CredEvolv

Key takeaways about for-profit credit repair:

• If you know you’ve had some credit issues in the past, you might be considering enlisting the services of a for-profit credit repair company.
• This article explains 6 ways CredEvolv is a better option for improving your credit than a for-profit credit repair company.
• Those ways include customized solutions, transparent pricing, and legal compliance.
• CredEvolv customers have expressed satisfaction with the education they gained on our platform as well as the positive results they achieved.

If you’re thinking about buying a new home, you may or may not be keeping tabs on the state of inflation and the Federal Reserve’s plans for lowering its interest rate. And if you’re not, you should.

The Fed wrapped up another policy meeting in June. While they didn’t lower the Fed funds rate after recent multiple increases, they did release an updated “dot plot”. This is a chart of each Fed member’s projections through the end of the year and into the future for the Fed rate.

In the current climate, the expectation is that both the Fed rate (the amount banks pay to borrow money from each other overnight) and mortgage interest rates (the amount consumers pay to borrow money to purchase a home) will start to come down when month-to-month consumer prices and job market statistics indicate a sustained reduction in inflation.

The exact month when that will happen isn’t written in stone. It can only be estimated, even by economists and other market experts. But at some point, inflation and interest rates will decrease and homeownership will become more affordable for more people.

But you’ll still have to have a healthy credit history and credit score to secure a mortgage. Is yours where it needs to be to get approved for a home loan? If you’re not sure, or you know you’ve had some credit issues in the past, you might be considering enlisting the services of a credit repair company.

At CredEvolv, we’re not a credit repair company. We’re something different, something better. And we’re something you should seriously consider as you plan your home purchase strategy.

Here are six ways that our way is better than their way:

Customized Solutions

Their Way: Those other credit repair companies offer an outdated, one-size-fits-all solution. This may actually jeopardize your mortgage readiness.

Our Way: Our approach to improving your credit score combines artificial intelligence and other high-tech solutions with high-touch human involvement. We gather your information and connect you with a nonprofit credit counseling agency. That agency will sign you up and paired you with your own personal credit counselor. Your counselor will create a customized Success Plan for you, which is your blueprint for getting loan ready. It’s based on your unique credit score makeup and goals.

Relevant FICO® Scores

Their Way: Most credit repair companies don’t use the same FICO® scores that mortgage lenders use when determining if you qualify for a home loan. This creates a disconnect between what you see and what the lender sees for your credit score. And the last thing you want when you’re trying to buy a home is not being on the same page as the person who can help you get a loan!

Our Way: No disconnects here! We use the same mortgage-specific FICO® scores lenders use. Even better, you can watch your score rise as you become loan ready in an average of 3 to 5 months (sometimes sooner)!

“I’ve learned more about credit in the last few months than I have over the last decade. Together we are achieving significant results, and I am so grateful for this company for allowing me to dominate in an area that once felt unattainable.”

Deidre J.

Transparent Pricing

Their Way: Since those other so-called, self-proclaimed top credit repair companies are not legally allowed to pull credit, they charge extra fees for credit monitoring services.

Our Way: The counselor partners on our platform are fully transparent with their costs up front. They are legally mandated to keep costs affordable and low – and are incentivized when you succeed. And they don’t need to enlist the services of another company (nor charge you) to pull your credit. In fact, they only pull your credit (soft pull only) after you’ve given them permission to do so.

Support From An Actual Human Being

Their Way: Most if not all credit repair companies leave you to do all the work on your own with little additional support.

Our Way: You’ll meet virtually with your coach each month. You’ll also get 24/7 access to a secure portal to share information, messages, and documents with your counselor conveniently, from any device.

Their Way: Traditional credit repair companies have minimal communication with Mortgage Loan Originators and Licensed Real Estate Agents.

Our Way: When your lender or real estate agent are on board with the CredEvolv platform, we can keep them informed (with your permission) about your progress toward your credit score goal. Then, when you’re mortgage ready, we’ll let your connected lender or agent know. Together, you can start house hunting with confidence!

Legally Compliant

Their Way: Consumer Financial Protection Bureau (CFPB) regulations have become increasingly strict and applicable to the credit repair industry. Many of the top credit repair companies like the ones you see advertised on TV or in your social media feed are not in compliance. 

Our Way: There are no such legal concerns with CredEvolv. We’ll connect you with a highly vetted nonprofit credit counseling agency that is fully compliant with all legal regulations. 

These are just some of the reasons why we don’t call ourselves a credit repair company and we’re able to get testimonials like this one from our consumers:

“I’ve learned more about credit in the last few months than I have over the last decade. Together we are achieving significant results, and I am so grateful for this company for allowing me to dominate in an area that once felt unattainable.” – Deidre J.

Planning on buying a house soon? Get loan ready now with CredEvolv. You deserve it.

Enroll today!

Key takeaways about the importance of good credit:

• In this CredEvolv guide, we’ll delve into the importance of good credit and how to manage your credit score effectively.
• We’ll also answer some of the most common questions about credit repair and debt management.
• Good credit can lead to lower interest rates on loans and higher credit limits. It can also increase your chances of approval for rental agreements, mortgages, starting a business, and more.
• By understanding credit basics, managing debt effectively, and employing credit solutions with a partner like CredEvolv, you can take control of your financial future.

