If you thought credit repair was a service you always have to pay for, think again. CreditNerds has provided free credit repair to more than 25,000 customers since 2007, helping those with errors on their credit reports navigate the process of disputing them with the credit bureaus. But the company also offers a number of paid services that can be of value to those who want to improve their credit health or secure funding. We’ve broken down the various free and paid services offered by CreditNerds to help you decide which option is the best choice.
- Free credit repair service: The basic credit repair service offered by CreditNerds is entirely free.
- Option for paid credit auditing: Those who want a more in-depth professional analysis of their credit can purchase a credit audit.
- Offers funding services: Whether you need funding for personal or business expenses, education, or purchasing a property, CreditNerds will help match you with the right lender.
- Interactive educational tools: Free resources include videos, financial calculators, and even fun games for kids.
- Business services available: Small business owners can get help with financing and pay for an audit of their company’s online presence.
- Doesn’t offer credit monitoring: If you want to track your credit repair progress with ongoing monitoring, you’ll have to get it from another company.
- Funding services require paid monitoring from a third party: Those who want to participate in the CreditNerds funding service must sign up for credit monitoring with their partner, CheckMy3Scores.
- No mobile app: Some of CreditNerds’ interactive tools aren’t supported on mobile devices.
Types of Services
Although CreditNerds primarily calls itself a credit repair company, it also offers many different services related to funding and small business management. In fact, it’s partially thanks to these various paid services that CreditNerds can provide its basic credit repair package completely free of charge. While there’s no obligation to purchase anything in order to take advantage of free credit repair, some individuals may find that they can benefit from additional services once the dispute process is complete.
Free Credit Repair
CreditNerds’ main claim to fame is its free credit repair service. Through this service, the company examines your credit report and identifies reporting errors or other discrepancies that can be disputed with the credit bureaus.
CreditNerds explains that instead of collecting payment from customers, they make money through affiliate partnerships with other companies. This means that they may have a financial interest in referring you to third-party services. Keep this in mind when receiving recommendations from CreditNerds representatives; it’s always wise to do your own research before purchasing another service based on a referral.
Personal and Business Funding
Whether you’re looking for funding options for your education or your small business, CreditNerds can help. The company has relationships with over 200 banks and uses an algorithm to determine which lenders are most likely to give you a loan. Note that CreditNerds doesn’t originate or service any loans directly, but simply acts as a matchmaking service.
Enrolling in the CreditNerds funding program does not include access to your credit report. The company requires that you create an account with their partner, CheckMy3Scores, and provide your login information to CreditNerds for analysis.
Real Estate Funding
No matter what type of real estate financing you need, CreditNerds will help you choose the right option. The company’s experts can guide you through traditional financing, bank alternatives, property flipping, real estate investments, and more. They generally ask for a minimum FICO score of 650, so you may need to go through the credit repair process or discuss other ways to improve your score before beginning this program.
In addition to its credit repair and funding services, CreditNerds also presents two optional add-ons, one for individuals and the other tailored toward business owners. They’re designed to be used in tandem with a credit repair or funding service, although it’s perfectly acceptable to purchase either as a standalone service instead.
CreditNerds’ free credit repair service covers disputes and removal of incorrect details from your credit report, but it doesn’t include much hands-on guidance regarding other ways to improve your score. Adding a credit audit provides a complete breakdown of your credit report with a step-by-step expert analysis detailing how to reach your optimal credit score.
If you own a small business, your online reputation can make or break your success. The CreditNerds business snapshot is an in-depth report that gathers and analyzes all the public information on the internet related to your company. It looks at online review sites, social media presence, website functionality, paid advertisement performance, and more, pointing out potential issues and areas for improvement.
CreditNerds provides the majority of its services online through its web portal. Customers can log in to see updates on their credit repair case, check the status of funding, and get referrals to additional services.
In addition to a customer portal, CreditNerds also offers a robust set of resources that anyone can access for free. The company’s website is filled with videos, how-to guides, and free online courses. Unfortunately, there’s no smartphone app version of these materials and some aren’t supported on mobile devices.
Website aside, CreditNerds is also available by phone and email to those who have a question or need assistance.
Despite offering credit services since 2007, CreditNerds doesn’t have much of an online footprint. The business is not accredited or rated by the Better Business Bureau (BBB) and has no customer reviews to speak of on the BBB website and only 12 on Google. The company also has no complaints on file with the Consumer Financial Protection Bureau (CFPB).
If you have a complaint about the services of a credit repair company, you can file a complaint with the Federal Trade Commission (FTC) or call 877-FTC-HELP.
Contracts aren’t something you need to worry about with any of CreditNerds’ services. Since credit repair is free, you’re welcome to walk away at any time if you no longer wish to receive assistance. All of CreditNerds’ paid services are priced on a one-time fee basis, so the company doesn’t even offer any monthly memberships that would require a cancellation policy.
CreditNerds may not offer any contract-based services directly, but the company may refer you to third parties that do. Make sure to ask about contract durations and cancellation fees before enrolling in third-party services.
As mentioned, CreditNerds’ main credit repair service is free. If you choose to add a credit audit to your credit repair plan, you’ll be asked to pay a one-time price of $97. Business owners who decide to purchase a business snapshot will also be subject to a single $97 fee.
There are no monthly memberships.
CreditNerds’ funding services may incur a charge depending on the type of loan you need. Personal and business financing is subject to a 9.99% success fee, which is quite high. However, CreditNerds does not take any fees for real estate funding.
The Competition: CreditNerds vs. Lexington Law
It’s hard to compare CreditNerds’ free service to competitors, as no one offers an equivalent without asking for some sort of fee.
Lexington Law’s plans start at $89.95 per month and go up to $129.95 per month for differing levels of service. CreditNerds’ free credit repair service is nearly identical to the entry-level plan that Lexington Law sells at $89.95 monthly. Between the two, it’s hard to see why anyone wouldn’t go for the free equivalent from CreditNerds.
|Services Offered||Credit repair, funding||Credit repair|
|Customer Service Touchpoints||Phone, email||Phone, email, mobile app|
|Monthly Fee||$0||$89.95 to $129.95|
CreditNerds might not offer the most advanced credit repair service, but it’s hard to argue with free. Unless you have a particularly complicated situation or need help with additional issues like debt settlement or consolidation, CreditNerds should provide all the tools you need to remove legitimate inaccuracies from your credit report. Their $97 credit audit is a great add-on to consider, providing valuable insight for a mere fraction of what competitors charge.
How We Review Credit Repair Companies
We hold credit repair companies to the highest standard in our reviews, taking many different aspects into account to ensure that we only recommend the most respectable services. We analyze each company’s service packages and pricing, looking at contract terms, cancellation policies, and hidden fees. We also look at the types of services provided and compare them to similar companies to gauge value. Finally, we gather third-party data from customers, the BBB, and other sources to check our results against the company’s reputation.
Learn more: Read our full Credit Repair Review Methodology here.