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 What is a Credit Bureau and how does it
work?
How many Credit Bureaus are there?
How many Credit Bureaus are important to my
creditors?
How long can Credit Bureaus report information about
me?
Do Credit Bureaus make mistakes?
Why do Credit Bureaus tell me not to use a Credit Repair
Company?
How long would it take me to repair my own
credit?
How long would it take for a Credit Repair Company to
repair my credit?
Can I get credit cards while I am repairing my
credit?
What can I do if I have no credit
or only Bad Credit?
How does a Credit Bureau make money?
Why can't I get the Credit Bureaus to remove erroneous
information?
Who can see my credit report?
Why should I use a Credit Repair
Company?
What do I need to get started with a service your company
offers?
What is a Credit
Bureau and How does it work?
A Credit
Bureau is a reporting system that has literally a library
of
information about you. The credit report
records show information
about your debts,
personal identification, public records and any
other
relevant credit data. There are no requirements for a
creditor
to report information about you nor for a
credit bureau to report in-
formation about you
except, back child support payments. All in-
formation
that is reported is voluntary in all respect. Credit
Bureaus
are not Governmental nor Congressional they
are a for profit business.
They make millions
of dollars simply reporting consumer credit
information.
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How many Credit
Bureaus are there?
There are
hundreds of credit bureaus that report credit for
different
states. Most are sub-stations of
the 3 Major Credit Bureaus:
EQUIFAX TRANS UNION EXPERIAN (formally known as
TRW)
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How many Credit
Bureaus are important to
my creditors or
prospective creditors?
The 3
major Credit Bureaus are the most important as these
companies
feed information to the smaller credit bureaus that
are
located closest to you. When you ask for a copy of your
credit
report it may come back with a name of a
credit bureau you do not
recognize. If
you read the fine print it will tell you who they are
working
with. When repairing a credit report, all 3 credit
bureaus
have to be dealt with. Each credit
bureau is a third of your total credit history.
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How long can a
Credit Bureau report
information about
me?
The credit
bureaus will report information about you for a period
of
7 years. For bankruptcy 10
years. Some states have
provisions
for paid liens and collections.
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Do Credit Bureaus make
mistakes?
Yes,
where you get your statistics from
will have a lot to do with
what percent the
credit bureaus make mistakes,
such as the
following statistics:
1.
Attorney General: New York State estimate is that
1/3 of all reports have errors.
2. United
States Congress has estimated errors exist
in 1/2 of all reports.
3. Charles Given
Organization conducted a study in
which 90% of credit reports reviewed contained
errors.
4. Consumers Union 48% of all credit reports
contain
inaccurate
information.
In a
credit system where even one minor mistake can cause you to
be
denied credit the statistic show that the
errors by credit bureaus are
alarmingly high. We
don't believe credit bureaus intentionally report
incorrect
information, they are just reporting too much information
and
there is always human error in any business. Our
opinion
is that better precautions should be taken to
provide error free credit
reports.
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Why don't Credit
Bureaus want me to
use a Credit Repair
Company? The only
reason we can find is that they say you can do your own credit
repair. You can! And have every right to repair your own credit reports.
The Credit Repair Course that we offer is EXCELLENT for teaching you
to do it yourself... For many it is the way to go-- for
others--? You can also
represent yourself in court cases, attempt to do your
own taxes, and
even fly jet planes. If you are not experience at it you may not come out
on top but you can do it.
Many individuals don't have the time and persistence mixed with
organizational skills to cut through all the red tape of
credit repair. We simply have the ability and the experience to do the
work for you. Credit repair is not an easy task you must know the laws
that have been enacted for you as a consumer and you
must do every
thing by the book. You must be careful not to get yourself in trouble
while trying to get out of trouble. Companies that sell do-it-yourself
repair kits and offer you no other choice or assistance are basically
telling you... you are on your own. Many Individuals have started out
doing their own credit repair and ended up using a full service company
after many months of work. There are also some negative connotations
about credit repair companies. There are some shady
ones out there,
but no more than any other type of business, just make sure you
choose a credit repair company you trust.
A few
bad companies should not restrict you right to assistance. Make
sure you choose a company wisely. Make sure they do not want to change
your identity or offer you a new social security number. Make sure you feel
comfortable with your choice and above all if it sounds too good to be true,
IT
USUALLY IS.
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How long will it
take me to repair my own credit?
It depends
on you. Once the process is successfully begun you
can often see results in
45 to 60 days. However,
a successful
start means
you have familiarized yourself with
proper procedures so that your disputes
have been
correcdtly submitted and have read the
Fair Credit Reporting Act (FCRA) to understand what your rights are.
