If you’re reading this, you’re probably looking to repair your bad credit. When you’re already in a subpar financial situation, it can be difficult to justify shelling out money to fix it. In fact, your first question is probably, “How much do credit repair companies charge?”
Today, we’ll answer this burning question, as well as what types of add-ons come complementary with our service. By the time you’re done reading, you’ll be able to make an informed decision about whether utilizing services from The Phenix Group is right for you.
How Do Bad Credit Scores Happen?
You aren’t born with a credit score, let alone a poor one. After the credit bureaus have a chance to review your borrowing habits, they are able to develop a score for you.
How long does it take to build credit? You’ll get your first credit score after about six months of carrying debt. However, it takes time to develop a high score because the length of time your accounts have been open plays a role in determining your numbers.
The following can all contribute to a poor credit score:
- Missing monthly payments (or paying late) on your credit cards or loans
- Declaring bankruptcy
- Frequently applying for new loans
- Having lots of new debt and not much old debt
How Does Credit Repair Work?
Credit repair companies contact the bureaus to remove inaccurate or negative information from your credit report. In addition, many of these companies offer educational programs on how to rebuild your credit score so that you can purchase your dream home or finance a new car. They will not make untrue statements on your behalf, as that would be illegal.
With that in mind, perhaps you are wondering whether credit repair companies are worth it. We think so–while it’s not a quick fix, over time, working with The Phenix Group can improve your credit score, giving you more financial options overall.
The Bottom Line
Credit repair can cost anywhere from $20 to $150 a month, depending on the package you choose and the company you work with. Credit repair prices can vary based on each person’s needs. At The Phenix Group, we offer individualized programs that are priced on a case-by-case basis. The best way to get an idea of what it will cost for your situation to book a free consultation.
Some of our services come free with your credit repair program. In addition to the required consultation to determine if credit repair is right for you, our client setups are also free. These tend to take one to three hours, and most other companies charge for them.
We also provide free credit reports. While you can certainly get one on websites like CreditKarma, be aware that this website was accused of falsely telling users they were pre-approved for loans and prompting them to apply, when doing so can lead to lower credit scores.
Our customer credit education is also free, which is rare for credit repair companies. Working with The Phenix Group ensures that you’ll be put on the right path to better credit, no matter what your situation may be, and that you get the most bang for your buck!