Q. Who
looks at my credit report?
Almost every company you make a payment to will check your credit. Prospective creditors will always review at least one of your credit reports before granting you credit. Today it is increasingly common for insurance companies to review your credit before extending auto or health insurance. Many employers now check credit before they consider you for a position. If you rent, you may have already been through a credit check to determine your worthiness as a renter.
Q. How
much bad credit does it take to be denied credit?
As you may have already experienced, even one small late pay listing may result in credit denials. It is a myth that a large amount of positive credit can outweigh some negative credit. Any negative credit whatsoever can become a substantial credit obstacle.
Q. Does
paying off past-due accounts neutralize their negative status?
No. Paid, once-delinquent, debts still show up as severe negatives. It's important to note that credit reports don't just show your current credit situation, but they also show what your credit situation has been in the past. Therefore, past delinquency, collection activity or charge off does a great deal of damage to the credit score even if it was paid off.
Q. Do
I need to pay my unpaid balances?
If there are delinquent accounts appearing on your credit report that have not been paid off, the actual debt behind the listing may remain the same even if the account is deleted from your credit report. You still owe the same money that you owed in the first place. If you don't pay the debt, the creditor or collection agency could always re-report the item. So removing the listing without addressing the debt is only a temporary solution.
Q. How
long does the process take?
The progress of your case will depend on your participation (sending in credit reports on a timely basis,) the nature of your case, and the level of credit bureau cooperation.
Statistically, participating clients have received, on average, 8-10 line corrections by their third month, 12-16 line corrections by the sixth month, and 16-25 line corrections by the end of nine months. Past performance in not a guarantee or promise that we can help you achieve precisely the same results as we have other clients in the past. Your results may be better or worse.
Q. Can
I restore my own credit?
Given a lot of effort, experience and study, you could do some of what our staff does.
A big factor to consider is the amount of knowledge, study, preparation, time and follow-up required to effectively dispute with all three credit reporting agencies. The time needed to get it done is literally like having a full time job.
Q. Does
paying my bills restore my credit?
You would think that would be true. But, again, the credit reporting system just doesn't work that way.
When you pay an old debt, the negative credit listing doesn't disappear. Once paid, it will appear on your credit report as a paid delinquency, charge off or collection (whatever the case may be.)
You won't get very far paying your debts unless you also work to restore your credit at the same time. The good news is that we can help you settle those debts and save you a lot of money in the process.
Q. Do
negative items lawfully need to remain for up to 10 years on my credit history?
NO. Even so, consumers hear it every day when they telephone creditors directly: "Sorry, by law that has to remain on your report for seven years." The bureaus may want consumers to believe the lie because it keeps them in business. But, the truth is that nobody is required to report anything about any of us for any minimum length of time to anybody else.
