What is a Credit Bureau and how does it
work?
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 at all (good or
bad)?
How does a Credit Bureau make money?
Why can't I get the Credit Bureaus to remove erroneous
information?
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.
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)
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.
TOP
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. Chapter 13
bankruptcy is reported for
7 years. Both are
from the date of filing not the date of discharge!
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 infor-
mation
and there is always human error in any business. Our
opinion
is that better precautions should be taken to
provide error free credit
reports.
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.
Most 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
charge you
all the money upfront. 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.
How long will it take me to repair my own credit?
There is
no approximates. You will have to familiarize yourself with
the
Fair Credit Reporting Act (FCRA) and
understand what your rights are.
Learn how to format
your letters to the credit bureaus and keep every-
thing
organized. Guesstimating it would take anywhere from 6
months
to a year of dedicated work. It
will be a learn as you go situation when
you start from
scratch. Knowledge is the power with this work.
How long would it
take for a Credit Repair
Company to repair
my credit?
Again, the
same answer, there is no approximates since every
credit
report carries different information and
circumstances. Using a credit
repair service
takes out the part where you have to learn all the
laws
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.
Sort of like not having to wash your dirty
clothes! Sometimes it can
even cost you less
money since the work is done quickly and efficiently.
You know
your abilities and if you wish to do it yourself, you can
with
patience & time. Guesstimating we would
say anywhere from 3 months
to 8 months
depending on your particular problems.
Can I get credit cards while repairing my credit?
Yes, but
you should only take advantage of the restoration
programs
we give you until your credit report is back
in shape. Inquiries are
considered negative
credit data, so each inquiry you have should show
a
positive result ie: Get Approved! Know what the lending
institutions
criteria is for lending money and see if you
fit the guidelines, otherwise
don't apply, it
just adds another inquiry to your report that gets you no
where. If you are
working on your own credit repair, don't apply for
credit until you
are completely finished. This is the safe way to go
if
you are not sure when to start restoration of
your credit.
What can I do if I
have no credit at
all (good or
bad)?
If you
want to use your dime and call us or e-mail us we can give
you
some very useful tips on how to get credit
established and get your
own credit cards.
This is free advise.
you already have credit or have negative
credit
being reported these tips will not help your
credit rating
and will not
repair your credit these tips
are
meant to help those who have never had credit.
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!
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 trying to help 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.
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.
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 made a credit
report worse than it already was!
What do I need to
do to get prices and
information on your
services?
Just click here for PRICES for the course PRICES for prices for Services. or give us a call (916) 532-3795 and ask for Heather Castro.
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 a year of their bankruptcy discharge
date.
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