They must also send you the results of their investigation within five business days of completing it. The company also offers a full-service and a premium package for $99 and $119 a month, respectively. These include everything in the basic package, plus creditor interventions, debt validation letters, cease and desist letters, personal information correction letters, credit-building tools and more.
It’s calculated by dividing your current balance by your credit limit and multiplying by 100. For instance, a $200 balance on a $1,000 credit limit results in a 20% utilization ratio. Keeping this ratio below 30% is ideal, and lower is even better. If the item can’t be verified, it must be removed, and you’ll receive a free copy of your report confirming the change.
Your Credit Restoration Plan
No matter how many accounts you have on your credit reports or how much work we have to do, you will only be charged one low monthly fee of $49.99. Any company that makes overblown claims, like guaranteeing to fix your credit without first evaluating your case, is probably a scam. Ditto any service that offers to create a “new credit identity” for you or vows to remove negative, but accurate, information from your credit report.
Clean Up Your Creditraise Your Credit Scores(we Keep It Simple)
Newer versions of the FICO® Score and VantageScore credit scoring systems ignore paid collections, so if a lender uses a score based on one of them, paying the collections account could improve your credit picture. With patience and discipline, meaningful credit improvement is possible without expensive services. Credit repair companies, also known as credit services organizations, are for-profit businesses that charge consumers to dispute credit report items on their behalf. In addition to filing disputes, many of these firms also market services such as credit monitoring, identity theft protection, debt validation, and educational resources. Credit bureaus sell the information in your report to businesses that use it to decide whether to loan you money, give you credit, offer you insurance, or rent or sell you a home. Some employers use credit reports to decide whether to hire you.
Legal Protections And Consumer Rights
Credit report mistakes are much more common than you might think and its important to address them swiftly. Taking the time to repair your credit can raise your credit score, improve your likelihood of getting approved for the best credit cards and loans, and help you qualify for more favorable interest rates. Each package also features a different suite of financial tools. The basic plan, for instance, includes a credit score tracker. The highest tier plan adds credit reports and scores from all three reporting bureaus.
That’s because not all lenders report to all three credit bureaus. At the same time, you’ll work on paying down debt, lowering credit card balances, and making on-time payments—all of which help improve your score. It’s always a good idea to check your credit score regularly so you understand how your habits impact your score.
You can also use a rent reporting company to get credit for on-time utilities and rental payments. Becoming an authorized user on the credit card of a friend with a high credit score is one of the fastest ways to boost your credit score. With years of knowledge and experience in the field of credit repair, we can help you to resolve questionable items related to collections, late payments, inquiries, foreclosures, judgments, charge offs, and inquiries. Our customizable and comprehensive solutions allow you to repair your credit easily and effectively. Here at Credit Restoration Institute, we are poised and committed to putting our clients in the best position possible to obtain loan financing (from a FICO score perspective).
Whether it is for a home loan or car financing, we know the frustrations that good people like you go through when trying to get inaccurate information removed from your credit reports. But the truth is, there is no such thing as a “quick fix” when it comes to credit – it’s a process that takes time. “Credit repair” companies claiming to erase credit problems, remove situations like bankruptcies from your credit reports, or create a new credit identity for you may not be legitimate. You may wind up losing time and money, and it may even have legal consequences.
Our team, well-acquainted with the intricacies of the credit system, will meticulously review and challenge any anomalies found in your credit report. If you’re one of the many seeking credit repair in Dallas, The Phenix Group is here to help. You’re entitled to a free copy of your credit report from each bureau at AnnualCreditReport.com. If you discover any inaccuracies, you have the right to file a dispute with the relevant credit bureau to get the record corrected. If any report contains an inaccurate entry that hurts your credit score, its removal may bring score improvement. [newline]However, improving credit scores through positive payment history and debt reduction can take months or even years. Disputing errors on your credit report is a legal right protected under the FCRA.
The company must send you a notice that includes the name, address, and phone number of the credit bureau that gave the company your credit report, so you’ll know which credit bureau to ask. Most negative information will stay on your report for seven years, and bankruptcy information will stay on for 10 years. Paying your credit card balances in full every billing cycle can help you pay less in credit card interest than if you carry over your balance month after month. And it can ensure that you stay below your credit limits and avoid adding to credit card debt. And the timeline for repairing credit can depend on a person’s financial situation and current credit rating.
If you dispute an error on your credit report, a credit reporting company generally must investigate the dispute within 30 days of receiving it. They have five business days after completing an investigation to notify you of the results. Ultimately, the art of credit repair lies not in paying for shortcuts but in understanding the system, asserting your legal rights, and taking control of your financial future. Credit-scoring models pay close attention to your credit utilization ratio, which is the amount of credit you’re using versus the total credit you have available. creditrepair consider how much unpaid debt you have across all your accounts.
Your credit report and credit bureaus don’t know the difference, so any potential pros don’t outweigh the cons of short-term personal loans. When working to reduce utilization, note that the account with the highest balance in dollar terms may not necessarily be the one with the highest utilization. Refer to the credit utilization for each card you have and prioritize payments accordingly. Also note that lowering utilization by any amount will tend to improve your credit scores, and that individuals with outstanding credit scores tend to keep utilization on all accounts at 10% or less. Credit repair companies may offer to remove negative information from your credit reports.