If you have credit problems, Credit America will guarantee that you will see an improvement in your credit history within 30 days. If you don’t, they’ll refund your money and give you an extra $300 on top of that.
How Does Credit America Work?
You go onto their site, pay the fee, and load your documents online. That way, the company says, you save time because they can work on the files immediately.
The company will check your report with:
It will then check for any incorrect details. The credit bureaus must ensure that all the details are correct. That said, companies filing adverse listings don’t always do such a great job in getting the details right.
This system works in your favor when it comes to credit restoration. Credit America will review all the information. Where it does find errors, it will dispute these with the credit bureau on your behalf.
It will also check for unverified debts and debts that should be removed due to age. This process is why they can guarantee that your report will improve. Almost every person is going to have an incorrect listing or an unverified debt.
When it comes to debts, the credit bureau must ensure that it can provide proof of the debt. If they can’t, then they have to remove the debt. In a large number of cases, companies list debt without providing proof of it, and this again works in your favor.
The company requests that unverified listings be removed.
Finally, Credit America will check duplicate listings. Say, for example, that you had an account with Target and were handed over to collections. Maybe the debt eventually got sold to a debt collector. If that’s the case, it could be listed twice under Target and the debt collector.
Credit America will doublecheck these issues as well.
Is Credit America Legit?
The company itself is legit, but we’ll reserve judgment on the claims that they make. Yes, they are more than likely going to be able to improve your credit report. What we have a problem with is their claim that the improvements will be permanent.
Now, the bureaus must remove incorrect information. That said, nothing is preventing the company concerned from relisting the information. If the company sees that this has been done, they can apply for the information to be restored.
In the case of a duplicate listing, or a listing that has expired, then the information can be removed permanently.
Another area where we are a little concerned is that the company says that it can remove all damaging listings. Now, that’s not entirely true. In the case where the debt is verified, for example, the listing has to stay in place until it expires, or until the company removes it.
This company does well to offer a once-off fee for their services. A lot of the time, other credit repair companies will charge a monthly fee instead. That means it is actually in their interest to take longer with the file.
We also approve of the guarantee. If you see no improvement after 30 days, you get your money back. Plus, you get an extra $300 for your trouble. Very few of these companies will offer this kind of guarantee.
At the same time, though, it is important to remember that a one-point improvement in your score is an improvement. So, it is quite easy for Credit America to keep its promise. Your credit report will improve.
Cost of Services
Here’s the rub. You are going to pay a fee of $597 for a complete restoration. Generally speaking, a restoration company may charge in the region of $100 a month. They may also lock you into a contract.
From that perspective, if you put the fee on your credit card, you will end up paying around $30 a month. This price is a fair amount less than the odd $100 a month that other companies charge.
If you are battling financially, that $597 can be difficult to scrape together.
Also, we should mention that anything they are doing, you could do yourself for free. If you are willing to put in the effort yourself, you can save the money. Though, you can say the same thing about all credit restoration companies.
You will also receive advice on how you can improve your behavior to improve your score. So, you are going to learn a few new tricks.
Credit America was initially established in 1988. There’s not a lot of information about them online.
While Credit America Inc. doesn’t seem to be one of your top options, these three competitors can help with your credit repair needs:
- Once-off fee payable
- Works out to be less expensive than monthly payments
- No contract to lock you in
- Money back if no improvements are made
- The file should be complete in thirty days
- Download the app for updates 24/7
- A lot of money upfront
- Claims seem a little overinflated
- Credit scores are easy to adjust temporarily
Credit America Review Bottom Line
That there are no monthly fees or contracts to worry about is a plus. If you need a quick credit rating boost for a particular purchase, then this might be the way to go. By removing several listings, your ratings will improve.
That said, nothing is stopping your scores from declining again if the companies apply to relist the debt. In those cases, the bureau may request evidence of the debt. The company will often be able to provide such proof.