Fast Credit Repair Companies: How Do They Work?
Things we never learned in school:
What is a credit score? What is good credit? How do I get a good credit score?
Although average credit scores are rising in the United States, over 30% of the population still falls into that “Fair” or “Poor” FICO Score range.
Many people have low credit scores just because of a simple lack of education about how to manage their own credit. They say that ignorance is bliss, but ignorance about your credit score can have a hugely negative impact on your life.
Low credit scores make it harder to qualify for personal loans, home mortgages, or auto payment plans.
So what to do if you’re trying to get a loan and you’re in need of some fast credit repair to help improve your credit score?
This is where credit repair companies come into play.
Keep reading to find out how credit repair companies work and how they can help you improve your credit score.
What Are Credit Repair Companies?
A credit repair company is an organization that works with you to help you repair your credit score.
The whole idea of “credit” is still a mystifying concept to many people, but the best credit repair companies use their knowledge and expertise to do all the hard work for you.
In the process of fast credit repair, credit mentors within the company can also teach you some tips and tricks on how to keep your credit score climbing higher and higher once it’s been repaired.
You might be asking yourself: how do I know if my credit score needs to be improved?
If you’re unfamiliar with how credit scores work, keep reading—we’re going to break it down in the next section.
What Is Good Credit?
Before we can answer that question, first we have to talk about the multiple types of credit scores.
There are many different types of credit scores, but the two most popular scores are FICO Scores and VantageScore.
According to Experian, a “good” FICO score is anything above 670. Anything above 740 is “very good,” and anything in the 799-850 range is “exceptional.” Scores below 670 fall into the “fair” or “poor” ranges.
A “good” VantageScore, however, must be in the 700-749 range. An “excellent” VantageScore is 750-850.
These scores are impacted by a huge amount of complex factors, such as your on-time payment history, percentage of available credit already being used, new credit accounts being opened, among other things.
Your credit score matters because it’s one of the biggest things that lenders look at before deciding whether they want to extend credit to you. A higher credit score not only improves your chances of getting a loan in the first place, but it also helps you qualify for the best interest rates.
If you know that you need a higher credit score but you’re not sure how to repair credit, then a reputable credit repair company might be just what you need.
How Do Credit Repair Companies Work?
The first thing we do is pull your credit report from each of the three major credit reporting bureaus (TransUnion, Equifax, and Experian). We check all three because sometimes each of the different bureaus has a slightly different report, and we want to make sure we cover all our bases.
We then use our exclusive credit repair technology (powered by AI) to comb through your credit reports. This technology is on the lookout for any negative items that could be disputed. We’re watching for any possible errors in the credit report, expired items that shouldn’t be on the report anymore, etc.
The next step is reaching out to the credit bureaus. If we find any errors, we will negotiate to get those negative items removed from your report.
That might mean sending a dispute to the bureau. It might mean negotiating directly with certain creditors.
In all cases, we look at your individual credit profile to determine exactly what needs to be done to improve your credit.
How Much Does Credit Repair Cost?
Credit repair pricing depends on the company and on the specific services that are being offered.
In general, it’s true that the fastest credit repair services will cost a bit more.
But if you need to act fast to improve your credit score, it’s worth it!
You might be having trouble buying a car or renting a home if your credit score is too low. You might not even be able to get a cell phone! Sounds extreme, but some stores run credit reports to check if you can/will make the monthly payment.
Many credit repair companies charge a monthly fee for their services. Be careful about prices that look too low. Those companies might have slower processes that will keep you hooked into paying their monthly fee over and over again.
Our pricing page explains the different packages that we offer and the costs of each one.
Do Credit Repair Services Actually Work?
Short answer: YES, a qualified credit repair company can help you improve your credit score.
Longer answer: Not all credit repair companies are created equal.
One of the first things you want to do when considering a credit repair company is to make sure that they are accredited by the Better Business Bureau (as is Pinnacle Credit Management).
You’ll certainly see a few companies out there that make ridiculous claims, but that doesn’t mean that the entire industry is fraudulent!
Of course, no one can work miracles. If a company promises to get you from a 400 to an 800 score within a week—yeah, red flags there.
During Pinnacle’s FREE credit consultation, we will be completely upfront with you about what we can do to help improve YOUR credit score.
For example, if you have no credit history, well, we can’t create a credit history for you.
Our job is to go through your already-existing credit report and to clear up any negative items on that report. We specialize in fast credit repair. Our sophisticated AI technology helps us get the fastest possible results in credit repair.
Some people argue that credit repair companies are just charging you to do things that you could actually do for yourself.
Yes, it’s technically true that anyone can go through their own reports and dispute their own negative items.
However, the best credit repair companies have experienced teams with advanced knowledge of all the legal technicalities that are involved in the credit reporting process. Also, it is often much easier for credit repair companies to dispute negative items than it is for the average credit consumer.
An extra special bonus that comes when you work with Pinnacle is your personal relationship with your credit mentor.
Not only can we help raise your credit score, but we can often negotiate with lenders on your behalf. We are often able to get exclusive promotions for our select clients with auto dealers, banks, lenders, and credit unions.
Ready for a FREE Consultation?
Something that makes Pinnacle Credit Management stand out from other credit repair companies is our FREE consultation service. We are happy to talk through the whole process with you before you commit to paying a cent. Contact us to see how we can best serve you!