Paid Credit Repair Increases Consumers’ Credit Scores Surprisingly Well, New Study by Credit Knocks Finds

Press release content from Newswire. The AP news staff was not involved in its creation.

SAN DIEGO, Calif. – October 23, 2019 – ( Newswire.com[1] )

According to new research from Credit Knocks[2], ​48.1% of consumers who paid for professional credit repair services for 6 months or more saw an increase of 100 points or more to their credit score. Only 12% of respondents said they had a credit score increase of 24 points or less.

Overview of Credit Repair Services – Credit repair is a $3 billion per year industry in the U.S. according to IBIS World[3]. Companies that provide credit repair services help consumers with bad and/or damaged credit. Common services offered are the removal of negative items from the customers’ credit reports (late payments, charge offs, collections), setting up payment plans with creditors, and debt consolidation plans.   

Impact of the Study – Many personal finance experts question if credit repair companies are truly effective and question if credit repair is ethical.  The Credit Knocks study surveyed 500 U.S. adults ages 25+ in October 2019 and found that a surprisingly high percentage of respondents indicated a positive credit score gain, especially when the respondents stuck with their credit repair company for 6 months or more, and mostly reported a favorable user experience. Some of the key statistics found were:

  • The most common credit score gains reported were 100 to 149 points (26% of respondents) and 75 to 99 points (17.2% of respondents) compared to only 8.4% who reported a gain of 0 to 24 points
  • 48% of respondents who used credit repair services for 6 months or more saw an increase of 100 points or more to their credit score
  • 31% of respondents said the lifetime total of all monthly fees, start-up costs, and additional fees was between $250 to $500 (most prevalent answer)

Consumers’ Surprising Criticism of Credit Repair Companies – Even though consumers’ results (as measured by credit score increase) were very impressive overall, a significant percentage of consumers criticized their companies’ business practices and billing.  Key statistics:

  • 12% of respondents thought the repair company’s business practices were “Shady” or “Borderline illegal”
  • 25.8% thought the credit repair company kept them as a client longer than it should have taken – They felt “strung along”
  • 18.6% said the credit repair company made it difficult to cancel

For questions about the survey or to comment on the findings, contact Chris Huntley at [email protected]

Credit Knocks is the #1 resource for individuals with a 400-720 credit score to improve their credit.  

Related Links

Credit Repair Statistics: 2019 Study Reveals Its Cost & Effectiveness[4]

Press Release Service by Newswire.com[5]

Original Source: Paid Credit Repair Increases Consumers’ Credit Scores Surprisingly Well, New Study by Credit Knocks Finds[6]

Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.

Acquire this Domain
You can acquire this site’s domain name! We have nurtured its online marketing value by systematically curating this site by the domain’s relevant keywords. Explore our content network – you can advertise on each or rent vs. buy the domain. [email protected] | Skype: TLDtraders | +1 (475) BUY-NAME (289 – 6263). Thousands search by this site’s exact keyword domain name! Most are sent here because search engines often love the keyword. This domain can be your 24/7 lead generator! If you own it, you could capture a large amount of online traffic for your niche. Stop wasting money on ads. Instead, buy this domain to gain a long-term marketing asset. If you can’t afford to buy then you can rent the domain.

About Us
We are Internet Investors, Developers, and Franchisers – operating a content network of several thousand sites while federating 100+ eCommerce and SaaS startups. With our proprietary “inverted incubation” model, we leverage a portfolio of $100M in valued domains to impact online trends, traffic, and transactions. We use robotic process automation, machine learning, and other proprietary approaches to power our content network. Contact us to learn how we can help you with your online marketing and/or site maintenance.

Share