In the same way that it matters who you apply for finance with, it also matters who you get your credit repaired by. Focusing on price alone to decide which credit repair company to use is not necessarily a great idea. In the Credit Repair Industry, just like in other industries, you get what you pay for. In addition, you typically only get one go at getting your credit repaired. Going with the wrong company could mean you’ll waste your money and time and your circumstances won’t change.
Instead, focus on the following things when making your decision. You can even ask the company these specific questions. Unless they say yes to every point, keep looking, as there are credit repair companies out there that will tick every box.
- Does the Credit Repair company have one advocate allocated to your case?
- Is this case manager highly experienced at fighting cases similar to yours?
- How many years’ experience does your case manager have?
- Does the case manager know and apply the relevant credit reporting laws to your case and fight for the removal of your listing/s on this basis?
- Does the Credit Repair company have a refund policy? If so, what is it? If you are not getting 2/3 of your money back if the credit repair company doesn’t get a successful outcome for you, walk away.
- Does the Credit Repair company offer high-interest finance or Part 9 debt agreements? I.e. do they have a conflict of interest?
- Does the Credit Repair company send you templates? I.e. you pay them and they send you templates and you must do the work for yourself.
- Does the Credit Repair company have all avenues of complaint and escalation available to them?
- Does the Credit Repair Company have the ability to engage a lawyer to fight on your behalf, if needs be?
When it comes to who you choose to work on your credit repair, look for a company that has one advocate allocated to your case. This will save confusion and will save time from an entire team needing to be kept in the loop. Make sure you pick a company that has case managers who have worked on cases like yours in the past. Make sure this case manager has 6+ years’ experience in the industry and knows the law inside out. Make sure the credit repair company will actually do the work for you and have all avenues available to them.
There must be a potential loss to the credit repair company if they are not successfully able to get the listing removed, to ensure they give it everything they have got to remove your listing. Paying too little, or paying too much with no portion refunded is a red flag. In credit repair, you get what you pay for and people who charge too little tend to give little effort and will give up more easily.
There are several credit repair companies that double as administrators for Part 9 Debt Agreements or second tier lenders (lenders who charge 2.5%+ more interest than everyday lenders). Choosing to go with these types of companies means they have multiple offerings to sell to you, some of which may not be in your best interests.
Be wise, ask the questions and don’t settle for the cheapest credit repair company. You will save time, you will save money and you will get an effective result at the end of the day.
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