Is Credit Repair Legal?
Credit repair is 100% legal. It works because the Fair Credit Reporting Act (FCRA) gives consumers the right to dispute any item on their credit report. If an item cannot be verified within 30 days, it must be removed. Restore E-Squared Financial Solutions strictly adheres to the Credit Repair Organizations Act (CROA). CROA prohibits untrue or misleading representations and requires certain affirmative disclosures in the offering or sale of “credit repair” services. The Act bars companies offering credit repair services from demanding advance payment, requires that credit repair contracts be in writing and gives consumers certain contract cancellation rights.
What Is A Credit Score?
A credit score is the number that lenders use to help determine whether to extend credit to you and also what rate of interest to charge you. Credit card companies, auto dealerships and mortgage bankers are three common examples of types of lenders that will review your credit score before they determine if they will lend to you and at what interest rate. The lower the credit score, the higher the risk. The higher the credit score, the lower the risk.
FICO (Fair Issac and Company) is the most popular credit scoring model used by lenders, employers, insurance companies and etc. FICO scores are calculated as follows:
35% Payment History
15% Age of Credit
10% Credit Mix
Who Are The 3 Credit Bureaus?
There are three primary credit bureaus or credit reporting agencies: Experian, Equifax and TransUnion. These for-profit companies are not owned by the government and they assist lenders with detecting consumer financial risk.
How Long Will It Be Until I See Results?
91% of our clients see results in the first 45 days of enrolling in our program. Each month you continue enrollment in our program you will see progress.
On average, the entire credit restoration process can take 3 to 6 months. We have witnessed clients successfully complete the credit restoration in less than 3 months and others beyond 6 months. A credit report is similar to a finger print, everyone's different; hence you will be provided an estimated time of program completion during your individual credit audit.
How Many Points Will My Scores Increase?
There are many factors that make up your credit score which makes it impossible to give you a numerical prediction of how much you credit score will increase. 91% of our clients see an increase in the first 45 days. We have a proven track record of helping clients build strong credit profiles, increasing credit scores and reaching their financial goals.
What Items Can Be Removed From My Credit Report?
79% of consumer credit reports have inaccuracies. We dispute any item on your credit report that is questionable, inaccurate or unverifiable with the credit bureaus and creditors such as:
What Is Considered A “Good” Credit Score?
FICO credit scores range from 300 to 850.
740 - 799 (Very Good)
670 - 739 (Good)
580 – 669 (Fair)
579 and below (Poor)
How Long Do Negative Items Remain On A Credit Report?
The Fair Credit Reporting Act (FCRA) requires that most negative items remain on your credit report for no more than seven years. Bankruptcies can be reported for up to ten years. Credit inquiries may remain on a credit report for up to two years.
What Is Your 100% Guarantee?
You are entitled to a 100% refund on all monthly payments if:
- We do not remove any negatives worked on.
- You have had 120 days (4 consecutive months) from the time that you retain our services.
- You have not used a credit-consulting agency nor attempted to repair your own credit at least 1 year prior to signing up for our services.
- You have had no new collections or missed payments during the time frame we are assisting you.
- You have maintained credit monitoring services at all times during the time frame we are assisting you.
- You agree & have sent updated reports/responses from the three credit bureaus & creditors to us within 5 days of receipt.
- You should receive updated credit reports every 35-45 days and make us aware if updated reports have not been received.
Why Do I Have To Keep The Credit Monitoring Service?
Keeping an active account with a credit monitoring service is a requirement to receive credit restoration services with our program. The credit monitoring service allows us to track your progression with changes to your credit report such as deletions and credit score increases. Failure to keep an active credit monitoring service account can result in a suspension of services. Credit monitoring services does not affect your credit score at all.