Is the cost worth the service?
Depending on your situation, you may find that credit repair is a priority. The cost of credit repair professionals could be a mere drop in the ocean when it comes to the money you could save on loans if you have better credit history.
I have one default under my name and I’m planning to repay the company the amount due. I need to know what is the next step when I’m done repaying the amount. Is the default going to disappear after the payment or should I contact credit repair specialist to remove the default?
Hi Nam,
Thank you for reaching out.
If the default payment is not yet sold to collection agencies, it should disappear from your records after you have paid it, otherwise it will stay on your records up to 7 years (plus 180 days from the delinquency date).
You need to make sure that your lender forwards the report to credit reporting agencies for removal of the listing once you are paid to avoid having it on your records for up to 7 years.
Please also note that the this may only be apply for the users in the USA and may not be the same for other country.
Hope this helps! 😊
Kind Regards,
Mai
How much does it cost to remove default on my credit report and how long will take to do so?
Hi Jang,
Thank you for getting in touch with Finder.
Kindly refer to the comparison table on this page and check the provider’s features/benefits and when you have decided who to deal with on your default concern, please click the Go to site button to be redirected to the provider’s official page. The cost as well as the time frame varies on the provider as well as the number of your negative listings.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
How much to removed the defaults please
Hi Edrei,
Thanks for leaving a question on finder.
You can call a credit repair company for a consultation at any time, but remember that credit repair can only remove incorrect or illegitimate listings. Keep these factors in mind before moving forward with a credit repair service.
Credit repair can either be free or it can cost upwards of a thousand dollars — it’s up to you how you want to handle it. Here are your options:
– DIY credit repair: $0
You don’t have to pay someone or a service to repair your credit, you can do it yourself, however it’ll take time and patience to do the research and implement what you’ve learned. You’re entitled to a free credit report from the three major credit bureaus each year, so start there to begin auditing your credit report for mistakes.
If you find any suspicious information on your credit report, each credit bureau has an online form where you can make a dispute to remove errors for free. If you’d rather make your dispute via mail, you can find a number of sample dispute letters online and then send them to the bureaus — your only cost here would be postage.
– Credit repair software: $30-$400+
Credit repair software can be minimal or very in-depth. On the minimal side, you can purchase software relatively cheap and it’ll come with a sample dispute letter and give you directions on how to handle each situation regarding incorrect details on your credit report.
The in-depth software can cost a few hundred dollars, but it’s loaded with sample dispute letters for different situations, alerts notifying the progress of your dispute, plus it can track your credit score. The really high-end software can even provide a credit expert to walk you though the process.
– Professional credit repair services: $10-$100 setup fee + $30-$100 monthly
Professional credit repair services means hiring a state licensed credit repair attorney to do all of the legwork on your behalf. This option can save you time, but will be the most costly. The service is typically priced with an initial setup fee and then you pay per month — about $60 to over $100 — until you’re satisfied with the credit repair program.
Please send me a message if you need anything else. :)
Cheers,
Joel