F.A.Q
Our credit score repair experts are here to assist you with answers of most Frequently Asked Questions (FAQs) regarding credit restore processes and services. If you can't find an advice on how to raise your credit score, just visit our Contact page and send us a mail. We'll provide all assistance for credit repair.
How Long Will It Take To Fix My Credit And When Can I Expect Results?
According to the FCRA once the credit bureau receives your dispute letter they are obligated to perform an investigation and all consumers’ disputes must be resolved by the credit reporting agencies within 30 days. In other words, Credit Bureaus have thirty (30) days to investigate your request to verify and make changes on your Credit Report, inform you in writing of their investigation results within five (5) days of its completion and send you a copy of your updated Credit Report.It oftentimes takes up to 60 days to receive an updated credit report from the day you send the bureaus a dispute letter.
What Is TurboScore?
TurboScore is a powerful credit repair software that makes credit repair as easy as clicking your mouse. With our software you will be able to obtain your free credit reports, dispute and remove inaccuracies, generate powerful dispute letters that request credit bureaus to perform an independent REASONABLE investigation to ensure the validity of the information and on your Credit Report.
TurboScore’s Credit Dispute Manager will help you create customized powerful dispute letters to deal with Credit Bureaus, Collection Agencies and all individual Creditors. Our software is your powerful tool to help you maintain your accurate credit reports and get your best credit score. This one-of-a-kind system is trademarked and protected by U.S. trademark and copyright laws.
What Are The Unique Features Of TurboScore?
Our “point-and-click” dispute letter creation tool allows users to create professional and personal dispute letters in a matter of minutes. One of the most important and time consuming factors of the Credit Repair is to be able to generate unique dispute letters, with not only a different font or color but unique “content” (text). With TurboScore, manual dispute letter creation is a thing of the past. TurboScore features an extensive library of professional dispute letters to help you deal with Equifax, Experian and Transunion, as well as Collection Agencies, Original Creditors and ChexSystems. Dispute manager will help you generate your Dispute Letters in no time. Other key strengths of our software is our Credit Report Training Program and other powerful video tutorials that will help you understand the process and get your best credit score.
What Can Credit Umbrella’s Product Do For Me?
TurboScore is a powerful credit repair system which includes an extensive array of functional forms and documents, all designed to help you remove inaccurate and misleading information from your personal credit report. This powerful software does exactly what a credit repair professional would do: Use your rights and the law to have negative items removed from your credit reports: Late Payments, Collections, Inquiries, Derogatory Accounts, Public Records, Inaccurate Personal Information.
- Help you automated dispute letter creation and send professional Dispute Letters in minutes.
- Help you deal with Collection Agencies.
- Help you dispute items with Original Creditors.
- Help you create ChexSystems and Telecheck Disputes.
- Help you place Fraud Alert on your credit reports so you can protect yourself from Identity Theft
- Help you understand credit repair process.
- Help you fix your own credit so you get your best credit score and maintain accurate credit reports.
How Difficult Is It To Use TurboScore?
We’ve gone the extra mile to make our program user friendly and simple to operate. Our Software includes easy credit repair wizard and extensive how-to videos and training guides, designed to deliver straight answers on all topics including how to understand your credit reports and your credit score, identify negative information on your credit reports and create power full dispute letters using our sophisticated templates.
How Do I Identify Negative Items ?
A Credit Report is a summary of one’s past credit history, public records and their potential estimated credit worthiness.
Everything begins with an individual’s Credit Report. The reason individuals seek out these services is to repair Credit Report problems which are typically items on their reports identified as being inaccurate, misleading and unverifiable.
Experian, TransUnion, and Equifax are the three main national Credit Reporting Agencies that maintain these records and data. Each of these Credit Bureaus work independently from each other to gather information from Lenders and Creditors and other businesses with the intention to maintain accurate and up to date consumer credit profiles. This information is then requested by other Creditors, Lenders, Insurers, Employers and Landlords to be used in evaluating an individual’s financial responsibility. CreditUmbrella.com then stores Credit Report Data from each Credit Bureau which allows you an individual to create Dispute Letters, simply by selecting items directly from the Credit Reports.
How Do I Obtain A Copy Of My Credit Reports ?
After you’ve obtained a copy of your credit reports, you must review them carefully to identify any items that are negatively impacting your credit score. These could be negative inaccuracies related to:
• Bankruptcy Filing Records
• Items Included in Bankruptcy
• Charge-offs (Paid and Un-paid)
• Collections (Paid and Un-paid)
• Late Payments
• Negative Duplicate Accounts
• Negative Closed Accounts
• Inquiries
• Wage Earner Plan
• Foreclosures
• Judgments (Civil or Small Claims)
• Late Payments
• Repossessions (Legal or Voluntary)
• Tax Liens (State or Federal)
You can also use Payment History Codes to identify Derogatory Items:
R – Revolving (most often a Credit Card)
I – Installment (most often a Mortgage or Auto Loan)
R2 or I2 = 30 Days Late
R3 or I3 = 60 Days Late
R4 or I4 = 90 Days Late
R5 or I5 = 120 Days Late
R7 or I7 = Regular Payments are being made under the Wage Earner Plan
R8 or I8 = Repossession
R9 or I9 = Charge off
Once you have identified all the inaccuracies, it is then time to enter them into the CreditUmbrella program and generate powerful disputes and begin the Credit Repair process.
You can challenge just about every negative item listed on your credit report that you believe are inaccurate, incomplete or outdated and should be removed or corrected.
Credit Bureaus have thirty (30) days to investigate your request and make changes on your Credit Report.
If the credit bureau cannot verify that a credit item is accurate and timely, it must be removed from your credit report.
What Is A Derogatory Account ?
Derogatory Accounts consist of any accounts on your Credit Report that goes against your Credit Score due to late payments, missed payments, accounts that were charged off.
Is Repairing Your Credit Legal?
As a consumer you have the right to question any information on your Credit Reports that you feel may be misleading, untimely, inaccurate, incomplete, ambiguous, unverifiable, or even questionable. If an item cannot be verified, then it must be removed. Credit Umbrella has a simple step by step approach that helps you dispute and remove those inaccurate and questionable items that lower your overall credit score.
Credit Bureaus Will Offer Me To Dispute Items On Their Website. What Is The Difference?
Although it may seem convenient, it may not be in your best interest to use the online disputing service provided on credit bureau websites. If you dispute items online on a credit bureau website, you will not have any written records of your dispute (the return receipt), plus, you are making it easy for them by disputing online. Your dispute will become a two letter code and will be sent (using eOscar) to an offshore computer for analysis. You will also not be able to dispute specific information within the listing, for instance, wrong high balance, wrong date account was opened, etc. You will not be able to send documentation. In addition, if your name, SIN or address is incorrect, you have to send your request in writing any way.
Use Credit Umbrella’s system to request Equifax, TransUnion and Experian conduct an independent REASONABLE investigation to ensure the validity of the information, debt and the honesty, integrity of the creditor or collection agency in question.
This method is much more productive to repair your credit than use the online disputing service provided on credit bureau websites.
What Credit Items Can I Dispute Using TurboScore?
Credit Umbrella’s professional dispute letters are designed to help you dispute any and all inaccurate, outdated, incomplete negative or derogatory items found on a personal credit report. With the aid of the TurboScore™.
What Does It Typically Costs To Repair My Credit Report?
