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Credit Report Special Messages

June 13, 2018 by  
Filed under Blogs, Credit Report

credit report special messages

Consumer access to credit reports has made knowing what is being reported about you a lot easier than it used to be but, one thing your credit reports won’t show you are the special messages your lender gets on their credit reports.

Usually located below the reports themselves are messages that your lender will see on their credit reports giving them additional information about you and warning them of any possible suspicious activity.

These messages include information which can stop you from getting approved for a loan.

Since you do not have access to lender reports and the credit reports you have access to omit this information, let’s go over these 5 messages to see if there is anything that you may need to address before applying for a loan.

1. ID Mismatch Alert
This message appears when the inputted address, social security number or last name does not match the information on file with the credit reporting agencies.

What does this mean?
To a lender, this means that you may have recently moved, got married, or are at risk for Identity Theft. At this point, the lender may request more documentation as proof of your residency in the form of utility bills, 2 most recent paycheck stubs, most recent bank statement, and rental or mortgage agreement. As well as proof of your identity in the form of your social security card, ID, or birth certificate.

What to do?
Make sure that the name, address, and social security number that you have given the lender are 100% correct and that the information is reporting in your credit reports. If you have recently moved or changed your name, update the information with your lenders and credit bureaus and give them enough time (30-60 days) to update the information in your credit file.

2. High-Risk Fraud Alert
This message appears if the inputted address, social security number or phone number that you have provided your lender have been recently used in suspected fraudulent activity.

What does this mean?
This means that either your home address is being reported as a commercial or business address, that your social security number belongs to someone who is deceased or that your social was never actually issued by the Social Security Administration.

What to do?
Make sure that your home address is not linked to a business. If you’re operating a business get a PO Box or UPS Store box and get a proper business address. Make sure that your social security number is legitimate and correct. If there is an issue with the social security number contact the Social Security Administration to resolve the issue.

3. SSN Year of Issuance
This message reports the state where your social security number was issued as well as either the year or the range of years when the social security number was issued as well as your age when the social security number was issued.

4. OFAC Name Screen
This message reports the result of your information being cross-checked against the U.S. Treasury Department’s OFAC (Office of Foreign Assets Control) database.

What does this mean?
In most cases the result will return no matches but, if the system designates you as a person who is on the OFAC list, you will be turned down for your loan. Point blank. The OFAC database contains persons who are drug traffickers, money launderers, terrorists, and other SDNs (Specially Designated Individuals) who not allowed to do business within the United States or who have economic sanctions against them.

What to do?
If you find an OFAC alert pop up on your credit report due to a case of mistaken identity, contact the credit reporting agencies. In most cases, the OFAC search only checks names, not other identifying information such as date of birth, social security number, etc… so contacting the U.S. Treasury Department won’t be much help. Contact the credit bureaus and request that the alert is removed from your credit file. If the credit reporting agency refuses to do so, contact an attorney with experience in resolving FCRA (Fair Credit Reporting Act) cases.

5. Fraud Alert
This alert, usually consumer initiated, means that your credit may be at risk for identity theft and additional steps will need to be taken by the lender to verify your identity. These steps usually include calling a phone number which you included when filing your Fraud Alert. Once the lender contacts you and confirms that you are the actual person initiating the application, the loan can proceed.

6. Hawk Alert
This alert is generated if the credit reporting agencies suspect potential fraudulent activity.

What does this mean?
The alert is typically generated when the residential address or telephone number which you input on your application for a loan is also listed as a business address or business phone number. The alert is also generated if the social security number that you are using on your application was issued less than 24 months ago or shows that the owner of the social security number is deceased.

What to do?
Make sure that your home address and phone number are not linked to a business. If you’re operating a business get a PO Box or UPS Store box to get a proper business address and get a separate phone number for your business. If your social security number was issued less than 24 months ago you’ll just have to wait it out and put up with a little bit of hassle from lenders requesting additional documentation to verify your identity. If your social lists you as deceased, contact the credit reporting agencies to straighten things out and prove that you’re still alive and kicking. You may have to get a letter from the social security administration stating that the social belongs to you and has never been issues for anyone else.

