Frequently Asked Questions
Why should I use a credit repair company?
Credit repair companies assist consumers in increasing their credit scores. Using a credit repair company eliminates the time you would spend gaining knowledge of consumer laws. Many individuals simply do nothave the time, experience, patience or organizational skills to deal with bureaucracies. Just as people can prepare their own tax returns, many choose to use tax preparation services or accountants.
What is a credit score why I should be concern?
A credit score is a number usually between 350 and 850 that is calculated by a mathematical formula that evaluates many types of information on your credit report.
The higher your score the better. This score helps lenders and others decide how likely you are to repay your debts. Credit scores do matter. They affect whether you can get credit, your interest rate or credit limit on a credit card, auto loans, mortgages, and even the types of jobs and rental housing available to you.
How is my credit score evaluated?
- Scores under 500 = Bad Score.
- Scores 500 – 600 = Poor Score.
- Scores 600-650 = Fair Score.
This usually results from late payments, collections and charge- offs. You will most likely be charged the highest interest rate allowed by law in your state or you could be turned down completely.
- Scores 650-700 = Good Score.
As long as your debt to income ratio is low you will be approved and will likely pay a lower interest rate on your loan.
- Scores 700 + = Great Score.
You are considered a “prime borrower” and will be able to obtain favorable financing terms.
Time limits for bad lines of credit?
Negative credit information can remain on your credit report for seven years.
Chapter 7, Chapter 11 and Chapter 13 bankruptcies are reported for ten years from the date filed.
Positive information should stay on your report forever.
What are my credit rights?
1: The right to view your credit report.
This portion of the law requires that the credit reporting agencies supply you with a full report on your credit transactions at any time you request one. There is no charge for the first credit report you request annually.
For every subsequent credit report you request, the credit reporting agencies are allowed to charge a reasonable fee. However, if you have recently been rejected for credit you are entitled to a free credit report even if you have already requested one that year. 2: The right to know who has inquired about your credit.
The law allows you to know every bank, credit card company, employer, etc. who has requested a copy of your credit report. This even includes all the times the credit reporting agency has pulled your file.
3: The right to request verification of information you believe is incorrect.
This allows you to have a negative entry checked. This guarantees that every time you tell a credit reporting agency that an item is incorrect, they will investigate the item. Without this portion of the law, the credit bureaus would be able to refuse to investigate your disputes.
4: The right to insert missing data into your credit file.
Often you will have credit granted to you that never makes its way into your credit report. This portion of the law allows you to report all this good credit information to the credit reporting agencies and have it entered into your credit report.
5: The right to automatically remove information from your credit report that is over seven years old.(10 for bankruptcy) This guarantees that past financial indiscretions do not follow you for the rest of your life.
6: The right to place your personal statement in your credit report.
Some people have negative credit due to extraordinary events such as loss of a job, sickness, divorce, etc. This law allows you to have a written statement of 100 words or fewer placed in your credit report. This can be used to explain to future creditors what caused the bad credit and why it was a one-time occurrence.
7: The right to privacy of the information in your credit report from anyone other than legitimate members of credit reporting agency.
This states that no one can look at your credit report without your permission. That is why creditors have you sign a form allowing them to examine your credit report. The only exception to this right is the credit reporting agencies. They are allowed to look at your credit report without your permission as long as it is for legitimate business purposes.
8: The right to have your credit report transferred from one area to another any time you have a relocation.
This provision of the law guarantees that your credit history follows you wherever you go. This allows your hard-earned good credit to follow you all over the United States. Unfortunately, it also means that any bad credit you\have also follows you across the country.
9: The right to use the small claims court system to resolve any disputes with the credit bureaus about incorrect or inaccurate information in your credit report.
This gives you the right to your day in court. If something on your credit report is inaccurate and you can’t get it repaired through the credit repair process, you have the right to present your evidence in a court of law to resolve the dispute.
10: The right to know exactly why you were refused credit.
This means the creditor who refused you credit must inform you exactly why you were turned down. This request must be made by you to the creditor within 10 days of your being turned down.
Is Credit Training legal?
Yes, credit training is legal and our credit education and document processing services will help you to use the law in your favor. That law is called "The Fair Credit Reporting Act." The FCRA gives you the right to dispute any item on your credit report. If that item cannot be verified within a reasonable time (usually 30 days) it must be removed. Studies have shown that 79% of all credit reports contain errors. This is nearly 8 out of 10 reports.
Therefore most credit reports improve immediately. For items that disputed that are not errors, a creditor or furnisher is often unable to find the records or signed documents within the allotted time and the item gets removed. Sometimes the furnisher will say it has been verified but not offer proof. It is our job to prepare documents that challenge this and we are very skilled at that.
Is Credit Training and Education worth my time and money?
Contrary to what credit bureaus want you to believe, credit training does work in most circumstances. But it only works if you are getting the best advice from an experienced professional. Anyone with a credit score below 720 can benefit long-term from the advice and information provided through credit education. However, there are limiting factors that will prevent us from helping you. Two main factors are: (1) your financial situation and/or (2) the time frame in which you need to reach your results. It is possible to remove anything from a credit report, even accurate items. For instance, if the creditor makes mistakes or does not adhere to the specific time frame, the negative item may be removed.
What can I expect when I enroll in Credit Education?
We will guide you through the process from start to finish and prepare all your documents for you. We have a superb knowledge of credit scoring and experience working with creditors and credit bureaus. It may be difficult for an individual to communicate with creditors and bureaus without an adept understanding of their techniques and regulations in place for credit reporting. We have spent a great deal of time learning the laws that will help you to remove negative information on your report, which enables us to offer you a flawless, money back guarantee system.
What is your 100% Guarantee?
You are entitled to a 100% refund on all monthly payments if:
- You do not remove more than 25% of all the negatives worked on.
- You have had six months from the time you retain our services.
- You have at least four negatives on the credit report at the time of sign-up.
- You have not used a credit-consulting agency nor attempted to repair your credit two years previous to signing up for our services.
- You agree to send updated reports from the three credit bureaus to us within 5 days of receipt.
(Clients should receive updated credit reports every 15-45 days. It is the client's responsibility to make us aware if updated reports have not been received).
How long will it take to raise my score?
Through our services, 93% of our clients see their credit score increase 20 points or more in the first 35 days. Over the full 180-day term of the contract, the average credit score increase is 120 points. See full statistical breakdown.
Why are your results different?
There are two sides to the credit score battle. Sometimes, the creditors and the credit bureaus have done absolutely everything right and we have no case against them. On average, clients are able to remove 70% of the negative items from a credit report.
Will the removed items come back?
Items cannot come back as long as the item is current or paid at the time of removal or if the collection is older than three years. This holds true except in very rare circumstances.
What items can you help me to remove and improve?
With our assistance and document processing, our clients have had great success. Again, studies have shown that 79% of all credit reports contain errors. This is nearly 8 out of 10 reports. Therefore most credit reports improve immediately. For items that disputed that are not errors, a creditor or furnisher is often unable to find the records or signed documents within the allotted time and the item gets removed. Sometimes the furnisher will say it has been verified but not offer proof. It is our job to prepare documents that challenge this and we are very skilled at that.