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Monday Mailbag 2/11/2019

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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

Monday Mailbag 1/21/2019

January 21, 2019 by  
Filed under Credit Score, Monday Mailbag

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What criteria do lenders use to evaluate risk?

1. Payment History – The repayment history of your previous debt. The more derogatory information in your previous payment history (late payments, collections, charge-offs) the higher the credit risk. If you have a perfect payment history with no derogatory information – you will be considered less of a credit risk, have a higher credit score, and have loans available to you at much better terms.

2. Credit Utilization – The proportion of the amount of credit you have available to you in relation to the amount of credit available to you. Basically, if you have a lot of available credit lenders will consider you a lower risk for default as opposed to someone with very little available credit (i.e. maxed out credit cards) who is considered riskier.

3. Length of Credit History – How long you have had established credit. Someone with a long length of credit history, accounts which have been open and active for 10–20 years, will provide lenders with more data from which to make a lending decision. Someone with a short payment history, accounts of less than 2 years of activity, will not be able to provide much data to lenders on the consumer’s ability to repay a debt.

4. Mix of Credit – The ability to responsibly use both revolving and installment accounts. Lenders want to know that you can responsibly manage and repay both installment (accounts with a set length of term like auto loans, mortgages, student loans) and revolving accounts (credit cards and lines of credit). Having both revolving and installment accounts reporting in your credit reports with no late payments will make you look less risky than someone who only has either installment or revolving accounts.

5. New Credit/Inquiries – Recently opened credit accounts and credit applications. A consumer with many recent credit applications or many new accounts recently opened is a higher credit risk than someone with very few recent applications/new accounts. This is because lenders fear that a consumer who is establishing too much credit at once may be in a bad financial situation and is acquiring new credit off which to live off. Establishing your credit slowly is a much better idea. You don’t want to look desperate for credit.

In Summary, in order to get the best credit score possible and look like a safe as possible to lenders who are evaluating your credit risk, you will want to pay your bills on time, keep a low credit utilization, establish a long length of credit history, maintain a good mix of credit, and build your credit slowly.

And if you have derogatory information in your previous payment history hurting your credit scores you may want to work on removing it from your credit reports or hiring a professional credit repair service like CreditFirm.net to do so on your behalf.

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 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

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