When it comes to poor credit or financial problems, you might feel it's time to seek help through a credit repair service.  A good credit repair service can help you get your overall monthly payments reduced as well as regain control of your finances. Credit counseling is usually available to discuss your current finances, how the company can help you now, and how to prevent further problems in the future.  A credit repair service will negotiate debts for you to get payments reduced, lower your interest rates and even eliminate late fees if possible. 

With these services, you can enter a debt repayment program and begin rebuilding your credit.  This all sounds wonderful, right?  Well there are still some questions to ask before choosing a credit repair service.

1.  Is the company in good standing with reputable organizations such as Better Business Bureau, National Foundation for Credit Counseling and the Association of Independent Consumer Credit?  Check with your state's Attorney General office as well to see if any complaints have been filed against the companies you are considering.

2.  Can the credit repair company provide testimonials and/or customer references?  Be sure to call any references given, ask around locally or even research what others are saying online.  This will give you an idea if others have received help by using the service.

3.  Are you required to sign a contract for a minimal length of time for the debt repayment program?  This gives you an idea of what's required before getting started and what will happen should you stop using the service.

4.  Will you be able to contact creditors directly once you've entered a debt repayment program?  If so, you can contact them occasionally to ensure your payments are being made on time each month.

5.  Are there any hidden fees or charitable donations required?  Some credit repair services operate as non-profits but will take your first monthly payment as a "contribution."  They must disclose this to you, but it might be in the fine print!

6.  How does the company get paid for handling your credit repair account?  You have the right to know who pays for the services.  In most cases, creditors will pay the credit repair company a percentage of any monies collected.  Some charge the consumer a small monthly fee.

7.  How long before my accounts can be considered as "current" to the credit bureaus?  Some debt repayment programs will bring your accounts to the current status after about three months of consecutive on-time payments.  This works to your benefit if trying to rebuild your credit and up your score.

8.  Are free educational materials provided?  These can come in handy if you're trying to get your finances in order and learn to budget your money productively.

9.  Are the counselors certified or have they had any type of training?  This will reveal whether the company uses trained professionals to help with your financial situation.

10.  How is your service/company regulated?  Is there a yearly audit to ensure the customer's money is being used in the most productive manner? 

It's important that the debt repair company be trustworthy and accountable for its dealings.  There shouldn't be any secrecy concerning how incoming and outgoing payments are handled or what fees are charged.  Use these questions to interview several credit repair services before making a selection.