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Monday Mailbag 01/14/2019

January 14, 2019 by  
Filed under Blogs, Credit Repair, Monday Mailbag

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Question:
How do I know that you guys are being as aggressive as you should because you’re a business and I don’t want to keep paying you forever?

Answer:
We try to remove derogatory information for our clients and help them increase their credit scores as quickly as possible. We would much have you complete the program quicker and refer your friends and family to us than milk you for an extra 1 or 2 months.

In fact, we’re one of the few credit repair companies that initiate investigations with the credit bureaus and credit furnishers simultaneously, instead of one at a time – like most other companies.

For example, we process debt validation with collection agencies while the credit bureaus are working on their disputes which allows our clients to complete our program faster. Our rounds are 30-45 days instead of 60 days some other companies.

Finally, there’s a lot of false information on the internet about aggressiveness and credit repair, which has been perpetuated in no small part by credit repair companies. Consumers are lead to believe that accounts can be deleted based on the aggressiveness of the investigations, this is false.

A credit bureau will not delete an account from your report if our attorneys send them an aggressive angry letter threatening a lawsuit, a credit bureau will remove derogatory information if the information was found to be inaccurate, incomplete, unverifiable, biased, or not compliant with the law.

An account will not be deleted based on aggressiveness but, will be deleted based on an incorrect method of verification, or debt validation, or permissible purpose verification, etc….

And that’s what we do, we have a process where one investigation leads into the next and we escalate the investigations accordingly to try to catch the credit furnisher or credit bureaus out of compliance and get the accounts deleted.

Ultimately, we’ll do everything possible to get you in and out of this process as quickly as we can.

Are you ready to get started on your journey toward a better credit score?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review

Monday Mailbag 12/17/2018

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Question:
What can the credit card companies do if I stop making payments?

Answer:
1. After 6 months on non-payment your credit card debt will be charged off by the credit card company.

2. The credit card company will report the charged-off status to your credit report – lowering your credit scores and making it significantly more difficult for you to obtain credit in the future.

3. The credit card company will likely either send the delinquent debt to a collection servicing company or, if enough time has passed without the creditor being able to recover the debt – they may sell the debt to a collection agency altogether.

4. The collection agency will now report the past due debt on your credit report. At this point, you will likely have the original creditor (credit card company) reporting a charged-off account (with a $0 balance) and a collection agency reporting the account in collection (with the full balance + fees and interest). Your credit scores drop even lower. Although some people consider this illegal, as long as the original creditor is not reporting a balance, it is 100% legal for 2 credit furnishers to report 2 separate accounts for the same debt.

5. After multiple letters, notifications, calls and voicemails and some time of not being able to collect on the debt, the owner of the debt may decide to file a civil suit against you in court. Whether it’s the original creditor or the collection agency, the owner of the debt may be able to get a court judgment against you. This court judgment may report in the public records section of your credit report – dropping your scores even lower.

6. With a court judgment in hand, eventually, the owner of the debt may decide to take matters into their own hands and stop asking for their money and just start taking it. With a judgment in place, the owner of the debt can go back to court and get a wage garnishment order. This will allow them to withhold a percentage of your wages as well as gain access to money you have in your personal checking or savings accounts.

Ultimately, it’s always better to pay your bills on time but, sometimes unforeseen circumstances happen and if you have any questions about unpaid, past due, or charged-off credit cards – our credit consultants are here 24/7 to help.

If you have any questions, feel free to contact us at any time.

Are you ready to get started on your journey toward a better credit score?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review

Monday Mailbag 10/29/2018

October 29, 2018 by  
Filed under Blogs, Monday Mailbag

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Question:
I’m thinking of buying a DIY credit repair course from ##########. Have you ever heard of them? Is it a good deal? Should I do it?

