Quantcast
Credit Firm Logo

Client Login

For a Free Consultation
& Credit Evaluation Call
1-800-750-1416

You are worthy of having excellent credit.
Join thousands of people just like you,on a path to improving their credit.
Credit Firm can help you improve your credit faster than ever.

Monday Mailbag 2/11/2019

Monday Mailbag Banner

How do I check my credit without hurting it?

AnnualCreditReport.com will give you free credit reports but, will not provide you with scores.
[Checking your credit on annualcreditreport.com will NOT impact your credit scores.]

CreditKarma.com will provide you Free Equifax and TransUnion credit reports and credit scores but, the credit scores are completely useless because they are VantageScore v3.0 scores and most lenders use FICO scores. Having said that, Credit Karma is a great place to monitor your credit reports and get alerts when accounts are added/removed from your credit.
[Checking your credit on creditkarma.com will NOT impact your credit scores.]

FreeCreditReport.com will provide you with a free Experian credit report and free monthly monitoring but, will not provide you with any free scores. They will try to sell you a FICO score but, it’s the FICO BankCard Score and only used by credit card companies, not mortgage or auto lenders.

Discover will provide you with a free FICO score but, it will be a FICO credit card (BankCard) score and only from one credit bureau. This score will be different from the FICO scores your mortgage lender or auto lender will get when pulling your credit.
[Checking your credit on discover.com/free-credit-score will NOT impact your credit scores.]

The BEST place to access your credit scores is myFICO.com because you’ll be able to access 28 of the most widely used FICO scores including;

Your FICO Mortgage Scores:
– FICO 8
– FICO 2
– FICO 5
– FICO 4
– FICO 9

Your FICO Auto Scores:
– FICO Auto 8
– FICO Auto 2
– FICO Auto 5
– FICO Auto 4
– FICO Auto 9

Your FICO Credit Card Scores:
– FICO Bankcard 8
– FICO Bankcard 3
– FICO Bankcard 2
– FICO Bankcard 5
– FICO Bankcard 4
– FICO Bankcard 9

There is a fee for these scores but, at least you’ll be able to view the same scores that your lenders will get when they pull your credit reports.

One more thing, checking your credit reports and scores on myFICO.com will not hurt your credit scores. It’s a soft pull and will NOT show up as a hard inquiry in your credit reports.

Ultimately, Credit Karma is a great free way of monitoring your Equifax and TransUnion credit reports for free. Stacked with the free monthly Experian report from FreeCreditReport.com you’ll be able to monitor all 3 of your credit reports for free but, if you’re getting ready to apply for a loan and need to find out your actual FICO scores – you will want to go to myFICO.com and access the same scores that lenders use in 90% of lending decisions.

 

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

How to Improve Your Credit Scores in 2019

2019 plans
If you found 2018 a difficult year for getting approved for credit cards, auto loans, or mortgages, or aren’t getting the best financing terms and rates, then you may want to work on improving your credit scores and make sure that 2019 is a much more prosperous year.

Improving your credit scores can be time-consuming and complicated but, we have a few tips and tricks to simplify and speed up the process for you on your road toward better credit scores.

A bad credit score can cost you hundreds of thousands of dollars over the course of a lifetime and keep you from buying the house or car that you deserve. That is why the process of improving your credit is especially important and worth the investment.

Lots of consumers struggle to increase their credit scores but, with a little knowledge, your credit journey can lead you toward the achievement of your credit goals, allowing you to enjoy everything that comes with having good credit.

 

1. Pay Your Bills On-Time

This goes without saying but, we’ll say it anyway. New late payments and derogatory information in your credit reports will derail your chances at a better credit score.

It’s important to pay your bills on time, every month, and put together a perfect payment history from this day forward. Payment history accounts for approximately 35% of your credit score so, make a commitment to paying all of your bills on time in 2019.

Put together a bill schedule which includes all of your monthly bills to keep yourself on track or set up auto pay or reminders in your calendar.

