CreditRepair.com presents itself to consumers as a credit repair company with a unique twist. The firm, which has been in business for over eighteen years, states that its mission is not only to identify challengeable credit items and dispute them with credit bureaus. It also wants to make a difference in its clients’ credit-using habits so that their credit scores will rise and remain higher than where they were when the clients came looking for help in the first place. It's a more sustainable approach.
As a result, clients who select this credit repair agency will be working with a firm that, in their own words, seeks to “empower every individual to achieve the credit scores and enjoy a lifestyle they deserve.”
The company has been repairing consumer credit for over eighteen years and is clearly committed to improving its clients’ credit ratings and improving their prospects for credit access and financial success. However, if you just want a firm that will focus on repairing your credit, and not on reforming your behavior, you may want to consider some of its competitors.
CreditRepair.com uses a website interface that contains some impressive client-friendly features, including visibility into the firm’s efforts and results. In a hat tip to the shift to mobile technology, its site allows downloads to tablets and smartphones, allowing you to monitor the firm’s progress in persuading the credit bureaus to withdraw negative credit items.
After signing up and arranging for the firm to pull your credit reports, CreditRepair.com will ask you to identify items to be challenged. The company then goes a step further: they help you improve your credit behavior. Down the line, this helps increase your credit score by helping convince the credit bureaus that you will have fewer negative items in the future.
CreditRepair.com relies on a three-step “game plan” that they establish for each client, designed for checking, challenging, and changing the client’s credit report.
The premier benefit clients receive from retaining CreditRepair.com is the opportunity to enjoy an improved credit rating. A higher credit rating can open the door to:
All of these can permit clients to pursue the lifestyle they desire.
CreditRepair.com publishes the numbers on how they’ve helped clients — and we at CreditMarvel give the firm good marks for transparency on this issue.
The company asserts that, on average, its clients witness the removal of seven percent of their negative credit items per month and the firm’s numbers show that this holds true for the first three-month period of service, for a demonstrated 21 percent removal average.
The organization's reputable profile and long operating history also offer you the benefit of knowing that you are working with a solid company.
The credit repair industry has attracted some less-than-reputable players over the years and clients will benefit from the assurance that they are not working with a firm that may not be in business next month, or that has drawn the interest of the Federal Trade Commission (FTC). CreditRepair.com is powered by TransUnion monitoring and partners with established financial partners Bankrate.com, Credit Karma, LendingTree, and Mint.com.
CreditRepair.com charges no set-up fee and only a one-time $14.99 credit reporting fee. Their monthly charge, however, is $99.95 per month. There is no premium service or related premium charge.
While CreditRepair.com doesn't offer any service guarantees, we view this as a positive sign. As CreditMarvel likes to remind readers, guarantees only come into play when a company’s service was unsatisfactory in the first place.
With regards to speed of service, the company asserts that within four months of enrollment, the firm will be able to remove over 40% of negative items from a client’s credit history.
CreditMarvel characterizes this performance as in the average-to-good range.
Without context, you might wonder if credit repair is risky — or even legal. The answer? No financial decisions are without risk, but credit repair is certainly a viable and legal option.
In 1970, the U.S. Federal Government passed the Fair Credit Reporting Act (FCRA) to make the collection of credit information and access to personal credit histories more equitable and transparent. The specific goal of the FCRA is to make sure that the data contained in credit reporting agencies' files are fair and accurate.
To this end, the FCRA offers many reasons for disputing negative credit items, including if a particular item is:
Credit repair companies like CreditRepair.com, Sky Blue Credit, and Lexington Law have emerged to help individuals who might not be familiar with the details of the FCRA make sure that their data is correct.
CreditMarvel counts as solid pluses the fact that this firm has a long, established record in the credit repair business, has a solid customer base, and maintains a highly client-friendly web portal with mobile access. A significant drawback for this firm, however, is the high price of its services as compared to the prices charged by its peers. While the average 21% negative item removal rate achieved by the firm for the first three months of service is good, other firms have reported higher percentages.
Overall, CreditMarvel views CreditRepair.com as a solid provider of credit repair services, but clients will simply need to decide for themselves if they are worth the extra cost.