Tips for Working With a Credit Repair Company

Your first time working with a credit repair agency might be confusing. Here are some tips to create and maintain a positive relationship with the company who’s going to help you get your credit back on track.

Check the company background first. Before you settle on a credit repair company, make sure you check its background first. Review the company’s history with the Better Business Bureau. You can even do an internet search to see what other customers have said about the company. This groundwork this will help make sure you’re working with a reputable company.

Read and understand your contract. Every credit repair company is required to give you a contract outlining the services it will provide for you. Make sure you understand everything that’s in your contract. If there’s something you expect the company to do that’s not listed in your contract make sure you get clarification on whether that service will actually be provided.

Know your payment terms. You should only pay a credit repair company after they’ve done the services that were promised. Some credit repair companies only require you to pay if they give you the result that was promised, e.g. removing an item from your credit report. Other companies require you to pay for their services regardless of the result, e.g. you pay them for sending dispute letters even if the item was removed from your credit report.

Be clear about your expectations. Before you go to the credit repair company, review your own credit report and decide what you want to have fixed. Do you want them to correct late payment entries or remove entire accounts? Do you have a bankruptcy you want to dispute?

Take advantage of your right to change your mind. After signing your credit repair contract, you have a three-day waiting period to cancel and not be charged for any services. The credit repair company won’t start any work on your account during the waiting period, so if you change your mind, you can cancel without receiving any penalty. You can use this waiting period to check up on the credit repair company, call references, or read internet reviews from previous customers.

Get status updates. Most credit repair companies ask you to call or send an email to get an update on your credit repair progress. Make sure you keep up with these periodic updates so you’ll remain informed on your credit repair. If your company doesn’t have a policy for status updates, ask if it’s ok for you to call every 10 to 15 days to find out the status of your account.

Provide the necessary documents and information in a timely manner. The credit repair agency will need certain information from you so they can proceed with credit repair. For example, you may need to provide a notarized limited power of attorney so the credit repair company can send credit report disputes on your behalf.

Every credit repair company operates a little differently, so use these guidelines to help have a successful relationship with the company you hire.

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