Can I repair my own credit?
We compare it to representing yourself in a court of law. You can do it, but it would not be wise. We know how credit agencies work. Our experience and knowledge of credit help us get fair result for our clients.
Are there any guarantees that my credit score will improve?
Although we cannot guarantee your credit score will improve, we will do everything we can to fight the credit agencies and clean up your credit report. In almost every case, negative items are removed from clients’ credit reports, and credit scores increased by 50 to 100 points.
How long will the process take?
Most clients see positive results in 3 to 4 months.
How much will it cost?
Your Credit Mechanic is the only company that charges per negative trade line. This means that you are paying for results. While all the other credit repair companies charge a monthly fee and keep you in the program for over a year, we normally finish your file within four months, and with better results. For each negative trade line you wish to dispute, we provide four rounds of detailed letters to the credit bureaus and one round to the original creditor. We charge only for real work that we do on your behalf. We have nothing to gain by extending your time with us because we don’t charge monthly fees like the other companies do. Our goal is the same as yours — to get results fast.
Will a better FICO credit score help me save money?
Yes, the chart on the right of this pages shows an example of how your credit score can impact your interest rate for a home or automobile. The larger the loan, the more you can save.
How is my FICO Credit Score calculated?
Your FICO score is calculated using information from your credit reports. Most negative items included in a credit report affect the “payment history” category. To improve your score if you have past-due or collection accounts, you need to add positive information to your reports each month on all your other accounts. The positive information will begin to outweigh the negative information, and your score will show improvement within the next two years. Additionally in your favor, negative information counts for less as time goes by.
The next largest area that can hurt your credit score is “amounts owed.” If you have several revolving and installment accounts where you owe more than 50 percent of the credit limit or loan amount, you will lose points. To boost your score in this area, pay down your credit card accounts to less than 50 percent of the credit limit as quickly as possible. The further below 50 percent you are, the better for your score.
What does my credit score mean?
There are three main credit bureaus: Experian, Equifax, and Trans Union. With a tri-merge credit report — a report containing a score from all three major bureaus — most lenders look at the mid score.
Trans Union 717
In this case, 717 would be the mid score.
These scores represent a composite of the borrower’s credit history, employment, ability to save, and so on. The higher your score, the better chance you have of receiving credit with a low interest rate.
NO FEDERAL FUNDING 500 and below
What is an average credit score?
From the Experian database (Jan. 2011), we know the following facts:
Consumers in the state of Nevada have the lowest average credit score in the nation, with a score of 668. Consumers in the state of Minnesota have the highest average credit score in the nation with a score of 721. The average credit score in Pennsylvania is 705.
Once a trade line is removed, can it come back?
Yes. This happens about 1% of the time. There are two laws by which the bureaus and the original creditors must abide. One is the Fair Credit Reporting Act, which monitors the three credit bureaus, and the other is the Free Credit Billing Act, which monitors the original creditors. Once a trade line is removed the FCBA gives the original creditor 30 days to prove the negative trade line and placed back onto the report. The credit bureaus must then by law send the client a letter stating that the negative trade line is being placed back on his or her report. In reality the three credit bureaus never do send this letter, which makes it easy for the client to remove the trade line for good.
If the negative trade line is really mine, can I dispute it?
Yes. Under the Fair Credit Reporting Act, a consumer can dispute the accuracy of a trade line if they question the validity of the lateness, collections, and/or public records. Most of my clients do not know if they were late one time or five times. Disputing the accuracy is a way to ensure that the three credit bureaus and the original creditors are reporting the correct dates and information.
Do I pay for only the trade lines that are removed?
No. I will supply three rounds of letters to all three credit bureaus over a 75-day process. If the trade line is not removed that means the credit bureaus have proven it is yours. You are paying for our expertise and our work.
Why do I send out the letters and not you?
Credit Justice Services is the only credit repair company that allows the clients to send out the letters. There are two reasons for this:
Transparency: The client should be able to review all documentation being sent out. The other companies will never show their clients the legal letters being send out on their clients’ behalf.
Higher Deletion Ratio: The FCRA states that if a third party sends a dispute letter to the credit bureaus on behalf of the consumer, the three credit bureaus can consider that letter frivolous and disregard the letter. The law also states that if the consumer sends a dispute letter to the bureaus on his or her own behalf, the three bureaus have 30 das to prove it or REMOVE it!
If my negative trade line comes off, do I still owe the debt?
Yes. If your trade line is removed but the creditor has proof that you owe the debt then you are responsible for paying it. We got the negative trade line removed from your credit report, which will increase your scores, but that has nothing to do with your debt.
What do I do with the responses I receive from the credit bureaus?
Once you start receiving the responses, you need to save them in a large envelope. After 30 days from the time you mailed out the letters, you will receive an e-mail and phone call from your Credit Justice Services legal assistant, which is myself, and I will ask you to send in all of your responses. You will then mail them to our corporate office at:
234 Oceanway Ave. Jacksonville, FL 32218
Why shouldn’t I pull my credit report during the 90-day credit repair?
The 90-day process is exactly what it states. I ask that you give me 90 days to work on your credit for you. Every time you pull your credit you lose points. One point for a bank pulling your credit, three points from a credit card company pulling your credit, and five points when a collection agency pulls your credit. Remember that your score will continue to increase after the 90-day process is complete due to the FTC’s investigation of the credit bureaus. More negative trade lines will continue to be removed.
Why shouldn’t I use a “Free Credit Report”?
The credit bureaus, which supply the free credit reports, are not stupid. They –xxxx- out the last four digits of account numbers so consumers cannot dispute trade lines. They also leave out very pertinent information to inhibit the consumer from disputing any inaccurate information.
Will checking my own credit report harms my standing?
The reporting agencies distinguish between soft and hard pulls. When a company such as Target calls to check before issuing its line of credit, the agencies chalk that up as a hard pull, and it will count against your score. Personal requests and credit counselors, if done correctly, fall under soft pulls, which do not reflect negatively on the evaluation.
HOW DOES THE 90-DAY PROGRAM HELP?
I go directly to the three bureaus to do a soft-pull. I am very aggressive with your credit management, and want to teach you how to be as well. If you pull your score regularly, it will always keep you in line. However, if you do it more passively and pull your scores once a year, it might affect you negatively. Give me a call so we can get working on your credit repair today!