Credit repair companies have been known to charge thousands and thousands of dollars to work on improving your credit report. Unfortunately there are many companies that will promise and even guarantee to fix your credit report, yet after paying them you will find yourself in the same situation as when you started. They can claim they’ve done the work and have earned their money. They can also blame you for making too many mistakes, which is why they couldn’t achieve the results that they previously guaranteed. In the end, you have nothing to show for your money. Once you have purchased and installed CreditUmbrella’s Dispute Manager you only have postage and printing costs.
What Do People Mean By The Term “Bad Credit?”
When a person declares that they have “bad credit,” this usually means that they have an unfavorable credit rating or unfavorable items on their personal credit report which makes it difficult and expensive to obtain loans and new credit. However, disputing items on a credit report is the fastest way to bounce back from bad credit or bankruptcy.
Can You Provide A General Overview On How The Credit Repair Process Works?
The first step is to enter in one’s person information using Credit Umbrella’s Exclusive Software. Next, identify all errors and input all those questionable negative credit items into the Credit Report Management system. Select which items to include in your letter and select your dispute instruction. Choose the appropriate letter template and the name of the bureau to which the letter is going. Print and mail the letter. Practice your patience and wait. The Federal Statute dictates an investigation must be completed. If the information is inaccurate, misleading or unverifiable it must be removed from the credit reports. Once your updated credit reports from the credit bureau have been received, mark those results on your credit report to see what was removed. If some of the negative items are still on your credit report you will have to repeat these steps for those items until you are satisfied with your credit reports. The process is as simple as that.
How Do You Handle Product Returns?
60 DAY MONEY BACK GUARANTEE
We believe in our product and we know you will love it too. If for any reason you are dissatisfied with the software, you may obtain a full refund (less any shipping costs paid) by submitting a request within 30 days of your purchase. To submit your request you will be requested to deactivate your software from the link provided within the software and fill in couple of simple question fields and indicate the reason for the refund.
Credit Umbrella is committed to earning the full satisfaction of each and every Valued Customer for we understand that our future referrals are dependent upon your current success.
STANDARD REFUND POLICY
After 30 days, refunds or replacements are based solely on defects in the physical media, not general dissatisfaction or lack of features. Refunds/replacements are provided only after our technical support team has assisted in your installation and software fails to function fully according to the technical team diagnosis. Defected software media can be returned within 90 days, at your expense, along with the packing slip that came with the media. In its sole discretion, Credit Umbrella will then either send you replacement media or refund the purchase price.
In particular, please note that returns after 30 days are not allowed in the following situations:
Improper use of the software.
Misunderstanding the use of the software.
Purchasing the software for use on an unsupported operating system.
Unwanted software upon or after purchase.
Where the request for return is based upon a defect or bug which can be corrected/resolved.
Any other request for return made outside of the 30 day window, except for breach of warranty.
How long will it take to get my money back?
Within 2 weeks the total amount less any shipping costs will be credited to your credit card used to purchase the product. There are no refunds after 30 days.
How Is TurboScore™ Different From Other Programs?
Our software system is much more powerful and takes less of your time than other credit repair programs or ebooks. Our innovative approach utilizes an “intuitive” rather than a “figure it out yourself” approach. You will never have to create any letters from scratch not knowing what to write. Our simple “Point and Click” software walks you step by step through the process and has many power full and professional dispute letters to match your scenario. It’s easy, efficient, trademarked and copyrighted. Simply put, if you can operate the mouse on your computer, then you can effectively and successfully use this software. Credit Umbrella is the simplest, most efficient and powerful program in the industry.
What Specific Items Can Be Removed From My Credit Report?
Inaccurate Accounts, unauthorized inquiries, incorrect public records, incorrect late payments and other errors. The law states that if the credit bureaus are unable to validate the accuracy and completeness of an item, then they are required to remove them from your credit report. To further clarify, this doesn’t mean that every negative item can be removed from every credit report, but Credit Umbrella offers you the best chance for success.
What Is The Overall Savings I Can Expect To Save By Improving My Credit Report?
Lowering rates on your mortgage, car loans and even credit cards are huge incentives to improve your credit score. Simply increasing your score by a hundred points could save you from $300 to $500 a month. Add those hundreds of dollars month after month and you can end up saving thousands of dollars over the years.
Can Anyone Remove Negative Items From Their Credit Report?
By law, anyone and everyone can easily and successfully dispute and remove inaccurate and questionable negative items from their credit report. You have the right to question any information on your credit reports that you feel may be misleading, untimely, inaccurate, incomplete, ambiguous, unverifiable, or even questionable. If an item cannot be verified, then it must be removed. Credit Umbrella has a simple step by step approach that helps dispute and remove inaccuracies so you can get your best credit score.
What Happens If Every Item On My Credit Report Is Accurate?
If you feel a negative credit item is 100% accurate and timely, you do not have the grounds to question this item with bureaus. Only the passage of time can assure bureau removal. However, also realize that you can dispute items if there are any inconsistencies on your credit report. For example, if an item is listed as “60 Days Late,” however it’s closer to “40 Days Late” then you can dispute this item. If the credit bureau can’t validate the item, they will have to remove it from your credit report.
What Levels Of Support Do You Offer With Your Program?
While our software is very “User Friendly,” we understand that you may have technical questions along the way. All members are given unlimited phone and email software support during the process. Feel free to call us toll-free support line at 1-877-824-1121. Please keep in mind that CreditvUmbrella representative can only help you with questions concerning strictly to our software technical issues, we can not give any personal or legal advice. Our software provides certain information about the law. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. We recommend you consult a lawyer if you want legal advice applicable to your situation or how the Software may apply to you.
Will This Software Work On A Mac?
TurboScore is written for Windows 7,XP,Vista and Mac OSX. Once you purchase and insert or download TurboScore ™ on to your computer, setup will automatically detect you operating system and install the right version.
How Personal Is The Information On My Credit Report?
There are basically four categories of information on your Credit Report, in addition to your name, address, and employer. These four categories are Collection Accounts, Merchant Trade Lines, Inquiries and Court Records. This information is then compiled to generate your Credit Score.
Collection Accounts
When an account is delinquent, it appears on the Credit Report as a Collection Account. They can be listed as paid or unpaid and is considered very negative by potential Lenders.
Merchant Trade Lines
All Credit Cards, Department Store Cards, Auto Loans and Mortgages are considered Merchant Trade Lines. If there are any Bankruptcies, Charge Offs, Late Payments or Repossessions, these are also considered very negative by potential Lenders.
Inquiries
Whenever a potential Lender reviews your Credit Report, it is recorded as a Credit Inquiry. If you have too many inquiries over the last two years, this can be considered very negative by potential Lenders and they may deny you credit.
Court Records
All Bankruptcies, Divorces, liens, Satisfied Liens, Judgments, and Satisfied Judgments are all included on your Court Records. All of these are considered to be negative by potential Lenders.
How Long Does An Item Appear On My Credit Report ?
Most major negative credit items remain on your credit bureau file for no more than 7 years, as mandated by the Fair Credit Reporting Act, (FCRA). Bankruptcy is the only exception which can stay on your file for up to 10 years. Inquiries may remain on a credit report for up to 2 years. Keep in mind that these are the maximum time limits that these items can appear on your credit report. Your creditors, or even the credit bureau, can choose to have these items deleted whenever there is an acceptable reason to do so.
