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Below are the 19 most frequently asked questions about credit.
After you feel all of your questions are answered, and you have reviewed our web site, please call (801)
415-9406
and we will assist you in getting started.
How much is bad credit costing me?
How does All Legal Credit do this legally?
How long before the credit bureaus will remove negative items from my credit reports?
How long does negative information remain on my report?
Does paying off my delinquent accounts improve my credit?
Why should I use your company?
What if deleted items reappear on my credit report?
How long would it take for me to dispute my own credit?
What is the actual process of disputing items on my credit reports?
Do I need to see my credit reports first?
Should I apply for credit cards while All Legal Credit is disputing items?
Does your process, in any way, require me to get a new ID, or Social Security Number?
Can All Legal Credit remove me from Chex Systems?
Get The Credit Bureau FAQs!
What is a Credit Bureau?
How many are there?
Are all 3 important?
How does a Credit Bureau make money?
Who can see my credit report?
- Q: How much is bad credit costing me?
A: Thousands and thousands of dollars! Any amount of bad credit is devastating to your chances for credit approval. In fact, most credit grantors never personally look at your credit report. It's an automated process in which a computer decides whether you're approved or denied. The slightest amount of negative credit can be cause for denial, or escalated interest rates. A clean credit report is a MUST! See this Special Report for more details.
Q: How does All Legal Credit do this legally?
A: Disputing your credit report is your right (see the Fair Credit Reporting
Act via the links below). Disputing your credit profile is as legal as pleading "not guilty" in a court of law.
Q: How long before the credit bureaus will remove negative items from my credit reports?
A:
There is no definite answer, as the time
varies depending on the initial credit status of each customer.
Using All Legal Credit
eliminates the time invested in learning credit laws and drafting correspondence
for the paper chase with the credit bureaus. It frees you from
crafting carefully worded correspondence and following each dispute.
On average it takes between 2 to 8 months. However, we
will monitor your credit for 12 months, with no additional charges! Unfortunately, there
are no short cuts if you dispute your credit profile legally.
Q: How long does negative information remain on my report?
A:
Credit bureaus report credit information for a period of seven (7) years. Some states have
special provisions for collections and paid liens. Chapter 7 and Chapter 11
bankruptcies are each reported for 10 years, and chapter 13 bankruptcy is reported for
10 years, both measured from the date of the filing.
Q: Does paying off my delinquent accounts improve my credit?
A:
You would think that would be true. But, again, the credit reporting system just doesn't
work that way.
When you pay an old debt, the negative credit listing
doesn't disappear. In fact, it re-ages, and the seven year clock begins again with that
negative listing. The most ironic thing is that a paid current negative listing is not
any better than an unpaid negative listing.
Q: Why should I use your company?
A:
The most common reasons are that individuals either have already tried themselves
and obtained limited results, or they just don't have the time to undertake this task. If
you decide to use us, you can be assured that you will be receiving the best assistance and
service possible.
If you knew nothing about working on cars, would you consult a mechanic?
Q: What if deleted items reappear on my credit report?
A:
On occasion, a negative listing that was recently deleted will eventually
be verified by the creditor. The Fair Credit Reporting Act requires that the credit
bureau inform you
of reinstatement of a previously deleted listing. The FCRA also makes it more difficult
for credit bureaus to re-report listings. Because of these factors, it is fairly rare for
listings to come back on
your credit history once they've been deleted.
If an item is re-reported, that the credit bureaus initially removed, we will
re-dispute it for you, at no extra charge. It is a very
simple matter to challenge the listing again at a future time
in order to press for permanent deletion.
Q: How long would it take for me to dispute my own credit?
A:
Again there is no definite answer, because it depends on your initial credit
status, your dedication to review your credit reports and prepare letters
to each of the credit bureaus, and how long it takes you to learn your credit rights
by familiarizing yourself with the Fair Credit Reporting Act (FCRA). In addition, you must remain
organized and effectively draft your correspondence to the credit bureaus. This process
can easily take over a year of diligent work with no significant credit improvements.
Many who start disputing their credit turn to our company after months of work.
Q: What is the actual process of disputing items on my credit reports?
A:
Once we receive your credit reports, we will construct letters of dispute in
your name. These letters are
specifically designed to communicate your dispute in such a way that the credit bureaus
will
be more likely to accept the dispute, and conduct an investigation of the
disputed item.
While this may sound easy, any person who has attempted to
dispute their own credit will tell you otherwise. According to federal law, the credit bureaus
can ignore your dispute under a variety of conditions.
