Are Credit Repair Companies Worth the Cost?
Unlike a common misconception, credit repair companies don’t dominate credit restoration. In fact, anyone can carry out credit repair. However, these companies play a highly important role in helping people improve their credit. This article will tell you nuances about these companies and help you with finding a secure and low cost credit repair merchant account.
Credit Repair Companies
When applying to a credit repair company, you should be ready to pay a fee. The company will review your credit report and dispute the negative items there on your behalf. There’s a growing number of Americans who have a difficult time repaying their debt, and credit repair is the helping hand they need.
According to the National Foundation for Credit Counseling (NFCC), in 2020, households with credit card debt grew by 16% in the U.S. Besides, 6 in 10 Americans currently have problems with managing overall debt. On top of that, COVID-19 has created an unprecedented financial crisis, which is going to make the situation even worse.
Many are interested in the difference between credit repair companies and credit counseling agencies. Well, the former companies are for-profit and feature a limited paid service. The latter ones are nonprofit organizations that don’t apply a limited approach to your financial health.
Improving Your Credit & Getting a Credit Repair Merchant Account
Because of the COVID-19 crisis, millions of Americans have filed for unemployment. So many others are left without income for other reasons. Now, it’s more challenging than ever to build and maintain good credit, but it hasn’t become less important to have a good credit score when turning to a business funding provider.
Credit repair expert Matt Listro says that when struggling with bill payments, you should contact your creditor without delay and explain the situation. Also, avoiding to ask for help is another mistake that you shouldn’t commit.
In these COVID times, banks and other funding providers are offering larger financial relief programs to those left without income. However, these programs aren’t developed to work automatically, meaning you need to apply for them and be eligible.
Thankfully, there’re also alternative merchant services providers that can help you with both business funding and payment processing services, such as a safe and cheap credit repair merchant account.
To sum up, the negative details on your credit report mean you haven’t been able to run your finances successfully. Credit repair companies can help you get rid of the wrong information on your credit report. This way, your credit score can get better. However, this doesn’t refer to negative information that’s true.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the most reliable and cheapest credit repair merchant account in the field. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.