Credit repair is the process of addressing any questionable negative items that could be hurting your credit profile. If the bureaus and your creditors can't verify these items are fair and accurate, they are required to remove them. Also, it's our name.
With our FAST TRACK program, right from the start we challenge everything relevant (negatives accounts) on all three of your credit reports at the same time and save a lots of time for our clients...
This way we can get our clients APPROVED to purchase a car and their HOME SWEET HOME as soon as possible.
And this process can take up to 6 rounds, depends the case of the file.
Each round typically takes 30-45 days for you to receive responses back. Trifecta Credit Repair will send you a notification when the next round will processed, however a lot of our clients will begin to receive results within 1st round from the credit bureaus. Be on the lookout for correspondences in the mail from Experian, Equifax, and Trans Union. This will show the results of all the items from our initial work.
The consultation is free and the cost of credit repair will depend on the severity of your case.
Everyone’s situation is unique. That’s why we take a detailed look at all 3 credit reports to come up with the best strategic solution to your problems. Our goal is to improve your credit scores at in a short time frame. The Duration of our program depends on the number of items on your report that need to be worked on, please keep in mind the Credit bureaus take 30-45 days to respond each round and send back result updates.
Once we submit the challenged the negative accounts, the creditor has a duty to investigate the claim, according to the Fair Credit Reporting Act. In most cases, the creditor is expected to respond to the claim within 30 to 45 days and to inform you of the results of its investigation within five business days
Everyone's results will vary, but you can be certain we will get you the best results possible. Unfortunately, there’s no way to predict how soon your credit will go up or by how much. We do know that it will take at least the amount of time it takes the business to update your credit report. Some businesses send credit report updates daily, others monthly. It can take up to several weeks for a change to appear on your credit report.
Once your credit report is updated with positive information, there’s no guarantee your credit score will go up right away or that it will increase enough to make a difference with an application. Your credit score could remain the same or you could even see your credit score depending on the significance of the change and the other information on your credit report. The only thing you can do is watch your credit score (Login in to your Identity IQ account) to see how it changes and continue making the right credit moves.
Paying off a charged off account does not remove it immediately from your credit report. Instead, the creditor will update the account payment status to reflect "paid charge-off."
Remember, your credit report is a credit history. The status will be updated to reflect that it is paid, but the account will remain on the report for seven years from the original delinquency date, or initial missed payment that led up to the account being charged off.
Although the account will still be considered negative, it will affect your credit worthiness less and less as time goes on.
How much does this help your score, or does it even help at all? Does it help it enough in relation to the hard earned dollars used to pay it off? Would the money used to pay off the debt be better used as a down payment for a home or auto? These are the types of questions that have to be answered in order to decide if it is wise to pay off an old debt. Simply throwing money at old debts can be a huge waste of your hard earned cash, and can actually set you back substantially. Even though it is difficult to 100% restore your credit without paying off any of your outstanding debts, you should selectively pay off only the old debts that prohibit you from obtaining financing for a home, auto, etc. However proceed with extreme caution because paying off an old debt can actually hurt your credit by bringing the old account “current”. Negative items on your credit report are allowed to stay on your credit report for a maximum of seven (7) years, except for bankruptcy that can stay for up to ten (10) years. This 7 or 10-year clock begins ticking at the date of last activity. Making a payment represents new activity and restarts the clock.
While we repair, YOU REBUILD.
While it’s certainly not a substitute for building up your own credit history, it may be a good way to give your credit a nice boost as you’re getting started.
"If the primary cardholder has a good payment history and low debt, that can be a tremendous benefit."
The flip side? Your credit can also be hurt if the primary account holder doesn’t stay on top of their payments.
Closing a credit card can affect your credit score for a few different reasons.
For starters, when you close a credit card account, you lose the available credit limit on that account. This makes your credit utilization ratio or the percentage of your available credit you're using, jump up—and that's a sign of risk to lenders because it shows you're using a higher amount of your available credit. Experts recommend that you keep your utilization rate under 30%, and in general, the lower the rate, the better. To calculate your credit utilization ratio, divide the total of all your credit card balances by the total of all your credit limits; your resulting percentage is your utilization ratio.
A hard credit inquiry is when a lender checks your credit before approving you for a major loan like a mortgage or car loan or a credit card you’ve applied for. A soft inquiry, however, happens when you receive an offer from a lender, like a pre-approved credit card, or when you check your own credit.
First and foremost, this type of inquiry does not affect your credit score. This is a good thing, considering soft inquiries are pulled on your credit all the time—when you receive a credit card offer in the mail, when a potential employer performs a background check, or when you check your credit. While soft inquiries do appear on your credit report, only you can see them (with a few exceptions).
Hard inquiries are performed when you apply for a loan, credit card, or mortgage and the lender checks your credit history before granting (or denying) the loan. Hard inquiries stay on your credit report for just over two years, and they do lower your credit score by a few points, though that shouldn’t be a big deal in the long run. However, too many hard inquiries in a short period of time may give lenders the impression that you’re a high-risk customer.
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