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It is Buyer Beware, When It Comes To Credit Repair

Jul 30, 2008
When it comes to making a decision about which credit repair company to go with, most base their decision purely on price. If you are taking your credit repair seriously, this can be huge mistake.

What most people don't know is that all those credit repair companies that charge on a monthly service fee basis are only going to do a very small amount of work each month. If you are like the average person with bad credit, you most likely have an average of 8-15 negative items on each of your 3 credit reports. If you are only paying a $49 - $79 monthly service fee, they are only going to work on 1-2 items at a time. Keep in mind also that with the monthly service fee model, the credit repair company's motivation is to keep you paying as long as possible. You may easily end up paying far more, with fewer results, than you would have with a company that offers a flat-rate program.

In a flat-rate credit repair payment model, the motivation is to get your credit cleaned up as quickly as possible, and isn't that exactly what most people are desiring? I have never come across a client who wanted to clean up their credit slowly. You need to be very careful when choosing a credit repair company, as they are absolutely not all equall? One of the first things you might do is check out their record of complaints. If it is a company that has been in business for more than a few years and has not been providing a great service, you will hear about it on the Internet. Just go to Google and type in "[company name] complaints".

The Federal Trade Commission has made statements that tell consumers to stay away from credit repair companies, and not to work with any who charge a fee up front. The main reason for this is that they are tired of getting complaints about credit repair companies that take client's money and not perform any work. Since the FTC cannot recommend any particular company, their policy is to simply tell everyone to stay away. Many companies have since adopted the model of charging a monthly service fee instead of charging for the credit repair itself. They have found it to be easy money, as most clients will sign up for this type of service and forget about it; leaving the credit repair company to continue receiving payments for a longer period of time with no obligation of work.

Several times a week we receive calls from people who have been client's with a monthly service fee credit repair program. They are very unhappy and have paid in, in come cases, well over a thousand dollars, and often have only seen a handfull of deletions. I personally find this appalling, and you should also.

I hope this information has been useful.
About the Author
With over a decade of experience, Jon Ochs is the founder and CEO of NCA Credit Repair, one of the most respected credit repair services organizations.
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