CRPA Frequently Asked Questions
Q: What is a credit score?
A: A credit score is a three digit number calculated from your data-rich credit report and is one factor used by lenders to determine your creditworthiness for a mortgage, loan or credit card. Your score can affect whether or not you are approved as well as what interest rate you are charged. There are many different credit scores and the credit score you view may not be the score used by a particular lender.
Q: How is my credit scores calculated?
A: Understanding the components that make up credit scores can help you wisely manage your credit decisions. To see how it all breaks down, here's an example of how scores are calculated with a popular algorithm. Your payment history makes up 35% of your score, while the amount you owe lenders represents 30%. The length of your credit history contributes 15%, and the types of credit accounts you maintain comprise 10%. Finally, new credit accounts are responsible for 10%. All of these values are then broken down into a credit score, which ranges between 300 and 850—the higher the number the better.
Q: How long will negative items stay on my credit profiles?
A: Typically, the negative information on your credit report tends to fall off after 7 years, or 10 if you’ve been through bankruptcy. Positive information remains on your report for an average of 10 years from the day its corresponding account is closed. This information applies to loans like mortgages and car loans, the types of agreements that have fixed terms on the number of years for repayment. For revolving accounts, such as credit cards, your positive history will stay on your report for as long as the account is active.
Q: What is the FCRA (Fair Credit Reporting Act)? Does it work for me?
A: The Fair Credit Reporting Act (FCRA) was written in 1970 as an amendment to the Consumer Credit Protection Act. The FCRA provides additional measures of consumer protection in the areas of fairness, accuracy, and privacy of the information collected by the credit bureaus. It also allows you to personally engage in credit repair and maintenance processes, verifying that the information in your credit report is correct.
Q: Which areas does your company service?
A: Following the rules of the Credit Consumers Act, we service all consumers that want to identify their credit profiles safety, accurate information and want to be heard differently than falsified information within the United States.
Q: How can a client speed up the process?
A: By giving realistic goals, having in accurate budget, understanding why their credit numeric scores are in the position of improvement and trusting the process. Communication is key and patience is the gateway to success.
Q: Can I use Credit Karma with the program?
A: Credit Karma credit monitoring system only display TransUnion and Equifax information. To provide the most effective assistance, we prefer not to use Credit Karma.
Q: How do I receive my dispute letters?
A: We process and send your dispute letters to the correct credit bureaus on your behalf that fits the Credit Laws of the accounts in dispute.
Q: How do your credit repair services work?
A: Once your questionnaire is completed, a credit specialist will contact you to complete an assessment to ensure that you qualify as a new client for our program, then the dispute process for negative items starts within 48 hours of all documentation is received plus uploaded. Account reviews are completed monthly and updated in your private client portal. After receiving response back from the credit bureaus then the builder stage is conducted according to your plan of action.
Q: How long does Credit Restoration take with your credit reports?
A: 3-6 months respectfully mention. The program work accordingly with the items listed on your credit profiles. Depending on the negative and positive items on your credit profiles will give us a better judgement of the prediction you are requesting, by completing an assessment with a credit specialist. Our company do not dispute every item on your credit profiles an inaccurate information which is eligible to be fraud on your behalf.
Q: How much are your services?
A: The assessment is $299.99 which is applied to the enrollment fee if you decide to join our credit restoration program which includes the Credit Assessment, Budget Analysts, Risk Factor and Proposition proposal. Afterwards, a monthly recurring fee is $139.99 which includes monthly account reviews, documentation updates and actions steps to make your experience effective that is enter into a private client portal for each enrolled customer.
Q: What is a credit profile?
A: Your credit report is a record of your credit activity and credit history. It includes the names of companies that have extended you credit and/or loans, as well as the credit limits and loan amounts. Your payment history is also part of this record. If you have delinquent accounts, bankruptcies, foreclosures or lawsuits, these can also be found in your credit report.
Q: How can I cancel my services?
A: You may cancel your contract, without any penalty or obligation, at any time before midnight of the 3rd day which begins after the date the contract is signed by you. To cancel your contract, COMPLETE THIS CANCELLATION FORM before midnight on the 3rd day.
Q: What if I worked with another Credit Restoration Company before, does that matter?
A: Yes, we asked that you inform your credit specialist due to activity timelines of the other companies process.
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