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Understanding how different levels of service affect the cost of credit repair.
Credit repair cost varies widely based on what level of service you need. In fact, the process can be entirely free if you repair your credit on your own online. Just be aware that the trade-off for reduced costs is more work. The more you can accomplish on your own, the less you can expect to pay and vice versa.
According to Mint.com, the average consumer pays $64 for credit repair.
There are basically three levels of service in credit repair. Each tier comes with a different range of prices. So, here is what you can expect to pay for each level of service:
When you repair your credit on your own, the cost ranges from nominal mailing charges to completely free.
This tier of service essentially splits the difference between DIY and full-service professional repair. You get repair software that helps you make disputes on your own. These programs offer dispute template letters and help you track the progress of each dispute. What you get with each platform usually depends on the cost.
The final tier of credit repair involves hiring someone to do all the work for you. These companies do the same thing you’d do on your own. The only difference is that you have a state-licensed attorney make disputes on your behalf.
Fact: There is nothing that professional credit repair services do that you can’t do on your own.
With full-service credit repair, you authorize the service to pull your credit reports; in some cases, you pay a fee for that step. Then they review your reports to identify issues and start to make disputes on your behalf. They keep you updated on the process. The only things you usually need to do are:
In most cases, you pay a one-time setup fee, plus monthly fees for as long as you remain enrolled with the company. Each company offers a different range of credit-building resources in an effort to keep you enrolled as long as possible. Higher premium programs may even have specialized services to help you achieve specific credit-based goals. For instance, if you want to buy a home, they can help you become mortgage ready.
Here are some of the services that may be included in a concierge repair service:
The more of these services you roll in, the more the program costs. With that in mind, pre-mortgage credit correction services usually cost the most, because it can take a village to get your outlook ready to buy a home.
Warning: If you pay for a credit repair service, make sure the company employs state-licensed credit repair attorneys. According to the Credit Repair Organizations Act, only an attorney licensed to work in your state can make disputes for you. If a company does have attorneys on staff, it’s more than likely a scam!
The main thing you want to avoid is paying for services you don’t need. If you’re going for a mortgage, a few hundred dollars to save tens of thousands on interest charges is worth it. But if you just want a better credit score and don’t plan on applying for a loan or new credit card in the near future, then paying for top-level service is probably overkill.
With that in mind, make sure you set your goals before you explore service providers and packages. Only pay for what you need and, if possible, negotiate with providers to remove features that don’t fit with your goals.
Article last modified on August 8, 2019. Published by Debt.com, LLC
DISCLAIMER: Debt.com does not provide credit oriented services, but, upon request, acts as a locator service for BBB registered companies. Such credit report resolution specialists will not remove any derogatory information (defined as accurate negative information appearing on a Client’s credit report that actually belongs there), nor will such credit report resolution specialists assist you on improving your credit rating. Instead, as Credit Repair Organization Act compliant companies, such credit report resolution specialists will solely assist you in removing or correcting inaccurate information appearing on your credit reports. While Debt.com endeavors to connect individuals and families with appropriate professionals and resources, individual situations and results will vary from person to person. It is ultimately up to you to determine whether the companies that we may introduce you to are appropriate for your situation.
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