You do not have to endure inaccurate credit for seven to ten years so long as you feel comfortable challenging the accuracy or verifiability of your questionable credit listings. Millions of people reported having inaccurate information in their credit report including misleading and inaccurate public records. Identity theft ,mistaken identities and many other factors can result in showing up on your Credit Reports when it should not be there, destroying your personal Credit reputation. According to recent reports as many as 79% of consumer credit files contain inaccurate items. Inaccuracies, especially ones that are harmful to your credit scores, can lead to higher interest rates on loans and credit cards or denials for new credit. Credit Umbrella’s main focus is to provide you with a powerful software that contains powerful dispute letters and credit repair training videos so you can dispute and remove those questionable and inaccurate items from your credit report.
Who Creates My Credit Report And How Do They Do It?
Credit reports are comprised of not just how you are currently managing your credit accounts, but the history of everything you have done in regards to your credit over the last 7 to 10 years. Your credit history is recorded by a credit reporting agency known as a credit bureau. Currently there are 3 major credit bureaus; Equifax, Experian and TransUnion. These credit bureaus receive your personal information from the same lenders who would give you credit. These lenders have an agreement to report everything that happens in your history together. For example, if you make a late payment, this negative information is quickly reported and added to your credit history. The credit bureaus are not affiliated with the government, but rather are companies that operate with the goal to earn profits. Their job is to compile the information received by lenders and create a credit report. They make their money by selling these reports back to future lenders, potential employers and even the consumers themselves. When you apply for credit from a lender, they will typically order a report from one of the 3 major credit bureaus. (Most small credit bureaus are affiliates of one of the major 3.) The lender then reviews your credit report looking for any negative items such as late payments. The more negative items on your credit report, the higher interest this lender will decide to charge, or they may even reject your application for credit. Your credit report will ultimately decide if you qualify for the loan, apartment or job of your choice.
How Bad Does My Credit Report Need To Be Where I Will Be Denied Credit ?
There is no precise science when it comes to deciphering a credit report. Any negative item on your report is bad, such as a late payment, no matter how many positive items you may have on the list as well.
Who Will Ultimately View And Evaluate My Credit Report?
Prospective creditors, landlords, employers and even insurance companies will often review your credit history before proceeding with their business with you.
Can You Explain The Difference Between R1 And R9 ?
R1 is a note left by your creditors indicating that you have a revolving account that is in good standing. R9 indicates that you have a revolving account that is in bad standing. There are other account classifications your creditors can add to your credit report, consisting of 2 parts; the account type and the account status. “I” refers to an individual account, “M” refers to a mortgage account and “R” refers to a revolving account. Regarding account status, the number “1” is the best status rating you can receive and “0” indicates that there’s not enough history on which to base a judgment. Anything from “2” up to “9” is negative and indicates that you have had a problem with this account. These ratings are not as critical, however, for we’ve found that most potential creditors are looking more for late payments, collections or charge offs.
Can You Explain The Term “Charge Off ”?
If there has been no payment on a debt after one hundred and eighty (180) days, a creditor will typically charge off a debt, or have it written off as a loss for tax purposes.
This doesn’t mean that the consumer isn’t responsible for this debt, and creditors can continue to seek payment, whether they attempt this directly or solicit the assistance of a collections agency.
What Exactly Can Be Deleted Or Corrected On My Credit Report?
You do not have to endure inaccurate credit for seven to ten years so long as you have the ground and feel comfortable challenging the accuracy or verifiability of your questionable credit listings.
Millions of people reported having inaccurate information in their credit report including misleading and inaccurate public records. Identity theft ,mistaken identities and many other factors can result in showing up on your Credit Reports when it should not be there, destroying your personal Credit reputation.
According to recent reports as many as 79% of consumer credit files contain inaccurate items. Inaccuracies, especially ones that are harmful to your credit scores, can lead to higher interest rates on loans and credit cards or denials for new credit. Credit Umbrella’s main focus is to provide you with a powerful software that contains powerful dispute letters and credit repair training videos so you can dispute and remove those questionable and inaccurate items from your credit report.
How Much Can I Really Save By Having Good Credit?
Whether it’s buying a home, auto, or even just day to day credit cards, having a good credit report is very important. Bad credit and a home mortgage A typical home can cost over $100,000 more in interest if you are buying the home with bad credit. If you had good credit, your payment on a $100,000 loan might be $600, whereas with bad credit it could be $1,100. In this example, you could save $500 a month with good credit. Bad credit and an auto loan A car could cost you $100 more a month due to bad credit. For example, if you had a $20,000 car loan, it would cost you about $400 a month, but with bad credit almost $500. That’s an additional $6,000 over 5 years. Bad credit and credit cards If you have bad credit, most major credit cards will deny your application. The only credit cards you’ll be able to get are those with monthly fees, low credit lines and high set up fees.
If I Pay Off Delinquent Loan, Will That Negative Item Automatically Be Removed From My Credit Report?
The answer is no. Even if they are paid, once delinquent items will still show up as negative on your report and potential creditors will penalize you for these. Remember, the goal of a credit report is to show your past history. So even if you pay off all your debts, this can have little to no effect on your credit score.
If A Negative Item Is Deleted, Can It Ever Reappear?
A “soft delete” is done when a credit bureau temporarily deletes a negative listing if they haven’t heard from a creditor after about 30 days after it’s been questioned. However, if the creditor responds a few weeks later, that negative item can reappear.
What Are The Consumer Credit Repair Laws?
MANY CONSUMERS FEEL HELPLESS WHEN IT COMES TO THEIR CREDIT BECAUSE THEY FEEL AS THOUGH THERE ARE MORE LAWS AGAINST THEM THAN THAT PROTECT THEM. THE GREAT NEWS IS THAT THERE ARE MANY DIFFERENT LAWS IN PLACE TO HELP PROTECT YOU, THE CONSUMER, FROM MANY DIFFERENT ISSUES OR ACTS DEPENDING ON YOUR SITUATION. YOU SHOULD KNOW AND UNDERSTAND THESE LAWS TO ENSURE THAT YOU ARE BEING TREATED FAIRLY.
THE FAIR CREDIT REPORTING ACT
This act is important for you to know and understand because it allows for you to view your credit report and also request that inaccurate information be changed. Before this act was enacted, consumers had a very difficult time viewing their own credit report, which made it difficult to uncover inaccuracies that were holding them back from getting the financing that they needed. This is a law that has made keeping your credit report accurate much easier and has also helped to stop identity theft in its tracks.
The Fair Credit Reporting Act (FCRA) regulates how Credit Bureaus treat Consumers. In the early 1970’s, before this law, Creditors were free to do whatever they wanted, and often made their judgments about Consumers based on their race, religion or even color. The worst part was that many of these reports were confidential, so a Consumer would never know why they were charged a higher interest rate and couldn’t even defend themselves against such an injustice.
The FCRA ensures that consumers can acquire their Consumer Credit Reports at a reasonable price, regulates who can acquire a Consumer’s Credit Report and enforces a maximum time limit in which a certain item can be listed on a Credit Report. (Most items can only be listed for a maximum of 7 years, while a bankruptcy can be listed for 10 years.) Also worth noting, Credit Reports are not official government documents, and Credit Bureaus are not official government agencies. Lastly, Credit Bureaus are required to handle all Consumer Complaints in a timely manner, usually within 30 days. After their investigation, they must notify the customer of the new status of this item, whether it was confirmed, modified or deleted.
FAIR DEBT COLLECTION PRACTICES
The Fair Debt Collection Practices Act (FDCPA) was enacted to protect ordinary people from Creditors and define the scope of what Creditors are allowed to do and threaten; in order to try and collect their debt. Without this law, debt collectors could come after you day and night, even pretending to be a Governmental Agency.
