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Side-by-Side Comparison of the Top 3 Credit Repair Companies

Side-by-Side Comparison of the Top 3 Credit Repair Companies

Having poor credit is an unfortunate situation to be in, especially when there are discrepancies or disputed information on your report. While it is possible to try and resolve this issue and repair your credit alone, the process can be grueling and complicated. Thankfully, dependable and trustworthy companies are available to help. The top-three reputable credit repair agencies are compared side-by-side here, including a review of each company’s price, features and services. This allows us to bring you the most reliable information possible so you can choose the right company for you. #3 – MyCreditGroup Pros: With a score difference of just .05 from the leading company, Lexington Law, MyCreditGroup offers several similar factors, including: Month-to-month contract Identity theft protection Licensed Bonded Registered with the Attorney General They also provide users with all services including credit score analysis, couple’s discount, dedicated account manager, privacy protection, and payoff resolution – or help negotiating and paying off your debt – a service that neither of the top two companies offer. Cons: Unlike the two leading companies, MyCreditGroup doesn’t offer a refund policy, educational materials or online chat capabilities. MyCreditGroup is the most expensive group in the top three, charging $99 for First-Work Fee and $69 for Monthy-Fees. #2 – Sky Blue Credit Repair Pros: As the runner-up Credit Score Company, Sky Blue Credit Repair offers the same functional features as Lexington Law, including month-to-month contracts, identity theft protection, licenses, insurance, registry with the attorney general and they offer a refund policy. They also provide users with the same services as Lexington Law like: Email and phone support FAQs Online and Phone Registration...
DIY Credit Repair: Steps to Take in the First Month

DIY Credit Repair: Steps to Take in the First Month

Having poor credit can put you in a paralyzing financial state. There is, however, a solution that many individuals don’t know about: do-it-yourself credit repair. Consider the following four steps to take in the first month of your credit repair efforts. 1.     Make your point clear After obtaining a credit report from all three credit agencies, the first thing you need to do is write a letter to the credit reporting company. This letter should include all the information you think is inaccurate on your credit score. Your letter should include the following:   Complete name Current address Each disputed item The facts and reasons behind your dispute A request for the information to be removed or corrected   Your letter should also include a statement requesting a returned receipt for documentation. 2.     Be patient Repairing poor credit is not a quick process. It takes considerable time and effort, but can be done. After submitting your letter to the credit reporting companies, they have 30 days to investigate and process the items you questioned. The credit reporting company must then forward all of the relevant data you provide to the original organization.   After the original provider conducts their own investigation on the allegations, they send the results back to the credit reporting company. If, indeed, the disputed information is found inaccurate, the original organization must notify nationwide credit companies. 3.     Ask for action After all investigations are complete and results have been decided, the credit reporting company will send you a copy of the results in writing as well as a copy of the report if anything was...
Sample Credit Dispute Letter Template

Sample Credit Dispute Letter Template

Negative items on your credit report can result in a lower credit score, higher interest rates, loan denials, and more. In some cases a bad credit report can even influence your ability to get housing or a job. If there is something on your credit report that isn’t correct, it is important to correct this as quickly as possible. Writing formal letters can be intimidating and confusion, but knowing how to correctly communicate with credit reporting agencies can be crucial to correcting your credit and improving your scores. Use the following sample letter as a guide when creating your own credit dispute letter. You may need to send a letter to each credit reporting agency. In this case, be sure to alter the information where appropriate. For more instructions, see our post: How to Write a Credit Dispute Letter to Repair Your Credit. Sample Letter   [First Name, Last Name] [Street Address] [City, State, Zip Code]   [Date] Complaint Department [Name of Credit Reporting Agency] [Company Address]   To Whom It May Concern: I am writing to inform you that the following information in my credit report is incorrect: [Name of account], [account number] [Item description (e.g.: judgment, credit account, etc)] This information is inaccurate because [Give a detailed explanation of why the information is incorrect: (E.g.: I never opened this account/I made the payment on time/the information is incomplete/ etc.)]. This incorrect information has negatively impacted my ability to [acquire a loan/ get a fair interest rate/ find rental housing/ etc.]. As a credit reporting agency, you are legally required to report accurate information. Please immediately [remove this...
What is a Method of Verification Letter and How Do You Write One?

What is a Method of Verification Letter and How Do You Write One?

Managing your credit can take some work, but it will pay off when you have lower interest rates and more lending options. Unfortunately, incorrect information can occasionally make its way into your credit report and damage your score. Left unresolved, you’ll continue to pay the consequences. If you notice something incorrect on your credit report, you should write a credit dispute letter, but sometimes that will need to be followed by a Method of Verification letter. Here’s what you should know: What is a Method of Verification? If you dispute something on your credit report and the credit reporting agency tells you that the disputed item has been verified, you have the right to request verification in the form of a “method of verification.” According to the Fair Credit Reporting Act (FCRA), the credit reporting agency is required to give you method of verification within 15 days of your request. This should be hard evidence that goes all the way back to the original creditor. Don’t settle for verification from a third-party database. Writing a Method of Verification Letter If a dispute comes back verified, but with no actual verification or documentation, it is time to send a letter and request it. Follow these steps when writing a Method of Verification Letter: Call the credit reporting agency using the phone number at the top of the verification report in question. Give them your credit report number and request the method of verification. Cite FCRA, Section 611. Request hard evidence that goes back to the original creditor and ask for the original creditor’s information. If the person you talk to...
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