Finding a Quality Credit Repair Company

By: Don Tate

Credit correction is a topic that's receiving more attention these days. As a consequence of the credit situation, having a high credit score is important as ever. Just a few years ago, a person with a credit score below 620 could get approved for financing, even if the terms of the loan were less than desirable and in some cases predatory. Today, as a consequence of the careless practices of the past, banks and other lenders have re-adjusted to the point that borrowers have to have above average credit scores to even be considered for a loan. Some people have reported being turned down for a mortgage when their FICO(R) score was over 750.

That being the case what's a person supposed to do if their credit falls below average? Especially when their credit rating is lower than it ought to be?

For people whose credit rating is worse than it should be, there are reputable credit repair organizations who help people work to correct their credit scores though counseling and disputing the negative listings in their credit reports. Locating one of these credit correction companies may be the difference between waiting years for your credit score to improve on its own, or raising your credit score by dozens or even hundreds of points in a matter of months.

So how do you know if a credit repair services is legitimate? Start by ruling out any companies or clinics that do not operate in strict compliance with the law. Credit repair providers are required to abide by the Credit Repair Organizations Act which prohibits certain actions like charging for services before they have been rendered or instructing clients on how to create a separate or "new" credit report. This may seem like an obvious tip when dealing with any company, but even today there are credit repair clinics who don't follow the laws put forth.

Also rule out any credit repair organizations that imply they have some secret formula or insider knowledge. As is stated by the Federal Trade Commission anything a credit repair company can do for you, you can do for yourself if you have the time and interest to learn how. Legitimate credit repair companies merely work to do these things for you so you can spend your time focusing on other things.

Once you have ruled out the companies you definitely do not want to use, start tracking down companies you can trust. Look for organizations that have been providing credit repair services for a decent length of time and have a track record in the industry. Key in on well-produced company web sites (these companies take pride in their appearance) and contact a few companies who seem promising to get a better feel for their services. Take time to make sure they are to provide answers to your questions and address any doubts you have. Don't allow yourself to be pressured into agreeing to anything you do not completely understand or anything that sounds fishy. Your credit rating is too valuable to be trusted to a credit repair company that does not have your complete confidence.

As a final note, as is the case in many industries, when working with credit repair services, bigger is usually better. You want a company working for you that has resources, experience, and recognition. Cleaning your credit reports is a process that will take time and the last thing you want is to be stuck with an unstable company that goes under before the job is finished.

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