Frequently Asked Questions

1. Do credit scores really affect my finances?
2. What time frame can I expect to see an increase in my credit?
3. Inquiries don’t affect my credit…do they? If so why…
4. What are the benefits of a higher credit score?
5. What items are you able to clean up on my report?
6. I’ve been told I can get a free copy of my credit report, is this true?
7. What is the Fair Credit Reporting Act?

8. What is a Credit Bureau?

9. Where do Credit Bureaus obtain this information from?
10. Can anyone pull my credit report?
11. What information does a credit report disclose?
12. What is a credit score and how does it affect me?
13. Will my credit score change?
14. Is there any type of information that is restricted from being report to the bureaus?
15. How often can I receive a free credit report?

 

 

1. Do credit scores really affect my finances?

Absolutely, credit scores do in fact affect your Financial Ability. The higher your score the more you show how responsible & reliable you are. Your Credit report tracks your debt to ratio, how many bills you have out there, if you do/don’t pay your bills.

This plays a hug factor in everything you do. You can’t even get a regular bank account and or even employment (in some instances) anymore unless your credit is pulled.

Your credit information in turn also determines what kind of rates and payments you will receive. Your credit report is the most influential piece of your financial situation.
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2. What time frame can I expect to see an increase in my credit?

Your Credit CAN be increased in as little as 30 days!! !! All it takes is for us to remove one derogative piece of credit and a score can jump up as much as 20 points if not higher depending on the item/s corrected/removed, etc.
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3. Inquiries don’t affect my credit…do they? If so why…

Inquiries DO affect your credit. It is built in the scoring. Even if you pay your bills, inquiries as well as other combinations of items help create your scoring. It allows consumers to review how often you are incurring new debt, possibly over extending yourself or un-intentionally.
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4. What are the benefits of a higher credit score?

With a higher score and cleaner credit, your approval process is faster. ….When you are considered less of a risk any consumer will jump to take in a good standing applicant.  It allows consumers to approve you at a lower rate and payment which saves you money.
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5. What items are you able to clean up on my report?

We can help you correct, remove; 

• Collections
• Charge offs
• Derogatory accts
• Repossessions
• Judgments
• Tax Liens
• Bankruptcy
• Late Payments
• Inquiries
• Medical Bills
• We will help and teach you to maintain your credit and more
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6. I’ve been told I can get a free copy of my credit report, is this true?

YES……you can get free credit reports from the bureaus once a year. We can assist you in the process of obtaining your free credit report to see where you stand.
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7. What is the Fair Credit Reporting Act?

The FCRA is a Federal Law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies, gives consumers the right to see his or her credit report and establishes procedures for the correction of errors on a person's credit report. Read a full explaination of the Fair Credit Reporting Act...
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8. What is a Credit Bureau?

A Credit Bureau stores information about consumer’s credit in their database. This information is provided to Companies that request the information when you apply for credit cards, loans, and employment. There are three credit bureaus; Experian, Trans Union and Equifax.
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9. Where do Credit Bureaus obtain this information from?
This information is obtained from Banks, Credit Unions, Finance Companies, Retail Companies, Collection Agencies, Courts, etc….however, not all companies report to all three bureaus. Therefore, each bureau may have different information depending on what was reported to each one.
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10. Can anyone pull my credit report?
Anyone with a legitimate credit related purpose can view your credit history. The Fair Credit Reporting Act states that if a consumer applies for an auto or mortgage loan, that lender can view your credit report. However, the list does not end there, credit card company’s insurance companies, credit unions, retailers, lawyers, courts, hospitals, doctor and dentist offices, phone and utility companies and collection agencies can also view your credit as long as they have a legitimate purpose.
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11. What information does a credit report disclose?
Personal information - social security number, full name, current and previous two addresses, date of birth and place of employment.

Account information - name of creditor, date opened, credit limit, current balance due as of the most recent reporting date, terms and current status.

Public records - divorces, judgments, foreclosures, city/state tax liens and bankruptcies.
Inquiries - anyone that requests your credit report will be listed as an inquiry. This will remain on your credit for 2 years, the more inquiries you have will reflect as a negative against you and will reduce your credit scores.

Consumer statements – you can challenge any item on your credit history with a 100 word statement or less.
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12. What is a credit score and how does it affect me?
This is a 3 digit number ranging from 350 – 850; you want this number higher than lower.  This number is calculated using information such as total debt, types of accounts, number of late payments, number of inquiries from your credit history. When you apply for a loan, credit card, employment, etc…that company will consider this number as a factor on their decision to approve you or even hire you for employment.
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13. Will my credit score change? 
Yes, it will change as often as new information is reported to the bureaus.
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14. Is there any type of information that is restricted from being report to the bureaus?
The Fair Credit Reporting Act states that company’s can only report current and accurate information. Also, information referencing an individual’s race, religion or ethnic background cannot be reported or included on the credit history. Any errors or inaccurate information can be disputed to either have it corrected or removed.
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15. How often can I receive a free credit report?
You can receive a “free” report once a year or if you have been denied credit or employment.
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