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Credit Repair
Credit Repair 
Getting a mortgage is like buying a pair of pants: One size does not fit all. And you should shop around to find the perfect fit for the right price. 

Q: How educated are we in repairing our credit?


A: The credit bureaus first defend their profits by erecting walls of stall tactics, including requests for more information, further clarification, and additional identification. The vast majority of consumers give up before they even receive copies of their credit reports. If a consumer manages to get a credit report, decipher the codified information, write a coherent dispute, and mail it, the bureaus may still find some reason to disregard the challenge. The entire dispute system is designed to frustrate and discourage the consumer. 


Q: We were all trained to establish credit right away but what happens when we don’t have the means to pay off the credit loans because of job loss or etc.?

A: It’s called secured credit cards that Banks are offering insurance coverage to protect only their investments for the company. Credit bureaus computerized their processes and greatly expanded their reach and influence in the late 1960s and early 1970s, consumer complaints began to pile up at the FTC and state attorney generals' offices. The credit reporting agencies quickly became huge bureaucracies second only in size to the federal government.


The United States Congress enacted the Fair Credit Reporting Act (FCRA) in 1971 to ensure that the credit bureaus investigate the credit items disputed by consumers. This federal law set procedural guidelines that gave the consumer the right to challenge the accuracy, validity, and verifiability of the credit listings appearing in their consumer credit report.


However, if you manage to submit a valid dispute letter, and the credit bureau investigates your dispute, the chances of success are good - whether or not the negative listings are accurate! Accuracy actually has little to do with the deletion of negative items. If a credit bureau cannot verify an item before completing its investigation, that item will be removed. Many creditor grantors are simply reluctant to take the time to verify the data. While the credit bureaus may be in the business of reporting credit histories.


Working within the credit bureau maze requires substantial background knowledge; knowledge it takes credit repair companies years to learn. In fact, U.S. District Court Judge J. Wexler entered the following legal opinion in the Federal Supplement. "Since allowing third parties to assist consumers will likely lead to the expedited correction of credit reports, it will further the purposes of the [Fair Credit Reporting] Acts." 

Q: How long does bad credit affect the credit bureaus?

A: Most negative listings may be kept on your credit report for a period of 7 years beginning on the date that you were last reported late before they repair themselves. However, you don't have to live with 7 years of Bad Credit!

There are several exceptions to the seven-year rule. Bankruptcies may be reported for 10 years from the date that the bankruptcy was discharged. Liens and judgments may be reported for seven years or until the statute of limitations in that state (usually between seven and ten years) runs out, whichever is longer. However, credit bureaus usually keep these listings on the report for the seven-year period regardless of the local statute of limitations, unless you repair them first.

Q: After submission of your letter how long before the credit bureaus have to respond to your letter?

A: The credit bureau is required to complete their reinvestigation in 30 days or less.

Q: How does credit score affect everyone’s credit?

A: Your score will range between 300 and 870. The higher the better. As your score increases, your credit risk decreases. The average high approval score is 680 or above. This score is most often known as FICO and serves as your credit history. A low score can raise the price of your loan.

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