The most important point that we want to make is that most of these alerts are there for your safety and protection. They may cause you a headache every now and then but, if you take action, you can get these issues resolved before they cause you too much pain.


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.

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Your Credit Score Is About To Get a Shakeup

April 10, 2017 by  
Filed under Blogs, Credit Report, Credit Score


Mark this date, July 1, 2017.

This is the date when 12 million consumers could see their FICO credit scores increase and more importantly this is the date when millions of Judgments and Tax Liens will be purged and deleted from credit reports.

As part of a nationwide settlement from over 30 states, the 3 credit reporting agencies. Experian, Equifax, and TransUnion, will remove these public records from consumer credit reports if the lien or judgment does not match a minimum of 3 out 4 criteria which are name, address, date of birth, and social security number.

This does not mean that ALL judgments and tax liens are going to be deleted but, those 12 million consumers with at least 2 errors on their accounts can expect to see their scores increase about 20 points come July.

But, that’s not all, the new guidelines will also include a requirement that public records are checked and updated at least every 90 days – if the guideline isn’t followed, the judgment and tax liens are to be removed off the credit reports.

This is a big win for consumers and a huge step in the right direction toward accuracy and fairness.

The True Cost Of Bad Credit

July 30, 2016 by  
Filed under Blogs, Credit Repair, Credit Report

burning money

Over your lifetime, a bad credit score can cost you hundreds of thousands of dollars due to higher interest rates and less favorable loan terms. The average consumer with bad credit will end up spending $429,000 more for mortgages, auto loans, and credit cards in their lifetime than someone with good credit.

Just think about that for a second, that’s almost a half million dollars! This is the real damage bad credit can do.

Bad credit means higher loan interest rates but, we’re not even taking into account the thousands of dollars consumers waste on rent instead of putting that money toward their own homes because they can’t qualify for a mortgage. We’re not taking into account the extra thousands of dollars people with bad credit have to pay on their insurance rates. And no one is taking into account the loss of income consumers with bad credit face because their bad credit prevents them from getting a higher paying job or getting promoted.

It seems pretty unfair but, they system is rigged to charge the highest rates from those people with the least amount of money. Keeping the poor poorer and making the rich richer. Changing the system will take time, if it ever happens at all but, there is something you can do to make your life and the lives of those around you better. You can take charge of your credit, become proactive, and fix your credit. You can contact the credit reporting agencies, creditors, debt collectors, and third party data furnishers reporting negative information on your credit reports and work on improving your credit scores. Most people either don’t have the time or don’t understand how to make their case against the creditor and credit bureaus. This is when many consumers start looking into hiring a credit repair company to handle all of the work for them.

Credit repair services handle all of the legwork in dealing with your creditors, debt collectors and credit bureaus. They also file all necessary documents on your behalf and work toward removing derogatory information from your credit reports by leveraging the consumer protection laws given to you by the FCRA, FDCPA, FACTA, and HIPAA medical privacy laws.

CreditFirm.Net has helped thousands of consumers just like you remove negative information from their credit reports and improve their credit scores. Since 1997, we have helped our clients purchase homes, get low interest auto loans, and save millions of dollars by improving their credit scores. Will you be our next success story?


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

Why is Good Credit Important?

September 17, 2015 by  
Filed under Blogs, Credit Report, Credit Score

bad credit

We all know that we should strive to have a good credit score, but, why?

Why is having good credit important?

Here is a list of 6 things you will need to have good credit for.

1. Renting an Apartment

Your credit will determine whether you will be approved to rent an apartment as well as the security deposit which will be levied on you. Consumers with low credit scores are often times hit with high security deposits which can equal up to 2 months of rental payments while those with high credit scores may not be required to put down a deposit at all.

2. Setting Up Utilities

Got your new apartment or home? Great, now it’s time to set up your utilities. Electricity, Gas, Water, Cable, Phone, Internet providers will all check your credit in order to determine whether you qualify for service and if you do, the amount of security deposit you will need to put up to establish service. Just like renting an apartment, consumers with low credit scores are often times hit with high security deposits which can range between $250 to $500 per service, equaling thousands of dollars of deposits, while those with high credit scores are not required to put down any deposit at all.

