We all know credit repair can be a time-consuming and distressing mission if you undergo it yourself, which is why many people invest in credit repair services. These companies can assist you with the basics of repairing your credit.
A well-known name in that field is The Credit People company. However, you’re probably considering if it’s a legit credit repair company. In this article, we’ll go over the pros and cons of The Credit People’s services and cover everything you need to know so that you can decide whether it’s worth investing in this credit fix.
What Is The Credit People?
The Credit People is a credit repair company located in Orlando, FL. Its services cover 50 states, along with Washington, DC. The firm was established in 2001, giving it 20 years of experience in credit restoration. Since then, it has provided its services to over 100,000 customers with positive outcomes.
The Credit People’s team has the training and certifications necessary to do the job right, such as the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA).
The firm also has certified legal staff to help you with federal credit reporting laws. They work to dispute questionable items on your credit report, including late payments, bankruptcies, charge-offs, and collections.
If successful, this should increase your credit score. Not to mention, the firm’s services extend beyond deleting negative items from your report to aiding you in building your credit score using several educational resources.
What Does The Credit People Do?
The firm’s services mostly pour into one goal: improving your credit. If we’re talking numbers, the average increase in a client’s credit score is 32%, which is impressive, and you’ll see later how it impacts your ability to get loans. Accordingly, it’s crucial to fix your credit, and a good credit score has multiple implications.
For one, loan providers view your credit score as an estimate of your creditworthiness and your likelihood of making your payments on time. Moreover, landlords check your credit score. If it’s high, this helps them trust that you’ll pay your rent. Finally, even employers tend to think that an applicant with good credit will make an honest employee.
Without good credit, you might be denied such opportunities, or at the very least, you won’t get them without insurance premiums and ridiculously high interest rates. This should tell you just how vital credit repair is.
How Much Does The Credit People Cost?
There are two distinct memberships that you can invest in when it comes to The Credit People.
Firstly, you can opt for a monthly membership. You’ll pay a startup fee of $19 and a monthly fee of $79. But, of course, you’re free to cancel this membership whenever you want with no risks, making it a good choice if you’re hesitant about the service.
Secondly, the flat-rate membership is a biannual membership, in which you pay $419 every 6 months, and you get the security of one flat rate, saving you $74. This membership is suitable for people who are sure they want to invest in The Credit People.
As for the provided services, both memberships offer the same service plan. The service grants you access to your account 24/7, free credit reports, creditor interventions, and unlimited disputes.
Tip: If your spouse is also looking to fix their credit, signing them up for the membership within 3 days from when you did will grant you both $20 discounts on your respective orders.
How Long Does The Credit Repair Process Take?
The Credit People files disputes instantly so that you can get results as fast as 30 days. On average, you can expect a change in 45 to 60 days and the final product in 6 months. Therefore, you need to be willing to invest at least a couple of months, give or take.
What Are the Pros and Cons of The Credit People?
Here’s where we weigh both the pros and cons of this firm’s credit fix to help you make an informed decision.
There are various advantages to this service, and they’re:
Removing Negative Items
The Credit Repair company provides you with a prompt review. Moreover, they challenge and remove negative items from your credit report, which is probably what you’re after.
To accomplish this, the firm mails some dispute letters to your creditors or the credit bureaus, requesting an item’s removal. A lot of the time, the first round of disputes is enough to make a change. However, some back and forth is sometimes required before the negative item is removed from your credit report.
These negative items include mistakes and items that should’ve been removed. For instance, lenders may have merely forgotten to report a payment that you made to the bureaus. But The Credit People also challenges judgments and bankruptcies, which is where it stands out from other companies.
Of course, The Credit People isn’t legally able to remove legitimate items from your report. However, it isn’t entirely fruitless to file a dispute in such cases. Sometimes, creditors will note that the legitimate item is close to being removed from the credit report either way, as items disappear from your report after 7 years.
To keep the item on your report for the limited remaining period, creditors need to prove that it’s indeed yours. When they weigh their options, they might find that rejecting the dispute isn’t worth the work they have to put in, so they remove it instead.
Another case where creditors might remove a legitimate item is if your report has a single late payment among many other payments made on time. Again, like the previous case, there’s nothing obliging creditors to remove the item, but it happens and could happen to you for no other reason than the goodness of their hearts.
When these negative items are off your report, your credit rating increases by 30%. Also, removing negative items entails that a loan provider is less likely to come across an item on your report that’ll make them reluctant to approve your loan application.
