Your credit score is a fundamental part of your life as an individual or an organization. It is the measure of your creditworthiness, and the value ranges from 300 and 850. Anything above 700 is a good credit score as most consumers fall between 600 and 750. Credit score or creditworthiness significantly affects numerous financial transactions like auto loans, car insurance, credit cards, mortgages, and more. Persons with low creditworthiness will have to pay more for these transactions every year. In addition, it helps lenders decide whether to extend or deny you credit.
Maintaining a high credit score is quite important, and that is why many companies offer credit repair services. These credit repair companies represent you by working with credit agencies on your behalf. Companies that provide good credit repair services can help alleviate your creditworthiness blemishes, improving your score by hundreds. Different credit companies are out there, and selecting an appropriate one can be a problem. Some of them are full of lip services and do not have the required qualities to be a good credit repair company. Good credit repair companies have excellent records, established systems, good relationships with credit bureaus, and transparency.
While some companies have the required qualities and will genuinely solve your credit blemishes, people often ask: Which credit repair company should I select? Where can I get the best credit repair company? These questions are asked when people do not know which company to approach to increase their credit score. That is why we have written such a well-documented article for you.
The Best Credit Repair Companies of 2021
After testing, observing, evaluating several companies based on some criteria, we came up with a list and rankings of the best credit repair companies for the year 2021. We also made it an obligation to explicitly explain each credit score repair company’s characteristics and qualities. We hope to help you have a clear overview of who they are.
Sky Blue Credit
This is one of the most reputable credit score repair companies with a proven track record over the years. It is also one of the longest-serving companies in the credit repair industry. It was established in 1989. As usual, you have to pay to enjoy their services; however, you can sign up to access a free six-day trial. Sky Blue Credit charges $79 per month. It offers you a rare and guaranteed 90-day money-back policy that lets you get a refund if you are not satisfied with its services. This credit repair company stands out because it is well structured and addresses issues with outstanding professionalism, and digs deep into the province law for each matter. Sky Blue Credit maintains an excellent quick dispute resolution record (30 days or lesser).
Unlike other credit repair companies across the globe, Sky Blue Credit pays cognizance. It addresses some uncommon factors that have the potential to affect your credit score. This credit repair company has a 4.27 out of 5 BBB rating based on customer review. Another beneficial thing about Sky Blue Credit is that the enrollment can be done entirely online.
Founded in 2004, Credit Saint has it based in Oakland, New Jersey. This company helps you clean up your credit history and increase your credit score. Credit Saint claims to be at the top in challenging inaccuracies in credit data and incomplete information. The company offers you a free consultation service upfront and a guaranteed 90-day money policy if you are not satisfied.
Signing up for Credit Saint services lets you select from the three different packages that let you enjoy the flexibility you seek and choose your desired plan. Credit Saint also allows you to track the progress of your activities with them through a credit monitoring account. This company offers quality and ideal credit score services, and it has an A+ Better Business Bureau rating.
Lexington Law was established in 2004 to revolutionize the credit repair industry by offering ethical and active credit repair services to people. Lexington offers excellent expertise in improving your credit score. The company has the backing of a law firm with professional attorneys that help protect your credit right and make sure you have an accurate and fair credit report.
This credit score company ensures that it offers a top-notch service by researching and reviewing your credit score and reports. This process helps the company to know the best approach to improve your creditworthiness. Lexington Law investigates and digs out negative items capable of denigrating your credit score, challenges it, and disputes each of them. Lexington works on your behalf by asking bureaus and creditors to remove negative items that cannot be verified.
Lexington Law boasts of being a trusted leader in the credit repair industry with more than 15 years of experience. The company has managed to settle 221+ million challenges & disputes on behalf of its clients. In 2020 alone, it has successfully helped clients remove 7+ million negative items from their credit reports.
A place to access a free online credit evaluation service, CreditRepair was established in 2012, and the company has successfully handled over 19 million challenges and disputes. CreditRepair is one of the top credit repair companies on this list. It evaluates your credit report and score to know the best strategy to use. Like other top-rated credit repair companies on this list, CreditRepair will search for mistakes in your report and challenge them. The company then makes the bureaus and lenders remove them according to the law as long as it cannot be proven.
This company lets you get free services like negative item reviews, credit scores, and summary and credit improvement plans. These services help you have more information about your score and reports. CreditRepair also offers you flexible pricing options. In addition, CreditRepair helps you monitor credit, addresses any other issues that may arise later to help you achieve your credit score goals.
