair Organizations Act (CROA) sets out clear guidelines that legitimate credit repair agencies must follow, and it's important to make sure the company you choose follows these guidelines throughout the process. The goal of these companies is to improve their credit by disputing outdated or incorrect information on their credit reports, following up on the results, and monitoring to ensure errors don't recur.
You can actually repair your own credit for free, without having to pay anyone. After a month or two, check your credit score to see if it has changed (not all errors will affect your credit score). The company's software uses artificial intelligence to scan your credit reports for negative elements that could be lowering your credit score. If you're really confused about your credit situation, consider working with a non-profit credit counselor who can help you get back on track for a reasonable fee.
When evaluating credit repair companies, compare the services they offer and their initial and monthly fees. The best credit repair companies will track the progress of your disputes and keep you updated on the status of each disputed item. Take advantage of this offer and check your reports for errors (if any) and challenge them or consider hiring a credit repair service to do it for you. The company's free consultation is available in English and Spanish, which isn't common in the credit repair industry.
If you're interested in using a credit counselor, the National Foundation for Credit Counseling offers low-cost debt counseling, debt consolidation, and debt management plans. Unfortunately, there are also fraudsters in the credit repair industry. The most affordable package (Money Management) includes tools such as bill reminders and a budgeting system that synchronizes with your credit accounts in real time, as well as credit and identity theft monitoring services. This is because credit repair companies can only help eliminate errors; they cannot delete information that is accurate but damaging.
The credit repair industry is strictly regulated and must comply with several federal laws designed to protect consumers. Their primary role is to advise you on the credit repair process and provide ongoing support when you dispute inaccurate information.