Your credit score has a bearing on your mortgage, the interest rate you’re likely to be offered for loans, your insurance premium and more. Like it or not the avenues where credit scores have become part of the screening process are ever expanding.
A credit repair service like Pyramid Credit Repair can be of assistance in such a situation. They will help you identify rectifiable issues in your credit report and handle disputes on your behalf with lending companies and other creditors as well as the credit bureaus.
How Pyramid Credit Repair Works
First, you need to sign up for the service. You will get a free assessment, which essentially means that your credit report (accessed from the three major credit bureaus) will be analyzed and you will also get a call from a representative assigned to your case.
To proceed further, you will have to purchase a monthly plan.
- Step 1: You pay for the plan.
- Step 2: The account manager assigned to your case will get in touch with you to explain what they have learned after analyzing your credit report, and to further learn about your primary financial goals and your current credit/debt situation.
- Step 3: With the necessary details the credit team at Pyramid will begin work on your credit report. The incorrect/questionable items in the report will be unearthed by dispute experts and brought to the notice of both the creditors and the credit bureaus. If the mistakes are clear then often the credit bureaus and creditors take immediate action and remove the said items from the report. In more complicated cases, it might be necessary to fall back on consumer protection laws to enforce the changes.
You can keep track of any items challenged by Pyramid, on your behalf, with either a creditor or a credit bureau on your dashboard.
What Kinds of Credit Problems Can They Help With?
Suppose you moved houses and informed the phone company about the change of address. However, the company failed to update their system, and the next bill was sent to your old house. Since you didn’t get the bill, you don’t pay it.
This non-payment of the bill is added to your credit report. Pyramid can help you get in touch with both the phone company and the credit bureau and ensure that this non-payment strike is removed from your report, as it’s not a result of your fault.
Similarly, there are several other situations where such incorrect items get added to your credit report and affect your creditworthiness.
- Charge-Off: Credit card companies often jump the gun in adding a charge off declarations, which reflect poorly on your credit score. Charge-off declaration essentially signifies that the credit card company doesn’t expect to recover the debt from you.
Even if you missed repeated payments and the charge off declaration was rightly added, it’s still possible to negotiate and get it removed from your credit report, if you can now make the payment.
- Past Due Account: The Fair Credit Reporting Act mandates that past due accounts can stay on your credit reports for a maximum of seven years from the date of delinquency. Collectors are notoriously known to change the first date of delinquency to extend it.
These changes can be disputed and removed from your credit report by following the proper procedure.
- Tax Liens: In April 2018, new rules for credit reporting came into effect that mandated the removal of all tax lien strikes from consumer credit reports.
The rule change came about as a result of a study carried out by the Consumer Financial Protection Bureau and applies to the three main credit bureaus – Experian, Equifax, and TransUnion. The FICO Score is based on data from these credit bureaus.
- Late Payments: If a late payment(s) is incorrectly marked to your credit report, you can dispute this with both the creditor and the credit bureaus and get it removed. If, however, you indeed were late on your payments, there’s still a slim chance of getting it removed. In this case, you only get in touch with the creditor/lender and request a ‘goodwill adjustment’.
Plans and Pricing
Pyramid offers two plans. The services in both plans are the same, but one is geared towards individuals and the other towards couples who make certain payments together.
Don’t be stuck on the word couples. What it means is if you make mortgage payments or car loan payments together, irrespective of whether you’re married or not, this plan is ideal for you.
- Singles: A personal account manager is assigned to your case, correspondence and dispute claims with the credit bureaus and creditors are taken care of, and you get access to tools to calculate debt payments and for personal finance management. Plus, you can keep track of all activities on your account through a personal dashboard. This plan is priced at $99 per month.
- Couples: The services remain the same as the Singles plan. The additional service is that you will be able to share your credit report with a partner, compare them and work towards improving both credit scores with the help of the account manager. This plan is priced at $198 per month. Also, you get a 50% discount in the first month.
Pyramid offers a 90-day money-back guarantee.
Pyramid Credit Alternatives
With credit becoming an increasingly important part of our lives, there are more companies than ever willing to help you fix your credit history. These are the top competitors to Pyramid Credit.
CreditRepair.com – Touting themselves as the top online credit repair solutions, CreditRepair.com does not have any personal service. The entire process is handled online.
Pyramid Credit Repair was founded in 2010 and is headquartered in New York. It is comparatively a new entrant in this space but is trying to bridge that by working new methods.
- Competitive pricing
- Cancel at any point you like
- Money-back guarantee
- It’s a relatively new company
- No credit score tracking option
Pyramid Credit Repair Review Bottom Line
Pyramid Credit has firmly established themselves as one of the top repair companies in the USA. Their personalized approach sets them apart from their competition.
If you are looking for help in getting your credit report in order, Pyramid will treat your situation with care and make sure all steps are well communicated.