Credit repair and credit bureaus

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.



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.
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 experienced at it you may not come out on top but you can do it.
Many individuals don't have the time and persistence mixed with
organizational skills to cut through all the red tape of
credit repair.

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 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. 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 eliminates the time allotted for a learning curve
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. When the creditors inform you of the results of the dispute, if it was deleted,

Great! If not? Make note of it. When the total results are in, you
just see which blemishes, if any, remain and then decide whether
your credit file is clean enough to accomplish your objective.

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 realize that 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)?

The best thing to do is, open any type of account, even a secured creditcard. Even a small balance that you pay ON TIME! Do you have friend or family with good credit accounts? In most cases, you call that creditor andhave you added as an authorized user. As soon as you are put on the account your credit score reflects all the months or even years of timely payments made by the account holder. I've seen this method improve credit scores by up to 200 points in 30 days!



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.



Who can see my credit report?

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!

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