Credit Repair FAQ

Q. I have been refused credit. Can I do something about it?

A. Absolutely! Nearly 90% of Americans, just like you, have some "blemish" on their credit reports. Due to the nature of the credit reporting industry, those blemishes can be mistakenly included on your record.  Frequently, credit reports contain outdated information, unverifiable negative items, or totally inaccurate entries. Under the law the credit reporting companies must remove such information. You should check your Credit report and see why you were, or may be, denied credit. Then, as our customer you can do something to correct the mistakes and have your report corrected.

Q. Are "credit bureaus" a part of government?

A. No. Credit reporting companies are just that - companies. They are in business to make a buck, just like the mega-billion-dollar banks that run the credit card businesses, VISA, and MasterCard. The credit reporting business is a multi-billion dollar industry. They generate their income by Selling credit reports to creditors.

Q. Is it illegal or immoral to have your credit profile cleared?

A. No; It is not illegal or immoral to eliminate mistakes on your credit report. In fact the federal government, under the 1970 Fair Credit Reporting Act, Section 1681e, protects your right to do so.

Q. Do the credit reporting companies own the information on my credit report?

A. No, but you do no own the information either. it is owned by the individual merchant or creditor who put it there.

Q. How does the credit reporting system Work?

A. Today, the credit reporting system is literally millions of computer files about individual consumers, which are maintained by the three major credit reporting companies. The files contain personal information about you - how much you owe, how you have paid your debts, your employer, your social security number, public records, etc.

Q. Does paying a past due debt remove the debt from your credit report?

A. paying an old debt does not erase the fact that at one time you were not paying it as you had originally agreed, but it is possible to update your payment history.

Q. How does information about me get into my credit report?                               

A. When you agree to accept credit from a bank, most retail stores, etc., or fill out an employment application - if a credit report is used as a background check - you give the creditor the right to provide information to any credit reporting company. Additional information about you comes from public records, such as court records, debt collection companies, and even the utility companies.

Q. How do the credit companies work?

A. The banks, retail stores, utility companies, etc. report your payment record to the credit reporting companies each month. The credit reporting companies then give that information to a second tier of regional reporting companies who sell it to retailers, banks - anyone who legitimately requests information about you.

Q. Should I apply for credit while in the restoration process?

A.  It is not suggested. Many of the items that you are disputing will show up on your credit profile as “In Dispute” if you apply for credit in the process. The goal is to raise your credit score and each time you apply for credit, you lower your credit score. Also it sometimes slows up the process with the credit bureaus when you are simultaneously disputing your credit profile while at the same time applying for credit.

Q. Can I speed up the process by directly contacting the credit bureau?

A. No, it is best to let us communicate with the credit bureau on your behalf.   If you do receive a request from the credit bureau, please immediately forward it to NuLife 2 operations center. Agent will supply client with first 10-20 forwarding address labels.

Q. Why should I care what is in my credit file?

A. You'd better care. It is your credit report that creditors use. to determine if they will extend credit to you. If you have inaccurate information on your report, you may be turned down for the loan you need or pay unnecessary high interest rates.

Q. What happens if new, negative information – information that was not on my original report – is added to my report after you have begun work on my behalf?

A. The operations center will include the new, negative information in your credit report if you are still in the ‘process’ and you forward the report to NuLife 2 as agreed.

Q. Why do the credit bureaus have separate reports for husband and wife?

A. The credit bureaus collect information based on individual social security numbers. Only, by checking both the wife's and husband's credit reports can we ensure accuracy.

Q. Must we fill out separate Client Information forms?

A. Yes, you are individuals with separate social security numbers and in many cases separate histories.

Q. How will I find out about the results after you have started the process?

A. The individual Credit Bureaus will write directly to you letting you know their ‘ruling’ on each dispute. This letter must be forwarded to NuLife 2 operations center so we will know what to dispute again and what has been removed.

Q. I received my first update from the Credit Bureaus and it said, “This Item has been deleted”. Is this what will show up on my credit report?

A. No! The negative items that have been deleted will simply not show on your credit report.

Q- Can you demand that information be removed from a credit report which I have gotten from a merchant?

A. On your behalf, we can request that a credit bureau remove inaccurate, unverifiable, or outdated information from your credit report, which can only be obtained by you directly from the three main credit bureaus. Second hand information, such as that obtained from a merchant, is not considered a report directly obtained from one of the three main credit bureaus.

Q. Who can request information about my credit file?

A. Under the Fair Credit Reporting Act, a credit reporting company may only disclose your credit report if someone is:

a. Granting credit, reviewing your account, or collecting on your account.

b. Reviewing you for employment purposes.

c. Reviewing your application for insurance.

d. Reviewing your eligibility for a license or government-related benefits.

e. Providing information for a business transaction, such as renting an apartment.

f. A court order.

g. An IRS subpoena.

h. Someone to whom you have given written permission.

Q. How often are mistakes entered into my credit file?

A. Frequently! Some experts say that as many as 90% of credit reports contain errors! That's inaccurate, incomplete, or misleading information that can cost you the credit you deserve.

Q. Who will remove items from my credit report?

A. Only the credit bureaus have the power to remove items from your credit report. But, as required by law, the credit bureaus must delete inaccurate, unverifiable, or outdated information.

Q. How can I add positive data to my credit report?

A. Since the Fair Credit Reporting Act does not require creditors to report information about you, many do not. That means positive information may not be reported. If the positive information is verified, it can be added to your credit report.

Q. How long does the restoration process take?

A. It usually take 3 to 6 months for significant improvement due to the credit reporting companies' continuing mistakes and tactics (we feel by design) that delay the process. Our services will continue on for 9 months and in extreme cases even longer.

Q. Who will my credit report updates go to?

A. You! By law, the credit bureaus must send your updates directly to you.

Q. What if I don’t get any negative items deleted from my report when I receive my first update?

A. We have no control over the response and decisions of the Credit Bureaus. It is unlikely, but if you don’t receive any deleted items the first round, we simply repeat the process.

Q. What can I do if the CRA or information provider won't correct the information I dispute?
A. A reinvestigation may not resolve your dispute with the CRA. If that's the case, ask the CRA to include your statement of the dispute in your file and in future reports. If you request, the CRA also will provide your statement to anyone who received a copy of the old report in the recent past. There usually is a fee for this service. If you tell the information provider that you dispute an item, a notice of your dispute must be included anytime the information provider reports the item to a CRA

Q. Who do I contact if I have additional questions?

A. Contact the Independent Agent.

Q. Who do I contact to file complaints against any of the Credit Reporting Companies?

 A.  Here is a link where a client can obtain a complaint form from the FTC that can be filled out by our clients which are being stonewalled by the credit agencies.

 https://rn.ftc.gov/dod/wsolcq$.startup?Z_ORG_CODE=PU01

Facts

       ·              Bad Credit will cost you thousands of additional

                      dollars over the years.

       ·               Negative information can remain on your credit

                        report for up to 10 years and it can prevent you      

                        from getting credit.

       ·               Any negative information that cannot be verified

                        must be removed from your credit report.

       ·            Over 80% of Americans have inaccurate, erroneous

                       or obsolete information on their credit profiles.

        ·             Remember: Credit reporting Agencies are in business

                     to protect their interest. We are in business to protect

                     your interest.