Credit Repair Faqs - Retake Control of Your Financial Life!

1) How many credit bureaus are there?
There are 3 major credit bureaus. Experian, Equifax and Trans Union.

2) Is one bureau more important than another?
Depending on what you are applying for. Car loans usually check with your local / regional bureau. If you are in the South East for example that would Equifax. For Mortgages the banks will check all three. For credit cards it may vary. This is why it's important to fix all of your credit reports.

3) How long will negative information remain on my credit file?
Most information will remain for seven years from the date it went to collection or the date charged off to profit and loss which ever is earlier.

4) How long for Bankruptcy?
10 years from the date of entry of the order for relief or the date of adjudication as the case may be.

5) How important are credit cards in keeping your score high?
Revolving credit is very important to your credit score. Some say about 30% of it.

6) What is a good credit score in the eyes of credit card and car lenders?
A score of 680 or higher is usually the mark for credit cards. Car loans may consider a slightly lower score but you may suffer in the terms and rate.

7) Is it possible to raise the score quickly?
Yes. You can raise your credit score in as little as 48 hours in most circumstances.

8) Will my score be reported the same by all of the Credit Bureaus?
No. Only Equifax uses Fair Issac's method of scoring. Experian and Trans Union use their own. This is why banks use the middle or mid score for mortgages.

9) How damaging are late payments to your credit?
Very damaging at first but subside with time if no further issues are reported.

10) Do I have to speak to collectors when they call?
Absolutely Not. In fact we recommend you don't. Get their address. Send a letter certified mail return receipt requested stating no calls. Tell them to communicate via U.S. mail only.

11) Do I have to give them information about my job and or finances?
No but if you stay on the phone with them they'll try hard to get you to do that and more.

12) Is it possible to get them to stop calling even if the debt is not paid?
See #10

13) How long does it take to repair my credit?
Depending on what type of information is on your reports and how long it has been there the usual time frame is a few months.

14) Why do the bureaus and others say it's not possible or illegal?
To keep you from trying. You have a legal right under federal law to challenge what is reported on your file but you must do it right. There are two federal laws in particular that are important for this purpose and knowing how exactly to use them is critical.

15) Should I hire a credit repair company?
No. Why pay hundreds or even thousands for something you can do yourself for 34.95? You should do it yourself because no one knows your financial life better than you and that matters in the credit repair process.

16) Should I hire an attorney?
The only leverage an attorney has is that they are a lawyer and the bureaus will take them seriously in most cases. We would recommend fixing your credit yourself first. If it comes down to a couple of issues you cannot resolve you can always default back to hiring an attorney.