This is a law that many people have been able to use to their advantage. This law ensures that creditors do not use unfair, deceptive, or abusive practices to collect on a debt. This is a law that has done away with a lot of the harassment that was reported on the behalf of consumers who were dealing with creditors that use scare tactics to get people to pay up. This law does not cover all creditors, rather it keeps “reliable” creditors from harassing the consumer in any way.
In short, the FDCPA provides standards for acceptable third-party collections behavior. For example, collection agencies can’t contact you after 9 P.M. or before 8 A.M. in the morning or they can’t harass you at your job. This act also specifies that debt collectors must always include several legal disclaimers in their dealings with debtors, such as “This correspondence is an attempt to collect a debt.” Also, if they don’t state their purpose right away when communicating with a debtor, whether that communication is written or verbal, then they are violating that Consumer’s Federal Civil Rights. They are not allowed to use violence, nor are the allowed to impersonate a Police Officer or any other type of deception. If you have a lawyer, collection agencies must communicate directly with them and not you. They must not violate your privacy and alert others in any way that they are trying to collect a debt from you. Lastly, consumers have the right to receive proof or validation of the debt that is trying to be collected.
THE FAIR CREDIT BILLING ACT
The Fair Credit Billing Act (FCBA) requires creditors to bill accurately and completely. The FTC summarizes the statute’s prohibitions as follows: “unauthorized charges; charges that list the wrong date or amount; charges for goods and services you didn’t accept or weren’t delivered as agreed; math errors; failure to post payments and other credits, such as returns; failure to send bills to your current address — provided the creditor receives your change of address, in writing, at least 20 days before the billing period ends; and charges for which you ask for an explanation or written proof of purchase along with a claimed error or request for clarification.”
What’s also worth mentioning is that while original creditors aren’t bound by the FDCPA they are similarly bound by the FCBA. This holds original creditors responsible for the actions and record keeping of their third party collection companies.
If You Have A Lot Of Good Credit, Will That Balance Out The Bad Credit?
It doesn’t matter how much good credit you have, potential creditors are only concerned about bad credit. In fact, most will simply read your credit score, which is compiled by all the negative items on your report. Just a few negative items can dramatically increase your interest rate on any home or car loans or can deny you credit altogether.
I Thought A Bankruptcy Gives You The Opportunity To Start Over?
While a bankruptcy may help you remove debt or manage your finances, it doesn’t’t clean up your Credit Report. And the negative impact a Bankruptcy has on your Credit Report is huge. Also, because it’s a matter of Court Records, to remove all traces of a Bankruptcy is extremely difficult.
Can’t The CCCS Help Me Fix My Credit Report?
Consumer Credit Counseling Service (CCCS) is a non-profit debt counseling service, funded and operated by the credit bureaus and other creditors. They simply assist consumers who are deeply in debt. While their services are beneficial, it is not in their best interest to help you remove negative items from your credit report.
Be aware that when you join the CCCS program, it may be noted on your credit report which future creditors will see as very negative. And if you join and then quit before you finish the program, this too can be an additional negative item on your credit report.
Is It True That Negative Items Must Remain On Your Report For 7 Years?
No. The law simply states that a negative item can only stay on for a maximum of 7 years, with the exception of bankruptcies that can remain for up to 10 years. However, credit bureaus can choose to delete the negative credit listing at any time, especially when you provide them with a valid reason for doing this.
According to Fair Credit Reporting Act you can dispute any information on your Credit Reports that you believe is inaccurate, incomplete, unverifiable or outdated.
If the credit bureau or the creditor is unable, unwilling or unavailable to verify that a credit item is accurate and timely, it must be removed from your credit report.
However If you feel a negative credit item is 100% accurate and timely, you do not have the grounds to question this item with bureaus. Only the passage of time can assure bureau removal.
Can You Explain The Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) regulates how Credit Bureaus treat Consumers. In the early 1970’s, before this law, Creditors were free to do whatever they wanted, and often made their judgments about Consumers based on their race, religion or even color. The worst part was that many of these reports were confidential, so a Consumer would never know why they were charged a higher interest rate and couldn’t’t even defend themselves against such an injustice.
The FCRA ensures that Consumers can acquire their Consumer Credit Reports at a reasonable price, regulates who can acquire a Consumer’s Credit Report and enforces a maximum time limit in which a certain item can be listed on a Credit Report. (Most items can only be listed for a maximum of seven years, while a Bankruptcy can be listed for ten years.) Also worth noting, Credit Reports are not official government documents, and Credit Bureaus are not official government agencies. Lastly, Credit Bureaus are required to handle all Consumer Complaints in a timely manner, usually within 30 days. After their investigation, they must notify the customer of the new status of this item, whether it was confirmed, modified or deleted.
How Can I Restore My Own Credit?
You have the legal right and personal responsibility to have incorrect and incomplete information on your credit report disputed and corrected. If there are negative items recorded on your credit report that are inaccurate, misleading, incomplete and questionable, you have the right to ask that these items be removed from your report. The removal of negative items brings up your credit score, which in turn will cause lenders and banks to view you favorably and sway them to lend you money with low. The Fair Credit Reporting Act (FCRA), the Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Billing Act (FCBA) allow you the right to challenge questionable negative items on your credit report with creditors and credit
Contacting credit bureaus with your dispute is the easiest and most popular way to restore your credit score. Once the bureaus receive a dispute letter, they must remove the negative item, or provide proof for it within 30 days of receiving the letter.
Another, more complicated way to remove negative items from your report is to directly contact credit bureaus and negotiate the removal of the items. Creditors have the power to delete negative items from your credit report at their own discretion. More agreeable creditors might remove or modify a negative item if they are simply asked to do so. For those creditors who are less agreeable, under the above stated Acts, we are able to provide you with tools so that you might compel the credit bureaus to prove the legitimacy of the alleged negative items.
By using their legal rights granted to them in the FCRA, many people have restored their credit, raised their credit score, and achieved their financial dreams!
Is It Possible That Removed Negative Items Could Reappear On My Credit Report?
Sometimes, it may take credit bureaus more than 30 days to compile valid proof for your negative item. On rare occasions, the negative item that they were forced to remove due to insufficient evidence 30 days after they received a dispute letter will be returned to a credit report. In these cases, the Fair Credit Reporting Act (FCRA) requires that they inform you in writing within 5 days of the reinsertion of the negative item to your credit report.
Is Your Software Guaranteed To Fix My Credit?
It is a direct violation for any company to guaranty any results or outcome. Credit Umbrella promises to provide you with a powerful software and the steps and procedures as outlined in our Standard End User Agreement with the intention of helping you to dispute inaccurate items on your Credit Report yourself.
You may use the Software to challenge credit items identified as inaccurate, misleading, or unverifiable, but no consumer has the right to have accurate, current, and verifiable information removed from their Credit Report. Further, you must make sure that you do not send any dispute letter or form, which contains any untrue statement of fact about your situation. This software provides certain information about the law. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. We recommend you consult a lawyer if you want legal advice applicable to your situation or how the Software may apply to you.
Can You Give Me Advice About My Own Credit?
We are not allowed to give any advice about specific credit issues, however we offer plenty of information in our software and you can engage yourself in our credit repair forum. If you have general technical questions about running the software please call us at 877-824-1121 or click on contact us link in the bottom of the website. Make sure to use the e-mail address you used when making your original purchase and include your order number.
