Is it legal for your company to dispute my credit? Disputing your credit report is your right (see The Fair Credit Reporting Act). Credit restoration and repair is as legal as pleading “not guilty” in a court of law. The answer to the question is yes; it is legal for our company to dispute and legally assist in having your credit repaired. Not all “credit repairing myths” are true. Remember, your creditors and credit bureaus may not want you to know the truth about your rights concerning them.
How long does it take disputed information to be investigated? If you are not educated to properly dispute your credit files it could take a very long time before you truly see some good results. With our services, we can investigate your files for dispute in 3 to 7 business days, but not to exceed 10 business days of receiving them, then mail them to the credit bureau for their investigation, which by law they have 30 days, and the source of the disputed information must review the evidence given. The investigation period can be extended by 15 days if the CRA receives relevant information within the initial 30 days.
Can your company guarantee that all my bad debt will be removed? Buyer beware. If anyone guarantees they can remove all negative information from your credit reports and you pay them, then you have given free money away. Companies like that put a bad name on good companies who truly know how to help assist you with disputing inaccurate, unverifiable, misleading, and outdated information. After any dispute is made and submitted to the credit bureau, the credit bureau must review the information and provide its disputing information to the creditors to report back. We do not deny that if a person, for example, has 15 items to dispute, that all 15 can be put in perfect standings… but the chance of it happening is very, very, very unlikely. Our guarantee is the bureaus and creditors filing system, because of the tremendous amounts of information on their computers, has a method of storing information that is very basic and ridden with many errors. Since the bureaus have made so many errors in the past, all Federal Laws regarding credit information are very much in our favor. Better yet, we know once again what to ask for, and how to present a more compete statement when disputing your information.
Why should I use your company's disputing system? When using the credit bureau's way of disputing your files, you are not truly provided with enough information to dispute your case. Many credit bureaus will offer you 4 to 6 statements of disputing your information, and a small area if a statement of disputing is to be made. We know what statements are needed, and how to present a more complete statement when disputing your information. Plus you can write down or call us concerning what you are trying to dispute and we can assist you in having it disputed properly.
Can I make my credit bureau remove inaccurate or incomplete information from my credit file? It is your right to do so under State and Federal Law. Credit bureaus are required to follow reasonable procedures to ensure that the information they report is accurate. However, mistakes may occur, and we can assist you with repairing those mistakes.
Can I restore my own credit? Given the proper tools, background and experience, you can do anything. In a court of law you have the right as a citizen to represent yourself, but in many cases most people choose an attorney because of their understanding of the law. CMS understands your rights when disputing your personal credit files, but most of all we too understand the law concerning those rights.
If I pay off my bills will it restore my credit? Sorry, most of us think that would be true, but it just doesn’t work that way. When you pay an old debt, the negative credit listing doesn’t disappear. In fact, it starts the 7 year clock all over again with a new negative listing. What’s even worse is that a paid negative listing is not any better than an unpaid negative listing. The good thing is that in many cases we can assist you in this matter.
How much bad credit does it take for me to be denied credit? Even one small late pay listing may result in credit denials. It is a myth that a large amount of positive credit can outweigh some negative credit. Any negative credit whatsoever can become a substantial credit obstacle.
Can a deleted item reappear on my credit report? It’s possible, we call it a negative listing that was recently deleted but eventually verified by the creditor. Let’s also be aware that the new Fair Credit Reporting Act requires that the credit bureau inform you before the re-reporting of a previously deleted listing. The FCRA also makes it more difficult for credit bureaus to re-report listings. Now, because of these new factors, it is rare for listings to come back on once they’ve been deleted.
What is a charge-off? When you become very delinquent on an account, the creditor will probably charge it off. This means that they have written the debt off as a loss for tax purposes. This does not mean that they have given up collecting on the debt. The creditor is now likely to either sell the debt or send it to collections. Charge-offs are very negative listings, but they can often be settled through debt settlement for much less than you owe. Be very aware of some collection companies, you still very much have rights protecting you.
How often should I review my credit files? We believe it is very important to review your personal credit files at least once a year. You should review all of the credit bureau reports. Remember, credit fraud is one of the biggest problems we are facing at this time. With common errors made on credit files these days, it is very important that you know what those files are saying about you.
How it works? The three reporting agencies, also called Consumer Reporting Agencies, are NOT government agencies. They are for-profit, multi-million dollar corporations that gather and sell your private personal information to creditors, insurers, employers, landlords, and companies that solicit you for credit and insurance offers. They also sell your information to telemarketing and mailing list companies, without your permission and in most cases without your knowledge! They admit that errors occur on consumer reports, but they do nothing to correct them. If they really cared about what they report, they could send everyone a copy of his or her credit report once a year, and ask if everything is right! But they don’t. Instead they report whatever they want and make the consumer “prove” that the report is inaccurate.