TransUnion is of the three American consumer credit reporting agencies with national significance. It is rated alongside Experian and Equifax as the three major credit bureaus in the USA because of the different approaches these three companies use to report and calculate credit scores. Aside from credit repair, TransUnion offers some other credit protection services like mortgages and insurance. TransUnion helps you evaluate and monitor your credit score over time. TransUnion has its headquarters in Chicago and offers global services with offices in Brazil, U.K., Canada, Hong Kong, South Africa, India, and Colombia.
TransUnion allows you to subscribe to its services to access a wide range of tools. These tools include Credit Lock Plus and Credit Lock Plus that you can use to monitor and repair your trade score. Credit Lock Plus and Credit Lock Plus lets you protect your reports against compromise and recommends the right direction for your credit score, respectively. TransUnion’s monthly subscription for these services is $25.
You can also protect your ID with TransUnion’s ID theft insurance that guarantees optimum protection for your ID. TransUnion is rated above Equifax because the former includes personal information and employment data into their model.
This company offers financial management services, assisting users with their monetary liabilities from the debit side of transactions. It is specialized in evaluating and monitoring your credit score and report and offers a recommendation. Credit Sesame allows you to manage and repair your credit score anywhere with its android and iOS mobile applications, allowing you access to various tools. Unlike other credit score service providers on this list, Credit Sesame offers you free services. It let you access your credit report for free. Credit Sesame combines the power of AI and machine learning with its credit expertise to offer users personalized advice and recommendations. You will need to pay Credit Sesame only when you make use of the guidance they proffer.
Established in 2007, Credit Karma rates itself as one of the world’s best credit repair service providers. It is a multinational personal finance company. This company also has an application that lets you access their services anywhere and any time. Its application has seen over 100 million downloads. Credit Karma offers various credit repair services and other financial services like loans, mortgages, and credit cards.
Credit Karma also offers free services like Credit Sesame. It lets you have a proper comprehension of your credit report and score for free. This finance company allows you to manage and monitor your credit report and score without facing any penalties for erroneous entries.
The Credit Watcher
TheCreditWatcher is a credit service provider that offers you the best monitoring and reporting services in the industry. Although TheCreditWatcher is not a full-service credit repair firm, it lets you have a comprehensive credit report. These reports can be used to track improvements in your credit scores and steer clear of erroneous entries. With TheCreditWatcher, you can monitor your credit score effectively, get quality insight, and make better decisions.
TheCreditWatcher works with two of the three major credit bureaus: TransUnion and Equifax, to offer you your credit score free of charge. However, unlike Credit Karma and Credit Sesame, you would need to pay a monthly fee of $39.90 to avoid selling your information.
This particular credit repair company has six different packages that help improve your credit score in different ways. The price of the packages ranges from $99 to $499 per month. Credit Monkey focuses on investigating your credit report. It does this to eliminate and challenge erroneous entries like late payments, bankruptcies, charge-offs, and a range of other issues. These issues are often overlooked but have the capability of sinking your credit score. Credit Monkey says more than 80% of reports contain erroneous entries.
The packages of this company offer different services. The higher the package price, the more errors you can eliminate from your report. The most sophisticated package ($499 per month) provides you with the removal of unlimited negative items, public records, and inquiries. It also comes with a $10,000 credit line and five active credit cards. However, the basic plan lets you remove only five negative items.
Credit Monkey offers you top-notch services that revolutionize and skyrocket your credit score.
With over 25 years of experience helping people with their credit matters, MyFICO claims its scores are the industry’s most frequently used credit scores. MyFICO is a subsidiary of the data analytics company FICO. The company lets you enjoy its credit services via three packages: Basic, Advanced, and Premier, which cost $19.95, $29.95, and $39.95, respectively, every month. While the Basic plan has 1-bureau (Experian) coverage and no identity monitoring, the Advanced package has complete 3-bureau coverage, identity coverage, and one update every quarter. The Premier subscription has full 3-bureau coverage, identity coverage, and updates every month.
MyFICO boasts of offering complete and all-in-one credit services. The company provides 24/7 identity restoration service, $1 million identity theft insurance, credit score monitoring, credit reports, scores for mortgages, and auto loans. This credit score service provider says no less than 90% of top lenders use its FICO scores metrics to calculate rates. With the provider, you can easily monitor and increase your credit score.
With FreeScore360, you can now easily monitor your credit score accurately. FreeScore360 offers legit and accurate credit monitoring and credit score improvement services for all three bureaus. FreeScore360 allows you to know and monitor your credit score for free on a 7-day free trial package. If you are content with their services, you can join fully with a monthly subscription of $29.95, allowing you to have access to a wide range of credit services.
