Sky Blue Credit Repair
With over 20 years of experience in the industry, Sky Blue Credit Repair is one of the oldest and most reputable companies in the industry. They offer customized credit repair services and tailored plans to each one of its customers. They charge a one-time $49 setup fee, followed by a $49 monthly charge thereafter. The process is rather simple to get started. First make an account at skybluecredit.com and then send a recent tri-merge (three bureau) credit report to their customer service department. They'll contact the credit bureaus to dispute items that are harming your score and work to permanently eliminate them.
With Sky Blue Credit Repair you get an unlimited number of interventions with the credit bureaus. This is important to keep in mind because it indicates the company's dedication to solid results and customer satisfaction. If you have a spouse who's in a similar credit dilemma, they'll be eligible to get half off their monthly fee when you sign up simultaneously. Furthermore, Sky Blue offers a 90-day money back guarantee if you're not one hundred percent satisfied with your results. Their program operates on a month-to-month contract so don't worry about weeding through a pile of legal jargon in the event that you want to cancel.
One of the negatives is that Sky Blue requires you to provide them with a tri-merge credit report at your own expense. They do provide you various options where you can obtain a report but prices range from $14.95 to $29.95 per month. Bear in mind this cost when allotting funds for the program. After the initial report you can elect to either continue receiving these reports or cancel your membership since Sky Blue has no affiliation with the tri-merge reporting organizations. The second shortcoming about Sky Blue is that it doesn't have an online management tool or live chat function.
What sets Sky Blue apart from the other credit repair services is their high customer success rate and ample services. They've been deemed a premiere service by Credit Karma, Top Consumer Reviews, and even earned the Fair Credit Reporting Act Certification from the Consumer Data Industry Association. Moreover, they're in good standing with the Better Business Bureau and boast an impressive A+.
Here are the main components they offer:
- Credit repair services
- Debt validation
- Credit scores improvement
Calling Sky Blue to repair your credit is your smart first step before applying for credit. After analysis of your credit history, the Sky Blue team begins the process of disputing negative items on your credit report. They dispute approximately five items per credit reporting agency every 35 days. If the disputed items are not removed right away, Sky Blue creates new custom disputes to maintain the fluid process. As above, Sky Blue requests a copy of your tri-merge report. The tri-merge summary is used to obtain an overall assessment of your credit status. Many lenders use tri-merge reports as a key part of the loan evaluation process. Mortgage lenders such as banks and credit unions use the tri-merge to quickly identify underwriting issues, so Sky Blue's credit repair team starts here. Credit Report Importance Lenders assess your tri-merge credit report to determine creditworthiness. Before approving a personal loan, mortgage, car loan, or new card, the lender reviews derogatory credit activity such as late payments or defaults. Positive information, such as paying card bills as agreed and on time, also appears on your credit reports.
More than 90 percent of U.S. lenders use FICO scores, originally developed by the Fair Isaac Corporation, to make credit decisions. Fair Isaac's two credit scoring models are used to determine the consumer's basic and/or industry specific FICO credit score. Industry-specific FICO credit scores are wider in range (250 to 900) while basic credit scores range from 300 to 850. CRAs gather details about how your pay existing bills and report it. Fair Isaac Corporation then calculates the credit score(s). Tri-Merge Credit Reports
Each of the three credit reporting agencies-Equifax, TransUnion, and Experian-maintains your credit history report. Consumer Financial Protection Bureau recommends that each consumer review his/her credit reports regularly to identify errors. CRAs are not responsible for the accuracy of the information reported to prospective lenders.
Each CRA acts independently of others, and each CRA may reflect a separate FICO score on the tri-merge report. However, the tri-merge three-in-one report is a summary of information provided by all three CRAs. Rather than pull individual credit reports, lenders request the tri-merge report. Most use the mid-FICO score reflected in three-in-one data.
Other parties can request your credit reports. Employers, landlords, insurers, telecoms and utility providers may use information contained in your credit reports before extending job offers/promotions or unsecured services. Not all of these parties request a tri-merge credit report: they may decide to use one credit report over another.
FICO Score Factors
Five types of credit data are used to calculate your FICO scores. Each of these factors contributes a typical percentage of the total credit score calculation, including: payment history (35 percent); accounts owed (30 percent); credit history length (15 percent); utilization of credit (10 percent); and new credit lines/accounts (10 percent).
The contributing percentage of each factor is not a hard and fast rule. For instance, if you've got a relatively short credit history, your FICO score isn't necessarily low. However, relatively low (less than 40 percent) account balances and positive payment histories can have a greater influence on your credit scores.
Verdict - Superb
Sky Blue Credit Repair ranks on our list due to its ease of use, high customer service ratings and low first-time/monthly fees. TrustLink Reviews awards Sky Blue Credit 5-stars for their impressive array of credit repair services and satisfactory results. After careful review, Sky Blue is more than qualified to help to victims of bad credit and get you back on track towards recovery.
Using tri-merge credit information is more costly than accessing your free annual credit reports. Although one CRA's credit history may be more positive than the others, Sky Blue doesn't take the easy road to credit repair.