FAQs
- What is a Credit Bureau?
- How Does CRC Do this Legally?
- How many are there?
- What if Deleted Items Reappear on My Credit Report?
- Are all 3 important?
- Do I Need to See My Credit Reports First?
- How long does information remain on my report?
- Do You Guarantee Your Service?
- Why do Credit Bureaus not want me to use a Credit restoration Company?
- How do I get my credit report?
- How long will it take for me to repair my own credit?
- What information do I have to give to the credit bureaus to get a copy of my credit report?
- How long would it take CRC to repair my credit?
- Can I get a copy of my credit report online?
- Can I get credit cards while repairing my credit?
- What do credit bureaus do?
- Does Paying Off My Bills Repair My Credit?
- What's the worst thing that can appear on my credit report?
- What can I do if I have no credit at all (good or bad)?
- How long does information stay on my credit report?
- Who can see my credit report?
- I have bad credit now. Do I have to wait 7 to 10 years before I can get a loan?
- Why should I use a Credit restoration Company?
- I got my credit report. What do I do now?
- How Do You Restore Bad Credit?
What is a Credit Bureau?
Credit bureaus track personal, financial and credit information on individuals. This includes information taken from public records, personal identification and debt information. With the exception of back child support payments, creditors supply information on a voluntary basis. Credit bureaus are strictly private 'for profit' entities, and are not government institutions.
How many are there?
There are 3 major credit bureaus: EQUIFAX , TRANS UNION and EXPERIAN (formerly known as TRW).
Are all 3 important?
The three (3) major credit bureaus pass information to additional minor or less well known credit bureaus. Each major credit bureau therefore will cover at least one-third of your total credit history. And even though your credit report may display the name of an otherwise unknown small credit bureau, the fine print will show a major credit bureau is ultimately supplying the information.
+ How long does information remain on my report?
Credit bureaus report credit information for a period of seven (7) years. Some states have special provisions for collections and paid liens. Chapter 7 and Chapter 11 bankruptcies are each reported for 10 years, and chapter 13 bankruptcy is reported for 10 years, both measured from the date of the filing.
+ Why do Credit Bureaus not want me to use a Credit Restoration Company?
The credit bureaus will tell you that it is easier and less expensive to do it yourself. While it may be true that you have the right to repair your credit yourself, many individuals do not have the time, experience and organizational savvy necessary to deal with bureaucracies. You must also spend hours of study to gain a working knowledge of the consumer laws available to you. Many who start repairing their credit turn to a credit restoration company after months of work.
+ How long will it take for me to repair my own credit?
There is no definite answer because it depends on your initial credit status, your-dedication to review your credit report and prepare letters to each of the credit bureaus, and how long it takes you to learn your credit rights by familiarizing yourself with the Fair Credit Reporting Act (FCRA). You must remain organized and effectively draft your correspondence to the credit bureaus. This process can easily take six months of diligent work to be effective.
Or, you can hire CRC to work proactively on your behalf.
+ How long would it take CRC to repair my credit?
Again there is no definite answer, only definite advantages as the time varies depending on the initial credit status of each customer. Using CRC eliminates the time invested in learning credit laws and drafting correspondence for the paper chase with the credit bureaus. It frees you from crafting carefully worded correspondence and following each dispute. The credit bureaus will be less inclined to view a credit challenge from a recognized credit restoration company as frivolous or unfounded. On average it takes between 30 days and six months depending on your particiular situation.
Can I get credit cards while repairing my credit?
Yes, you are able to apply for credit cards while repairing your credit, but you should take care to make sure that you do indeed get approved for any credit you request. Remember, even mere inquiries from prospective lenders are treated as negative credit data. Find out what the lending institution's criteria is for granting the credit card or loan you want before submitting the application and make sure that you fit and can meet their criteria. If not, you SHOULD NOT apply as it will only add negative credit information to your credit history.
With all those credit card offers out there, where should I apply then? CRC has several companies that we recommend while rebuilding credit, Click here for more information.
Does Paying Off My Bills Repair 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. In fact, it re-ages and the seven year clock begins again with that negative listing. And, the most ironic thing is that a paid, current negative listing is not any better than an unpaid negative listing. That's not always true, but in most cases, you won't get much further by paying the old debt. The good news is that we can help you settle those debts and save you a lot of money in the process.
What can I do if I have no credit at all (good or bad)?
In that case a credit restoration service may not be the best thing for you. Lenders are typically more amenable toward extending credit to persons with no credit history, than to persons with a history of bad credit. A steady source of income, money in a bank account, or a relative willing to cosign your credit application may be all you need.
+ Who can see my credit report?
Anyone who wants information for a business transaction between you and them may obtain your credit report. This may include an insurance company, a prospective landlord, a prospective employer, a collector, or a government official.
Why should I use a Credit Restoration Company?
The most common reasons are that individuals either have already tried themselves and obtained limited results, or they just don't have the time to undertake this task. If you decide to use us, you can be assured that you will be receiving the best assistance and service possible.
How Do You Restore Bad Credit?
As part of your contract with CRC for credit restoration services, all negative, erroneous and obsolete information on your credit report will be challenged. All credit listings showing up on the credit report which you advise us are assumed to be inaccurate or unverifiable will be subjected to a dispute. Once we've received your credit reports we will initiate disputes for you. These disputes done verbally, electronically and in writing, communicate your dispute in such a way that the credit bureaus will be more likely to accept the dispute and conduct an investigation of the disputed item.
