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:
- 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!
- 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.