The subscription lets you access the company’s ScoreSense system, which helps you monitor credit and alert you daily. You will also be connected with an interactive learning platform that lets you learn more about credit scores. The affordable price offered by this company enables you to spend less while improving your credit score. FreeScore360 helps find errors in your report and fix them to improve your score. It has a rating of 4.4/5 stars from independent reviewer Consumer Advocate.
The Credit People
The Credit People was established in 2001 to improve credit reports and credit scores through its expert team. With over 15 years of experience, The Credit People has eliminated 1.4+ million credit issues for customers. The Credit People let you have access to your credit report and score for free. However, you can enjoy its premium services starting with $19.
According to The Credit People, its company has some outstanding proven track records. 81% of its users get approval for new credit, 71% get approvals for home loans, and 78% get approvals for auto loans after using its services. Also, the company claims that after using its services, average customers can improve their score by 53 to 80. The Credit People offers customized credit priorities, solves endless disputes, and is certified under the Fair Credit Reporting Act (FCRA). This credit service provider has been able to help customers remove 1.4 million credit issues over the years and increase customers’ credit scores by more than 53 thousand.
The Credit People gives you your credit scores and all three credit reports. This move helps you to have accurate information about your credit score and thus better chances of increasing your creditworthiness.
Leap Credit was established in Atlanta in 2017 as a credit service provider to let people of all calibers have easy access to credit. In line with its goal, you can access the company without any hassle. The registration process is easy, quick, and fast, as well as the approval. Once you are at least 18 years old, a US citizen, and have an account and a proven source of income, you can have easy access to a loan through Leap Credit. After requesting a loan, the company transfers the money into your account within two working days. Notes, if you notice any fraudulent loan request connected to your identity, make a quick complaint so that the problem can be alleviated.
Factors Considered for ranking the Best Credit Repair Companies.
While there are numerous credit service providers out there today, not all of them are reputable. Knowing the appropriate credit repair company to select when you need one is quite essential. The reason for this is that all credit service providers claim to offer you quality and reliable services that will increase your credit score. However, not all of them are accurate images of what they portray. We have written this article for you, for this reason, separating the wheat from the chaff. We have listed and ranked the credit service providers in this list based on the following criteria.
Ability to Increase Credit Score
The main reason you need the service of a credit repair company is to increase your credit score. Thus this should be the first criterion for rating a credit repair service provider. While ranking these companies on our list, we evaluated the number of points by which these companies can add to the credit score of their users, on average. We ranked companies with a higher average point at the top and vice versa. A worthy credit repair service provider can increase credit scores by hundreds of points.
Satisfaction Guarantee & Refund Policy
These are factors used to rate companies in different sectors across the globe. While it may be hard for credit repair service providers to guarantee an increase in credit score, refund policy helps assure customers their money is in safe hands. Reputable companies include refund policies in their terms and conditions. We have also used this as a criterion to rank companies on this list.
As said earlier, some companies are overblown and not accurate versions of what they claim to be. Many credit service repairers make many promises which they cannot fulfill. Some vow to increase your credit score by hundreds of points within a short while, meanwhile they cannot. In this list, we gave preference to companies that are transparent with their services.
The duration of a company’s service is proportional to the company’s experience. Credit repair companies with a longer term of service tend to have more experience than the newer ones. For example, Lexington Law had been in the industry for over 20 years. The company is equipped with a wide range of experience. We prefer companies with more experience.
Proven Track Record
Records over the years are a good source of information about reputation. Companies with good and proven track records over the years are more reliable than others; hence we use this as a criterion for ranking and listing companies in this article.
Credit Score Estimation
A credit repair company should have an average estimate of the number of points by which it can increase users’ credit scores. This factor gives users an insight into what to expect from them. For example, TheCreditPeople estimated that based on the average increase its customers have recorded in the past, it could increase users’ credit score by around 53 to 187 points.
While some credit companies offer only repair services, others provide repair and monitoring services. Solving a customer’s credit score problems and improving the score is undoubtedly the primary expectation. However, a monitoring service would assist the customer against issues that might reduce the credit score afterward. This way, the credit score of the customers is more protected against falling. We prefer companies that offer both repair and monitoring services to those that provide repair alone.
Credit Repair Technique
When a credit repair service provider goes beyond just checking and highlighting erroneous data in a credit report, this makes it stand out. It is believed that finding inaccurate data in a credit report could be achieved by anyone by just writing to the three major credit bureaus. Top-notch credit repair companies do more by challenging credit bureaus to remove items that cannot be proven in a credit report.
Price and value
The price you charge concerning the quality of service you offer determines the value of a company’s operation. While people always want to maximize their resource usage, we consider price and quality important factors to list and rank credit repair companies on this list.
