I mostly collect Masters of the Universe and have had some of my carded and loose figures graded (usually for resale purposes). I am familiar with AFA which is the gold standard and is pretty respected. A newer company is Collector Archive Services. I have seen some pretty neat displays and larger pieces encased by them and they look great.
My personal problem with grading figures is that the plastics are degrading quickly and paints change color over time. I have had high graded figures that have literally fallen apart inside the bubble or the bubble itself has fallen off. Yet it's still in a graded case and can be sold as such.
Unlike cards, I prefer my action figures raw.
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