You will need to learn how to format your letters to the bureaus and keep every-
thing organized. If you've never done this
before, seeing substantial successful
results
will vary but
"Guesstimating" it
could take anywhere from 6 months
to a year. It will be a learn as you go situation when
you start from scratch.
Realize,
if you do not
provide the proper formatting and
information
The bureaus will often denote
your dispute as being "frivolous",
reject all disputes
and force you to start again
from scratch.
Knowledge is the power with this work.
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How long would it
take for a Credit Repair
Company to repair
my credit?
By
law, when a dispute is made, the credit bureau has 30 days to either
prove it's
valid or remove it. So if
everything goes PERFECTLY for you and
they
remove
everything on your report, it would
still require, at least, 45 days or
more to
begin seeing
positive results.
Fixing your
credit it not an overnight process.
But is an EFFECTIVE process.
The
government has given you rights, but
also given the creditors time and
technicalities
that
allow them to protect there's.
But
giving an exact time frame is impossible because every credit
report carries different information and circumstances.
But in every event a
professional service is quicker because
they do this every day and
know the technicalities that
bureaus use to
slow you down, frustrate you,
force you start over again or
simply to stop altogether.
We get it right the first time, so that
you usually start seeing results
withing in 45 to 60 days.
Using a credit
repair service eliminates the time allotted for a learning curve
and formatting of letters, you don't have to organize anything nor
keep track of where you left off with the last dispute to each credit
bureau. In other words it is hassle free with minimal involvement.
When
the creditors inform you of the
results of the dispute, if it was deleted,
Great! If not? Make note
of it. When the total results are in, you
just see which blemishes, if any,
remain and then decide whether
your credit file is clean enough to
accomplish your objective.
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Can I get credit
cards while repairing my credit?
Yes, but
realize that Inquiries are considered negative credit data,
So until
your situation is such that an approval is likely, refrain from
applying.
Otherwise you are accomplishing nothing
other than adding more negative
data to your record.
If you are working on
your own credit
repair, don't apply for
credit until you
are about finished.
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What can I do if I
have no credit at
all (good or
bad)?
The best
thing to do is, open any type of account, even a secured credit
card.
Even a small balance that you pay ON TIME!
Do you have friend or
family
with good credit accounts? In most cases, you call that creditor and
have you
added as an authorized user. As soon as you are put on the
account
your credit score reflects all the months or even years of timely
payments
made by the account holder. I've seen this method
improve
credit scores by up to 200 points in
30 days!
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How does a Credit
Bureau make money?
Credit
bureaus make money by reporting credit. If you have bad
credit
you make them even more money
simply because you will apply for
credit about 10
times more than a person with good credit. Did you
know that the credit bureaus can sell your name without your
permission?
You are the one who has to write and
tell them not to sell your name!
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Why can't I get the
Credit Bureaus to remove
erroneous
information on my credit report?
The basic
reason is because credit bureaus are there to report credit
data,
not revise it. It takes
man power and time for a credit bureau
to
verify negative disputed credit items.
They make money by reporting
your
credit not by helping you restore it. This does not mean
they
will not help you with your disputes, this
means they are not going to just
jump right up and
get you the results you want.
Additionally,
because doing so costs them money,
they will often use
any legal technicality at
their disposal to make it more difficult
for you to
accomplish your objective.
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Who can see my credit
report?
A
prospective creditor, employer, government official,
Insurance
companies, collectors, some one considering
you for a license or other
government related
benefit, anyone wanting information for
a
business transaction between you and them
(i.e.) landlord. Basically,
anyone with a good
reason to see your credit report.
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Why should I use a
Credit Repair Company?
Many
individuals use credit repair companies because they have no time
to take on this time consuming job. Some because they just don't know
what their rights are and others because they have tried to do it alone
and could not get any results. If you fit one of these categories maybe
you do need assistance. You have to make that decision and if you
choose to use our services, we will give you the best assistance possible.
If we can't do it neither can anyone else. You have nothing to loose and
a
lot to gain. We have never failed to get positive results!
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What do I need to
do to get prices and
information on your
services?
You are never under any
obligation with our services we are here only if you want
us.
So contact us any way you feel comfortable. Remember
there are millions of
people with credit
problems just like yours and each person has to
make
the decision to do something about it. Reports
show that over a million
individuals will
file bankruptcy each and every year. This shows the
debt
problems in the
U.S.
Bankruptcy is not the end of the world,
in fact most people, with the proper
direction, can
rebuild their credit status within
Bankruptcy discharge
date.
For
important links on how and why Credit
repair works see below.
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