What Makes Credit Law Center’s Credit Repair Process Stand Out

It’s no news to us that the word “credit repair” can have you feeling uneasy and unsure about the whole process of rebuilding your credit. Here at Credit Law Center, we want to provide every client with personal attention to their individual needs and leave you feeling educated and confident about the decision to start the credit repair process. So you have done your homework and researched the credit repair process and the many different repair companies out there. What makes Credit Law Center’s credit repair process different?

 

What Makes Credit Law Center’s Credit Repair Process Stand Out

The credit repair process at Credit Law Center is unique for several various reasons, and our company takes pride in the services that we offer.

We have 5 Attorneys on Staff

Yes, it is true that we are an actual law firm and have five attorneys on staff willing and eager to fight for our client’s rights. The FTC reports that 79 percent of American consumer’s credit reports contain errors. The FCRA, (Federal Credit Reporting Act), states that all credit reports must be accurate, verifiable and timely. Our attorneys assist consumers in disputing questionable items on their credit reports and demands that the reports are 100% accurate. The attorneys in our office have over 14 years of litigating consumer rights cases, and we have perfected the dispute process.

Credit Repair Pricing

 

Our credit repair process does not require a monthly fee.

Unlike other credit repair companies, we have a performance-based pay structure and do not require an upfront fee. You will only pay for items that we get deleted; however, we are similar to many other law firms and depending on the contract size you may pay a retainer. Credit repair pricing

We value our clients

Customer service is extremely important here at Credit Law Center and we are always looking for ways to achieve superior customer service and client satisfaction. Our staff takes great pride in educating our clients with the credit repair process and helping them continue down a path of financial stability. Each individual client has a unique circumstance and chain of events that have brought them to seek our services. With 79 percent of credit reports containing errors its quite possible to say that some of our employees or their family members have had some kind of incorrect reporting on their credit report.

A Credit Builder Loan Can Help You Create, or Restore Credit – Credit Law Center

If you have never established credit before, or you are recovering from bad credit, there are ways to help build or rebuild your credit. If you are unable to get approved for a personal installment loan, one great option is a credit builder loan. Consumers seeking a credit building loan to rebuild or build a stronger credit profile, usually have a larger goal in mind. Whether your goal is getting an unsecured credit card, buy a new car or even purchase a home a credit builder loan is a great place to start.

Credit Builder Loans

A Credit builder loan is particularly offered by credit unions and a few banks, they are typically offered in modest amounts, ranging from $500 to $1500. Many credit unions and banks certain requirements you must meet before they approve the loan. For example, they may require you to be a member for X amount of years, have been employed at the same job for six months, and reside at the same location for six months to a year.

Each Credit Union or Bank offer different Structures

Credit Unions or banks may offer a different type of credit building loans and can vary in interest rates. Here are a few examples of the different types:

  • A loan secured by loan funds: This type of loan is when the lender puts the loan amount in a locked savings account and gives it to the borrower after the final payment has been received. This type of credit building loan is safe and secure for both the lender and the borrower, and the major advantage is the borrower doesn’t need to come up with a lump sum payment to start building credit.
  • Secured Loan: This is when a consumer gives a lump sum amount of money to the lender using it as collateral for a loan. The lender typically puts the lump sum in a secured savings account or a certificate of deposit. The collateral is frozen and the funds are released incrementally as the loan is paid down. The interest rates are typically lower on a secured loan, but the major disadvantage is coming up with a large amount to use as collateral.

 

How A Credit Builder Loan Can Help

If you are starting fresh and do not have credit a crediting building loan will take time to build on your credit profile. Once the loan starts reporting on with the credit bureaus it may take up to six months before you start seeing an increase in your FICO Score. FICO needs enough information on your credit file to determine your creditworthiness. Making your payments on time and in full will help build a strong credit profile. Depending on your history you may see your score go from zero to 600’s and in some cases 700’s.

If you had bad credit and are trying to reestablish your credit, it will be important that you remain current and on time on any previous obligations, you may have had. You will also want to make sure everything on your report is reporting accurate and is verifiable. A Credit building loan can help you increase your score by 20 to 25 points over the life of the loan.

A small increase in points can help you go from poor to fair, or fair to good. Credit Builder Loans can help move from a risky borrower to a less risky tier.

Protecting Your Credit When Natural Disasters Hits

In recent weeks the United States has been hit with several natural disasters, leaving Americans uprooted from their homes and their employment. Texas and Florida are dealing with the aftermath of flood and rain waters from Hurricane Harvey and Hurricane Irma, while the Western United States is dealing with the complete opposite dry and extreme conditions causing widespread forest fires.

In the wake of a natural disaster such as the recent hurricanes and wildfires, you may be wondering:

    • What if I use my credit cards or max them out?
    • What If I miss a payment?