How Long Will It Take To Fix My Credit And When Can I Expect Results?
According to the FCRA once the credit bureau receives your dispute letter they are obligated to perform an investigation and all consumers’ disputes must be resolved by the credit reporting agencies within 30 days. In other words, Credit Bureaus have thirty (30) days to investigate your request to verify and make changes on your Credit Report, inform you in writing of their investigation results within five (5) days of its completion and send you a copy of your updated Credit Report.It oftentimes takes up to 60 days to receive an updated credit report from the day you send the bureaus a dispute letter.
What Is TurboScore?
TurboScore is a powerful credit repair software that makes credit repair as easy as clicking your mouse. With our software you will be able to obtain your free credit reports, dispute and remove inaccuracies, generate powerful dispute letters that request credit bureaus to perform an independent REASONABLE investigation to ensure the validity of the information and on your Credit Report.
TurboScore’s Credit Dispute Manager will help you create customized powerful dispute letters to deal with Credit Bureaus, Collection Agencies and all individual Creditors. Our software is your powerful tool to help you maintain your accurate credit reports and get your best credit score. This one-of-a-kind system is trademarked and protected by U.S. trademark and copyright laws.
What Are The Unique Features Of TurboScore?
Our “point-and-click” dispute letter creation tool allows users to create professional and personal dispute letters in a matter of minutes. One of the most important and time consuming factors of the Credit Repair is to be able to generate unique dispute letters, with not only a different font or color but unique “content” (text). With TurboScore, manual dispute letter creation is a thing of the past. TurboScore features an extensive library of professional dispute letters to help you deal with Equifax, Experian and Transunion, as well as Collection Agencies, Original Creditors and ChexSystems. Dispute manager will help you generate your Dispute Letters in no time. Other key strengths of our software is our Credit Report Training Program and other powerful video tutorials that will help you understand the process and get your best credit score.
What Can Credit Umbrella’s Product Do For Me?
TurboScore is a powerful credit repair system which includes an extensive array of functional forms and documents, all designed to help you remove inaccurate and misleading information from your personal credit report. This powerful software does exactly what a credit repair professional would do: Use your rights and the law to have negative items removed from your credit reports: Late Payments, Collections, Inquiries, Derogatory Accounts, Public Records, Inaccurate Personal Information.
- Help you automated dispute letter creation and send professional Dispute Letters in minutes.
- Help you deal with Collection Agencies.
- Help you dispute items with Original Creditors.
- Help you create ChexSystems and Telecheck Disputes.
- Help you place Fraud Alert on your credit reports so you can protect yourself from Identity Theft
- Help you understand credit repair process.
- Help you fix your own credit so you get your best credit score and maintain accurate credit reports.
How Difficult Is It To Use TurboScore?
We’ve gone the extra mile to make our program user friendly and simple to operate. Our Software includes easy credit repair wizard and extensive how-to videos and training guides, designed to deliver straight answers on all topics including how to understand your credit reports and your credit score, identify negative information on your credit reports and create power full dispute letters using our sophisticated templates.
How Do I Identify Negative Items ?
A Credit Report is a summary of one’s past credit history, public records and their potential estimated credit worthiness.
Everything begins with an individual’s Credit Report. The reason individuals seek out these services is to repair Credit Report problems which are typically items on their reports identified as being inaccurate, misleading and unverifiable.
Experian, TransUnion, and Equifax are the three main national Credit Reporting Agencies that maintain these records and data. Each of these Credit Bureaus work independently from each other to gather information from Lenders and Creditors and other businesses with the intention to maintain accurate and up to date consumer credit profiles. This information is then requested by other Creditors, Lenders, Insurers, Employers and Landlords to be used in evaluating an individual’s financial responsibility. CreditUmbrella.com then stores Credit Report Data from each Credit Bureau which allows you an individual to create Dispute Letters, simply by selecting items directly from the Credit Reports.
How Do I Obtain A Copy Of My Credit Reports ?
After you’ve obtained a copy of your credit reports, you must review them carefully to identify any items that are negatively impacting your credit score. These could be negative inaccuracies related to:
• Bankruptcy Filing Records
• Items Included in Bankruptcy
• Charge-offs (Paid and Un-paid)
• Collections (Paid and Un-paid)
• Late Payments
• Negative Duplicate Accounts
• Negative Closed Accounts
• Inquiries
• Wage Earner Plan
• Foreclosures
• Judgments (Civil or Small Claims)
• Late Payments
• Repossessions (Legal or Voluntary)
• Tax Liens (State or Federal)
You can also use Payment History Codes to identify Derogatory Items:
R – Revolving (most often a Credit Card)
I – Installment (most often a Mortgage or Auto Loan)
R2 or I2 = 30 Days Late
R3 or I3 = 60 Days Late
R4 or I4 = 90 Days Late
R5 or I5 = 120 Days Late
R7 or I7 = Regular Payments are being made under the Wage Earner Plan
R8 or I8 = Repossession
R9 or I9 = Charge off
Once you have identified all the inaccuracies, it is then time to enter them into the CreditUmbrella program and generate powerful disputes and begin the Credit Repair process.
You can challenge just about every negative item listed on your credit report that you believe are inaccurate, incomplete or outdated and should be removed or corrected.
Credit Bureaus have thirty (30) days to investigate your request and make changes on your Credit Report.
If the credit bureau cannot verify that a credit item is accurate and timely, it must be removed from your credit report.
What Is A Derogatory Account ?
Derogatory Accounts consist of any accounts on your Credit Report that goes against your Credit Score due to late payments, missed payments, accounts that were charged off.
Is Repairing Your Credit Legal?
As a consumer you have the right to question any information on your Credit Reports that you feel may be misleading, untimely, inaccurate, incomplete, ambiguous, unverifiable, or even questionable. If an item cannot be verified, then it must be removed. Credit Umbrella has a simple step by step approach that helps you dispute and remove those inaccurate and questionable items that lower your overall credit score.
Credit Bureaus Will Offer Me To Dispute Items On Their Website. What Is The Difference?
Although it may seem convenient, it may not be in your best interest to use the online disputing service provided on credit bureau websites. If you dispute items online on a credit bureau website, you will not have any written records of your dispute (the return receipt), plus, you are making it easy for them by disputing online. Your dispute will become a two letter code and will be sent (using eOscar) to an offshore computer for analysis. You will also not be able to dispute specific information within the listing, for instance, wrong high balance, wrong date account was opened, etc. You will not be able to send documentation. In addition, if your name, SIN or address is incorrect, you have to send your request in writing any way.
Use Credit Umbrella’s system to request Equifax, TransUnion and Experian conduct an independent REASONABLE investigation to ensure the validity of the information, debt and the honesty, integrity of the creditor or collection agency in question.
This method is much more productive to repair your credit than use the online disputing service provided on credit bureau websites.
What Credit Items Can I Dispute Using TurboScore?
Credit Umbrella’s professional dispute letters are designed to help you dispute any and all inaccurate, outdated, incomplete negative or derogatory items found on a personal credit report. With the aid of the TurboScore™.
What Does It Typically Costs To Repair My Credit Report?
Credit repair companies have been known to charge thousands and thousands of dollars to work on improving your credit report. Unfortunately there are many companies that will promise and even guarantee to fix your credit report, yet after paying them you will find yourself in the same situation as when you started. They can claim they’ve done the work and have earned their money. They can also blame you for making too many mistakes, which is why they couldn’t achieve the results that they previously guaranteed. In the end, you have nothing to show for your money. Once you have purchased and installed CreditUmbrella’s Dispute Manager you only have postage and printing costs.