Platform, Interface, and Tools
The user-friendliness of a credit repair company’s platform is a significant factor that determines how well and easily a customer will manage and monitor its credit score and report. The same goes for the platform’s interface and tools on the company’s application or website. This criterion can be categorized under user experience. Credit repair companies with better user experience have a higher ranking than the others.
Advantages of Repairing Your Credit Score
As said at the start of this article, your credit score or creditworthiness is an excellent determinant of your financial health. A high credit score makes loans, investments, and mortgages easier for you. Your credit score also can determine how much you save on vehicle and home insurance and your chances of getting a job. In brief, a high (good) credit score affects your life positively.
Below are some of the advantages of repairing your credit score, especially when it is low.
Cheaper Auto Insurance
If you have a bad credit score, you will pay more for auto insurance. Insurance companies in the United States consider your credit score when calculating premiums. On average, Americans with low credit scores pay more than $2,100 auto insurance fees per year, while those with high scores pay around $1,400 per year. By default, this means that people with a low credit score will pay around $700 more for insurance every year.
Companies often consider your credit score before employing you. This is because workers with a low credit score are expensive to hire in terms of insurance costs. Hence, by employing persons with high credit scores, companies can save thousands of dollars every year.
Better Credit Cards and Greater Limits
Improving your credit score can help you increase your chances of unlocking new credit cards and get higher limits. People with low credit scores find it hard to get new credit cards because they have a bad reputation of paying back.
Mortgage Rates and Approval
Credit records and scores also affect your mortgage approval and rate. A low credit score makes getting a mortgage more difficult. Usually, a mortgage is difficult to get, but a low credit score will make the situation worse. However, even when you manage to get one with a low credit score, the rate will be very high compared to people with a high credit score. Hence, improving your credit score will save you a thousand times in the mortgage industry.
Most Americans prefer to marry people with low debt (high credit score). If your credit score or creditworthiness is terrible, you may not be able to wed the person you desire. Even if you are not transparent about it, some people request their partner’s credit report before getting into a relationship. Improving your credit score can make you have a better marital life.
Effortless Approval When Renting a Home
If you have a bad credit score, it would be necessary for you to repair it to get a safe and affordable place to rent easily. Your low credit scares away many landlords and property management companies. They prefer to give their property to persons with a high credit score. Hence, you must repair your credit if you have a low one.
Security Deposit on Utilities
If you improve your credit score to good ones, you will not need to pay a security deposit on utilities. Utility companies require you to pay a security deposit that may range between $100 and $300 to cover possible late payments.
Your credit score also has an influence on your negotiation power in the market. With a low credit score, you have no choice but to take the rate offered by the lender because you have low negotiation power. This reason makes it difficult to find a lender to give you a loan. This factor ultimately affects every financial decision you make. Thus, if you repair your negotiation power, you will enjoy a better economic life.
A high credit score gives you more confidence as a person. As an adult with a good credit score, you are seen in society as a more responsible person. Improving your credit score will make people respect you better.
Homeowners Insurance Premiums
If you increase your credit score by repairing it, you will pay less for insurance as a homeowner. You may pay double the standard insurance fee if your credit score is low as a homeowner. This happens because insurers believe that you can commit insurance fraud because of your bad credit score.
Credit Repair Companies FAQ
Many matters are confusing people about credit repair companies because people lack adequate knowledge about this industry. We have enumerated some frequently asked questions and provided answers to them.
Q: What is the meaning of credit?
A: Credit means collecting money, gadgets, or goods with an agreement to pay in the nearest future based on some terms and conditions – added interest.
Q: What is the meaning of a credit score?
A: A credit score is a rating that shows your reputation as a money lender. It is also referred to as creditworthiness. The number ranges from 300 to 850. Your score is determined by your previous debt: how you paid it, how long it took you to pay altogether, and the amount of credit you have.
Q: How lenders use credit scores?
A: Lenders use your credit score to determine whether to give you money or not, how much you should be given, and the rate to charge. Your credit score is used to calculate your risk. A low score is associated with higher risk and vice versa. High risk relates to lower lending opportunities and higher lending rates.
Q: What is a decent credit score?
A: While most people have a credit score between 600 and 700, experts consider that anything above 650 is a good credit score.
Q: What is a bad credit score?
A: On the other hand, anything lower than 650 is considered a bad credit score.
Q: What can make my credit score drop?
A: Several factors are capable of affecting your credit score. These include bankruptcies, high balances on credit cards, negative or erroneous credit report items, and late bills payment.