The Credit People has a high success rate in removing various types of items, such as:
- Late payments
- Late student loan payments
- Charge offs
- Closed accounts
- Negative settlements
- Personal identification
On occasion, it may also be able to remove:
Free Credit Reports
When you subscribe to this service, The Credit People team retrieves your credit reports from the three main credit bureaus: Experian, Equifax, and TransUnion so that you can access them fully, rather than viewing a mere summary. Also, if you need an updated credit report at any time, they can help.
Unlike some similar services, The Credit People doesn’t charge you additional costs for any credit report they need to pull. Instead, after retrieving your account’s reports, they upload them to your account dashboard and use them to construct a designated action plan to enhance your credit.
As we’ve mentioned, this firm focuses on “what’s bad and what could be better”. The key to this tactic is offering clients informative resources regarding credit repair, credit scores, and responsible usage.
If you have questions about debt, credit cards, or student loans, The Credit People can assist. Furthermore, the team will suggest various methods of improving your credit score. They might encourage you to apply for another credit card, for instance, to balance your debt to income ratio. And it helps that the new credit approval rate for their clients is 81%.
It’d be best to communicate your goals with your representative because you’ll find them excellent at responding to your individual needs. To give you an example, if you want to qualify for auto loans, they’ll go the extra mile to ensure that your lender has your updated reports and scores whenever you require them.
Speaking of auto loans, 78% of auto loan applications by The Credit People clients have been approved. Also, 71% of home loan applications have been approved. And the approval rate for refinancing is 74%. So, it’s safe to say that the odds are in your favor.
As you’re attempting to fix your credit, the last thing you want is a creditor collecting debt. For that reason, The Credit People might intervene with your creditors, and they’ll try to negotiate with them. Although there’s no guarantee that your creditors will consent, there’s a chance that the firm will get them to cease any debt collection until you improve your credit.
Great Customer Service
The Credit People excels in customer service. They give each client individual attention. To illustrate, you’ll have a dedicated online manager. Moreover, you’ll have no issues contacting the firm via email or phone, and you’ll get a person to respond to your inquiries rather than an answering machine.
We’ve detailed the prices for both memberships earlier. For a credit repair firm, The Credit People is on the lower end of prices. And the best part is what you see is what you get; the firm doesn’t charge hidden fees or add-ons, like credit reports and other services.
24-Hour Access to Your Account
The fact that you can access your credit repair dashboard at any time allows you to be aware of its status. You can track the firm’s progress, see any updates to your credit, and contact your representative.
Disputing Questionable Charges
Sometimes, your report from the bureaus will have unfairly reported or questionable charges. The Credit People works to dispute these unfair negative charges.
Credit Score Updates
You can check your credit score, which lenders and landlords view when reviewing your loan applications or files. Additionally, the company retrieves your initial credit scores, where many companies expect you to get them.
The Credit People offers a 60-day guarantee, so you can get your money back if you don’t find their services to your liking. There’s no commitment, and you can cancel your membership whenever you want to.
Free Initial Service
With The Credit People, you get the first 7 days of your services for free. In this trial period, you’ll receive a welcome call. The team will go over your current credit, strategize, and develop a credit reform plan for you.
On the other hand, there are a few drawbacks to this service that you should be aware of.
No Future Protection
The company doesn’t protect you against future identity theft. So, if this is important to you, you might want to consider a different credit reform company with more service packages and options.
Although the company attempts bankruptcy removal, it doesn’t guarantee success. The success rate is only 30%, which isn’t promising per se.
Not BBB Accredited
The Credit People has a BBB rating of “C”, which is unfortunate but common with credit repair companies.
Ultimately, credit repair is a must for individuals with bad credit. Otherwise, they might lose job opportunities, have a hard time renting a house, or struggle to have their loan applications approved.
The Credit People is an excellent company that helps you repair your credit. It works to cease collections and remove negative items and questionable charges from your credit report, and it also provides you with the necessary resources to improve your credit.
Not to mention, The Credit People is impressive at catering to your specific goals. Plus, the firm keeps you involved in the process with full access to your credit repair dashboard and free credit reports.
Unless you’re particularly worried about identity theft, The Credit People is an efficient credit repair company with an average credit score increase of 32%. So, we’d say give it a go. And, if in 60 days you aren’t satisfied, you can cancel your membership and be fully refunded.