Do whatever you have to do in order to make sure that you don’t miss even one payment in 2019 and have a perfect payment history going forward.

 

2. Pay Down Your Credit Cards

Approximately 30% of your credit score is aggregated from your active credit utilization. Basically, it’s the percentage of credit that you are using in relation to your total available credit.

If you consider that the average FICO Score ranges from 300 to 850, that means that your credit utilization accounts for approximately 165 points.

Now, if you do a little research, you will find that most companies typically tell consumers to keep their credit utilization below 30%. This means that if the credit limit on your credit card is $1,000 – your balance should be $300 or less. Having said that, FICO doesn’t actually disclose the proper utilization percentage for consumers. They basically only give 2 guidelines; keep your credit card balances as low as possible and don’t carry $0 balances to get the most out of your credit scores.

FICO releases data on what they call “FICO Score High Achievers” every year, these are consumers with FICO Scores of 780 or higher. For 2017, the average credit utilization for a FICO Score High Achiever was 5.8%. ($58 balance for every $1,000 credit limit).

Ultimately, if you can pay your credit cards down to a 30% utilization – great! If you can get it down to 20% – even better! 10% utilization – better yet!

But, work on paying down your credit cards and your credit scores will increase.

 

3. Establish Credit

If you don’t have any active or open credit – you’re missing a huge opportunity to increase your credit scores. Revolving credit (credit cards) is a very important factor in the calculation of your credit scores.

Having an active credit card that you pay on time every month impacts your payment history (35% of your credit score), your credit utilization (30% of your credit score), and your length of credit history (15% of your credit score).

If you’ve had credit issues in the past, a new credit card will help to show future lenders that you have turned over a new leaf and started managing your credit more responsibly. Just pay your card on time, keep a low credit utilization, and don’t close the account, and your credit scores will go up.

If your credit score isn’t high enough to help you qualify for a regular (unsecured) credit card, try applying for a secured credit card.

 

4. Build a Long Length of Credit History

Your length of credit history, in particular, the average age of your open accounts, represents approximately 15% of your overall credit score. Ideally, you want to keep your accounts open for as long as possible and establish a long length of credit.

Constantly opening and closing accounts might seem like a good idea if you keep getting better terms like lower interest rates and higher credit limits but, this process will actually shorten your length of credit history and end up lowering your credit scores.

If your length of credit history is short and the average age of your open accounts is less than 5 years, there’s not much that you can do to increase it quickly. You could have a friend or relative add you as an Authorized User to an old active account with a long credit history but, other than that, the best thing that you can do is establish your credit, keep your oldest accounts open, and refrain from opening up too many new accounts.

 

5. Limit Your Inquiries

Inquiries are a record of your applications for credit and account for approximately 10% of your credit scores. Too many applications within a short period of time will decrease your credit scores.

Limit yourself to no more than 1 inquiry every 6 months to get your scores as high as possible.

If you have too many inquiries reporting on your credit reports right now, you can either wait for them to fall off your reports themselves (inquiries report for 2 years) or work on removing them from your credit reports earlier.

Inquiries fall under the permissible purpose section of the FCRA which state that every creditor reporting an inquiry on your credit report needs to have a permissible purpose (proper authorization) for the inquiry.

You can request that all of the creditors reporting inquiries provide proof of permissible purpose or hire a company like CreditFirm.net to do so on your behalf. If the credit furnisher has the proper authorization, the inquiry will stay, if they can’t verify permissible purpose, the inquiry will be deleted.

 

6. Make Sure Your Credit Reports Are Accurate

According to the FTC (Federal Trade Commission), 79% of credit reports contain errors and 21% or credit reports contain errors significant enough to have a substantial impact on a consumer’s credit score.

This is why it is so important that you check your credit reports from all 3 credit bureaus (Experian, Equifax, and TransUnion) at least once a year.

You can access your credit reports for FREE from annualcreditreport.com or via credit monitoring sites like Credit Karma.

