Frequently Asked Questions
We have tried to be complete but you may have questions that are not covered here. See if any of your questions are answered below, and if not, please complete our short information form on the home page and a representative will contact you immediately to answer questions and help you get started. The phone consultation is FREE!
1. How is Credit Repair legal?
You have a legal right to an accurate credit report! There are two acts, the FCRA (Fair Credit Reporting Act). And the FDCPA (Fair Debts Collections Practices Act). These two acts were set up to protect your credit rights. What they essentially do for you is hold your creditors and credit bureaus responsible-legally. Which means every claim made against your credit must be backed up and proved by your creditors!
Many details must be proven by your creditors in order for negative marks to remain on your record. These details are almost always either overlooked or so outdated that the creditor will not have the man power to locate them. By law, the negative marks have to be removed from your credit report if they can not be backed up by your creditors.
2. What Poor Credit Can Cost You?
It is a known fact that Poor Credit Rating is the number one cause for consumers losing home loans, auto loans, and even jobs ... 70 million Americans suffer from negative credit! Most of us realize too late the impact bad credit can have on our lives. Reality is that our entire lives revolve around our credit reports.
With a poor credit rating:
- You will pay higher interest rates for any type of loan. That is if you manage to qualify for a loan at all
- You may be passed up for the job of your dreams. Now, more than ever, employers rely on credit reports when selecting candidates for employment
- You may not get the apartment you wanted. Landlords are very cautious and use credit reports to help determine who they should and shouldn't rent to
Cleaning up your credit reports and establishing positive credit means you can obtain low interest rates on home loan refinancing, auto loans, mortgages, lines of credit and even a better job!
3. What is the role of the Consumer Reporting Agencies and how do they affect your credit?
The three major credit reporting agencies, also called Consumer Reporting Agencies (CRA's) are for profit corporations that collect and sell your private personal information, to creditors, landlords, insurers, employers, and companies that solicit you for credit and insurance offers. When you apply for a loan of any kind, the creditor pulls your credit report from at least one of these bureaus. There are many other credit bureaus throughout the United States, but they are mainly affiliated with one of the major three.
The credit bureaus are money-making businesses NOT government agencies! Their goal is to gather, maintain and sell financial information about consumers.
4. What are some examples of common problems on credit reports that can affect your credit score?
A: Late payments or chargeoffs
B: Bankruptcies
C: Tax liens and judgments
D: Hard inquiries
E: Incorrect personal information
5. What if I already have good credit?
Even if you have good credit, inaccurate information could show up at any time. As a matter of fact, recent research by Consumer Reports showed that more than half the reports studied had errors in them severe enough to keep the person from getting a loan. A study by the United States Public Interest Research Group found 70% of reports had errors.
6. What Does This Mean For You?
There Are Plenty Of Benefits You'll Have With Good Credit.
Even if you have just one negative item on your credit file, getting it removed could save you thousands of dollars and plenty of headaches. It could be the difference between getting approved for credit-or not.
If you want to get back on track with your financial life and secure a hassle free future with lenders, our partners could assist you to achieve that goal!
With a good credit score, you will be able to:
- Refinance your home with low interest rates
- Get low auto or health insurance
- Obtain low interest credit cards
- Exert confidence at job interviews (many employers check credit reports before offering positions)
7. How long does it take until I see results?
The requirements of the Fair Credit Reporting Act and the average response time from the bureaus may cause each credit cycle to be approximately 30 to 45 days. Most will see results within the first two cycles and continue seeing results as their reports continue cycling through the system.
8. Can I do this myself?
Absolutely. You are entitled to your rights under the law. We offer you our expertise in this field and should you choose to save yourself the time and trouble, we will fight the battle for you!
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