1.
Is it correct to assume that when you remove items from my
credit report, such as a collection, that I will still owe the
original creditor?
That the disposition of the amount due to
the credit will remain the same, but the entry will be taken off
my credit report?
Open collection accounts can be deleted from credit reports in
the same manner as paid collection accounts. The creditor cannot
re-report the item to the bureau once it has been deleted since
they did not comply with the original request in the first
place. Once an item is deleted, it remains deleted. Yes, the
balance is still owing to the creditor, but they cannot
re-report it to the credit bureau. This item was WRITTEN OFF as
a loss. We are not suggesting that folks should not pay their
bills. However, sometimes, and very rarely, it may be necessary
or helpful to negotiate a settlement on old debts if you choose
to do so.
2.
Once the derogatory Reporting has been removed will they ever
return to my Credit report ?
Absolutely not! Once the
derogatory reporting has been removed they will not return
unless you repeat what caused the derogatory credit reporting in
the first place. What you are describing is the general practice
in the credit repair industry. Basically what other companies do
is flood the Credit Bureaus with frivolous dispute letters. The
bureaus temporarily remove the items while they investigate the
claims. Then once they complete the investigation realizing the
claims are frivolous they add the item back onto the credit
report.
While
rare, there are times when a creditor will eventually verify
information that has already been deleted from your credit
report. The federal law requires a credit bureau to inform you
prior to re-listing a previously deleted item. This same federal
law makes it more difficult than ever for a credit bureau to
re-list a deleted item. Therefore, although it is technically
possible for a deleted item to reappear on your credit report it
is highly unlikely. Don’t worry, if an item reappears on your
credit report we can again dispute it at a future date and work
towards a permanent deletion.
3.
Is this legal ?
Yes, we are leveraging our established relationships with all
three bureaus. Without divulging our proprietary process
basically, we are removing on your behalf derogatory reporting.
In our opinion what is illegal is the outrageous interest rates
that creditors are charging most people today!
Your
right to dispute items on your credit report is explicitly
granted by the United States Congress in the Fair Credit
Reporting Act (and other laws). Unfortunately, because it
requires extra work to investigate as the law mandates, the
credit bureaus would have you falsely believe that there is
something wrong with disputing items even though it is
absolutely within your rights to do so. Disputing items on your
credit report is as legal as pleading “NOT GUILTY” in a
court of law. It is entirely within your rights and the freedom
to do so is protected by law. The only way to modify your credit
reports is to use the laws. Credit repair companies act as a
check and balance system agains tthe credit bureaus and
collection agencies.
4.
How long will it take to restore my credit ?
This depends on your credit report and the number of derogatory
items being reported. Time is one of the drawbacks to any legal
credit repair. Other companies may illegally tell you otherwise,
but the truth is, credit bureaus are entitled to 30 days to
respond to any dispute. Although it is possible to restore your
credit within 30 days, we ask for 60-90 days to see dramatic
results. Keep in mind that within the first 30-45 days most
derogatory items will be removed with the remaining removed
shortly thereafter.
5.
I don't have a lot of money. If I can't pay my bills, how can I
pay for credit restoration services?
The one-time investment
you make for credit restoration is a small price to pay to enjoy
a good credit rating in the future and also, the lowered
interest rates you will enjoy on your financed purchases will
more than triple your ROI (return on investment). If you intend
to use credit inthe future, this could be the best investment
you will ever make. The average adult will spend an extra
$10,000 per year in interest because of bad credit. Our fees are
generally low considering the money you will save in interest
charges alone.
6.
Can I pay by check?
We accept personal checks, certified checks and money orders.
7.
Can Authorization Form and Payment info
be Faxed to me?
Yes. Contact
us and send us your fax number and we will fax these
documents to you.
8.
If I pay my bills, will my credit improve?
Although
this makes sense, it unfortunately doesn’t work this way. In
reality, when you pay down an existing debt the negative item in
your credit report doesn’t go away with the debt. Instead,
when you pay this debt the creditor will report this payment
late and the seven year time period will re-start. So even
though you paid, they will report it as a late payment.
Even
worse, generally a current negative listing is not treated any
better than an unpaid negative listing. Therefore, you get no
bonus points in respect to your credit report for doing the
right thing and bringing your account current. The only real
solution is to both work towards optimizing your credit while at
the same time fulfilling your payment obligations to your
creditors.
9.
Will I have to pay my Collection Accounts ?
No.
We remove your collection accounts without you having to pay the
amount they allege you owe! With this in mind it really isn't
necessary for most people to file bankruptcy!
10..
Approximately how many points does a bankruptcy lower your
credit score?
No
one has any idea how many "points" a bankruptcy can
lower your score. There is no set amount of points for specific
derogatory items. In other words, 10 points are not attached to
late payments while 50 points are attached to repossessions.
Anyone who claims to be able to answer this question is just
telling stories ! The matrix the bureaus use are very complex
and nobody knows how to calculate how much each derogatory item
is worth!
11.
Is it also possible (since the bankruptcy is only reported on
one report) that if it is removed from the one report that it
will reappear on the other two at a later date (since they
aren't currently showing it -- it would not be disputed)?
At
this point I would think not, however anything is possible the
bureaus make mistakes every day.
