When evaluating credit repair companies, you should compare the services they offer and their upfront and monthly fees. Consider how many items they dispute per month and if they offer any additional perks such as free consultations or personal finance tools. You can also gauge a company’s reputation by reading online consumer reviews and checking whether it has any lawsuits against it.
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Check for Credit Repair Organizations Act (CROA) compliance
CROA establishes clear directives that legitimate credit repair agencies should follow, and it’s important to ensure the company you choose is compliant in every step of the process.
Companies must provide a written contract explaining in detail the services they will provide, how long it will take for them to get results, any guarantees they offer and the total credit repair cost for their services.
You have the right to walk away without penalty within three days of signing the contract if it doesn’t meet your requirements.
Read customer reviews
Check for Credit Repair Organizations Act (CROA) compliance
CROA establishes clear directives that legitimate credit repair agencies should follow, and it’s important to ensure the company you choose is compliant in every step of the process.
Companies must provide a written contract explaining in detail the services they will provide, how long it will take for them to get results, any guarantees they offer and the total credit repair cost for their services.
You have the right to walk away without penalty within three days of signing the contract if it doesn’t meet your requirements.
Read customer reviews
Check the regulatory agencies
The credit repair industry is tightly regulated and must abide by the provisions of multiple federal laws aimed at the protection of consumers.
One of the agencies overseeing the industry is the Consumer Financial Protection Bureau (CFPB), a federal organization that protects consumers from fraudulent or predatory practices by banks, lenders or any type of financial institution — including credit repair companies.
When searching for the right credit repair company for you, it’s a good idea to check the CFPB complaint database and check how many complaints — if any — have been filed against that particular company.
Compare fees and turnaround times
Reputable credit repair companies will list their prices and services clearly, so consumers can select the right package for their needs. Turnaround time should be reasonable, and the company must keep you updated about the progress.
Look for personal finance tools
Besides their standard credit repair services, some credit repair agencies offer personal finance tools like bill reminders, budgeting software and credit monitoring. Additionally, they may offer free credit consultations, satisfaction guarantees and identity theft protection services.
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