What if I use my credit or max out my credit cards?

Rebuilding your home or life after a natural disaster can be overwhelming mentally and financially. Natural disasters like the recent events in the United States will require many Americans to start over completely, even with insurance money, government grants and any nest egg you have built you may still need to use your credit cards. We do know that the area we reside is not part of what makes up your FICO credit score, but using your cards and or maxing them out may affect your FICO Score. One of the first things you should do is pull your credit report, pulling your credit report will give you a complete picture of your credit profile at the time the natural disaster hit.

What If I Miss A Payment?

Missing just one payment could damage your credit significantly and could lead to not being about to obtain credit when it is most needed. If your house has was destroyed, make sure you cut off costly services, such as Wi-Fi and cable or electricity. This would be a perfect time to look at your budget and create a post-disaster budget; this budget should be a bare-bones budget. Once you created your budget and determined the amount, you can pay each creditor, call each creditor and discuss your options.  Depending on the credit card company and their situation they may offer you long-term or short-term options, may waive late fees or offer assistance programs.

A Few Companies That Are Helping

If you are your family or friends have been affected by a natural disaster here are a few companies that have resources for you. The information below is directly from the companies listed web pages, please visit the links to see more information.

Wells Fargo 1-800-869-3557

We know this can be a stressful time financially, so we are committed to giving affected customers additional support. Here are the ways we’re proactively helping customers in FEMA-declared areas (customers impacted by the hurricanes outside these areas are also encouraged to contact us):

  • Reversing certain fees — such as late fees — for our lending products, including credit cards, auto loans, personal loans, and lines of credit.
  • Waiving Wells Fargo fees for customers using non-Wells Fargo ATMs.
  • For Credit Card customers, providing payment relief and suppressing any negative credit bureau reporting for 90 days.

Citi Cards 1-800-950-5114

Customers in FEMA-designated disaster areas may be eligible for assistance such as:

  • Automatic waiver or refund of late fees on credit cards;
  • Automatic waiver of monthly service fees on Citibank deposit accounts;
  • Automatic waiver or refund of late fees on personal loans and lines of credit;
  • Deferred minimum payments on credit cards;
  • Emergency credit line increases;
  • Waived early withdrawal penalties on CDs and wire transfer fees;
  • Waived late fees for September mortgage payments; and
  • Mortgage payment forbearance programs.

Chase Home Lending 1-888-356-0023

First, for all customers who live in a FEMA-designated individual assistance disaster area, we’ll pause the obligation to make mortgage and home equity payments for 90 days from when the hurricane first hit (a 90-day grace period).

6 Things You Did Not Know That Will Affect Your Good Credit

Having good credit can be a significant accomplishment and allow you larger financial opportunities. However, there are a few unexpected ways that can hurt your good credit.

1.One Late Payment

So you got busy with life and forgot to send in your car payment. Having one 30 days late payment report on your credit report can significantly drop your credit score, and depending on your credit history it could drop it by 100 points.

2.Closing your zero-balance credit card

Paying off your credit card is wonderful, and you may be tempted to close that account. Closing a zero-balance credit card can affect you one of two ways, it reduces your total credit amount, which can raise your credit utilization ratio. It also can shorten the age of your credit history.

3. Co-Signing

Co-signing for a friend or family with less than perfect credit makes you responsible for the debt. When your friend or family member misses a payment, it will report on your credit report. You will take full responsibility for that account if they do not pay.

4.High Credit Balances

You have the right mix of credit, perfect payment history, but you are reaching the credit limits on your credit card. Having high limits can cause your score to drop, it is important to try and keep them at 30% of the available balance. The lower, the better.

5.Applying for additional credit

Every time you apply for new credit or a credit increase the creditor will do a credit check. These credit checks are considered hard inquiries. Be careful when applying for credit or asking for an increase to an existing credit card.

6.Not paying attention to your credit report

Approximately one in five Americans have errors on their credit reports. It is important to check your report at least twice a year to make sure all information is reporting accurate. One reporting error could lead to major problems and possibly lower your scores. By law, Americans are allowed to one free credit report per year from all three credit reporting agencies, Equifax, Experian, and Transunion. You may receive your free reports at annualcreditreport.com.

13 Things That Do Not Affect Your Credit Score – Credit Law Center

Your FICO credit score is one of the most dominant three digit numbers in your financial life. Many of you probably know that not paying a mortgage payment or car loan on time will affect your credit score. And you probably also know that maxing out your credit cards and or bankruptcy will lower your score as well. But, beyond the obvious, things may get a little fuzzy. Do you know the financial decisions that do not affect your credit score? You may have even wondered why all three credit scores are different.  Not all companies report to all three credit bureaus and not every financial transaction you make is used to calculate a credit score. A credit score uses the data that reports in your credit file.

