Are Credit Repair Costs Worth It?
A good credit score can significantly impact one’s financial privileges along with things like one’s ability to get loans and affordable mortgage rates. Being in good credit standing gives you easier access to loans, credit cards, insurance plans, and properties, among other benefits–but there are times when your credit report might see a small dip, sometimes, at no fault of your own.
Fortunately, it’s possible to get your credit back on track with the help of The Phenix Group, one of the best credit repair companies. But is the cost of credit repair worth it? The answer is a definite yes, especially when you consider the added value that comes with repairing your credit and working with a reputable repair company. The Phenix Group’s credit repair packages are designed not just to help you pull your credit score up, but to maintain fair to excellent status through better credit education. We will provide you with resources for everything from debt, loans, and taxes to credit improvement and money management.
What Is Credit Repair?
Credit repair is the process of fixing or improving a person’s credit history or standing. Credit repair typically involves challenging and disputing errors on one’s credit report with credit companies to delete negative listings. You can repair your credit by yourself, but it’s best to have a credit repair business like The Phenix Group help you as it’s a laborious and time-intensive task, especially if you’re dealing with multiple credit mistakes on your report or a case of identity theft. Plus, credit repair companies like The Phenix Group can enable you to sustain good financial standing for the long-term
If the Credit Analyst confirms credit repair is the best avenue for your score, an in depth credit consultation will be scheduled and presented to you in a manner you will understand. Your immediate credit needs, goals, and timeframe will all be taken into consideration. Once you become a client of The Phenix Group, we will immediately go to work on your behalf and rest assured we are credit repair organization act compliant.
Can I Repair My Credit Myself?
The short answer is, yes! You can repair your credit on your own. Credit repair typically starts by requesting a copy of your credit report from one or all of the three major credit bureaus in the US: Equifax, Experian, and TransUnion. You can get this information during every twelve-month cycle (more often currently since Covid) or when a negative action is taken against you because of it, such as if you’re denied a loan because of information in the report.
Once you have your credit report, you can review it for inaccurate information. These may include debt and mortgage payments marked as having been late that you know you paid on time, or personal accounts that are not yours–which could be a sign of identity theft. List all the errors that you find on the page, then challenge them by following the process for disputes listed on each credit bureau’s site. Typically, you can dispute these negative items directly on the credit bureaus website; although you have the option of mailing a letter that explains what credit information is wrong and why you believe it’s incorrect, as well as finance documents that support your claim, too.
The credit bureaus are obligated by federal law to initiate a credit dispute. If your credit disputes are deemed correct, the errors will be changed, which will likely pull up your credit score.
Is Paying a Company to Fix Your Credit Score Worth It?
You can fix your credit on your own with minimal credit repair costs, but going the DIY credit repair route can take a lot of time, effort, and resources, and may yield little to no results on your credit score. You could possibly even make your credit score worse than when you originally started working on repairing your credit. In this case, the cost of paying for credit repair companies , like the professional credit experts at The Phenix Group, is worth investing in.
Not only can these credit repair professionals do most of the legwork for you, but they’re skilled and knowledgeable in all ways necessary to effectively repair credit so that you’ll know it’s done the right way. Plus, credit repair specialists ready to equip you with personal finance tips, products, and tools so that you can keep up your enhanced score for years to come!
Credit Repair Services Pricing Elements
Credit repair, if you do it yourself, is free–but this can be a taxing job with limited to no results obtained. Hence why many people hire reliable credit repair companies like The Phenix Group to take care of the task on their behalf.
Credit repair companies have a wide range of charging methods for their products and services. A common example is a subscription model where prices are likely going to be between $80 to $350 a month, depending on the company and credit repair package you choose. This credit repair cost is typically a monthly payment for an unlimited amount of months. This might seem like the better route because of the smaller upfront credit repair fees but typically these types of processes are built to keep you in their program as long as possible and are not ideal.
You may also want to consider hiring an attorney to help with credit repair. How much does a credit repair lawyer cost? The cost depends on how they charge for their services–you could be looking at fixed costs of around $500 to $5,000, hourly fees between $125 to $550, or charges per account they will be working on for you.
When choosing a credit repair company, you should be wary of any fees that they require you to pay upfront without having done any work. It’s common for a repair company to ask for a start-up fee, which could be more expensive than the entire monthly subscription fee they charge for their credit service.
For extra caution, it’s recommended that you explore a reputable repair company like The Phenix Group, which offers a free analysis, a free consultation and an attorney back process. With a company like this, any fees are also not fixed and are wholly dependent on your credit situation and the specific action plan for your credit file; you can rest assured that you’re getting the best bang for your buck.
