In this economy, we all have had our fair share of tough times–but what’s not fair is believing your current credit score will stick with you for the rest of your life. There are organizations and services that can help you repair your credit and clean up your credit report. The benefits greatly outweigh the cost for credit repair, and scheduling a credit repair package could be just what you need to get your situation back on track.
What Is a Credit Repair Company?
Credit repair companies are third-party services that connect with credit reporting bureaus on your behalf. Reputable servicers are experts in financial literacy, and can provide you with a wide range of insights and assistance.
At The Phenix Group, offer free credit analyses to help you understand your starting point. We believe in providing so much more than credit repair, offering you strategies for home and auto refinancing, business financing (including how to check business credit), and home ownership. We stand out against other credit repair agencies, offering an attorney-engaged repair process so you can rest assured that the guidance we provide is professional and in-depth.
When Do I Need Credit Repair Services?
Navigating credit repair and building financial literacy is no simple feat when you’re on your own. There are several reasons why you may need to turn to a credit repair company to help you get back on your feet: if you’re feeling overwhelmed by your financial situation, if you are having difficulty getting where you want to be financially, if you need to review your reports but don’t know where to start, or even if you want to build a strong foundation for credit. It’s always a good time to refer to credit repair experts.
Benefits of Using Credit Repair Services
Expert Insights
With the right credit repair agency or package, you’re connected with both legal and financial experts who thoroughly analyze your situation. These professional insights can create a roadmap for getting your credit back on track, the right way. You can access these experts whenever you’re in a tight spot to get a holistic view of how your decisions could impact your finances.
For example, if you’re stuck and looking for creative ways to pay off a bill, an expert will advise against certain approaches and lead you in a new direction. These days, many people are tempted to pay off certain expenses using digital banking apps, such as Venmo or Cash App. These apps don’t allow you to easily dispute charges or receive refunds if you were a victim of fraud or made one small typo. Your credit repair expert will offer you alternatives that protect you and save you money.
Find and Remove Inaccuracies
Credit reports and financial documents can look like another language, but did you know that your credit report could be filled with inaccuracies that are lowering your score and holding you back? A credit repair agency can comb through these complicated documents, identify outdated or inaccurate information, and appeal to the credit reporting bureaus on your behalf.
This saves you time and grief, because these professionals know exactly what to look for and how to appeal to these bureaus. Identifying this information on your own and knowing your rights is a lot to manage when you already feel like you’re financially drowning. Your credit repair agent is your lifejacket and will help you keep your head above water.
Build a Custom Credit Plan
If you are just embarking on your credit journey, a credit repair agency can help prepare you for your goals. These experts can help you build a customized credit plan, focusing on your goals, identifying potential or current obstacles, and develop a game plan that will get you on track.
The Ugly Side of Credit Repair
Unfortunately, there are plenty of predatory bad actors when it comes to the credit repair industry. Scam artists will capitalize on your situation, and use high-pressure sales tactics and demand payment upfront without helping you or your situation–this is a scam.
Any credit repair agency worth their salt will follow the Credit Repair Organizations Act, which mandates that credit repair agencies cannot legally receive payment upfront. Law-abiding, legitimate agencies will only request or receive payment after they deliver on the services promised.
Of course, credit repair agencies cannot guarantee they will fix your credit. Any agency promising to wave a magic wand and make your bad credit disappear is likely a scam. They can promise to give you the tools to repair your credit and build better financial habits, but they can’t promise to make all your problems go away.
Another reason to choose a credit repair agency carefully is that you run the risk of falling victim to identity theft. To work with a credit repair company, you need to supply them with a plethora of personal information, including your Social Security number, full name, and more. When a scam artist gets their hands on that information, you’re in hot water.
The largest marker of a scam is any company or service requesting to be paid through any mobile payment service, such as Cash App or Venmo. No reputable company can legally accept payment through the majority of these apps, as they typically are not set up as business accounts, so tax fraud is possible. These scammers use these apps because when they do not deliver on their promises, customers cannot receive refunds.
Should you fall victim to a scam and send a payment through a service like Cash App, The Phenix Group can help. We offer services to support you with specialized dispute tactics, navigating the communication between the app and your bank to get you your money back.
In a Nutshell
Credit repair companies can help give you the financial expertise and freedom you need to make that next big move in life. There are many benefits to working with a credit repair agency, but there are plenty of scams out there on the market, preying on your situation. To get the help you need without any risk, contact us today at The Phenix Group for your free credit analysis and see what our team of reputable experts can do for you!