What Do People Mean By The Term “Bad Credit?”
When a person declares that they have “bad credit,” this usually means that they have an unfavorable credit rating or unfavorable items on their personal credit report which makes it difficult and expensive to obtain loans and new credit. However, disputing items on a credit report is the fastest way to bounce back from bad credit or bankruptcy.
Can You Provide A General Overview On How The Credit Repair Process Works?
The first step is to enter in one’s person information using Credit Umbrella’s Exclusive Software. Next, identify all errors and input all those questionable negative credit items into the Credit Report Management system. Select which items to include in your letter and select your dispute instruction. Choose the appropriate letter template and the name of the bureau to which the letter is going. Print and mail the letter. Practice your patience and wait. The Federal Statute dictates an investigation must be completed. If the information is inaccurate, misleading or unverifiable it must be removed from the credit reports. Once your updated credit reports from the credit bureau have been received, mark those results on your credit report to see what was removed. If some of the negative items are still on your credit report you will have to repeat these steps for those items until you are satisfied with your credit reports. The process is as simple as that.
How Do You Handle Product Returns?
60 DAY MONEY BACK GUARANTEE
We believe in our product and we know you will love it too. If for any reason you are dissatisfied with the software, you may obtain a full refund (less any shipping costs paid) by submitting a request within 30 days of your purchase. To submit your request you will be requested to deactivate your software from the link provided within the software and fill in couple of simple question fields and indicate the reason for the refund.
Credit Umbrella is committed to earning the full satisfaction of each and every Valued Customer for we understand that our future referrals are dependent upon your current success.
STANDARD REFUND POLICY
After 30 days, refunds or replacements are based solely on defects in the physical media, not general dissatisfaction or lack of features. Refunds/replacements are provided only after our technical support team has assisted in your installation and software fails to function fully according to the technical team diagnosis. Defected software media can be returned within 90 days, at your expense, along with the packing slip that came with the media. In its sole discretion, Credit Umbrella will then either send you replacement media or refund the purchase price.
In particular, please note that returns after 30 days are not allowed in the following situations:
Improper use of the software.
Misunderstanding the use of the software.
Purchasing the software for use on an unsupported operating system.
Unwanted software upon or after purchase.
Where the request for return is based upon a defect or bug which can be corrected/resolved.
Any other request for return made outside of the 30 day window, except for breach of warranty.
How long will it take to get my money back?
Within 2 weeks the total amount less any shipping costs will be credited to your credit card used to purchase the product. There are no refunds after 30 days.
How Is TurboScore™ Different From Other Programs?
Our software system is much more powerful and takes less of your time than other credit repair programs or ebooks. Our innovative approach utilizes an “intuitive” rather than a “figure it out yourself” approach. You will never have to create any letters from scratch not knowing what to write. Our simple “Point and Click” software walks you step by step through the process and has many power full and professional dispute letters to match your scenario. It’s easy, efficient, trademarked and copyrighted. Simply put, if you can operate the mouse on your computer, then you can effectively and successfully use this software. Credit Umbrella is the simplest, most efficient and powerful program in the industry.
What Specific Items Can Be Removed From My Credit Report?
Inaccurate Accounts, unauthorized inquiries, incorrect public records, incorrect late payments and other errors. The law states that if the credit bureaus are unable to validate the accuracy and completeness of an item, then they are required to remove them from your credit report. To further clarify, this doesn’t mean that every negative item can be removed from every credit report, but Credit Umbrella offers you the best chance for success.
What Is The Overall Savings I Can Expect To Save By Improving My Credit Report?
Lowering rates on your mortgage, car loans and even credit cards are huge incentives to improve your credit score. Simply increasing your score by a hundred points could save you from $300 to $500 a month. Add those hundreds of dollars month after month and you can end up saving thousands of dollars over the years.
Can Anyone Remove Negative Items From Their Credit Report?
By law, anyone and everyone can easily and successfully dispute and remove inaccurate and questionable negative items from their credit report. You have the right to question any information on your credit reports that you feel may be misleading, untimely, inaccurate, incomplete, ambiguous, unverifiable, or even questionable. If an item cannot be verified, then it must be removed. Credit Umbrella has a simple step by step approach that helps dispute and remove inaccuracies so you can get your best credit score.
What Happens If Every Item On My Credit Report Is Accurate?
If you feel a negative credit item is 100% accurate and timely, you do not have the grounds to question this item with bureaus. Only the passage of time can assure bureau removal. However, also realize that you can dispute items if there are any inconsistencies on your credit report. For example, if an item is listed as “60 Days Late,” however it’s closer to “40 Days Late” then you can dispute this item. If the credit bureau can’t validate the item, they will have to remove it from your credit report.
What Levels Of Support Do You Offer With Your Program?
While our software is very “User Friendly,” we understand that you may have technical questions along the way. All members are given unlimited phone and email software support during the process. Feel free to call us toll-free support line at 1-877-824-1121. Please keep in mind that CreditvUmbrella representative can only help you with questions concerning strictly to our software technical issues, we can not give any personal or legal advice. Our software provides certain information about the law. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. We recommend you consult a lawyer if you want legal advice applicable to your situation or how the Software may apply to you.
Will This Software Work On A Mac?
TurboScore is written for Windows 7,XP,Vista and Mac OSX. Once you purchase and insert or download TurboScore ™ on to your computer, setup will automatically detect you operating system and install the right version.
How Personal Is The Information On My Credit Report?
There are basically four categories of information on your Credit Report, in addition to your name, address, and employer. These four categories are Collection Accounts, Merchant Trade Lines, Inquiries and Court Records. This information is then compiled to generate your Credit Score.
Collection Accounts
When an account is delinquent, it appears on the Credit Report as a Collection Account. They can be listed as paid or unpaid and is considered very negative by potential Lenders.
Merchant Trade Lines
All Credit Cards, Department Store Cards, Auto Loans and Mortgages are considered Merchant Trade Lines. If there are any Bankruptcies, Charge Offs, Late Payments or Repossessions, these are also considered very negative by potential Lenders.
Inquiries
Whenever a potential Lender reviews your Credit Report, it is recorded as a Credit Inquiry. If you have too many inquiries over the last two years, this can be considered very negative by potential Lenders and they may deny you credit.
Court Records
All Bankruptcies, Divorces, liens, Satisfied Liens, Judgments, and Satisfied Judgments are all included on your Court Records. All of these are considered to be negative by potential Lenders.
How Long Does An Item Appear On My Credit Report ?
Most major negative credit items remain on your credit bureau file for no more than 7 years, as mandated by the Fair Credit Reporting Act, (FCRA). Bankruptcy is the only exception which can stay on your file for up to 10 years. Inquiries may remain on a credit report for up to 2 years. Keep in mind that these are the maximum time limits that these items can appear on your credit report. Your creditors, or even the credit bureau, can choose to have these items deleted whenever there is an acceptable reason to do so.
You do not have to endure inaccurate credit for seven to ten years so long as you feel comfortable challenging the accuracy or verifiability of your questionable credit listings. Millions of people reported having inaccurate information in their credit report including misleading and inaccurate public records. Identity theft ,mistaken identities and many other factors can result in showing up on your Credit Reports when it should not be there, destroying your personal Credit reputation. According to recent reports as many as 79% of consumer credit files contain inaccurate items. Inaccuracies, especially ones that are harmful to your credit scores, can lead to higher interest rates on loans and credit cards or denials for new credit. Credit Umbrella’s main focus is to provide you with a powerful software that contains powerful dispute letters and credit repair training videos so you can dispute and remove those questionable and inaccurate items from your credit report.
