Is The Credit Improvement Industry A Bull Market?

Many people turn to credit repair services to improve their credit scores. With any economy, a good credit score is essential for buying a home, car or securing employment. Essentially, a credit repair company is geared for a market of individuals with bad credit, and the company will make money solely on the ability to improve their credit scores.

What The Credit Improvement Industry Does

First and foremost, the people working in this industry are here to educate you about the basics of credit reporting and credit scores. Most of them will also offer general advice on how to improve your credit. Some of these tips include:

  • paying all your bills on time
  • and never taking on another credit card
  • check your own credit score and verify the items in your credit history
  • how to take care of items in your credit history that are incorrect

Credit Counseling

Professionals in the industry charge top dollar to give consumers advice, tips, and tricks to get their credit scores back to where they should be. Some counselors will go above and beyond their call of duty and even negotiate with the bank and other companies to combine all of your credit payments into one, easily manageable lump payment. This is known as debt settlement or debt management.

Credit Repair Products

In addition to actual credit counseling, the boom in the credit improvement industry has caused a flood of products claiming to help increase credit, from books to CDs to computer software. Many of these products claim to help you to remove negative items from your credit history, something that credit tracking companies typically won’t do for up to 7 years.

There is no doubt that the credit improvement industry is a bull market. Every day, more and more companies are introduced with the express purpose of either keeping your credit score up, or finding new ways to raise a poor credit score.

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