FAQ’s CREDIT RESTORATION

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FAQ

Recent reports from the FTC found that of the credit reports they analyzed, nearly 1 in 4 contained serious errors that could negatively impact a consumer’s credit score. That’s over 42 million consumers who carry reports that make them look riskier to lenders, at no fault of their own! In addition, the U.S. Public Interest Research Group estimated in 2004 that close to 80% of  credit reports were erroneous in some way.

In a world where a person’s ability to get a home, car, insurance, or even a job has become increasingly reliant upon good credit, restoring good credit is more important than ever.

During the review of your credit situation, a question that might arise is – What if the negative accounts really are mine, will this process still work for me?

Since how items report on your credit can impact virtually every aspect of life (from home and car loans to a new job)  it is not simply enough for a credit bureau to state that you have, or have once had an account. It is important, and a legal requirement, that every piece of the information being reported about you is accurate, timely, and verifiable; a lot goes into these definitions. This is where the legal expertise at the Mediator Law Group, PC comes into play.

We will help you assess the items on your credit report and then intervene with your creditors to help assure accuracy regarding the information they report about you to the bureaus.

The answer to this question is YES. Not only is it legal, but it is the legal right of every person who has a credit profile with major consumer credit bureaus to make sure that the information being reported about them is accurate, current, and verifiable. The process of legal credit restoration is designed to make sure that every right given to a consumer under the Fair Credit Reporting Act is upheld.

Unfortunately, there is no shortage of “credit repair” companies who encourage clients to make fraudulent claims or take illegal actions in order to address their credit concerns. These methods are not only damaging to the client and that company, but to everyone who works in the credit restoration industry.

The Mediator Law Group, PC does not engage or advocate our clients to engage in any illegal practices. We use our expertise and understanding of the client’s legal rights in order to help them improve the quality of their credit and their life legally.

The answer to this question is a personal one and can be answered by simply answering the question: how is credit impacting your life today? For many people their goals of home ownership, a new job, or financial independence can be hard to achieve with poor credit. For those individuals credit restoration is not only worth it, but priceless.
Most likely the first question a client will ask about the credit restoration process is “how long will it take.” The honest answer is that it depends on a number of factors including a client’s credit goals and their current credit situation.

The Mediator Law Group, PC understands that every case is unique; we work with each client and put together an individual action plan in order to focus on the areas that will make the most impact for the client. Typically clients can expect to see updates to their credit within 30-45 days with more drastic improvement to their credit within 6-8 months.

It is common during  the credit restoration process to see a client’s credit score fluctuate. And, in some cases, even decrease after an initial round of deletions. While this may be discouraging it can actually be a sign of progress. The reason for this temporary decrease is due to what is referred to as “rebucketting” by the credit bureaus.

Rebucketting, in its simplest form, is when a credit profile moves from one group of similar consumers (e.g. collection accounts, late payments, etc.) to another. Most “buckets” share some of the same scores, and because each has around 30 points in either direction, it is possible to move into a higher bucket but have your score adjust down a few point relative to your position within that new group.

This process should be a sign of encouragement however, since being at the next level will allow you to move up and past your old score much faster since you are no longer being impacted by the old bucket’s ceiling.

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