Do you have to be licensed to do Credit restoration?
Absolutely, YES! As a credit repair and restoration company, we are regulated by laws such as the Credit Repair Organizations Act (CROA) in addition to the state laws that we operate in. We are required to get licensed, bonded (depending on the state), and be approved by each state according to compliance with these statutes.
Is Credit Repair and Restoration legal?
Credit Restoration is 100% legal and legitimate. Unfortunately, there are some companies in this industry that do not operate legally, are not licensed, and promote illegal practices. That being said, we do pride ourselves on being 100% compliant with the laws that govern our industry, as well as the integrity our company operates on. We believe and operate in absolute transparency and require our clients to be aware and fully involved with their credit repair and restoration process.
Are there any hidden fees?
Absolutely not! We are transparent about our pricing models and other services that are required for our program. There are add-ons for certain services, such as removal of repossessions, foreclosures, etc off of your credit report, but we will discuss all of those with you if those are services needed. You will never be charged for anything that you did not agree to and approve with full knowledge of the fee.
Do you offer a Referral Program?
Yes! We offer a free month of Credit Service if you have 2 referrals that sign up for a service within your first month!
Do you offer a Guarantee?
By law, we can not offer a guarantee based on score increases or deletions, but we do offer a Client Satisfaction Guarantee. If for any reason you are not satisfied with our service, you can cancel at any time, no questions asked and no contract. We also offer a refund policy for the previous month's fee, if all conditions are met by the client.
How long will it take to see my score go up?
While we do pride ourselves on our ability to perform a great service to each of our clients, we can not guarantee any score increase or deletion. There are many reasons for this, but one is that we are advocating on your behalf with multi billion dollar companies that operate by their own standards. That being said, on average, our clients can see the first changes to their reports typically within 1-4 months and may see a Vantage score increase of 10-100 points! There are many factors that play into this, such as removal of negative accounts, utilizing credit building, and following your financial plan to pay down high balances on revolving credit.
How long is the program?
Each client's situation is different and results can vary greatly, but we typically help our clients for 4-6 months, but it can be longer if needed.
Do I have to be involved in this service, or do you do it all for me?
This is your credit journey and we all have a part to play in helping you obtain the goals you have. While there are things we do for you as a company, such as disputing on your behalf and guiding you in the process, we require all of our clients to be actively involved in repairing their credit file. The most important role you have in this process is communication and commitment to following your program. Everyone can have great credit, but it requires time, patience and trusting the process to get it.
What is Credit Monitoring and why is it required?
Credit Monitoring is essential for your program, as it allows us access to a new 3 bureau report each month, which helps us see any changes in scores and accounts after each round (typically 30-45 days) of disputes.
Can I apply for credit during the process?
We greatly discourage applying for any and all credit while in our program, unless it is suggested as part of your credit building process by your Credit Specialist. If you apply during your process, it can set you back months from obtaining your goal!
I just got denied and need my credit fixed fast, can you help me?
While some of our clients can see amazing results in as little as 1-3 months, we can not guarantee fixing credit in a certain amount of time. It sometimes has taken years for your credit to be where it is when we start our process, and it can take months or longer to repair it.
How do accounts get removed off my credit report?
Anything reporting that is not 100% verifiable, accurate, or complete can be deleted off your credit report. We utilize the Fair Credit Reporting Act (FCRA) which lays out consumer rights and how things can be reported on their credit reports.
Do I still owe the debt if the account is deleted off my credit report?
Yes, any debt that is validated will still be owed by you the consumer. Depending on the type of account, creditors and collectors can sue for such debt within a certain time for each state, called the Statute of Limitations.
What if I get sued?
A collector or creditor can attempt to sue you for any amount if it falls within the Statute of Limitations. We educate you on what accounts can trigger this, as well as how to be proactive if this situation happens to you. We offer special, affordable legal services that can help protect you and your rights if this should arise. Most companies that sue win by default as the client is not prepared for the situation. We help you understand your rights and how you can not fall victim to this type of situation.
What if there is a violation on my credit report?
This is one way our company is very different! We have a process in place that allows Consumer Rights attorneys to review your report should we spot violations. If there are violations on the report, or one pops up during the process, they will review it to determine if there is a case. Should they take on the case, as the client, you will not pay out of pocket for anything - they will work for you on a contingent basis. Should they win the case for you, there is a possibility you may be awarded a sum as a result of fines for violations that were committed. In some cases, damages can also be awarded if the violation resulted in getting denied for credit. The attorney fees would be recovered through those awards.
What if I get calls from debt collectors or collection letters?
This will likely happen if you have defaulted on a debt. The law that debt collectors have to abide by and governs how they conduct business is called the Fair Debt Collection Practices Act (FDCPA). It is not uncommon to have your rights violated by a debt collection company, so there are a few things we suggest you do in order to ensure that they do not do that. One is we suggest you download a phone call recorder app, to be able to record any conversations you have with a collector that calls. The other is to upload any correspondence, such as debt collection notices, into your client portal for us to review and send to our attorneys if need be. If there is a violation, it can be as much as $500- $1000 per violation!
Why can’t I use Credit Karma or similar instead of Credit Monitoring?
While these are valuable services to get some idea of what is being reported on your credit, these services do not give the full picture. We need to be able to see all 3 of your reports each month, and these services offer only 2 reports. Creditors and collectors may only report to certain bureaus, so it’s vital to have reports from them all in addition to all of the information that they are reporting.
I just saw a score increase on Credit Karma/ Credit Monitoring, is this my true score?
While it is very likely the score has increased, we highly discourage “score watching” and recommend focusing on your whole credit health. There are hundreds of different scoring models that are used for different types of credit. Mortgage lenders, for instance, use FICO scores, and there are many types of FICO scores as well. The scores that are generated on these services are Vantage scores and can differ from FICO scores by as much as 100+ points! Depending on what type of credit you are hoping to achieve, we will recommend services to get your true FICO scores towards the very end of your program, before you apply for the credit line.
My score just went down, what happened?
As we work on your credit file, many things will come into play that affect your score during the process. As we have touched on, we discourage “score watching” during the process and focus on the whole health of the credit file. Here are some things that can affect the score during the process:
What is re-bucketing?
Simply put, this is when something happens on your credit report and you are classed into credit categories according to others with similar credit files. This can cause a score increase or a decrease depending on many different variables. We see this happen sometimes when debt is being paid off, new accounts are added or accounts are closed. This is usually temporary and depends on the scoring models being used.