Wednesday, December 4th
2024 Credit Repair Company Reviews
Credit Monkey
- 6 credit repair plans
- Pricing ranges from $99.99 to $499.99 per month
- Available everywhere but PA
- In business since 2019
In operation since 2019, Credit Monkey serves clients in every state but Pennsylvania. They jump in right away with some big statements like "Start to Instantly Increase Your Credit Score Up to 120 Points!” While we'd like to tell you more about this credit repair service, they're pretty opaque about who they are and how they work - even the "Meet the Team” page on the website makes vague references to their "credit repair team” but never discloses who's at the helm and what their qualifications are. Are you starting to see why this credit repair option is still at the bottom of our list?
Website is out of date and full of typos
For a while, we wondered if Credit Monkey was still in operation. During our most recent visit, the site copyright was two years out of date, and even the "reviews from happy customers” posted by Credit Monkey were several years old. (For what it's worth, we also didn't find evidence of the supposed 13,273+ reviews on Facebook, 12K+ on Yelp) And, the website still has all of the weird typos and formatting issues we noticed last time. It's just not an online platform that inspires much confidence in the credit repair services being offered.
6 (expensive) credit repair plans
But, since we did find client comments left within the last year, we'll go ahead and tell you what Credit Monkey does seem to be offering now with respect to credit repair. There are six plans you can choose from:
- Plan A ($99.99/month): removes up to 5 negative items and includes up to 5 active credit cards and can tackle collections plus late payments on credit/store cards. Comes with $1MM in ID fraud insurance and "ID The Alerts” (a typo we think was supposed to say "Theft Alerts”).
- Plan B ($159.99/month): removes up to 10 negative items. The rest of the benefits are the same as Plan A.
- Plan C ($199.99/month): includes the same benefits as Plans A and B but also comes with "Inquires” (and Credit Monkey doesn't go into detail on what that entails).
- Plan D ($299.99/month): all of the benefits of A-C, plus public records/judgments and late car loan payments.
- Plan E ($399.99/month): expands the benefits of A-D by adding help with tax liens, medical bills, bankruptcy, and any other negative public items. Credit Monkey includes a $5,000 credit line on this plan, but again, stops short of explaining that feature.
- Plan F ($499.99/month): this top tier comes with a $10,000 credit line and adds mortgages to the credit relief services.
Confusing guarantee
Credit Monkey leaves us absolutely mystified with its "Glorious Risk-Free Guarantee”. It's a 90-day satisfaction guarantee - and yet the terms say you have to work "in good faith” with Credit Monkey for at least six months, and you can get a refund if "3 or less items” have not been removed within the first three dispute cycles. What?! Do the math and you'll see that at a minimum, you'll put in nearly $600 before you're eligible for any kind of guarantee. And how does "90 days” work if you have to be a client for at least 180 days?
Terrible reputation
Unsurprisingly, there's nothing about Credit Monkey's reputation that gives us much peace of mind. While we're happy to see an improvement in the service's listing with the Better Business Bureau - from a "C” to a "B+” - the number of complaints and negative reviews also increased since our last evaluation. Not only do all of those comments express outrage over how much they paid here and got so little progress for it, but they almost always talk about the unprofessionalism of Credit Monkey's representatives. What really disturbed us was seeing how, in response to complaints filed with the BBB, Credit Monkey pushed the client to remove their complaints in order to get a refund - holding it over their head. No, good sirs (or madams?), if the client is eligible for a refund, they have every right to complain until said refund is received! That's pretty shady, in our book.
At the bottom of the barrel
The first time we evaluated Credit Monkey, we thought that maybe they were just really new and still working out some of the kinks; we were optimistic that we'd see improvements going forward. Nope. We can't find a single reason to even take Credit Monkey up on its offer of a free consultation, not when there are so many rivals within the credit repair industry doing a better job. Credit Monkey earns our lowest possible rating.
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The 10 Best Credit Repair Companies
Which Credit Repair Service is the Best?
Credit scores are like the gatekeepers to many financial opportunities in life, from buying a car to getting approved for a mortgage. However, many people don't fully understand what goes into a good credit score - or how easy it can be to damage one. That's where credit repair comes in - a process designed to help you improve your credit profile and unlock those financial doors.
First, let's break down what can hurt your credit score. It's more than just missing a bill payment. Applying for too many credit cards in a short period, carrying high balances on your accounts, or even becoming a victim of identity theft can drag your score down. These issues can make it harder for you to secure loans, rent an apartment, or even get decent insurance rates.
Credit Repair Company FAQ
Continued from above...
Unfortunately, many people don't realize they have credit problems until it's too late. Maybe you're trying to buy a home, and your application gets denied because of something on your credit report. Or perhaps you're only being offered high-interest rates on loans due to a low credit score. In these situations, credit repair services can be a lifeline.
Credit repair involves identifying and challenging inaccurate or outdated information on your credit report. This can include errors like late payments you didn't actually miss, accounts that aren't yours, or debts that should have been removed after bankruptcy. While you can do this on your own, it can be time-consuming and frustrating, especially if you're not familiar with how credit reporting works.
That's why many people turn to credit repair services. These companies specialize in reviewing your credit report, spotting errors, and disputing them with the credit bureaus on your behalf. Some even offer additional services like credit monitoring, personalized financial coaching, and sending cease-and-desist letters to debt collectors.
When considering credit repair, it's important to keep realistic expectations. It's not a magic solution that will instantly boost your credit score by hundreds of points. In fact, most people see modest improvements, often in the range of 40 to 100 points. Fortunately, even a small increase can make a significant difference in your financial options.
If you're thinking about using a credit repair service, here are a few things to keep in mind as you compare your options:
- Services offered. Not all credit repair companies offer the same services. Some may limit the number of disputes they'll handle each month, while others might include perks like credit monitoring or financial advice. Make sure you know what you're getting for your money.
- Costs. Credit repair services aren't free, and the costs can vary. Some charge a monthly fee, while others might have a one-time setup charge (usually called a "first work fee”) or require payment per item disputed. Be wary of any company that demands full payment upfront (because that's prohibited by federal law) or promises results that seem too good to be true.
- Expected timeframe for results. Repairing your credit takes time. Even with the best services, it could be a month or two before you start seeing changes on your credit report. Patience is key.
- Reputation and reviews. Before signing up with any credit repair service, do your homework. Look at customer reviews, check their standing with the Better Business Bureau, and see if they've been involved in any lawsuits or regulatory actions. A good credit repair provider should have a solid reputation and transparent practices.
Credit repair isn't just about fixing your score - it's about giving you the tools and knowledge to maintain good credit in the long run. To help you find the right provider, Top Consumer Reviews has researched and ranked today's most popular credit repair services. Use this information to choose a partner in your journey towards financial stability - you've got this!
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