13 things that do not affect your credit score

  1. Soft inquiries –  A soft inquiry or a soft pull, shows up on your credit report whenever you pull your credit report or score, a business checks your credit report for promotional purposes, or a company you may already have credit with pulls your credit report.
  2. Late Rent, utility, and cell phone payments – Landlords, utility and cell phone providers do not report your monthly payments to the credit bureaus. However, if at any point you terminate the contract and leave an outstanding balance and the account goes to collections these providers most likely will report to the credit reporting agencies.
  3. Mortgage loan rate shopping – We all want the best interest rate when shopping for a home mortgage, in order to find the best rate we may have to have several loan officers review your credit profile. This generates several hard inquiries, but FICO has a particular formula that ignores home loan inquiries over a 30- day period. FICO uses a particular method that when searching your report if they find mortgage loan inquiries with in a 30-day period, they will count as one.
  4. Disputing a charge or error on your credit report – Incorrect information is often reporting on your credit report, individuals are allowed to dispute inaccurate information. Disputing this information will not affect your credit score.
  5. Overdrawing your checking account – Checking account information is not reported on your credit report.
  6. Being denied a credit card – If you have recently applied for a credit card or loan and denied,  the denial will not be on your credit report. However, the request will result in a hard inquiry showing on your credit report.
  7. Losing a job – Job status is not a factor in your credit score, but lack of income may affect the approval of a loan or credit card.
  8. Not paying back a family member or friend – Individuals are not allowed to report to the credit bureaus.
  9. Receiving government assistance – Receiving food stamps or any other government assistance has no bearing on your credit and will not be reported.
  10. Your debit card – The activity from a debit or prepaid card does not report on your credit report, therefore doesn’t affect your credit score.
  11. Net Worth – The amount of money you have in savings, the lavish house you live in or a fancy sports car will not affect
  12. A degree or lack of a degree – It doesn’t matter if you attended an ivy league college or never even graduated from high school.
  13. Paying your taxes on time – Paying your taxes a few months late won’t immediately result in credit damage, however, once the IRS reports you for delinquent taxes and a tax lien is issued that’s when the trouble starts.

Your credit score is used to give potential lenders a look into your financial history; this allows them to determine the amount of risk you will be as a borrower. This being the reason your credit file only contains information about your financial track record, and how well you have paid any outstanding loans.

 

How to Raise Your Credit Score Quickly – Credit Law Center

So you want to buy a house, but your credit score is 675 instead of 720 which will get you the best rate on a home loan. If you want to raise your credit score quickly, there are some steps you can take that can guarantee an exceptional home loan or any other credit line for that matter.

The Blueprint to a High Credit Score.

The blueprint for getting a great score is to pay your bills on time, keep account balances low, and take out new credit only when you need it. Those who follow this blueprint faithfully have very high credit scores. It usually means you are cautious and conservative about credit. Credit scores are not something you want to take lightly.

Sounds easy enough right? Great advice, but let’s face it following these basic principals takes time. What if you are house hunting and need a few extra points to bump you over the line to exceptional rates?

How to Raise Your Credit Score Quickly When You Need a Few Extra Points
The first place to start is with your credit report. Make sure to check it over and find out what your credit score is right now. Review your credit report to make sure all the information is reporting accurate. You will want to concentrate on correcting any errors by following the dispute process. Look for errors such as accounts that are not yours, late payments that you paid on time, debts you paid off that are showing as outstanding, or old debt that shouldn’t be reported any longer. Negative items are supposed to be deleted after seven years, except for bankruptcies, which can stay as long as ten years.

After repairing any errors, the quickest route to a better score is paying down balances on credit cards. There’s no silver bullet, but over a 60 day period, it is possible to raise increase your score by twenty points, by paying down your credit lines.

 

Things You Should Not Do To Raise Credit Score

One thing you should not do if you are just trying to boost your score is close unused accounts. If someone tells you to close unused accounts to raise your score quickly, he or she is pulling your leg. Actually, it harms your credit score.

Closing unused accounts without paying down your debt changes your utilization ratio, which is the amount of your total debt divided by your total available credit. You appear closer to maxing out your accounts. That is why your score can drop. It does not mean people should not close them, but don’t close them to improve your score.

 

How to Find Out If You Are Affected By Equifax Hack – Credit Law Center

On Thursday, Equifax, one of the three major credit reporting agencies announced that hackers had obtained access to company data potentially impacting approximately 143 million U.S. consumers. After the companies recent investigation, Equifax stated that the unauthorized access occurred from mid-May through July 2017. The cybersecurity incident was discovered on July 29, 2017, in which they immediately took measures to stop the intrusion by engaging with a leading independent cybersecurity firm. The company also reported the incident to law enforcement and will continue to work with the authorities until the investigation completes in the coming weeks.

