What is Credit Repair?

 

Credit repair is a service provided under the Credit Repair Organizations Act (CROA) that allows credit repair service providers to assist consumers in the correction of items on their consumer credit reports that prove to be inaccurate, outdated, or unverifiable. Any credit repair agency that claims to be able to remove ANY item other than those identified above is in violation of the Credit Repair Organizations Act (CROA).

 

What items can be removed?

 

This is a tricky question. For one, we can't tell you upfront that ANY item can or will be removed from your credit reports. The only items that can be removed from your report are inaccurate, outdated, or unverifiable. However, MANY items on most people's reports could fall into one of those categories.

 

Why do I have to prove my Identity?

 

The simple answer is because the credit bureaus say so. Unfortunately, there is wording in the law to require you to give them information. If you don't supply the proof of your identity and address, the bureaus will simply ignore your dispute and you will get nowhere. Below is a list of what can be used as proofs.

 

You must send at least two of the following:

> Driver's License
> Utility Bill
> Pay Stub with Social Security number
> W2 Form
> Lease Agreement
> Bank Statement
> Cancelled Check

 

How much will my score go up?

 

As much as we would like to, there is simply no way to know the answer to this question. There are far too many factors involved in the credit scoring model; the biggest variable being the "human factor". We don't know what you are going to do during this process. You might get new lates, max out credit cards, get new credit, get new collections, get a judgment placed against you, or one of hundreds of other things that would change the outcome of your service. REMEMBER! Priority Financial Solutions only provides you with education as it realtes to your credit and a score change is simply a byproduct of you being educated on the process.

 

Is there any way to speed up the process?

 

Short and sweet... NO. We would love for you to turn around your situation as fast as possible and would love for there to be a legal way to make things "disappear" in seven days. However, it just doesn't exist. Now for a little more detail... From the time the credit bureaus receive your dispute, they have 30 days to respond. This leads some people to believe that if it has been more than 30 calendar days, then they MUST remove those items. This is simply not the way it works. There are sections of the law that allow them additional time under certain conditions.

 

What about "online disputes"?

 

When a dispute is entered online, it goes into EDRP or expedited dispute resolution process. This sounds great until you read a little further unto the Fair Credit Reporting Act (FCRA). It clearly states that if a dispute goes into EDRP then the bureaus do not have to comply with certain sections of the FCRA.

Did you hear that? They get to ignore the law!

The sections they don't have to comply with are also quite handy in the credit repair process. One section is the "Method of Verification" section. If an item comes back as verified, they don't have to tell you "HOW" it was verified. Another section is the "Re-Insertion Letter" section. Usually, if an item is deleted, there are steps the bureau must follow in order to be able to re-insert that item. One of these steps is to send you a re-insertion letter before placing the item back on your report. The simple cost of creating and sending this letter drastically limits the amount of re-inserted items. If an item is processed under EDRP, THIS LETTER IS NO LONGER REQUIRED! They can just put the item back whenever they get good and ready.

Just take our advice... Don't dispute online.