Who Creates My Credit Report And How Do They Do It?
Credit reports are comprised of not just how you are currently managing your credit accounts, but the history of everything you have done in regards to your credit over the last 7 to 10 years. Your credit history is recorded by a credit reporting agency known as a credit bureau. Currently there are 3 major credit bureaus; Equifax, Experian and TransUnion. These credit bureaus receive your personal information from the same lenders who would give you credit. These lenders have an agreement to report everything that happens in your history together. For example, if you make a late payment, this negative information is quickly reported and added to your credit history. The credit bureaus are not affiliated with the government, but rather are companies that operate with the goal to earn profits. Their job is to compile the information received by lenders and create a credit report. They make their money by selling these reports back to future lenders, potential employers and even the consumers themselves. When you apply for credit from a lender, they will typically order a report from one of the 3 major credit bureaus. (Most small credit bureaus are affiliates of one of the major 3.) The lender then reviews your credit report looking for any negative items such as late payments. The more negative items on your credit report, the higher interest this lender will decide to charge, or they may even reject your application for credit. Your credit report will ultimately decide if you qualify for the loan, apartment or job of your choice.
How Bad Does My Credit Report Need To Be Where I Will Be Denied Credit ?
There is no precise science when it comes to deciphering a credit report. Any negative item on your report is bad, such as a late payment, no matter how many positive items you may have on the list as well.
Who Will Ultimately View And Evaluate My Credit Report?
Prospective creditors, landlords, employers and even insurance companies will often review your credit history before proceeding with their business with you.
Can You Explain The Difference Between R1 And R9 ?
R1 is a note left by your creditors indicating that you have a revolving account that is in good standing. R9 indicates that you have a revolving account that is in bad standing. There are other account classifications your creditors can add to your credit report, consisting of 2 parts; the account type and the account status. “I” refers to an individual account, “M” refers to a mortgage account and “R” refers to a revolving account. Regarding account status, the number “1” is the best status rating you can receive and “0” indicates that there’s not enough history on which to base a judgment. Anything from “2” up to “9” is negative and indicates that you have had a problem with this account. These ratings are not as critical, however, for we’ve found that most potential creditors are looking more for late payments, collections or charge offs.
Can You Explain The Term “Charge Off ”?
If there has been no payment on a debt after one hundred and eighty (180) days, a creditor will typically charge off a debt, or have it written off as a loss for tax purposes.
This doesn’t mean that the consumer isn’t responsible for this debt, and creditors can continue to seek payment, whether they attempt this directly or solicit the assistance of a collections agency.
What Exactly Can Be Deleted Or Corrected On My Credit Report?
You do not have to endure inaccurate credit for seven to ten years so long as you have the ground and feel comfortable challenging the accuracy or verifiability of your questionable credit listings.
Millions of people reported having inaccurate information in their credit report including misleading and inaccurate public records. Identity theft ,mistaken identities and many other factors can result in showing up on your Credit Reports when it should not be there, destroying your personal Credit reputation.
According to recent reports as many as 79% of consumer credit files contain inaccurate items. Inaccuracies, especially ones that are harmful to your credit scores, can lead to higher interest rates on loans and credit cards or denials for new credit. Credit Umbrella’s main focus is to provide you with a powerful software that contains powerful dispute letters and credit repair training videos so you can dispute and remove those questionable and inaccurate items from your credit report.
How Much Can I Really Save By Having Good Credit?
Whether it’s buying a home, auto, or even just day to day credit cards, having a good credit report is very important. Bad credit and a home mortgage A typical home can cost over $100,000 more in interest if you are buying the home with bad credit. If you had good credit, your payment on a $100,000 loan might be $600, whereas with bad credit it could be $1,100. In this example, you could save $500 a month with good credit. Bad credit and an auto loan A car could cost you $100 more a month due to bad credit. For example, if you had a $20,000 car loan, it would cost you about $400 a month, but with bad credit almost $500. That’s an additional $6,000 over 5 years. Bad credit and credit cards If you have bad credit, most major credit cards will deny your application. The only credit cards you’ll be able to get are those with monthly fees, low credit lines and high set up fees.
If I Pay Off Delinquent Loan, Will That Negative Item Automatically Be Removed From My Credit Report?
The answer is no. Even if they are paid, once delinquent items will still show up as negative on your report and potential creditors will penalize you for these. Remember, the goal of a credit report is to show your past history. So even if you pay off all your debts, this can have little to no effect on your credit score.
If A Negative Item Is Deleted, Can It Ever Reappear?
A “soft delete” is done when a credit bureau temporarily deletes a negative listing if they haven’t heard from a creditor after about 30 days after it’s been questioned. However, if the creditor responds a few weeks later, that negative item can reappear.
What Are The Consumer Credit Repair Laws?
MANY CONSUMERS FEEL HELPLESS WHEN IT COMES TO THEIR CREDIT BECAUSE THEY FEEL AS THOUGH THERE ARE MORE LAWS AGAINST THEM THAN THAT PROTECT THEM. THE GREAT NEWS IS THAT THERE ARE MANY DIFFERENT LAWS IN PLACE TO HELP PROTECT YOU, THE CONSUMER, FROM MANY DIFFERENT ISSUES OR ACTS DEPENDING ON YOUR SITUATION. YOU SHOULD KNOW AND UNDERSTAND THESE LAWS TO ENSURE THAT YOU ARE BEING TREATED FAIRLY.
THE FAIR CREDIT REPORTING ACT
This act is important for you to know and understand because it allows for you to view your credit report and also request that inaccurate information be changed. Before this act was enacted, consumers had a very difficult time viewing their own credit report, which made it difficult to uncover inaccuracies that were holding them back from getting the financing that they needed. This is a law that has made keeping your credit report accurate much easier and has also helped to stop identity theft in its tracks.
The Fair Credit Reporting Act (FCRA) regulates how Credit Bureaus treat Consumers. In the early 1970’s, before this law, Creditors were free to do whatever they wanted, and often made their judgments about Consumers based on their race, religion or even color. The worst part was that many of these reports were confidential, so a Consumer would never know why they were charged a higher interest rate and couldn’t even defend themselves against such an injustice.
The FCRA ensures that consumers can acquire their Consumer Credit Reports at a reasonable price, regulates who can acquire a Consumer’s Credit Report and enforces a maximum time limit in which a certain item can be listed on a Credit Report. (Most items can only be listed for a maximum of 7 years, while a bankruptcy can be listed for 10 years.) Also worth noting, Credit Reports are not official government documents, and Credit Bureaus are not official government agencies. Lastly, Credit Bureaus are required to handle all Consumer Complaints in a timely manner, usually within 30 days. After their investigation, they must notify the customer of the new status of this item, whether it was confirmed, modified or deleted.
FAIR DEBT COLLECTION PRACTICES
The Fair Debt Collection Practices Act (FDCPA) was enacted to protect ordinary people from Creditors and define the scope of what Creditors are allowed to do and threaten; in order to try and collect their debt. Without this law, debt collectors could come after you day and night, even pretending to be a Governmental Agency.