Q: How long can negative things stay on my credit report?
A: Depending on the bureau and the item, your credit report can have an item on it for up to 7 to10 years. Items like bankruptcies can be very detrimental to your credit score, and it could last for around ten years in your report.
Q: Why do I have three different credit scores?
A: Since there are three major bureaus, you can have one credit score for each bureau. Each bureau tracks and monitors your credit performance differently.
Q: What is the lowest and best possible credit score one can have?
A: While credit score ranges from 300 to 850, the lowest or worst credit score you can have is 300, and the best you can have is 850.
Q: Who is responsible for tracking my credit score?
A: The three major credit bureaus are responsible for tracking your credit performance. These three bureaus include Experian, Equifax, and TransUnion.
Q: How can people check my credit score?
A: When an individual or an entity wants to check your credit score, they contact and ask any of the three credit bureaus for your credit report.
Q: What is a credit bureau?
A: The private company responsible for tracking every person’s creditworthiness is a credit bureau. These companies track and monitor your total credit usage, missing payments, and some other essential factors.
Q: The difference between a credit report and a credit score?
A: A credit report is a list that shows your credit items like bankruptcies, missing bills, among some other things capable of reducing your credit score. Credit scores have three-digit numbers that range from 300 to 850. It shows your creditworthiness or rating as a lender.
Q: What is a FICO score?
A: After aggregating your crediting score from the three main bureaus, the private company FICO creates your three-digit number, known as the FICO score, based on your score from the three bureaus. It is believed that 90% of significant lenders rely on FICO to assess your risk.
Q: How FICO calculates your FICO score?
A: Five criteria are used to calculate the FICO score, and these include the amount payable (30%), new credit (10%), credit mix (10%), payment history (35%), and credit history length (15%)
Q: How to get a good credit score?
A: Naturally, if you are yet to have a bad score, you can get or maintain a good score by ensuring that your credit balances are low, avoid too much debt, use multiple types of credit and pay your accounts on time.
Q: What is credit repair?
A: Credit repair is the process of fixing or increasing your bad credit score by removing negative or erroneous entries from your report.
Q: How can I repair my bad credit score?
A: One of the best ways to repair or increase your credit score is to find and eliminate erroneous entries from your credit record. At least one error is recognized in almost all credit reports, and such errors can reduce your score. Removing those errors will help increase your score.
Q: How does a credit repair company work?
A: Credit repair companies are dedicated to helping you with credit services like increasing your credit score. Credit repair service providers dig deep into your report, find erroneous data, and remove the entries from your credit report. Some credit repair companies additionally challenge entries on your credit report and ask bureaus to prove or remove the entries if not provable.
Q: Are credit repair services legal?
A: People often question the legality or legitimacy of credit repair services. Yes, credit repair services are legal. However, it is vital to make sure you sort the services of a well-established provider when you need a credit repair service. A company’s reputation and track record are also important.
Q: How much does credit repair cost?
A: You can get a credit repair for as low as $0, and some companies charge thousands of dollars. The rate charged depends on the company, their level of professionalism, and the quality of what they want to offer you, among other factors.
Q: How long does it take to repair my credit score?
A: Depending on your credit situation, it may take up to a few weeks to a year to repair your credit scores. Also, the quality of service and the level of professionalism the credit service provider is offering could define the duration required to improve your credit score.
Q: Which information is on my credit report?
A: Credit report contains information such as account name and other profile information, credit limits, credit history, tradelines, public records, your credit score, credit inquiry, and collection, among others
Q: What is the least credit score I should have to buy a home?
A: As said earlier, the best minimum credit score you should have is 650; the same applies to buying a house. However, 620 is the minimum approval for home loan approval.
Q: What is the least credit score I should have to buy a car?
A: Getting a car loan can be easier than getting a house loan in the US. You should have a minimum of 550 credit score or above to secure a car loan.
Q: Can I get a free credit report?
A: Generically, the law allows you to get a free credit report from each of the three main credit bureaus every year. To get a free credit report from these providers, you can visit annualcreditreport.com or call 1-877-322-8228.
Q: Can student loans affect credit score?
A: Yes, student loans can affect your credit score. If you pay back in time, your credit score will not be negatively affected.
The Best Credit Repair Companies of 2021 Final Verdict
Many people have erroneous entries in their credit reports, which negatively affects their credit score. Credit scores can impact your life in different ways, like getting a car or house loan, job, insurance, and mortgage, amongst other things. It is essential to maintain a good credit score.
Repairing your credit score with just a meager cost would go a long way to improve the quality of life you live. Approach a good credit repair service provider today, and your life will change for the better.
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