About Pyramid Credit Repair
Less-than-stellar credit? Want to improve it in 30-45 days?
Pyramid Credit Repair claims their software-powered approach can do just this with accurate, efficient, and lightning-fast results. How?
Pyramid’s cloud-based software allows you to instantly receive your credit report from all three reporting bureaus, and then dispute any inaccurate items you find (such as charge-offs, collections, late payments, judgments, and other potentially harmful content).
Your personal account manager will use real-time updates to stay connected with you via this same cloud, and you’ll be able to access your personal online dashboard from anywhere with an internet connection.
Unlike the competition, there are no commitments or contracts with Pyramid Credit Repair, and you can expect to see results in as little as 30-45 days! Which is why Pyramid claims to have “thousands of satisfied customers” to date.
Is Pyramid really your best path to restoring your credit though? Do you even need to go through one of these companies in the first place?
To answer all your questions, let’s talk about credit score basics.
What is a Credit Score? How is it Used?
As we detailed in How Not Checking Your Credit Report Could Cost You Thousands, your FICO score (also known as a credit score) “provides a numerical value based on the information found in your credit report.” The higher this number is, the more you’ll likely you’ll be to receive favorable terms on any lines of credit you take out.
Why? Because FICO’s proprietary algorithms factor in dozens of criteria to establish your ability to repay loans, otherwise known as your creditworthiness. To this end, the following can reduce your score, leading to less favorable terms (such as higher fees and interest rates):
- Paying late
- Not paying at all
- Having an account charged off
- Having an account sent to collections
- Defaulting on a loan
- Filing bankruptcy
- Having your home foreclosed
- Having a judgment filed against you
- High credit card balances
- All your credit cards are maxed out
- Closing credit cards that still maintain balances
- Closing old credit cards (this affects your length of credit history)
- Closing cards with available credit
While most of the information contained in your report should be correct, it’s not uncommon for minor errors to sneak through, including closed accounts showing as open, incorrect account balances, and even confusing two members of the same household. These errors can decrease your overall score, anywhere from a few points to a few hundred.
This is why it’s always important to check your credit on a regular basis. Sure, the government allows you to do this once per year, while Pyramid gives you the opportunity once per month.
In the end though, is it even possible to “repair” your credit?
Will Pyramid Really “Repair” Your Credit?
Pyramid claims that you’ll first need to identify any errors in your credit and then report them to your account manager. In turn, they’ll submit these errors to each of the three reporting bureaus (Experian, TransUnion, and Equifax) and have them removed, thereby improving your score.
According to a 2013 study by the Federal Trade Commission, 1 in 5 consumers had mistakes on their reports that “could result in less favorable terms for loans.” Interestingly though, only 10% of these saw a change in their credit score after correcting the errors.
And from a numbers perspective, “Approximately one in 20 consumers had a maximum score change of more than 25 points and only one in 250 consumers had a maximum score change of more than 100 points.”
What’s all of this mean? Unless you’re a rare exception, you probably won’t see much of a change in your credit score as a result of correcting errors. So, businesses like Pyramid Credit Repair don’t necessarily repair your credit as much as they help improve it.
Ultimately, if you have poor credit and are expecting Pyramid to help you achieve a you good (or even great) rating in 30-45 days, you’re bound to be disappointed. But if you’re only expecting a small increase (if any), while cleaning up your credit reports, then you might find their services valuable.
Just remember: It’s very easy to identify and correct errors on your report all by yourself, without paying a company like Pyramid Credit Repair to do it for you.
Speaking of which, how much does Pyramid charge to correct your credit report?
How Much Do Pyramid Credit Repair’s Services Cost?
Pyramid offers two different credit repair kits:
- Pyramid Credit Repair Starter Kit: $99
- Couples Credit Repair Starter Kit: $179
Regardless of which option you choose, your kit will come with free 2-day shipping. This kit will include the cloud-based software you’ll use to repair your credit.
All Pyramid Credit Repair kits come with a 90-day refund policy (based on information in the FAQ), less S&H charges.
Important note: According to the Pyramid website:
“The initial purchase/order ($99) is solely for the Pyramid Starter Kit ; A credit repair software to help obtain credit report, analyze situation and establish communications dashboard to help collect and review updated information and instructions from you regarding your circumstances and goals through a secure database. After 30 days of purchase, initial charge of ($59/mo.) is billed on a monthly basis for services previously rendered and performed, and is non-refundable after 90 days of purchase. There will be no refunds or credits for partial months of service or refunds for months unused with an open account. In order to treat everyone equally, no exceptions will be made.”
In short? This means that, in addition to your Starter Kit, you’ll be charged $59 per month for Pyramid’s ongoing services.
In order to cancel your enrollment or request a refund, you’ll need to call customer service at 855-984-1867.
Given these fairly strict terms and steep prices, are Pyramid’s customers pleased with their credit repair services?
What’s the Consumer Consensus for Pyramid Credit Repair?
Pyramid Credit Repair had an average rating of 4 stars on TrustPilot at the time of our research, although this was only based on two reviews (as of 11/17/15). There, common compliments revolved around ease of use, company transparency, and increased credit score.
There were also Pyramid reviews featured on CreditRepairReview.com and ConsumersAdvocate.org, although both of these (in our opinion) came off very salesy, and were indicative of an affiliate sales page. In fact, even the over-the-top, “it changed my life” reviews featured on TrustPilot met a couple of the requirements for fake reviews, so we think you should take them with a grain of salt.
From a company perspective, Pyramid Credit Repair wasn’t listed with the Better Business Bureau at the time of our research. In fact, their URL was recently registered in May 2015, so they appear to be a very new organization.
New or not, what’s the bottom line about Pyramid? Should you pay them to repair your credit?
Our Final Thoughts About Pyramid Credit Repair
Whether you’re talking about Pyramid, CreditRepair.com, or any other credit repair service, what you need to keep in mind is that you’re paying for convenience. In other words, you can do everything—literally everything—that companies like Pyramid Credit Repair can, but without paying a penny.
So, even though the process isn’t difficult or complicated, you’re basically paying these companies to do the job for you. And ultimately, how much value you get out of paying for these services like these wholly depends on your specific situation.
We will say this though: Based on what they’re doing for you, Pyramid’s upfront $99 charge and $59 monthly fee seems steep. And even though they place a lot of emphasis on providing you with a “personal account manager,” this is something that many other companies provide at a much lower cost.
Think you can realistically expect big results in 30-45 days? Sure, it’s possible. But as we discussed above, your results probably won’t be life-changing, and 30-45 days is the minimum amount of time needed, so you might expect your changes to take longer.
Long story short? If you’re looking for a completely hands-off approach to correcting errors on your credit report, companies like Pyramid Credit Repair might be worthwhile, but you’ll be paying a steep price.
Otherwise, if you’re looking to get the most bang for your buck, we’d recommend ordering your free annual credit report and contacting each reporting bureau independently. This way, you’ll be learning something new and saving a decent chunk of change in the process!