The credit repair industry is notorious for misleading and scamming consumers. The Federal Trade Commission regulates the industry and makes it known that consumers can do anything that a company would do for free. That said, consumers still employ the help of a credit repair company because the dispute process is complex, time-consuming, and easy to mess up. Additionally, select companies offer robust educational resources, access to credit experts, and additional services, such as identity theft protection.
SimpleMoneyLyfe’s overall ratings for credit repair companies and service providers are evaluated against seven major categories.
- Transparency (20%): We make sure prices are clearly displayed on the company’s websites. We also make sure the company clearly outlines what steps it will take to help you repair your credit.
- Service Fees (10%): Consumers deserve affordable solutions. We review the monthly and or annual service charges.
- Service Offerings (10%): What does the company actually offer? We comb through and analyze the service offerings and ensure consumers know exactly what will be done.
- Industry Reputation (20%): This is the most important step in our review process and is not quantifiable but is rather the only subjective portion of our analysis. We make sure consumers only consider reputable and trustworthy services.
- Online Customer Experience (10%): Our team dives deep into the only experience. We review the payment infrastructure, security, and online application process.
- Customer Support and Educational Resources (10%): Consumers deserve 24/7 support. We review the company’s ability to answer questions, support customers, and provide periodic updates throughout the repair process. Moreover, we also want to see companies provide consumers with helpful educational resources to avoid this deeply personal financial situation in the future.
- Security (10%): You’ll be providing personal information to the service provider. We make sure the company employs bank-level encryption and protects the confidentiality, integrity, and availability of the data.
- Results (10%): To evaluate this metric, analysts leverage third-party sites to review what previous customers are saying. Sources we use are verified Google reviews, the Better Business Bureau, Consumer Financial Protection Bureau, and the Federal Trade Commission.
The Thorough Review Process
SimpleMoneyLyfe currently reviews 14 credit repair services. The companies we review comply with US Federal Regulation outlined in the Credit Repair Organization ACT (CROA) and the Fair Debt Collection Practice Act (FDCPA). We also make sure the company is in good standing with the Consumer Financial Protection Bureau (CFPB). Some of the services and companies reviewed are SimpleMoneyLyfe partners, but this does not influence the integrity of the review process.
Collect Publicly Available Information and Data
Our team of expert product analysts and industry veterans do a deep dive into each company we review. The information we collect about each service is verified through interviews and on the company’s website.
A Closer Look
It’s one thing to simply review a public website, but we take it a step further. This helps us produce authentic and accurate reviews. Our team of analysts spends hours reviewing trusted third-party websites, such as Trustpilot, Google Reviews, and the Better Business Bureau, to see what previous customers are saying about the company and or service.
This step helps us paint a clear picture of what you can expect and if the company actually “walks the walk.” You can rest easy knowing we leave no stone unturned. This process takes hours, but it’s what consumers deserve when deciding to use a specific service.
Product and Service Testing
In some cases, our review team is granted behind-the-scenes access to the product we are testing and reviewing. This gives our analysts first-hand experience. And believe me, we take full advantage of this opportunity. We ask hard-hitting questions to customer and business representatives. We collect and present all the facts (the good, the bad, & the ugly) of our findings to our readers.
Rating Each Service and Company
Compiling all the information together and analyzing the cold hard data allows our analysts to rate and review each service accurately.
Routine Content Updates
SimpleMoneyLyfe maintains contact with the credit repair companies and services we review throughout the year. We are constantly collecting and updating the content on a routine basis. Product reviews are updated when the price changes or new features are introduced that help consumers.
Product and Service Review Team
SimpleMoneyLyfe’s review team consists of data scientists, product analysts, professional writers, industry veterans, and experienced editors. We cover all aspects of the credit repair process – from learning how to build credit to removing negative items from your credit report, finding the right credit repair service, and so much more. Our editorial team adheres to strict integrity guidelines and has been featured in trustworthy outlets, such as CNBC, US News & World Report, Business Insider, MarketWatch, MSN Money, Readers Digest, and PBS.