3. Buying a Car

Your credit score will determine the amount of loan which you qualify for, the interest rate, length of term, down payment, and monthly payment amount. Consumers with low credit scores may not even qualify for a loan but, if they did manage to squeak by, the fees would be astronomical.

Lenders would likely ask a consumer with bad credit for;
– Large down payment
– High interest rate
– Short length of term (typically no longer than 36-48 months)
– Small loan amount

But, if you have good credit, lenders will typically offer;
– No down payment
– 0% interest rate
– Long length of term (72-84 months)
– Large loan amount
In the end, the person with good credit can pay less for a more expensive car without having to put a penny of his money down.

4. Getting Insurance

Now that you have a car, you will need to get insurance for it. You may not have known this your credit score actually determines your insurance premium, the amount you pay for insurance. According to certain experts in the insurance industry, a credit score can be an even better predictor of getting into an accident and costing the insurance company money, than your driving record. Consumers with bad credit will have higher insurance premiums than those with good credit.

5. Getting A Job

You got an apartment, a car, utilities, insurance, now it’s time to get a job to pay for all of those things right? But, what does your credit have to do with you getting a job or a promotion? Sometimes, Everything! More and more employers are checking candidates credit reports in order to determine their hire-ability. Job seekers with bad credit are seen as risky because they are looked at as irresponsible, disorganized, and in some cases may be more likely to steal. While those candidates with good credit are looked at as responsible members of society which are organized enough to maintain good credit and likely be the same way at work.

The military also has certain set standards for credit as well. Those with bad credit will never be given top secret security clearance. According to the Department of Defense, “Failure or inability to live within one’s means, satisfy debts, and meet financial obligations may indicate poor self-control, lack of judgment, or unwillingness to abide by rules and regulations, all of which can raise questions about an individual’s reliability, trustworthiness and ability to protect classified information. An individual who is financially overextended is at risk of having to engage in illegal acts to generate funds.”

That pretty much speaks for itself.

6. Emergency

We should all have a rainy-day/emergency fund but, most don’t. So what happens when emergencies hit and you don’t have the cash? Consumers with good credit have a wide variety of financing options, 0% credit cards, low interest rate personal loans, seems like theres always someone willing to lend you a helping hand when you have good credit. But, those with bad credit get caught up in high interest/fee credit cards and pay-day loan places which put them in a never ending spiral of high fees and constant indebtedness.

I don’t know about you but, it seems like only rich people can afford to have bad credit. Consistently over-paying for services and leaving large deposits which they will likely never see again.

Can you afford to continue living with bad credit?


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

Credit Reporting System Gets Overhauled

April 28, 2015 by  
Filed under Blogs, Credit Repair, Credit Report

credit repair service

Changes to the Credit Reporting System have been announced which will change everything.

1. Consumers will now have access to 2 free credit reports per year at www.annualcreditreport.com. To get your second free report, a consumer will need to have initiated an investigation with a credit reporting agency and had a change to their credit report take place due to the investigation.

2. Medical debt in collections will be subject to a 180-day waiting period before reporting on a consumer’s credit report (previously 30 days). This will help mitigate the damage collection agencies do against consumers because of delayed payments from insurance companies. According to a recent report from the CFPB, about 43 million Americans have unpaid medical collections reporting on their credit reports.

Now, here’s the BIG News!

3. The 3 credit reporting agencies – Experian, Equifax, and TransUnion – will change how they investigate errors and process disputes on consumer credit files. Actual human beings will now review the errors in question and process investigations on behalf of the credit reporting agencies. This is a HUGE change to the highly automated credit reporting process in which only 15% of investigations were processed by the credit bureaus. The remaining 85% of the investigation requests were forwarded to creditors, so that they could investigate and police themselves.

According to these new changes, trained agents will review disputes sent in to the credit bureau and conduct an actual investigation into the accounts in-question instead of passing the buck to the creditor. This should make fixing consumer credit errors much more simple and make the entire credit repair process much faster and more efficient.

If you’re ready to take advantage of these changes, get started today.


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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