CREDIT WIPING FREQUENTLY ASKED QUESTIONS
Q: How long do negative items stay listed?
Federal Law requires that most negative credit items must be removed from your credit bureau file after seven years of no activity. There are some exceptions to this, like Chapter 7 bankruptcy, which can be reported for up to ten years. However, there have been reports with negative items listed for well over 7 years. This happens often when the credit bureaus make a mistake, or when the creditor re-ages the account or is reporting a wrong "last activity" date. This can also happen with collection accounts that are sold from one debt collector to another. Sometimes, figuring out the date that the "seven year clock" starts counting from can be a bit complicated. For example, the law states that for charge-off accounts, the date begins 180 days after the commencement of the most recent delinquency. Inquiries may remain on the credit report for up to two years.
Q: What is a credit score?
A credit score is a number that reflects your risk level, as an individual consumer, as determined by a scoring model or formula. The higher the number, the lower the risk will be to the lender. As you apply for increased credit or attempt to make a purchase, the lender will check your ability to pay back that loan. The more negative marks you have on your credit report, the less likely you will be granted the loan or purchase you requested. The score generally ranges from 350 (lowest) to 850 (highest).
Q: What kind of information will be on my credit report?
Credit reports contain a listing of some or all of your credit accounts that have been active at some time within the last 7 years. They also contain any public records (Chapter 7 bankruptcies are reported for 10 years), current and previous addresses, current and previous names, a listing of potential creditors who have received your credit file and other miscellaneous information the credit bureau has about you. Each account listing generally has your account number, the credit limit, your current balance and your previous payment history. This payment history can contain notes of late payments, any collection or transfer history, whether the account was included in bankruptcy and the current payment status of the account.
Q: Can I see my credit report?
Most credit grantors are not allowed by the credit bureaus to show you your own credit report. But included in our enrollment procedure, we will order all three of your credit reports for you. When we do this for you it will not count as a negative inquiry against you. In addition, under the Fair and Accurate Credit Transaction Act you may be entitled to receive a free credit report.
Q: How much bad credit does it take to be denied credit?
Even one small late pay listing may result in credit denials. Any negative credit whatsoever can become a substantial credit obstacle. There are also other factors that will play into the decision of the lender. What is your debt to income ratio? How long have you been with your current employer? The exact criteria used for granting or denying credit varies from lender to lender, but any negative/bad credit remark on your credit report may be enough to deny you credit.
Q: Who Is looking at my credit report?
Lenders, property managers, insurance companies, prospective employers, companies which you presently have a credit relationship with and anybody with a permissible purpose who wants to know who you are can get access to your credit file. In many situations your credit report will actually become your identity. People will know you not by who you are, but by what is reported about you from the credit bureaus. Obviously, those reports can be extremely damaging especially if they contain incorrect, misleading or obsolete information.
Q: What is a public record?
A public record is a file such as a bankruptcy, tax lien or judgment that is filed at the courthouse. Unlike your creditors, the courthouse does not report public record information to the credit bureaus. The credit bureaus must therefore rely on third parties or smaller local affiliated bureaus to go out and research this information. For purpose of fixing your credit, the laws that regulate the reporting of these public records are the same as any other item and are treated no differently in that regard.
Q: What is a charge off?
When you become very delinquent on an account the creditor will probably "charge it off" against their profit and loss. A "Charge-Off" is basically an accounting term used in accrual accounting that says the amount is now a loss. In a short period of time the creditor determines that the account will not be paid and they will write it off for tax purposes. Once they minimize their loss from that account they will sell that file to a collection agency to decrease the loss even further. The collection agency will then use a wide variety of means to collect on the debt. Charge offs are very negative listings.
Q: Can a bad credit mark actually be deleted?
Yes, they most definitely can be when they are found to be inaccurate, outdated, unverifiable, misleading, obsolete or legally lacking in some other way. Although the credit bureaus would have you think otherwise, we have seen literally thousands of deletions ranging from bankruptcies to late payments.
Q: Does it matter which state I live in?
No. The laws that regulate the credit bureaus and your creditors are mostly federal law. We have clients nationwide. Your rights are the same whether you are in Alaska or Alabama.
Q: Will this raise my credit score?
Best answer; "Credit Wiping Alone Can Improve Scores!" We have seen credit wiping negative, inaccurate, outdated, misleading, unverifiable or obsolete items from your credit reports will have a very positive impact on your credit profile. In these situations your ability to get credit will also improve greatly. For the strongest credit boosting options with nearly a 100% guarantee of increasing your credit scores to maximum levels; we recommend a proven combination of credit wiping and the addition of seasoned tradelines. After a combination of credit wiping and adding seasoned tradelines; We Will Then Offer A 100% Guarantee; The increase in your FICO score! This combination of credit wiping and adding seasoned tradelines will both remove negitive tradeline items and reduce your DTI which will in fact sky rocket your FICO scores!
Q: Is there anything that can not be removed from a credit report?
No, all information reported by the credit bureaus are subject to the same laws and criteria. We may challenge on your behalf any items we challenged and the credit bureaus must investigate these items.
Q: How many items do you dispute at one time?
Experience has shown us that investigating too many items at one time can actually slow down the process because the credit bureau may deem our request frivolous. Therefore, we only submit investigations for the number of items that we deem appropriate for your case. We want you to see results and will challenge as many items as possible without jeopardizing a slowdown of the process.
Q: If I keep paying my bills will that raise my credit score?
Paying your bills on time should do nothing but help your credit score. Many of our clients are trying to buy a home, refinance a home or qualify for new credit. Good payment histories will help you do all of those things. We often tell people that while we work on the past you should be working on the future.
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