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I'd like to use this blog as an opportunity to answer any questions regarding credit repair. What can/can't be repaired? What are we/you looking for on a credit report? Which customers could benefit from credit repair? How long SHOULD credit repair take and what SHOULD it cost?
First of all...any item CAN be disputed as long as the customer feels that it is not accurate. By law credit reporting agencies must verify any disputed items. In most cases if the credit bureaus list that an individual was late on their mortgage, student loan, child support etc........they probably were. "Blanket disputing" items can acutally hurt a potential borrowers score and under no circumstance should blanket disputes be utilized. For the most part we're looking for outdated information, duplicated information, items included in BK, items included in divorce, incorrect balances, late pays/collections the client KNOWS are not correct, medical collections which should have been covered by insurance. Plain and simple we're looking for INACCURATE information.
As you're looking through the credit report what you want to pay attention to is the "rating column." As most of you know there is a rating system which goes 0-9. It will usually looking something like R9, I9, I1, I9, etc.... The letters before the number are referring to the type of account....R meaning Revolving, I meaning Installment, etc. The number following the letter refers to its status. Below I have listed what each number means.
R0 - Too new to rate. Approved but not used. R1 - Pays within 30 days of billing or as agreed. R3 - Pays in more than 30 days, but less than 60 or when next payment is due. R4 - Pays in more than 60 days, but less than 90 or when two payments are due. R5 - Account is at least 120 days past due but is not yet rated R9. R6 - No rating exists. R7 - Paid through a consolidation order, consumer proposal or credit counseling debtmanagement program. R8 - Repossession R9 - Bad debt, or placed for collection or bankruptcy
If you do not see any of these negative rating and the score is still lower than expected check the "balance to limit" ratios, if the ratio is high the scores will drop. Also, look to see if the client has newly aquired debt. If there is this will affect the balance to high limit ratio which plays a huge role in credit scoring.
As for which customers can benefit from credit repair....the answer I'd like to say is EVERYONE. But to tell you the truth if what you're looking for is a score increase, the ideal customer is not currently late on any accounts. We can remove 10 old items but if new collections and late pays are being added as we go, results will vary. Basically, we can help with any items other that recent and VALID debt/collections/late pays, etc.
Most credit repair companies charge an upfront fee and then a monthly fee. Most credit repair companies take 6-12 months to complete their service. This is odd considering that the credit bureaus only get (by law) 30-45 days to come back with their results. So you would think that it should only take 60-90 days (max) right? Well that is exactly how long it takes American Credit Repair. And why should a set up fee be charged and then monthly fees? It almost seems that they are trying to drag the process out in order to charge more money right? That's why we charge a one time fee of $275/person and $445/couple. It doesn't matter if a report has 5 items that need attention or 60 items (and yes I have seen reports with much more than 60 negative items). We are fair, we are affordable, and we do the job so that it benefits the customer and their interests.
PLEASE ask questions!!!! If there is anything you are wondering about credit repair, credit reports, credit score factors, ANYTHING.........do not hesitate to ask. We are here to get you more loans.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.