Q.
What is a "Credit Score?"
A. Your credit score is a numerical value assigned
to the consumer reflecting credit worthiness based
on a given statistical model. It differs depending
on the credit bureau that issues it.
Q.
How can I get a copy of my credit report?
A. You can get a copy of your credit report from
all 3 credit bureaus at www.annualcreditreport.com.
Q.
What is a "Credit Bureau"?
A. A credit bureau or "Credit Repository,"
is a for-profit organization that gathers information
and keeps records on consumers' credit history.
Q.
What does a credit bureau DO with the information
they gather?
A. Credit bureaus make billions of dollars selling
copies of credit reports to potential lenders.
Q.
How does a Credit Bureau make money?
A. A credit bureau is a commercial business. It
makes money by selling your credit report to others.
A person with bad credit means more business for
them as such a person applies for credit about ten
(10) times more than a person with good credit.
Q.
What is the "Fair Credit Reporting Act"?
A. The Fair Credit Reporting Act (FCRA) is a Federal
law passed by Congress in 1972. It gives the consumer
certain rights under Federal law regarding credit
reporting.
Q.
Is Credit Repair Legal?
A. Yes! Under the FCRA the consumer has the legal
right to demand an investigation. Disputing your
credit report is your right. Credit restoration
is as legal as pleading "not guilty" in
a court of law.
Q.
How long does it take to see improvement in my credit
score?
A. That will depend on your individual situation.
In some cases, major improvements can be achieved
in just over 30 days, and in others it can take
up to a year. However, most of the time, you can
reasonably expect to see improvement in four to
eight weeks.
Q.
How long does information remain on my report?
A. Credit bureaus report credit information
for a period of seven (7) years. Some states have
special provisions for collections and paid liens.
Chapter 7 and Chapter 11 bankruptcies are each reported
for 10 years, and chapter 13 bankruptcies are reported
for 7 years. Both are measured from the date of
the filing.
Q.
Why do Credit Bureaus not want me to use a Credit
Repair Company?
A. The credit bureaus will tell you that it is easier
and less expensive to do it yourself. While it may
be true that you have the right to repair your credit
yourself, many individuals do not have the time,
experience and organizational savvy necessary to
deal with bureaucracies. You must also spend hours
of study to gain a working knowledge of the consumer
laws available to you. Many who start repairing
their credit turn to a credit repair company after
months of work.
Q. Why do I need your service?
A. A single negative item or inaccurate information
on your credit reports can lower your credit FICO
score with all three major credit bureaus. Low FICO
scores can affect your chances to obtain lower interest
rates for home mortgages and auto loans. It also
will increase your auto insurance rates and affect
your ability to obtain employment. MidSouth
CreditCare, llc has been very successful in
the past with removing negative credit items. Although
you can attempt to do this
yourself, many individuals have found that it becomes
very frustrating and time consuming when they do
not achieve the results that we can provide. The
fact is that the credit bureaus may choose to ignore
your attempts or choose not to reinvestigate the
negative items at all.
Q.
Can I apply for credit cards while repairing my
credit?
A. Yes, you are able to apply for credit cards while
repairing your credit, but you should take care
to make sure that you do indeed get approved for
any credit you request. Remember, even mere inquiries
from prospective lenders are treated as negative
credit data. Find out what the lending institution's
criteria is for granting the credit card or loan
you want before submitting the application and make
sure that you fit and can meet their criteria. If
not, you SHOULD NOT apply as it will only add negative
credit information to your credit history.
Q.
Does Paying Off My Bills Repair My Credit?
A. You would think that would be true. But, again,
the credit reporting system just doesn't work that
way. When you pay an old debt, the negative credit
listing doesn't disappear. In fact, it re-ages and
the seven year clock begins again with that negative
listing. And, the most ironic thing is that a paid,
current negative listing is not any better than
an unpaid negative listing. That's not always true,
but in most cases, you won't get much further by
paying the old debt. The good news is that we can
help you settle those debts and save you a lot of
money in the process.
Q.
What if Deleted Items Reappear on My Credit Report?
A. On occasion, a negative listing that was recently
deleted will eventually be verified by the creditor.
The Fair Credit Reporting Act requires that the
credit bureau inform you of reinstatement of a previously
deleted listing. The FCRA also makes it more difficult
for credit bureaus to re-report listings. Because
of these factors, it is fairly rare for listings
to come back on your credit history once they've
been deleted. If an item is re-reported, it is a
simple matter to challenge the listing again at
a future time in order to press for permanent deletion.
Disclaimer:
None of the information contained on any
of MidSouth CreditCare’s web pages
is meant to be legal service advice or a substitute
thereof. We provide the information contained on
these web pages comprising the MidSouth CreditCare,
llc web site solely to assist you with our
proven methods of restoring credit and getting negative,
erroneous, incorrect, obsolete, and misleading information
removed from your credit reports for the purpose
of re-establishing your good credit. MidSouth
CreditCare, llc can even help you restore your
credit after filing bankruptcy... you can usually
establish new credit within six months of the bankruptcy
discharge. A bankruptcy will usually generate several
entries on your credit report, and you (or your
authorized agent) must be diligent to make sure
that the post-bankruptcy credit history is addressed.
