Best Credit Repair Companies in Lafayette, LA

The need for credit repair in Lafayette

Louisiana ranks among the states with the lowest credit scores in the United States with an average score of 650. Ideal credit scores are anywhere above 700.

All consumers rely on their credit scores to apply for loans, make large purchases and prove they’re in a sound financial situation. Common reasons for poor credit scores in Lafayette include:

• Late payments
• Too many credit inquiries
• An imbalanced debt-to-income ratio
• Too many credit cards or loans

Credit repair companies work with you and the credit bureaus to dispute inaccuracies on your credit report, leading to an improved credit score. A higher credit score provides a multitude of benefits for Lafayette residents, including:

• Not needing a cosigner
• Lower interest rates
• Increased chances of qualifying for a loan

Types of credit repair services

Depending on your credit situation, a credit repair company in Lafayette may assign a professional to work with you one-on-one or employ a full team to help improve your credit score.

These teams work on your behalf to negotiate with debt collectors, fix inaccuracies on your credit report and educate you on how to rebuild your credit score properly.

The entire process takes anywhere from one to six months, depending on the current status of your credit score and what tactics are necessary to improve it. Your chosen credit repair company in Lafayette should keep in constant communication with you throughout this process.

How much does credit repair cost?

Credit repair companies in Lafayette often require a monthly fee, ranging from $50 - $150 per month, to retain their services.

Some companies use a one-time flat fee up to $750, while others charge a fee per derogatory mark removed from your credit score. This per-mark fee varies depending on the work required to remove it.

How to avoid credit repair scams

Unfortunately, there are many credit repair scams on the market. Lafayette customers can avoid said scams by keeping an eye out for red flags from credit repair companies such as:

• Continued robocalls or spam emails
• Demanding a hefty upfront payment before services begin
• Offering vague details about their credit repair services
• Poor customer service
• Little to no customer reviews or testimonials
• Promising quick remedies without proof of solutions

The Credit Repair Organizations Act requires reputable credit repair companies to provide contracts in writing, offer cancellation opportunities to customers and not accept advance payments.