If you want to enjoy low interest rates on loans and secure better financial opportunities, a high credit score is essential. However, people tend to have lower credit scores that credit repair services improve with various strategies. Here’s where the real question lies: how to identify legitimate credit repair services?
At present, there are fraudulent companies that claim to improve your credit score overnight but flee with your money. So, you must be able to differentiate them. We are here to help you with it, and we have compiled a blog sharing the signs of a legitimate credit repair company and a fraudulent one. So, let’s begin.
Legitimate credit repair companies feature six characteristics, which are as follows:
Free Consultation
One of the major signs of a legit company is that it offers a free initial review of your credit report.
Transparency
They consult you on your credit repair plan and clearly explain services, costs, and limitations, ensuring 100% transparency.
Customized Plan
Genuine credit repair specialists thoroughly check your credit report to identify issues and craft a unique strategy accordingly.
Written Contract
Such credit repair companies provide you with a detailed written contract that outlines their services and fee structure.
Realistic Claims
If you choose a genuine credit repair service provider, they will never guarantee offering specific outcomes, such as removing accurate collections. However, they will ensure service delivery and live up to their words.
Good Reputation
You can check their website and customer feedback on Google profiles. Genuine companies will have a clear track record and positive reviews from customers they have served to date.
Red Flags to Avoid
In the following points, we list some signals that indicate you might be partnering with a fraudulent credit repair company.
Upfront Fees
Dishonest credit repair companies will ask for fees from the very first moment you contact them. According to the CROA (Credit Repair Organizations Act), asking for credit repair upfront is illegal.
Guaranteed Results
They will guarantee specific results, including overnight credit score improvement and removal of accurate negative information from your report.
Discouraging Direct Contact
Fraudulent credit repair specialists try to rob you, and in doing so, they tell you not to contact the bureau or creditors. It is so you don’t learn that the company hasn’t done anything yet, and your credit report still contains negative information.
No Written Contract
In today’s world, everyone wants written evidence. For this, when you partner with genuine credit repair specialists, they provide you with a written contract; fraudulent ones don’t. It’s because with a written contract, you can take legal action against them.
When looking for expert credit repair specialists, you must differentiate legitimate and fraudulent ones. If you are still reading this blog, it means you have learned the signs of fraudulent and genuine credit repair services. Use this knowledge to find a genuine credit-repairing partner for you, like Lion Investments.
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