Once you have your credit reports, go through them, account by account, to make sure that everything in your credit reports is 100% accurate.

Make sure that you keep an eye out for any addresses, phone numbers, accounts, or inquiries that you do not recognize – they may be a sign of a merged credit file or identity theft.

If you find any suspicious information in your credit reports make sure that you address those issues and work on removing them from your credit or hire a professional credit repair service to handle the removal of the inaccurate information on your behalf.

 

7. Work On Removing Negative Info From Your Reports

If you have any derogatory information reporting in your credit reports such as late payments, collections, charge-offs, repossessions, etc… you will want to work on removing them from your credit reports by leveraging consumer protection laws such as the FCRA, FCBA, FDCPA, etc….

Investigate and challenge the derogatory information with the credit bureaus, validate any debt reporting in collection, complete method of verification requests for any information verified by the credit bureaus, contact each creditor reporting the negative info directly and request goodwill removals of the derogatory info, conduct permissible purpose verification on the inquiries as stated above. Use every tool alotted to you by consumer protection laws and remove as much derogatory information as you can.

You can perform all of this work yourself but, make sure that you understand that the process takes time and can be quite time-consuming. You have to be organized, diligent, and stay on top of everything.

You can also choose to hire a professional credit repair service like CreditFirm.net to handle all of the work on your behalf, to work on removing the derogatory information and advise you on the best way to manage your credit to get the most out of your credit scores.

NOTE: If your credit score is holding you back from achieving your dreams, CreditFirm.net is here to help improve your scores and achieve your personal and financial goals.

 

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

Monday Mailbag Banner

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 10/15/2018

Monday Mailbag Banner
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.

– – –

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.

– – –

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

Monday Mailbag 9/10/2018

Monday Mailbag Banner

Q: Hello, I just had a few questions regarding your credit repair services. Do you charge a one-time/first-time fee or setup cost for your credit repair services? Also, do you charge your customers a fee for credit reports? Thanks!

A: Thank you for contacting us! We do charge a one-time First Work Fee of $49.99 but, it’s rolled into the monthly payment plan so, for example, if you enroll today (9/10/18) your first payment of $49.99 is due on 9/15/18, your next payment of $49.99 is scheduled for 10/15/2018, next payment scheduled for 11/15/18, etc… And of course, you can cancel the service at any time.

If you cancel the service before the payment due date you will not be charged during the next billing cycle so if you cancel your payment on the 12th of November you will NOT be charged on your next scheduled billing date which is the 15th of November.

Regarding your question about credit reports, we ask that our clients forward a copy of their credit report to us, you can send us reports from any credit monitoring service, annualcreditreport.com, or even reports from places like CreditKarma.

Having said that, in the event that you have trouble obtaining a copy of your credit report, we can obtain one for you at no extra charge.

– –

Q: I am a bit interested. I have done a lot of the work in getting the balances paid down on my accounts, but the missed and late payments from the past couple years are the only thing left to fix. Is this something you are able to help with? What would be the cost, time to fix, etc?

A: The first thing that we would try is a goodwill letter to the creditors requesting the removal of the lates. If that doesn’t work, we will contact the credit reporting agencies (Experian, Equifax, and TransUnion) to verify the payment history in each account, verify every late payment, and request documentation corroborating that the late payments actually occurred. Finally, if everything is verified is accurate, we would have the credit bureaus process a method of verification request to make sure that the investigations were completed in compliance with the FCRA, didn’t go over their allotted time, and that the creditors and credit bureaus didn’t skip any steps during the investigations.

If the creditors agree to remove the lates through the goodwill letter, if the investigations with the credit bureaus find inaccurate information, if the creditors fail to provide the proper documents within the allotted timeframe, or the method of verification finds that the investigations were improper – the late payments can be deleted.

The fee for our service is $49.99 a month and we would need about 3-4 months to perform the services mentioned above.

Are you ready to get started with your journey to 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

Next Page »