Written by Alayna Okerlund | June 26th, 2019Alayna Okerlund is a Senior Content Strategist at BestCompany.com. She is proud of her journalism background and strives to create informative, interesting online content. Professionally, she plans to further develop her writing skills and continue building up her SEO knowledge base. When she's not working, she enjoys being in nature and trying new foods.
The credit repair industry faces many myths and misconceptions that result from illegal practices and unrealistic credit repair time frames. Over time, these myths have significantly tainted the credit repair industry's reputation, leaving many people wary of using credit repair services.
Although there are, in fact, some credit repair companies that prove to be scam-driven, reliable companies in the industry still exist and strive to defy the myths. Potential customers looking to choose a professional credit repair service should first be aware of popular credit repair myths.
Myth #1: Credit repair services are illegal
This is false. First, legitimate credit repair companies, especially those that are well-known, wouldn't be able to stay in business if they were openly performing illegal actions. Second, if you understand the credit repair process that legitimate companies follow, then you can see that it is, in fact, legal. For example, reliable credit repair companies will take a look at your credit report and will work on disputing items that have caused your score to drop. The process can even be legally done yourself; however, it may prove more efficient to use a professional service. It's important to keep in mind before choosing a service that good credit repair companies will provide full disclosure.
Myth #2: You get the same results if you do it yourself
Although this is a popular belief, it is more often than not just a myth. Individuals and others who are working to compete against larger credit repair companies and services use the popularity of this myth to their advantage. Credit repair methods can be done by yourself; however, getting the help of a credit repair company can help you raise your score more efficiently. What you save in money, you lose in time and energy if you choose to repair your credit yourself. The best credit repair companies are designed to do what you can do on your own, but they require significantly less time, energy, and risk. Basically, you have nothing to lose if you choose a company with a money-back guarantee policy.
Myth #3: Credit repair companies can guarantee fast results
Some credit repair processes are quicker than others; however, true credit repair typically takes time, even with the help of a credit repair company. Companies that make time-specific promises are usually companies that are either inexperienced or scam-based, especially if they don't offer any type of refund policy. No credit repair company can give a 100 percent guarantee of raising your credit score in a specific amount of time.
Myth #4: Hiring professionals means your score will raise
The credit repair industry, although a major time and energy saver, cannot fully ensure that your credit score will raise. The same goes if you try to repair your credit on your own. Credit repair comes with some degree of the unknown. A credit repair company can dispute errors and other information that can raise your score, but there is no guarantee that your score will go up with every dispute. Thus, there is no way a company, service, or individual can promise you that your score will raise if you hire them.
What you can do with this information
Knowing the truth behind these myths can give you a better understanding of how the credit repair industry and its services can help you accomplish your credit score goals. Doing personal research, using online resources like Best Company, and knowing how to avoid scam-based companies can assist you in choosing the right credit repair company for your needs.