Does credit restoration really work?

I’m sure you or someone you know has asked this question.  Or perhaps you’ve heard someone exclaim “Credit repair is a scam”!  I’ve often heard these statements, and have read them from time-to-time.  And, because I’ve chosen to be in a business where there is great in trepidation in seeking financial help or credit services, I wanted to dispel some of the rumors and myth’s about credit restoration services, and perhaps give a client some perspective on our services.

Does Credit Restoration Really Work? 

It depends on who you ask, their past personal experiences (good or bad), and their motivation.  I own Credit Builders, a credit restoration agency, and so, I can unequivocally state that “Yes, it really does work”!  And, I have statistical data to prove it.  It’s not to say, however, that every person who signs up to have their credit scores boosted or their credit files restored is going to be successful or happy.  There are a lot of factors that come into play when restoring credit (whether you do it yourself or hire someone to do it for you).  Just as every single person is unique in every way imaginable, so is a person’s credit file.  Success depends on many factors, such as:

Client Participation: does the client regularly communicate and do they send in the required correspondence they receive from creditors and credit bureaus? 

Communication is the key!  Credit restoration agencies write letters on your behalf, and so when the bureaus reply, the agency needs that vital information in order to know how to respond.  If you (the client) fail to update the agency, it breaks the chain of communication and can disrupt the restoration process.

Do they make credit restoration service a priority and do they pay their bills on time?  

The largest part of raising a FICO score is payment history.  Paying installment and revolving accounts on time each and every month equates to 35% of your FICO score.  A person who is late on reported payments will chip away at any score improvements an agency will make, which in turn diminishes their success.  If you don’t take the steps to make bill paying a priority, then you probably won’t take credit restoration seriously either and the program won’t be successful.

Are you ready to make the sacrifices and changes needed to improve your credit? 

So often I’ve seen people walk into a bank to start the loan process only to be told their credit is sub-prime and they won’t be getting financed on that day.  Subsequently, they often go in expecting not only to be financed but also expect a larger payment.  However, after being declined, they go right back into the habits that are keeping them in the sub-prime bracket.  One thing I remember my Father-in-law telling me time and time again,  “Mya, if you sacrifice more now, then you’ll be able to have “more” later!” This always resonated with me, and I wish I would have listened much sooner. But it is never too late to take action.  In retrospect, if you really want to change your financial circumstances and get to a place where you have the buying power to get the things you want or need, ask yourself if you’re ready to make a few sacrifices now for much more later. If you hear your higher self say “yes”, then just begin.  It’s that simple.

Do you have the patience and control to improve your credit?

Outside of an immediate disaster happening (like an unexpected job loss or health crisis) one’s credit problems generally don’t pop up overnight.  It usually takes a matter of months to “get into trouble”, therefore, you should also expect the road to recovery to take a few months to even a year to fix.  The industry average for credit restoration is six months. Sometimes, depending on the agency’s expert knowledge or their systems approach (some will only dispute 3-5 items per month, and some take a more aggressive approach), you may see success in as little as three months.  However, an expert credit specialists won’t make a time-based promise.  (Federal law prohibits us from doing so). After reviewing your file and those unique circumstances you have cultivated over the course of your credit life, we will guesstimate an amount of time we believe it will take to restore your credit. 

Above are just some important factors when either looking for a reputable credit restoration agency (like Credit Builders) or when working with a perspective client about credit restoration. Also, when seeking credit restoration help, its helpful to ask the following:

  1. Is the agency registered, licensed and or bonded. 
  2. Does the agency require credit monitoring and do they make you pay a separate  fee for credit monitoring?  
  3. Can they provide client references or success stories?  
  4. Do they have a professional website and engage in social media sites?
  5. Do they sound knowledgeable and are they educated in credit repair laws? What is their educational and work background?  

In summary, to answer the question “Does credit restoration really work”?  I will undoubtedly reply “YES”!  Credit Builders can, on average, boost credit scores 60-100 points within 3-6 months, but again, every case is unique.  However, what is most important, we work closely with you to build a solid credit report and credit rating so that you can achieve more purchasing power and live a better life!

To learn more about how credit scores work or to get a free credit consultation, click here or copy and paste this link into your browser:

Please LIKE and Share and  visit us on our Credit Builders Facebook page: CreditBuilders

Mya Goodman, founder of Credit Builders, has over 30 years of personal and small business financial credit expertise.  Credit Builders is registered, license and bonded.  

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Credit Education

Does credit restoration really work?

I’m sure you or someone you know has asked this question.  Or perhaps you’ve heard someone exclaim “Credit repair is a scam”!  I’ve often heard