News Column

How Much Do Credit Repair Services Cost? – LoanLove.com Offers A New Guide

June 22, 2014



San Diego, CA (PRWEB) June 22, 2014

LoanLove.com is a borrower advice website that is dedicated to helping their readers to find loans that they will love. Since qualifying for a good mortgage interest rate is one of the major contributors to home loan borrowers being happy with their loan terms, the website emphasizes the importance of a good credit score before applying for a loan, as a person's credit rating will have a big impact on the interest rates available to them. But what do borrowers do when their credit is doing poorly? A new guide from the website reviews some of the better options for credit repair and answers the question - how much do credit repair services cost?

The article titled, "Credit Repair Services Cost (Don't Get Ripped Off!)" states that not all credit repair services are created equal and borrowers with bad credit should be cautious if they do choose to take advantage of a service to help them repair a bruised credit score. Loan Love also states that while some credit repair services can make things easier for potential borrowers, most of the steps taken by credit repair agencies can be done by the borrower, themselves, and agencies that claim to deliver unrealistic results may be resorting to illegal means, which could cause a lot more trouble for the borrower than just a bad credit score. Because of this, the article advises borrowers to carefully assess their options beforehand.

As far as the cost of credit repair services go, Loan Love says, "Prices for these credit repair services can range from as little as $35--$50 a month, on up to several hundred monthly. Many also charge fees for things like securing a copy of your credit report. While most agencies charge by the month, a few ask for a lump sum upfront to perform a set of steps designed to improve you credit score."

Loan Love continues, "The biggest reason you should think twice before paying to have a company improve your credit score is because in most cases, those companies are going to take the same steps you can legally take on your own to clean up your score. The fact is, it is your right to dispute any errors you find on your credit report and the three major credit bureaus must investigate your dispute at no additional charge. That means, anything a credit repair organization can do for you legally, you could be doing on your own."

The article goes on to explain about a third option that potential home loan borrowers should consider looking into if they suffer from poor credit – credit counseling. Loan Love'scredit repair services guide says, "Unlike a credit repair company, a credit counseling organization is typically in the business of helping you to make better credit decisions in the future. While they are not likely to offer a quick solution, these organizations--particularly those that are organized as nonprofits--can provide some assistance in getting your credit back on track. Many will even negotiate payment plans with your creditors on your behalf."

For more information on this subject, click here to read the full article.

Read the full story at http://www.prweb.com/releases/loan-love/credit-repair-services/prweb11965589.htm


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Source: PR Web


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