Credit Repair FAQ
Credit repair results are not the same for all persons. There is not a way to set a standard time or result outcome for any clients’ service outcome. Even if two people had the identical file, there is a likelihood that both would produce somewhat different results.
From historical data of many past clients, it is common to see the majority of the positive results by the end of month 3 or 4 when the account is properly addressed, but this is not always the outcome.
Many will ask me to forecast or predict the outcome of their service, or the credit score they might expect.
I never make predictions as to outcomes or scores because that would infer that I know the proprietary algorithm of “FICO”.
Don’t believe anyone who attempts to have you believe they can do so.
What I can give you is historical data reference from persons with similar files to your own.
I never assume to know what a 3rd party is going to do in response to my challenges and disputes.
There are time limits for how long negative credit can remain on the report. In reality, there is no “MUST”, and the creditor or the credit bureau can decide to have the negative credit items deleted whenever they please.
EXCEPT: The FCRA exists to protect against something remaining on a report forever.
The credit bureaus would report every piece of negative information forever if not for the FCRA, which mandates that most negative items must be deleted from the credit report in no more than 7 years from the date of last activity (DOLA).
BTW: DOLA means your activity, not the creditors!
Bankruptcies can remain on a report for up to 10 years.
Regardless of how bad the credit item is, the law will require that the credit bureaus stop reporting it after these set time periods. The keyword above is “no more.” The fact is the credit bureaus can remove items whenever they want to. So if you see an item on your credit report that is past the allowed reporting date, immediately dispute it, or have the licensed credit professional do so on your behalf.
The “Free” credit scores that you see advertised on television and online are typically never those that are used in making retail or mortgage credit decisions.
They are usually not even actual credit scores used in lending decisions.
Even when purchased directly from the 3 bureaus, they will not normally supply you with the actual scores.
Not at all!
This is completely false. Debit cards are just like writing checks from your bank account.
They do not get reported to the credit reporting agencies unless you somehow overdraft them, and then only negative credit is reported.
In most cases, No! Closing revolving lines of credit typically does the opposite. When you close revolving credit lines, you are reducing the available credit percentage from your profile.
Revolving credit pay history, average age of revolving credit, and utilization percentages are responsible for 30% or more of your credit scores.
The Credit Reporting Agencies (Experian, Equifax, and TransUnion) are privately owned businesses which are not dependant on each other for the data which they store or delete. If one or two credit reporting agencies adds or deletes an item to their report, it does not mean that the third is required to do so.
A report of Fraud or Identity Theft is among the only times the Credit Bureaus are required to cooperate and notify the other.
There are currently 28 versions of the FICO score.
There are 10 for Experian, and 9 each for Equifax and Transunion.
Each version uses all of the information contained on that bureau, but weighs the items differently depending on the purpose of the inquiry.
A mortgage FICO score will differ from an automobile FICO, and both will differ from a credit card or personal loan FICO.
Be aware that most online credit monitoring sites do not provide actual FICO scores, but simulations which are often far from accurate because of the many variables between purposes.
Sadly, paying off collections or charged off items may actually harm your credit scores.
I suggest speaking for free with one of our credit repair specialists who can explain some options, and when/if it is a good idea to pay one or more of these items.
Ultimately, negative items do not fall off because you paid them.
You are absolutely correct to be cautious of anyone you are sharing sensitive information with. We are registered and regulated by The Department of Justice, Office of The Attorney General.
We can also be located on the website of The California Secretary of State website registry.
This is also not enough to base your information on.
You should also do extensive search on the internet via Google etc. for reviews and evaluations of any company you are considering in an effort to satisfy your concerns.
There are many things to consider when receiving these offers.
Is the debt really yours?
Does the company have the right to collect this money?
How will it affect my credit report if I accept?
How do I know they will honor the agreement?
Please ask us before contacting these companies for a free analysis of the offer.