Let’s face it, money is one of the most important things in life. Although it may be more important to be happy, it would be quite difficult to feel happy if you did not have the things that are necessary to be comfortable.
If you are like most people, you will need to buy some of those things on credit. This can be challenging if you have bad credit or no credit.
Fortunately, there are a few different credit rebuilding programs out there. Learning a bit about each of them can help you to decide which one is right for you.
Lexington Law
This company was a pioneer in the credit rebuilding industry. They help you to raise your credit score by helping you to get rid of negative items on your credit report. They have several programs ranging in price from $89.95 to $129.95 a month. They allow their customers to register and pay their bills online.
How it Works
You will start by obtaining and reviewing your credit reports. You will then look for any items on those reports that you wish to dispute. The company has an online tool called the dispute valet that will provide you with a simple form to fill out. The credit bureaus are supposed to make a decision on disputed charges within 30 days.
What Critics Say
Reviews of Lexington Law have been mixed. Customers say that they liked working with a law firm and enjoyed all of the educational tools. Unfortunately, this company only has a C rating with the Better Business Bureau. Customers say the results were not anywhere near as good as they were promised. The Consumer Financial Protection Bureau has recently filed a complaint against the company for deceptive practices.
Self.Inc
Self. inc offers a unique credit building program that lets its customers build up their credit while saving money at the same time. You will simply open a credit building account and pay it off monthly.
How it Works
The program works by letting its clients invest in a certificate of deposit account. This is an account that offers a premium interest rate as long as the customer agrees to save a certain amount of money each month for a designated period of time. A person who wants to rebuild their credit will choose from one of 4 different savings plans. You can save $25 or $35 a month for 24 months or $48 or $150 a month for one year.
The company takes a fee out of the money you save and you get the rest of the funds back at the end of the credit rebuilding period. They report your payments to all three major credit bureaus. If you pay on time, you will definitely improve your credit card rating.
What the Critics are Saying
Reviews of the Self.Inc app says that it is easy to use and CD accounts are among the very safest types of accounts. Most people reported a rise in their credit report after 3 or 4 months.
One drawback of the self-inc account is the fees you will pay for maintaining the account. Normally, you earn interest on a CD account. In this case, the interest you earn on the CD will not be as high as the fees the company will charge you for maintaining the account.
Sky Blue
Sky Blue is a credit repair company that works by carefully analyzing your credit history and giving you an item-by-item breakdown. They will help you identify invalid items and make a plan for paying off debts.
How it works
Sky Blue will obtain your credit report from all three credit bureaus. They will give you a professional analysis of each item on your credit report and assist you with any disputes you have. They charge a $79.00 monthly fee for individuals as well as a $79.00 initial fee. They charge couples $119 a month with an initial fee of $119.
What Critics are Saying
Reviews say that customers love this company’s customer service. They are known for keeping in touch with their customers and they have a 90-day money-back guarantee.
The downside of this program is that they only have two options for membership and they are fairly expensive. They do not have a legal team and your creditors do have lawyers. This can put the credit bureaus at an advantage in the case of a dispute. They do most of the work for you and do not involve you in the process.
Having good credit can help you feel secure and live a better life. Credit repair can be your gateway to financial good health.
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