This is a law that many people have been able to use to their advantage. This law ensures that creditors do not use unfair, deceptive, or abusive practices to collect on a debt. This is a law that has done away with a lot of the harassment that was reported on the behalf of consumers who were dealing with creditors that use scare tactics to get people to pay up. This law does not cover all creditors, rather it keeps “reliable” creditors from harassing the consumer in any way.
In short, the FDCPA provides standards for acceptable third-party collections behavior. For example, collection agencies can’t contact you after 9 P.M. or before 8 A.M. in the morning or they can’t harass you at your job. This act also specifies that debt collectors must always include several legal disclaimers in their dealings with debtors, such as “This correspondence is an attempt to collect a debt.” Also, if they don’t state their purpose right away when communicating with a debtor, whether that communication is written or verbal, then they are violating that Consumer’s Federal Civil Rights. They are not allowed to use violence, nor are the allowed to impersonate a Police Officer or any other type of deception. If you have a lawyer, collection agencies must communicate directly with them and not you. They must not violate your privacy and alert others in any way that they are trying to collect a debt from you. Lastly, consumers have the right to receive proof or validation of the debt that is trying to be collected.
THE FAIR CREDIT BILLING ACT
The Fair Credit Billing Act (FCBA) requires creditors to bill accurately and completely. The FTC summarizes the statute’s prohibitions as follows: “unauthorized charges; charges that list the wrong date or amount; charges for goods and services you didn’t accept or weren’t delivered as agreed; math errors; failure to post payments and other credits, such as returns; failure to send bills to your current address — provided the creditor receives your change of address, in writing, at least 20 days before the billing period ends; and charges for which you ask for an explanation or written proof of purchase along with a claimed error or request for clarification.”
What’s also worth mentioning is that while original creditors aren’t bound by the FDCPA they are similarly bound by the FCBA. This holds original creditors responsible for the actions and record keeping of their third party collection companies.
If You Have A Lot Of Good Credit, Will That Balance Out The Bad Credit?
It doesn’t matter how much good credit you have, potential creditors are only concerned about bad credit. In fact, most will simply read your credit score, which is compiled by all the negative items on your report. Just a few negative items can dramatically increase your interest rate on any home or car loans or can deny you credit altogether.
I Thought A Bankruptcy Gives You The Opportunity To Start Over?
While a bankruptcy may help you remove debt or manage your finances, it doesn’t’t clean up your Credit Report. And the negative impact a Bankruptcy has on your Credit Report is huge. Also, because it’s a matter of Court Records, to remove all traces of a Bankruptcy is extremely difficult.
Can’t The CCCS Help Me Fix My Credit Report?
Consumer Credit Counseling Service (CCCS) is a non-profit debt counseling service, funded and operated by the credit bureaus and other creditors. They simply assist consumers who are deeply in debt. While their services are beneficial, it is not in their best interest to help you remove negative items from your credit report.
Be aware that when you join the CCCS program, it may be noted on your credit report which future creditors will see as very negative. And if you join and then quit before you finish the program, this too can be an additional negative item on your credit report.
Is It True That Negative Items Must Remain On Your Report For 7 Years?
No. The law simply states that a negative item can only stay on for a maximum of 7 years, with the exception of bankruptcies that can remain for up to 10 years. However, credit bureaus can choose to delete the negative credit listing at any time, especially when you provide them with a valid reason for doing this.
According to Fair Credit Reporting Act you can dispute any information on your Credit Reports that you believe is inaccurate, incomplete, unverifiable or outdated.
If the credit bureau or the creditor is unable, unwilling or unavailable to verify that a credit item is accurate and timely, it must be removed from your credit report.
However If you feel a negative credit item is 100% accurate and timely, you do not have the grounds to question this item with bureaus. Only the passage of time can assure bureau removal.
Can You Explain The Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) regulates how Credit Bureaus treat Consumers. In the early 1970’s, before this law, Creditors were free to do whatever they wanted, and often made their judgments about Consumers based on their race, religion or even color. The worst part was that many of these reports were confidential, so a Consumer would never know why they were charged a higher interest rate and couldn’t’t even defend themselves against such an injustice.
The FCRA ensures that Consumers can acquire their Consumer Credit Reports at a reasonable price, regulates who can acquire a Consumer’s Credit Report and enforces a maximum time limit in which a certain item can be listed on a Credit Report. (Most items can only be listed for a maximum of seven years, while a Bankruptcy can be listed for ten years.) Also worth noting, Credit Reports are not official government documents, and Credit Bureaus are not official government agencies. Lastly, Credit Bureaus are required to handle all Consumer Complaints in a timely manner, usually within 30 days. After their investigation, they must notify the customer of the new status of this item, whether it was confirmed, modified or deleted.
How Can I Restore My Own Credit?
You have the legal right and personal responsibility to have incorrect and incomplete information on your credit report disputed and corrected. If there are negative items recorded on your credit report that are inaccurate, misleading, incomplete and questionable, you have the right to ask that these items be removed from your report. The removal of negative items brings up your credit score, which in turn will cause lenders and banks to view you favorably and sway them to lend you money with low. The Fair Credit Reporting Act (FCRA), the Fair Debt Collections Practices Act (FDCPA) and the Fair Credit Billing Act (FCBA) allow you the right to challenge questionable negative items on your credit report with creditors and credit
Contacting credit bureaus with your dispute is the easiest and most popular way to restore your credit score. Once the bureaus receive a dispute letter, they must remove the negative item, or provide proof for it within 30 days of receiving the letter.
Another, more complicated way to remove negative items from your report is to directly contact credit bureaus and negotiate the removal of the items. Creditors have the power to delete negative items from your credit report at their own discretion. More agreeable creditors might remove or modify a negative item if they are simply asked to do so. For those creditors who are less agreeable, under the above stated Acts, we are able to provide you with tools so that you might compel the credit bureaus to prove the legitimacy of the alleged negative items.
By using their legal rights granted to them in the FCRA, many people have restored their credit, raised their credit score, and achieved their financial dreams!
Is It Possible That Removed Negative Items Could Reappear On My Credit Report?
Sometimes, it may take credit bureaus more than 30 days to compile valid proof for your negative item. On rare occasions, the negative item that they were forced to remove due to insufficient evidence 30 days after they received a dispute letter will be returned to a credit report. In these cases, the Fair Credit Reporting Act (FCRA) requires that they inform you in writing within 5 days of the reinsertion of the negative item to your credit report.
Is Your Software Guaranteed To Fix My Credit?
It is a direct violation for any company to guaranty any results or outcome. Credit Umbrella promises to provide you with a powerful software and the steps and procedures as outlined in our Standard End User Agreement with the intention of helping you to dispute inaccurate items on your Credit Report yourself.
You may use the Software to challenge credit items identified as inaccurate, misleading, or unverifiable, but no consumer has the right to have accurate, current, and verifiable information removed from their Credit Report. Further, you must make sure that you do not send any dispute letter or form, which contains any untrue statement of fact about your situation. This software provides certain information about the law. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. We recommend you consult a lawyer if you want legal advice applicable to your situation or how the Software may apply to you.
Can You Give Me Advice About My Own Credit?
We are not allowed to give any advice about specific credit issues, however we offer plenty of information in our software and you can engage yourself in our credit repair forum. If you have general technical questions about running the software please call us at 877-824-1121 or click on contact us link in the bottom of the website. Make sure to use the e-mail address you used when making your original purchase and include your order number.
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TurboScore Home Edition helps you:
- Delete negative items from your credit report
- Get your free credit reports
- Deal with creditors and collection agencies
- Increase your credit score fast