At the conclusion of the credit bureau's investigation,
a new copy of the credit report
will be sent to your address showing any deletions, or improvements, as a
result of the dispute process. You will then copy and send us the new credit report, and
the cycle repeats itself at timed intervals.
A disputed credit listing must be accurate and verifiable
for it to remain on the credit report. If the credit
listing is only somewhat inaccurate, the credit bureau may simply change the item to
correct the inaccuracies. Very often, though, disputed credit items cannot be verified:
the creditor either no longer possesses the information or does not wish to go to the trouble
of verifying it. Also, the reinvestigation must be completed within 30 days or the listing must
be removed. For these reasons, properly disputed credit listings are removed with remarkable
frequency. Each time an investigation is commenced, the odds of receiving a particular
deletion increases.
Q: Do I need to see my credit reports first?
A:
No, most people visit this website after they have been denied credit. Most even know
the specific nature of the negative listings appearing on their credit report. It is
not necessary to know exactly what is appearing on the credit report before
we begin work. It is only necessary to know that there is a credit
history problem which needs to be addressed.
An amazing fact about bad credit,
is that almost any small amount of bad credit will trigger universal credit denial. A little
bad credit isn't much better than a ton. So, even if you believe that there are only a couple
of negative listings on your credit report, it still makes sense to
hire All Legal Credit. If your credit comes back all positive, of course we would refund
your money.
Q: Should I apply for credit cards while All Legal Credit is disputing items?
A:
You are able to apply for credit cards while disputing your credit reports,
but you should take care to make sure that you do indeed get approved for any credit you
request. Remember,
even mere inquiries from prospective lenders can be treated as negative credit data. Find
out what the lending institution's criteria is for
granting the credit card or loan you want before submitting the
application, and make sure that you fit and meet their criteria. If not, you
SHOULD NOT apply, as it will only add negative credit information to your credit history.
Q: Does your process, in any way, require me to get a new ID, or Social Security Number?
A:
No, we never would ask anyone to get a new ID, or a new Social Security Number, EVER.
Be aware of this procedure, band-aids are only temporary, and yes, can be illegal.
Q: Can All Legal Credit remove me from Chex Systems?
A:
We only work with the three major credit bureaus, Trans-Union, Experian and Equifax. Chex Systems
is not a credit bureau.
How Do I Get Started?
Get The Credit Bureau FAQs!
Q: What is a Credit Bureau?
A:
Credit bureaus track personal, financial and credit information on individuals. This includes information taken from public records,
personal identification and debt information. With the exception of back child support
payments, creditors supply information on a voluntary basis. Credit
bureaus are strictly private 'for profit' entities, and are not government institutions.
Q: How many are there?
A:
There are 3 major credit bureaus: EQUIFAX, TRANS UNION and EXPERIAN
(formerly known as TRW).
Q: Are all 3 important?
A:
Yes, when you go to apply for a mortgage, or re-finance your home, a mortgage broker
will look up all three credit bureaus. However, other creditors, your employer, or a potential
landlord may only pull up any one of the three reports, therefore it is imperative that
All Legal Credit work on all three of your credit reports. Yes, your investment for disputing items
includes all three, Equifax, Trans-Union and Experian.
Q: How does a Credit Bureau make money?
A:
A credit bureau is a commercial business. It makes money by selling your credit
report to others. A person with bad credit means more business for them, as such a
person applies for credit about ten (10) times more than a person with good credit.
Q: Who can see my credit report?
A:
Anyone who wants information for a business transaction between you and them may
obtain your credit report. This may include an insurance company, a prospective landlord,
a prospective employer, a collector, banking institution or a government official.
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To review the federal law that protects your credit reporting rights, known as the Fair Credit
Reporting Act ("FCRA"), you may select from the following
options:
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1. To review a copy of the FCRA in effect as of July 1999 prepared
by the
staff of the Federal Trade Commission, the federal agency that regulates
trade, including credit reporting bureaus, click
here
2. To download a copy of the FCRA as amended through November 12,
1999 as a portable document format ("PDF") file, click
here
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How Do I Get Started?
Do you have any further questions?
Please email us at: questions@alllegalcreditrepair.com.
Disclaimer:
None of the information contained on any of All Legal Credit's web pages is meant to be
legal service advice or a substitute therefor. We provide the information contained on
these web pages comprising the All Legal Credit web site solely to assist you with our proven methods
of restoring credit and getting negative, erroneous, incorrect, obsolete, and misleading
information removed from your credit reports for the purpose of re-establishing your good credit.
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