Can I pay someone to fix my credit?
Credit repair can cost around $100 a month and take several months — with no guarantee that your credit score will be higher at the end. Note that credit repair can't do anything that you can't do on your own, and it can't remove negative marks from your credit reports if they're accurate, timely and verifiable.
However tempting it may be to pay someone to undo damage, you are your own best resource. In short, no one can legally remove accurate and timely negative information from a credit report, and everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost.
The Bottom Line
If you want help, you can hire a credit repair company to assist you. They generally charge anywhere from $19 to $149 a month for their services.
Credit repair companies cannot fix your credit. They don't have a secret backchannel to the three credit bureaus (Experian, TransUnion and Equifax) that allows them to get information removed. Further, the credit bureaus don't delete credit information simply because you've hired a credit repair company.
You won't be able to remove negative information in your credit reports that's accurate. But deleting accounts you didn't open or disputing a late payment you believe was paid on time, for example, could help protect your credit score.
Credit repair can cost around $100 a month and take several months — with no guarantee that your credit score will be higher at the end. Note that credit repair can't do anything that you can't do on your own, and it can't remove negative marks from your credit reports if they're accurate, timely and verifiable.
In California, as well as in other places, it's illegal for these so-called credit repair companies to charge you upfront before delivering any services. So, while the process of fixing your credit is legit, be wary of those promising miracles and asking for your hard-earned cash upfront.
They have helped more than 200,000 clients with their credit issues, dating back to 2004. With this type of experience, customers can expect results and Credit Saint does not disappoint. In fact, they offer a 90-day money-back guarantee to back up their experience.
This depends on how your credit was affected and the seriousness of your credit issues. If you've only had a few recent mistakes, you may be able to fix your credit in a few months, but if you've had a long history of missed payments and poor credit management, it could take years to see serious improvements.
The way a credit sweep works is the credit repair company asks you to pretend that you have been the victim of identity theft so that they can get the credit bureaus to remove accurate, valid negative information from your credit report.
What is the most aggressive credit repair company?
Credit Saint is one of the most aggressive companies that has offered credit repair for more than 15 years. Because they're confident in their great service, they can offer you a 90-day money-back guarantee.
Correct information cannot be removed and stays on file for at least seven years. So, if your score is low due to accurate negative information, you'll need to repair your credit over time by making payments on time and decreasing your overall amount of debt.
For instance, going from a poor credit score of around 500 to a fair credit score (in the 580-669 range) takes around 12 to 18 months of responsible credit use. Once you've made it to the good credit zone (670-739), don't expect your credit to continue rising as steadily.
Most negative items should automatically fall off your credit reports seven years from the date of your first missed payment, at which point your credit score may start rising. But if you are otherwise using credit responsibly, your score may rebound to its starting point within three months to six years.
The problem is that this practice technically violates federal law under the Fair Credit Reporting Act. That law requires that a consumer's credit history must be reported accurately, for better or worse. The credit bureaus are required to ensure consumer reports are accurate.
"Rapid rescoring" is a service that some mortgage lenders provide for updating your credit reports. This process won't raise your credit score alone—it's not a trick to improve your credit. But it will update your current credit profile quickly.
Often, these companies charge high fees for this service. A credit sweep is not a wise strategy for credit repair. As mentioned, it only works if all the items on your credit report are fraudulent, which is rarely the case. You also must be able to prove identity theft with a police report.
Credit repair companies offer to “fix your credit” by removing negative items from your credit report. They offer to file disputes on negative items on your behalf with the credit bureaus and get them removed.
A 609 Dispute Letter is often billed as a credit repair secret or legal loophole that forces the credit reporting agencies to remove certain negative information from your credit reports. And if you're willing, you can spend big bucks on templates for these magical dispute letters.
News: Beware Credit Repair Companies. In the quest for a better credit score, many turn to credit repair companies, enticed by their promises to fix credit issues. However, beneath the surface, these companies often harbor risks that can leave consumers in a worse financial position.
Is credit repair high risk?
Credit Repair Merchant Account Information
If you have a credit repair business, you should be aware that credit repair is considered to be a high risk endeavor. This is because credit repair companies often do business “in the future,” meaning that they provide future dates for services to be rendered.
Your payment history, or how consistently you pay your bills on time, is usually the biggest factor in calculating your credit score. Because it's such an important component, late or missed payments can have a significant overall impact on your score.
The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.
Policies and procedures vary by creditor but will usually include back-and-forth letters to get everything in writing. On average, credit repair takes about three to six months. Your score should gradually improve throughout the process each time a creditor agrees to make a change in your favor.
As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
