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Credit Repair: What’s Legit and What’s a Scam?

Posted by on Friday, December 23rd, 2022 in Blogs
Credit Repair - Get Good Credit

Everyone goes through rough patches in their life. Falling into financial problems is a very common occurrence for people all over the world. When it comes time to try to get back on track, pay off debts, and improve your credit score you may come across many different companies and options when it comes to credit repair.

However you’ll want to do your research, beyond checking to see if they have a lot of online reviews or a working website. Every legit company will have to follow laws like those listed under the Credit Repair Organization Act (CROA). Let’s go through what to look for when choosing a legitimate credit repair company and a scam one.

CROA scam - Get Good Credit

Legitimate Credit Repair Companies

First, every legitimate credit repair company or service out there must inform you, the customer, of the law in which they operate. The company or individual must disclose to you the right to repair credit under state and federal law. They must tell you that they cannot guarantee any concrete success as credit repair is tricky. Every credit repair company will also know the law regarding credit repair that falls under the Fair Credit Reporting Act (FCRA).

Second, credit repair services will also know the ins and outs of a credit report and what it means to have derogatory credit. Professionals will be able to distinguish between different lines of credit: revolving, installment, personal, etc.

Finally, every credit repair company will only ask for payment after some sort of service is rendered. Never trust a company that asks for money upfront before any form of consultation or repair. The company should go over your current credit report and talk about what needs to be done before anything else can be done, and this service should be part of the onboarding process rather than a paid service.

Fraud Alert - Get Good Credit

Credit Repair Scams

Some listings online may actually be scammers who can either steal a customer’s money or even steal a victim’s identity. It’s important to be aware of these scams and how to spot them.

The first red flag for a credit repair scam is when the individual or company demands an upfront payment or an advance payment before doing anything. According to the CROA, companies or individuals must provide some sort of service before asking for payment.

Second, credit repair services that say they can guarantee results are a definite scam. Companies cannot guarantee any sort of result for their services due to the CROA. Companies that offer the following as a guarantee are a scam:

  1. Getting results within a fixed time frame
  2. Removal of every derogatory or negative account on a credit report
  3. Absolute improvement to a credit score

Credit repair has no guarantees; thus, a company cannot guarantee anything.

Third, if a company or individual says that you must create a new identity, it is a scam. Any company that offers this kind of service is highly illegal and should be reported right away. This comes in  two forms:

  1. Giving you the option to get an Employment Identification Number (EIN)
  2. Suggesting that you buy a Credit Privacy Number (CPN)

Both of these options are a sure sign of a scam company.

Finally, the company lies to you about repairing your own credit. Consumers have the option to fix or repair their own credit history and score under the FCRA. Credit repair companies simply offer the service to do this on the consumer’s behalf by using legitimate expertise and experience. However, if a company says you cannot do it yourself, it is an absolute lie. People are allowed to fix their own credit.

Credit Repair - Get Good Credit

Even though it is possible for a person to repair their own credit, it can be a complicated process. This is where credit repair companies come in with their knowledge, experience, and resources. If you are still considering the option to go with a company, we at Fix Your Credit Consulting will offer a free consultation. Call us at (877) 212-2450 for more information.

If you have any questions, feel free to give us a call at 877-212-2450!

We also invite you to click on the following link to Interest: Selling a Car? Watch Out for This Scam

We also invite you to click on the following link to see our reviews on yelp.

Get Good Credit - Yelp

  •   Ok so I've been holding off writing this review for about 7 months. And as you can see by the 5 stars I left I'm beyond happy with the services this company provided me. I was skeptical at 1st even though they had stellar reviews (which is why I chose them) but there's always that thing in the back of my mind of "well they probably won't be able to help me though, I will be that exception they cant fix". Needless to say they absolutely crushed getting EVERY collection I had off my report!!! I had about 5 grand worth of stuff on there that they managed to make disappear like magic. My credit has shot up over 150 points! I cannot say enough good things about them. I even referred my coworker to them after and they sent me a $50 referral check back! If you're looking to clean up your credit, don't wait, call these superstars and get on your way to feeling confident about your credit again. I feel like a huge weight has been lifted off my shoulders and I'm so grateful. Thank you fix your credit!!!

    thumb Rob ..
  •   I worked with Mia and Said for over a year, I believe. They were beneficial and responsive. Although we were not successful with all of my accounts, they still helped me raise my credit by about 100 points. So I stand satisfied. I recommend them. Not to mention there prices are very competitive. Thank you all.

    thumb Alex G.
  •   I called this place about 3 months when I decided it was time to fix my credit.   I spoke with Mia, she walked me thought the whole process in a 5 minute phone conversation.  It was simple enough so I decided to pull the trigger and signed up.  Its only been 3 months and already they have removed negative items and improved my score significantly.   I strongly recommend to give them a call as soon as possible, I waited too long and I wish I would have called sooner. I will update in a few months with the final results.

    thumb Ivan A.
  •   These guys are legit and professional at what they do and very quick as well very responsive and knowledgeable and they will do everything they can on your behalf

    thumb Edward N.

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