What is my credit report?
Although there are three primary credit reporting bureaus providing data about consumers, they all agree that a credit report should be a summary document that itemizes the credit (borrowing) history of the individual. This should show their previous and their current debt, the amount of money that they must pay out on a monthly basis to their creditors, sums that are past due or delinquent, and the amount of credit to which they can have access through their credit accounts. There are other items listed in the reports (such as bankruptcies), but it is those factors listed that are the primary contributors to a FICO score.
Does everyone have a credit score?
If you have ever had insurance of any kind, opened a bank account, obtained a credit card, signed up for a mobile phone service, or borrowed money in an official capacity it is highly likely that you have a credit report and score.
How does the credit score actually affect someone?
Because a credit report shows every single debt, it can reveal if someone is living beyond their means which can mean they are a financial risk. The credit score or information in the report can also demonstrate if someone is unreliable by indicating if they have many late payments, defaults, or delinquencies. If someone has frequently defaulted on bills altogether they are then viewed by lenders of all kinds as a risk, and are usually declined credit. Even if someone with poor credit is given a loan or account, they are usually forced to accept a higher interest rate because their credit score shows them to be a bit of a risk.
Can you get a bad score for only one or two problems or mistakes?
Anyone can get a low score by simply forgetting to make only one or two payments, or by making payments a bit late. When someone tries repeatedly to get credit this is also a negative issue on the score as well. Additionally, when someone has a lot of credit available to them and they are using most of it (even if they are not missing payments or in any kind of default) it will usually reduce their score as well. There are many ways that a consumer who pays their bills on time can end up with negative marks that give them a lower score than they should have.
How can your program help my score?
We make improving your score as easy as possible. You submit the information we need through your application, and through copies of your three reports, and we then perform a thorough analysis of all the data. We find everything that is affecting your score in a negative way, and we tag the items in several ways. There are those that are simply not in compliance with credit laws, which we approach through written correspondence and telephone calls. We make an irrefutable paper trail that usually sees the items entirely deleted from the report, and this has an instant and positive effect on your score. There are other issues which are not so easily erased, but which can be deleted with the passing of time.
How long does it take to fully repair my report?
Once we begin our work you will see positive changes in as little as one month. It is important to remember that some creditors want to negotiate, will drag their feet, or even force a payment of some kind. This might mean that six months or longer will have to pass before we can completely finish the work.
We also have to go back and verify that the creditors and the bureaus have followed through on their promises, and this too can take some time in repeated calls and discussions. We know the laws and we ensure that you are protected as fully as possible.
How do you get my credit reports?
When you are finished applying for our credit repair work, we will walk you through the process of getting copies of your reports. If you have not done so in the past twelve months you can get all three for free (which is a federal law). If you did already get your copies for the year, and if they are no more than sixty days old, you can simply send copies of them to us via “snail mail” or even email if you have electronic copies. If they are older than sixty days you will have to pay for current copies and forward copies of them to us upon arrival.
Once we begin doing our work you will probably receive updated information from the various bureaus, but this will never come at an extra expense. Because you are the consumer, these reports will not be sent to our offices, and we request that copies of all such correspondence be forwarded to us for our records.
If I am requesting my second or third copies for the year, will that hurt my score?
Not at all. You can obtain your credit reports as often as you want; it is only when a creditor asks to see your report that it harms the score. The reason points get knocked off the score for an inquiry by a lender is because it implies you are going to assume further debt. These missing points are usually returned after only a few months, but you should still try to avoid this. Some credit reports show that creditors looked at your report without a request from you. These do not affect your score because these are made for solicitations, such as “pre-approved” credit card offers in the mail, and do not imply some new debt is about to be acquired.
Why can’t you get my credit reports for me?
The laws state that a credit repair company is not allowed to directly acquire the reports of any consumer. A creditor can get the data because they are in the business of giving out money in the form of credit, but a credit repair service never falls under such a heading and cannot get the data. We also do not want to negatively impact your score by running a request for the report in any other way. We do make it very easy for you to get your reports and send them on to us, however.
I understand that most of the work is going to be in your hands, but is there anything I can do while you are repairing my credit?
Yes, there are a few key things we ask all of our clients to keep in mind. The first is that you should make absolutely sure to pay bills on time. We may have negotiated a repayment plan on an account, and if you miss a payment the creditor will usually have the legal right to reinstate the entire debt, plus interest, and cancel the plan we created. Additionally, a single late payment can be noted on your report, and this too can undo some of the work we might have accomplished.
The next thing to remember is that you should try not to push your accounts to their maximum limits as this too reduces your credit score. In fact, some consumers see their scores knocked down by one hundred points or more simply for maxing out their credit accounts.
Lastly, if we are in the midst of repairing your credit, it is not the best time to try to open any new accounts. Each inquiry on your credit can reduce the score, and having a lot of new accounts can also cause negative effects.
If I am married should my spouse get their report repaired too?
We recommend that married couples sign up for services at the same time in order to make our work more effective. Even if all accounts are not shared, we can still help you both to get the strongest scores possible.
Can you really dispute a jointly-held account?
Actually, any joint accounts are dealt with as individual accounts, and we will make sure that any negative issues from jointly-held accounts are removed from both individual reports. Remember, you have your report, and they have theirs, and both need to be as strong and healthy as possible.
What about afterward? Can you help us establish some good credit?
Should our clients require access to credit once their scores are improved, we can work with you to identify some good sources for credit card accounts. In fact, this is probably the first step towards improving your score for the future because you will have one or two accounts without any negative marks. Usually we recommend finding a secured card, which takes a small deposit and issues you credit against it. You can then make a small purchase and repay it within the billing period, or soon after. This is a great way to improve your credit score.
What sort of privacy policies do you have?
We do not share your personal information with any vendors or partners. We don’t have any affiliations with banks or credit card companies, and we do not sell mailing lists. Your information is used by our staff and no one else.
