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Credit Repair Companies

Definition - What does Credit Repair Companies mean?

A credit repair company is a for profit organization that attempts to help individuals with poor credit raise their credit scores. Credit repair companies claim that, for a fee, they can transform a person’s credit to the point that they can receive loans that they would not be able to otherwise qualify to receive.

Justipedia explains Credit Repair Companies

The general consensus seems to be that most people are weary of credit repair companies. Almost everything that a credit repair company can do, the individual can do without them. Plus, if a person does this without the company then he or she will not have to pay a fee for the services. Credit repair companies work by challenging what is perceived to either be outdated or incorrect entries on a credit report. The best way to "fix" credit is to make timely payments on outstanding debt.

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