Answer:
I have never heard of this company but, it seems like they are selling a do it yourself (DIY) kit which only includes letter templates to send to the credit reporting agencies. Disputing is a great way of getting derogatory information removed from your credit reports but, you’ll want to make sure that you do much more than dispute with the credit bureaus. The FTC did a study about 12 or 13 years ago which found that on average 1 out of every 5 disputed accounts resulted in a deletion, they then followed up the study 10 years later and found that the number changed from 1 out of 5 disputes resulting in a deletion to 1 out of 25 accounts resulting in a deletion. So basically, the deletion rate went from 20% to 4% in 10 years. This is mainly due to the credit reporting agencies automating the dispute resolution process. The reason I’m mentioning this is that nowadays if you want to increase the effectiveness of your credit repair, it is important to do more than dispute the negative information. It’s important to do Method of Verification follow-ups, Debt Validation, GoodWill intervention, Permissible Purpose Verification, etc… in order to get more removals. Just make sure that the information that you’re purchasing from that site includes more than dispute templates, which you can find online for free. Make sure that the information that you are purchasing includes all of the techniques I mentioned, and more so that you can get the most out of your credit repair.

If you have any questions, feel free to contact us at any time.

Are you ready to get started on your journey toward a better credit score?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review

Monday Mailbag 10/22/2018

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Question:
Would it hurt my credit score to close 2 cards and open a new credit card with better points?

Answer:
Short answer, YES. 15% of your credit scores are calculated from something called “Length of Credit History” in which the average age of your open accounts factors tremendously. By closing your oldest accounts and opening a new card you are severely shortening the average age of your open accounts and this will adversely impact your credit scores.

For example, let’s say that your 2 open accounts are a 4-year-old credit card and a 6-year-old credit card. That would come out to an average length of credit history of 5 years. If you close your 2 active credit cards and open a new account your average length of credit drops from 5 years (60 months) to 1 month (as soon as your new card reports). This new shortened length of credit will significantly drop your scores.

Instead, feel free to apply for the new credit card (with points) but, keep your other accounts open and active. This will preserve your credit scores and ensure that you don’t endure a significant drop in your credit scores.

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Question:
Why does Discover give me a different FICO score than Credit Karma?

Answer:
Discover most likely uses the FICO 08 BankCard Score while Credit Karma uses a VantageScore v3.0 scoring model. The reason for the difference in your credit scores is due to the fact that these 2 different credit scoring models calculate the scores differently, even if based on the same data from the same credit report.

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Question:
What does “AMEX/DSNB” mean on a credit report?

Answer:
AMEX = American Express
DSNB = Department Stores National Bank
Basically, this is an American Express credit card which was issued by Department Stores National Bank. DSNB also issues cards for Macys and Bloomingdales.

Are you ready to get started on your journey toward a better credit score?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review

Monday Mailbag 10/15/2018

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Question:

My credit card debt keeps increasing. I keep spending and spending, it’s very hard for me to stop. How do I stop spending and pay down my credit card debt?

Answer: 

If you don’t have the self-control to stop using your credit cards then you really only have one option to pay down your debt. Cut up all of your credit cards and use a debit card or cash for your monthly expenses. Create a budget to make sure that your expenses are lower than your income and have money saved over at the end of the month to pay down your credit card debt.

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Question:
What does an outstanding judgment on a credit report mean?

Answer:
A judgment refers to a court’s decision to side against you in a lawsuit. Basically, it means that someone (person or company) filed a civil lawsuit against you, won, and a judgment was entered against you.

An outstanding judgment refers to the fact that the judgment is unpaid and still open.

In most cases, we see judgments originate from charged-off credit cards or other collection accounts. Ultimately, a court has decided that you are liable for the debt.

A judgment may also give the plaintiff (the person or company which filed the judgment against you) legal authority to garnish your wages, garnish of your tax refund, or even access the money in your bank accounts to recover their funds.

According to the FCRA, judgments can report for a period of up to 7 years on consumer credit files from the filing date.

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Question:
How long does it take to remove inquiries from a credit report?
Answer:
Hard inquiries can report on consumer credit reports for a period of up to 2 years from the date that they are initiated.A hard inquiry may be removed before the 2-year clock expires if the creditor which is reporting the inquiry cannot provide documented proof of their permissible purpose for pulling your credit report.- – –

Question:
How accurate is the credit score you get on Mint.com?

Answer:
Mint.com’s credit score is calculated using the VantageScore v3.0 scoring model.
90% of all lending decisions in the U.S. are made using FICO credit scores. Depending on the information reporting in your credit reports, your VantageScore and FICO score might only be 5 points off of 50 points off. Every situation is different and sometimes the VantageScore is very accurate but, sometimes it’s completely off. If you’re interested in seeing your actual FICO scores you can access them at myFICO.com.

Are you ready to get started on your journey toward a better credit score?

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review

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