The information accessed includes names, Social Security numbers, birth dates, addresses and in some instances, drivers license numbers. Equifax also stated credit card numbers of approximately 209,000 U.S. consumers, and personal identifying information for 182,000 consumers involved with credit disputes.

Have you been affected by the hack?

Equifax will not be contacting everyone that may have been affected, but the company will be sending out direct mail notices to consumers whose credit card numbers or dispute information were accessed. Richard F. Smith, Chairman and Chief Executive Officer for Equifax, stated: “We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident.” The company has established a dedicated website, www.equifaxsecurity2017.com, to help customers determine if the hack potentially affected them. The site will be available as early as Monday, September 11, and will also offer U.S. consumers to sign up for credit file monitoring and identity theft protection, and the offer will last for one year. TrustedId Premier will handle the monitoring and protection and will include 3-Bureau credit monitoring of Equifax, Experian and Transunion; the ability to lock and unlock Equifax credit reports; identity theft insurance; and internet scanning for Social Security numbers. However, the credit monitoring and identity protection may require you to accept TrusteId’s terms and conditions, including it’s “Attribution” Section.

Equifax has also set up a dedicated call center, 1-866-447-7559, to assist customers seven days a week from 7 a.m. – 1 a.m. Eastern time.

 

Protecting your Identity Theft

Identity theft continues to increase each year, in 2016 victims of identity theft were robbed of $16,000.00. An important factor in protecting yourself from identity theft is regularly checking your credit report and monitoring your account statements. As a consumer, you are allowed a free copy of your credit report once a year from all three credit reporting agencies, Equifax, Experian, and Transunion. You can request your free copy of your credit reports online at www.annualcreditreport.com. If you have noticed unauthorized activity on your credit report or accounts, immediately report the activity to your bank or credit card companies, and then contact law enforcement.

For Additional information on how to protect yourself against identity theft, you may access The Federal Trade Commission’s website.

Need Credit Repair? We Fix Credit Reports! – Credit Law Center

Need Credit Repair?

If you recently pulled your credit report and you instantly feel ill from the low credit scores and outstanding collections. Now may be the perfect time to start thinking about credit repair. Having a low credit score can cost you hundreds of dollars on loans, interest rates on cars and even receiving a denial letter. High-interest rates and denials are the perfect reason to consider credit repair.

 

We Fix Credit Reports!

A single mistake on your credit report can cause a tremendous drop in your credit score. Did you know that 79% of all Americans have inaccuracy, miscalculations, and or negative item on their credit reports? Yes, I did say 79%! The good news is that there are rules and regulations that credit reporting agencies must follow, by law consumers are allowed to dispute inaccurate information that the credit reporting agencies are reporting. The Credit reporting agencies, Equifax, Experian, and Transunion, have 30 days to notify you of the status of your disputes and up to 45 days to complete their investigation.

 

If they delete the inaccurate information

If the CRA’s remove the mistake from your credit report, this is Awesome! Deleting an account or a negative item can immediately increase your credit score. The only time a credit score gets updated is at the time you request it. The credit report and score is calculated based on the information on your credit file at the time the request is made. For Example, if you request your credit score on a Monday and Tuesday critical information was removed, and you order your report again on Wednesday the derogatory information will show as if it was never on your report.

If They Verify

Here is the part of the process that sets Credit Law Center aside from any other credit repair companies. When a creditor or collector verifies the questionable information, most credit repair companies end the process here. At our law firm, this is the most significant part of our process; this is the part of the process where one of our attorneys send a debt validation demand. A debt validation demand is a legal document that contains 6-9 questions for the creditor or collector to answer. The creditor or collector typical responds in one of two ways:

  1. The creditors and collectors receive a letter from our law firm, and they are aware of the recent dispute. If the account or inaccurate information provided on the credit report cannot be verified, they will delete the account!
  2. They answer the 6-9 questions; this is the step where our paralegals step in and compare the debt validation demand letter to the response from the initial dispute. When comparing these two documents, we typically find discrepancies or incomplete information. Often these discrepancies are violations of the Fair Credit Reporting Act, or the Fair Debt Collection Act.

When our firm finds one of these violations, we use this information as leverage to request full deletion of the account.

 

If they update

When the information is updated, it means the collector or collection agency as reporting the information incomplete or inaccurate. This is not considered a FCRA violation because they updated the information, the only time a creditor or collector can violate the FCRA is when an account is disputed. This result is why proper documentation of the dispute process is so vital to the credit repair process.

What happens when the report is updated and verifiable?

Once all the appropriate steps in the credit repair dispute process have been completed, all the information on the credit report should be accurate and verifiable. The next step would be to negotiate a settlement for deletion with the creditor or collection agency. This allows you to pay the account as long as the creditor or collection agency is willing to delete the account information of your report.