June is the month when we celebrate Father’s Day. We also honor those who have earned their diplomas, degrees, or certifications after years of hard work. To members of both groups, we say congratulations! You’ve each solidified your position within the realm of adulthood!

Perhaps you’re a recent high school or college graduate who’s ready to enter the working world, or you’re a new (or even not-so-new) parent navigating the twists and turns of life. One thing unites us all: the importance of good credit. In this CredEvolv guide, we’ll delve into why having a healthy credit score matters and how to manage it effectively. We’ll also answer some of the most common questions about credit repair and debt management.

Understanding the basics: What is credit?

Before we take a deeper dive into the nitty-gritty of credit health, credit repair, and debt management, let’s start at square one. Credit is essentially your financial reputation, reflecting your ability to borrow money and repay it on time. It’s measured by a credit score, also known as a FICO score, that typically ranges from 300 to 850. Higher scores indicate better creditworthiness.

Why does good credit matter?

Good credit can open doors to financial opportunities. It can mean lower interest rates on loans and higher credit limits. It can also increase your chances of approval for rental agreements, mortgages, starting a business, and more. On the flip side, poor credit can lead to higher interest rates and difficulty securing loans. It can even impact your ability to rent a home or land a job.

What’s the difference between debt consolidation vs. credit repair?

Debt consolidation involves combining multiple debts into a single loan, often with a lower interest rate or more favorable terms. This can streamline payments and make it easier to manage debt. On the other hand, credit repair focuses on improving your credit score by addressing negative items on your credit report.

Here at CredEvolv, we don’t consider ourselves to be a credit repair company. We consider ourselves to be a better alternative to even the best credit repair company. Why? Because we’ve created the ultimate solution. We combine the personal help of a certified, nonprofit credit counselor with our high-tech digital portal. Designed by lending and credit industry experts who know what it takes to become financially fit and truly loan ready, ours is a platform for future credit success. It isn’t just a patchwork way of dealing with your past credit missteps.

How can I remove negative items from my credit report?

If you’re looking to improve your credit score, removing things like paid collections, charge-offs, inaccurate information, and closed accounts from your credit report can help. But if you’re thinking of DIYing your credit score fixes or working with a scammy for-profit credit repair organization, think again.

At CredEvolv, our platform has been proven to exponentially increase your chances of qualifying for a loan (even if you’ve previously been denied) versus those who try to go it alone. And most importantly, our methods are legal, ethical and transparent. That’s not something a lot of those “quick fix credit repair” companies can say.

What are the pros and cons of credit cards?

As many retailers and other entities move further away from accepting cash or checks, credit cards offer convenience and flexibility, allowing you to make purchases and build credit history. However, they also come with the risk of overspending and accumulating debt if not used responsibly. Understanding the pros and cons can help you make informed decisions about credit card usage. That’s one of the things our highly vetted and trained credit counselors can help you with when you sign on with CredEvolv.

What’s the difference between secured vs. unsecured credit cards?

Secured cards require a security deposit, which serves as collateral and determines your credit limit. These are a great option for those who have a limited or non-existent credit history or a lower credit score. Unsecured cards, on the other hand, don’t require a deposit. They may have higher interest rates and fees for those with less-than-perfect credit.

Our tools empower our partners to serve credit-challenged consumers more effectively and put 100% focus on helping them achieve their financial goals with accurate, personalized, and timely information and a demonstrated history of improving credit scores.

What’s the fastest way to buy a house with bad credit?

Improving your credit score is key to qualifying for a mortgage with favorable terms. Contrary to what some of those for-profit credit repair companies promise, there’s no overnight solution. Steps like paying bills on time, reducing debt, and working with a legal, ethical, and reputable credit solution company like CredEvolv can expedite the process. You can also learn how to keep your credit healthy for years to come.

What are the three Cs of credit?

Lenders assess your creditworthiness based on the three Cs: character, capacity, and capital. Character refers to your reputation for repaying debts. Capacity evaluates your ability to repay based on income and existing debt. Capital represents the assets you own, which can serve as collateral.

Coincidentally, at CredEvolv, we have our own set of three Cs: consumers (people like you), counselors (our network of vetted, nonprofit credit coaches), and connectors (people like your lender or attorney, who can refer you to us).

How can I choose the best credit repair company?

When selecting a credit repair company, look for reputable firms with a track record of success, transparent pricing, and a reputation for doing business in a way that’s compliant with current rules and regulations. Reading reviews and testimonials, comparing services, and verifying accreditation can help you make an informed decision.

Unfortunately, many for-profit credit repair companies continue to operate illegally in the face of Consumer Financial Protection Bureau (CFPB) and Telemarketing Sales Rule (TSR) regulations. Often, the only compliant way to do credit repair is through nonprofit counseling agencies like the ones we partner with at CredEvolv.

Our tools empower our partners to serve credit-challenged consumers more effectively and put 100% focus on helping them achieve their financial goals with accurate, personalized, and timely information and a demonstrated history of improving credit scores. Their specialties include debt-management and budgeting, free counseling for foreclosure prevention, home purchasing and renting, student loan debt, and more. 

Reinforcing the importance of good credit

Good credit is one of the cornerstones of financial stability and can help pave the way to future opportunities. By understanding the importance of good credit, managing debt effectively, and employing credit solutions with a partner like CredEvolv, you can take control of your financial future. Remember, it’s never too early or too late to start building better credit habits and securing a brighter tomorrow – especially if you’re a dad, grad, or both!