While this may sound easy, any person who has attempted to dispute their own credit will tell you otherwise. According to federal law, the credit bureaus can ignore your dispute under a variety of conditions. In our experience, a large percentage of dispute letters sent directly from consumers are rejected under one credit bureau pretext or another.
At the conclusion of the credit bureau's investigation, a new copy of the credit report will be sent to your address showing any deletions or improvements as a result of CRC services. You then copy and send us the new credit report and the cycle repeats itself at timed intervals.
A disputed credit listing must be accurate and verifiable for it to remain on the credit report. If the credit listing is only somewhat inaccurate, the credit bureau may simply change the item to correct the inaccuracies. Very often, though, disputed credit items cannot be verified: the creditor either no longer possesses the information or does not wish to go to the trouble of verifying it. Also, the reinvestigation must be completed within 30 days or the listing must be removed. For these reasons, properly disputed credit listings are removed with remarkable frequency. Each time an investigation is commenced, the odds of receiving a particular deletion increases.
How Does CRC Do this Legally?
Disputing your credit report is your right (see the Fair Credit Reporting Act via the links below). Credit restoration is as legal as pleading "not guilty" in a court of law. With that said, though, one must understand that Credit Restoration Consultants is not a law firm and that none of its employees is an attorney licensed to practice law in the state of Florida. As such, CRC cannot provide legal advice nor represent any individual before any court or in any legal proceeding. In the event that legal representation is required, CRC may provide an appropriate referral for consultation.
What if Deleted Items Reappear on My Credit Report?
On occasion, a negative listing that was recently deleted will eventually be verified by the creditor. The Fair Credit Reporting Act requires that the credit bureau inform you of reinstatement of a previously deleted listing. The FCRA also makes it more difficult for credit bureaus to re-report listings. Because of these factors, it is fairly rare for listings to come back on your credit history once they've been deleted. If an item is re-reported, it is a simple matter to challenge the listing again at a future time in order to press for permanent deletion.
Do I Need to See My Credit Reports First?
Most people visit this website after they have been denied credit. Most even know the specific nature of the negative listings appearing on their credit report. With this in mind, it is not necessary to know exactly what is appearing on the credit report before we begin work. It is only necessary to know that there is a credit history problem which needs to be addressed. One amazing thing about bad credit is that almost any small amount of bad credit will trigger universal credit denial. A little bad credit isn't much better than a ton. So, if you believe that there might only be a couple of negative listings on your credit report, it still makes sense to hire CRC for the time it takes to remove those listings. In any case, if your credit comes back all positive, we generally refund our monthly service any fees.
Do You Guarantee Your Service?
It's important to understand that it is a violation of the Credit Repair Organizations Act to offer a specific result or guarantee of services. It is vital to note that there are no guarantees involved when working with any credit restoration company.
How do I get my credit report?
You can contact the three main credit bureaus and ask them to send you your credit report. The three credit bureaus are:
TransUnion (800) 916-8800
P.O. Box 1000
Chester, PA 19022
http://www.transunion.com
Experian (888) 397-3742
701 Experian Parkway
Allen, TX 75013
http://www.experian.com
Equifax (800) 685-1111
P.O. Box 740241
Atlanta, GA 30374
http://www.equifax.com
The cost is $3 to $8. If you have been recently turned down for credit, you can get a copy of your credit report free from the credit bureaus.
What information do I have to give to the credit bureaus to get a copy of my credit report?
You have to provide the following: your full name, your current address, your previous address (if you moved in the last 5 years), social security number, date of birth, a copy of your valid driver's license, billing statement or utility bill with your address clearly marked, and your signature.
Can I get a copy of my credit report online?
Yes, you can. Go to Monitrust.com
Click on the link above for immediate access to your consumer credit profile.
What do credit bureaus do?
Credit bureaus have huge databases on the credit histories of consumers. This information is gathered and given to the credit bureaus from creditors that have extended you credit in the past (for example, landlords, credit card companies, the IRS, department stores and banks). Your credit history contains information that creditors use to evaluate and determine your ability and willingness to repay credit. Typically, credit bureaus give the following information: Your open accounts, credit limits, current balances, number of late payments, collection actions, tax liens, and whether you own your own home or not.
What's the worst thing that can appear on my credit report?
There are basically ten things that look the worst on your credit report. Here they are, listed from the best to the worst: Credit inquiries, credit rejections, late payments, past due and unpaid payments, court judgments, collections, loan defaults, repossession, foreclosure, and bankruptcy.
How long does information stay on my credit report?
All negative information stays on your credit file for anywhere from 3 to 7 years. However, if you are applying for life insurance for over $50,000, or for a job that pays over $20,000, a credit bureau may provide information that is over 10 years old.
I have bad credit now. Do I have to wait 7 to 10 years before I can get a loan?
On the practical level you can have an A-rated credit report within 2 years of even bankruptcy. Why? Because lenders are much more interested in your present circumstances than what happened to you 3 to 10 years ago. Rebuilding your credit can be done rather quickly through a systematic plan, and a little perseverance. Keep in mind that positive credit information stays on your credit report forever.
I got my credit report. What do I do now?
Go through it and look for negative items, such as: Past due history, collections and profit and loss, inquiries, and public records (bankruptcies, liens, court judgments). If any of these are inaccurate, dispute them directly with the credit bureau.
Previous page: Community Involvement
Next page: Contact Us
Community Involvement
Weston Relay for Life
Starlight Children's Foundation
