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Friday, August 12th
Credit Monkey has been in business since 2019, making them one of the "youngest" credit repair services in our evaluation. They serve clients in 49 states (Pennsylvania is excluded) and offer a free 15-minute consultation.
Multiple credit repair packages
There are several tiers of service available through Credit Monkey. The lowest-priced package is $99/month. This package includes disputes on up to five negative items each month, plus $1 million in identity theft fraud insurance and identity theft alerts. $159/month gets you up to 10 negative items disputed. At the $199/month level, you'll also get monitoring of up to five credit cards (to help you not make late payments) and resolution of credit report inquiries. The three packages priced at $299, $399, and $499 per month start going into public records, tax liens, and so forth; the latter two subscriptions also come with a credit line of $5,000 and $10,000, respectively. Credit Monkey doesn't go into any detail as to what any of those services do, how they work, or why you'd want those credit lines.
90-day risk-free guarantee... sort of
In theory, you've got a "glorious" (their wording, not ours) 90-day, risk-free guarantee here. After you've been enrolled for six months, you can request a refund if Credit Monkey hasn't removed "3 or less" items within the first three cycles of disputes. Does that mean it counts if they only remove one? It seems like they ought to give you a refund if they haven't removed at least three negative items.
Not concerned with BBB rating
Because Credit Monkey is so new on the market, there's not as much feedback from clients to consider. The company has a "C" rating from the Better Business Bureau, but that's only because of one complaint that didn't get a response. We're not overly concerned, because there were only four complaints filed over the last year, in contrast with almost two dozen positive reviews also posted to the BBB's listing.
What did get us concerned was looking at the patterns in the positive reviews for Credit Monkey, not just on the BBB site but elsewhere. When we checked out not just the reviews but the individuals leaving them, almost every single time those people had left positive reviews for one or two other businesses - and those businesses were the same (Credit Monkey and "Joe's Video Games" ). That's usually a red flag indicating that the reviews aren't legitimate - that people are being paid to leave the reviews, and that most of those reviewer profiles are fake too.
The deeper we looked into Credit Monkey, the sketchier things got. Look at their Facebook page: you'll see promos from Brett Favre, Snoop Dogg, and a few other celebrities - but they never mention the name of the service, and they all read from some script that references a 15-minute phone consultation. It feels like someone paid for a Cameo from each of them and then used it for their advertising.
Red flags everywhere
Then we found tons of typos on Credit Monkey's posts - and even on their website. Beyond that, when we went to the "Meet Our Team" page, there was absolutely zero information about the people behind the service: no CEO, no "credit repair specialists" , nothing. Oh, and then there was this little gem, which should tell you a lot about how this business operates: "we have coached hundreds more on how to attract more clients and drive revenue and profits into their credit repair business" . So that's how it is!
Not a company you can trust
We have no confidence whatsoever that Credit Monkey is a reputable credit repair service. It looks like most of their positive reviews are fake, legit clients say that they got no improvement to their credit history when using this company, and even their advertising is suspect. We can't recommend strongly enough that you stay away from Credit Monkey when considering credit repair options.
Americans have finally started to understand the importance of a good credit score: from 2011 to 2021, the nationwide average increased from 689 to 714! Anything over 700 is considered to be "good" and can be the key to opening doors financially - everything from renting an apartment to securing an auto loan or mortgage may rest on your credit report.
Unfortunately, not everyone understands what goes into a positive credit history. Late payments, applying for multiple credit cards in a short period of time, or even problems with mistaken identity can all lead to a less-than-excellent credit profile. Some people get lured in by the promises of low monthly payments or 0% APR credit cards, only to find themselves drowning in debt.
That's where credit repair services enter the picture. These providers work to dispute items on your credit report that might be inaccurate, unverifiable, or erroneous. Depending on which company you choose, the service might also include cease and desist letters, goodwill letters to help you qualify for credit in the future, credit monitoring to keep you on track, and one-on-one coaching.
You shouldn't expect miraculous, rapid increases in your credit score - most credit repair processes result in a modest increase of about 40 points, though some may bring you up by 100 points or more - but it could be what makes the difference for your financial goals and credit needs.
As you start to explore the possibility of credit repair, you'll soon see that there are many providers hoping to gain your business as a client. Which one is the best for you? Here are a few things to keep in mind as you decide:
To help you get your finances back on track, TopConsumerReviews.com has evaluated and ranked the most popular credit repair services available today. We're confident that this information will give you everything you need to choose the right partner in your journey towards a fantastic credit report!
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