Q. Is my credit score important when it comes to getting approved for a loan?
A. Your credit score is important but it is not the only thing that a lender considers when approving or denying you for a loan. Your Credit Score will determine how much it will cost you to get the loan. The lower your 'Credit Score' will either lead to denial or the lender may approve you but with a high interest rate. Some lenders such as mortgage companies require a minimum credit score to approve a loan.
Q. Do I have to wait until a creditor removes a negative item off my credit report?
A. No, you have a right to request an investigation for any negative or possible item on your credit report. If the creditor or the credit reporting agency finds that the item is not correct it must be removed regardless if you owe it or not.
Q. Can I have a negative item removed off my report if I legitimately owe money to the creditor or debt collector?
A. Regardless if you owe the money or not you have a right to challenge the negative item(s). Every creditor or debt collector must follow the law when adding negative or positive items on your credit report. On the assumption a creditor didn't have the appropriate information about your account the negative item must be removed or updated with the proper information by law.
Q. Can I challenge my negative items myself?
A. Yes, you can, but you must produce the dispute letters professionally and you must be prepared for an extreme follow up process that can take months to resolve. If you do it yourself you will need to quote the laws according to the Fair Credit Reporting Act and Fair Debt Collection Practices Act. If you do this wrong you can make your credit worse and make it harder to repair. Our firm does all the work for you. The only thing you must do is forward us any correspondence from the credit bureaus.
Q. How long will it take to repair my credit?
A. Every credit situation is different. Depending upon how many negative items, will determine how much time and work will be needed to accomplish your goal of credit repair. We will take the time over the phone or in person with you to discuss each item on your credit reports and make sure to create a plan that will suit your situation the best. Our program is very fast pace and we will address every item on your credit reports that are negative. General time line because of this is about 90 days or sooner.
Q. What type of items can really be removed off my credit reports?
A. Any item(s) that you believe are inaccurate, outdated or unverifiable can be removed from your credit reports. Items that are verifiable such as old collection accounts and public records can be removed with creditor participation. During your credit repair process, we will also send demand letters via mail requesting full validation of any collection account. If these tradelines or accounts are not fully validated they will get removed from your credit reports.
Q. When will I start seeing results?
A. Your file is fully completed within 3-5 days and sent off to all 3 credit reporting agencies. You will receive responses from them within 30 - 45 days. They will respond individually, and just because one bureau removes a specific negative item off your credit reports does not mean the others must as well. They are all separate entities and conduct investigations differently.
Q. When will my credit score go up?
A. Usually within 30-45 days you will see changes in your credit scores from the changes made in your reports. You must also understand that your credit score is not only determined by having the negative item(s) removed. It is also determined by the current credit you are also paying on, your debt to credit utilization ratio, debt to income ratio and the number of payments you've made on your good standing accounts.
Q. Do I fill out anything we receive in the mail from the credit bureaus?
A. No, do not fill out any correspondence you receive from the credit bureaus, collection agency or any creditors.
Q. I received responses from the credit bureaus stating they will no longer investigate items on my report without documentation to prove the items we are disputing are being reported incorrectly. What are the next steps?
A. That is one of the various stall tactics the credit bureaus use in order to discourage consumers to stop disputing with them. When this happens, just continue with the plan and continue with the dispute process.
Q. My credit score went down after my dispute, why is that?
A. There is a possibility that your score can go down while working on your file. There are a variety of reasons that this may happen such as new negative information reporting on your file, falling behind on payments, being above on your debt to credit ratio or not having enough positive tradelines on your credit report to make up for the negative accounts you have reporting. We cannot control these factors so we ask for your patients and it is also very important to listen to some of our advice on how to rebuild and improve your credit scores after the repair.
Q. Why do scores from a mortgage company differ from ones I pull from a site on my own?
A. That is because there are 49 different scoring models in the credit industry. That means you can have one credit score showing on Credit Check Total as a 670 and show up on Privacy Guard as 710. The only scoring model consumers need to focus on is the FICO model, which is used by almost every industry. The FICO model runs on a scale of 300 to 850 with a 720+ considered as an excellent credit score. Www.myfico.com and also www.creditchecktotal.com are some sites you can get this scoring model on.
Q. Will pulling my own credit report online lower my credit score?
A. When you request your own report, which is considered a soft pull, it has no impact on your credit scores. When you are applying for financing and the company requests a hard pull, then that will generate an inquiry on your credit report. Too many hard inquiries will lower your credit scores.
Q. Can I apply for credit during this process
A. You should not apply for any credit whatsoever during this process. This can result in minimal to no results and/or the credit repair process may take longer. We are not responsible for any lack of results on our end if you do this throughout the credit restoration process. We do however have affiliates we work with that we will recommend if building positive credit history is needed. Our affiliates do not have credit checks and is almost guaranteed approval.
Q. Do I still owe the debt once the account has been removed off my credit report?
A. Once the account has been removed from your credit report and stature of limitation has been reached, legally the company cannot collect the debt anymore. Every state may vary. With that said, we are not consulting you to not pay the debt or to intentionally default on your bills. The company does have the right to sue you in certain situations.
Q. When am I eligible for a refund?
A. You’ve have had no new collections or missed payments in the time frame we are assisting you. You maintain a Credit Monitoring service throughout the Credit Repair service. 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.