Software Fueled by Artificial Intelligence Enables Consumers to Repair Their Credit

In a Nutshell: Engaging with a credit expert can help you repair your finances. But if you think working with a credit professional will be a burden on your time and wallet, consider partnering with Credit Versio. The company’s intelligent software scans credit reports for errors and helps consumers manage disputes. Credit Versio learning resources help customers improve their money management skills and avoid financial obstacles.

A friend of mine once spent an entire summer and part of the following autumn building a large deck on his house. He told me of his plans for the outdoor addition before he started building it, and I cringed when I imagined how much time and effort he was about to spend on the project. But then he mentioned how much contractors estimated they would charge to build the deck, and I understood his motivation to do the job himself.

The do-it-yourself (DIY) movement is popular because it allows people to save money and complete projects on their own terms. But DIYers can apply their grit and ingenuity to more than just fixing a leaky roof or installing a new washing machine.

Credit Versio offers credit repair software fueled by artificial intelligence that lets consumers restore their credit without having to rely on credit repair specialists. We caught up with David Michalek, Credit Versio’s Chief Brand Officer, to learn more about how the company enables consumers to take charge of their financial lives.

Michalek was the vice president of a large credit repair company prior to joining Credit Versio. He told us his experience in his former role opened his eyes to problems in the industry.

“Credit repair had given itself a bad reputation over the years because of some bad actors in the industry,” Michalek told us. “I believed restoring people’s trust in the process eventually would come from providing software that could deliver the same results as hiring an expert.”

Consumers who aren’t in the habit of reviewing their credit reports may not understand the information they convey. People who find errors on their report can take steps to correct them. But Michalek, who has reviewed over 30,000 credit reports in his career, told us that spotting errors on a credit report can be complicated work for the untrained eye.

“The key to unlocking DIY credit repair is building software that can read credit reports and compare accounts across all three bureaus to find mistakes and errors,” Michalek told us. “And then the software would need to bring in a new credit report the following month to compare it to the old one to see if anything was deleted or changed. It sounds easy, but it’s actually extremely complex to pull off.”

Michalek first met his Credit Versio partners at an industry conference. They shared the same vision of reforming credit repair and informed him that their software team was already in the process of creating software that could detect errors and create custom dispute letters for customers.

Credit Versio launched in March of 2020 and was an immediate hit with consumers. The company took on 100,000 clients in its first year and over 600,000 user accounts have been created.

“In terms of sheer size, we have become the largest credit repair platform in the US,” Michalek told us.

Many companies employ computing algorithms to bring efficiency to their business operations. Michalek told us that when Credit Versio’s software scans credit reports, it runs thousands of lines of code looking for errors and creating a strategic dispute strategy for the user.

Credit Versio recreates a credit report as a digital ledger to allow its software to scan for information more efficiently. Converting a credit report for software scan purposes differentiates Credit Versio from its competitors, many of which scrape a credit report’s basic data but don’t have the ability to perform any deep analysis of what’s actually going on with the account, Michalek told us.

“We can analyze every account on a consumer’s credit report, and the software will write a dispute if it finds discrepancies between data from the three bureaus,” Michalek told us. “It can determine the highest level dispute, meaning the dispute that statistically has the highest chance of getting removed or corrected. Credit Versio has completed over 14 million disputes and it remembers what works.” 

Your credit history is an important piece of your financial background, affecting your access to lending products and the financing terms lenders extend to you. Any decision you make about managing your credit should be one you’re entirely comfortable with.

Despite Credit Versio’s complex technology working in the background, the software itself is simple to use. Customers can start creating disputes after watching the provided tutorials. Michalek told us that nearly all customers follow the software’s advice after watching Credit Versio’s videos.

“I’ve looked at so many credit reports in my life, but this software knows a lot more than I do about the best reasons to challenge something,” Michalek told us. “That’s especially true when you start getting into the third or fourth round of disputes, and you’re trying to compare different versions of credit reports to assess all the changes and possible discrepancies that have taken place. There’s no way a human being can find those details 100% of the time without missing things.”

Credit Versio protects its product through patents. Michalek told us the software’s ability to find mistakes on credit reports and manage strategic disputes is patented, and Credit Versio has other patents pending.

Critics may say that consumers who rely on a DIY software program to repair their credit are at a disadvantage because they don’t have a live credit expert to consult with. But Michalek told us even experienced credit experts can’t compete with Credit Versio’s ability to analyze credit data and create custom strategic disputes.

“We’re very in tune with what’s going on with our software and the results it produces,” Michalek told us. “Credit Versio routinely outperforms full service credit repair companies and other DIY software providers. That really shouldn’t come as a surprise as AI driven software is simply better at analyzing large amounts of data, which is essentially what a credit report is.”

Sir Isaac Newton’s first law of motion tells us, in part, that an object in motion stays in motion unless another force intervenes to stop it. Michalek told us that people who have credit problems at one point in their lives — and fix them — sometimes find themselves with similar problems in the future. But they can avoid repeating money mistakes if they learn how credit works.

Financial education can be a powerful force that helps us avoid harmful money missteps. Credit Versio provides a free course to consumers that explains how they can improve their credit scores while going through the credit repair process.

“I’m one of the instructors in the courses along with John Ulzheimer, who spent years at FICO and Equifax,” Michalek told us. “We have a lot of great material that shows consumers the steps they need to take to help their credit. But we don’t only focus on what someone should be doing, we go through what not to do as well.”

Repairing your credit may be on your to-do list, but the time and costs associated with doing so have prevented you from getting started. Credit Versio provides affordable pricing options that work with any budget.