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Who are the credit bureaus?
How can credit reports be legally repaired?
How often are errors made when credit bureaus report information?
Why should I care what is in my credit report?
Who can request information about my credit file?
Who will remove items from my credit reports?
How long does the restoration process take?
Are credit reports all the same?
Does paying off my bills repair my credit?
What happens if new, negative information - information that was not on my original report - is added to my credit report after the repair work has begun?
What's a FICO score (credit score)?
Will repairing my credit report increase my credit score?
Why do the credit reporting agencies have separate reports for husband and wife?
How will I know the results following the credit agency's review of my file?


Who are the credit bureaus?
There are three major credit bureaus: Experian (formerly TRW), Equifax and TransUnion. Each of these bureaus are FOR PROFIT organizations and are NOT government related. They make money by gathering personal, public and credit information about you and selling it to others.

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How can credit reports be legally repaired?
Credit bureaus are required to follow procedures to ensure maximum possible accuracy before they can legally place any items on a credit report. In many cases they do not do this. Also, any company that furnishes information to a credit bureau about you must be able to substantiate those comments with proper documentation. In many cases this cannot be done as well. We request, on behalf of our clients, that the credit bureaus and furnishers re-verify their claims of accuracy and compliance. Once an error is identified, the item must be removed. Under the Fair Credit Reporting Act and select state laws, you are protected by your right to dispute information.

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How often are errors made when credit bureaus report information?
Frequently! A recent study by the U.S. Public Interest Research Group has documented that there is a 79% error rate with credit reports.

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Why should I care what is in my credit report?
You'd better care. It is your credit report that creditors use to determine if they will extend credit to you. If you have negative information on your report, you may be turned down for the loan you need, or pay unnecessarily high interest rates.

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Who can request information about my credit file?
Under the Fair Credit Reporting Act, a credit reporting company may only disclose your credit report if someone is: a. Granting credit, reviewing your account, or collecting on your account. b. Reviewing you for employment purposes. c. Reviewing your application for insurance. d. Reviewing your eligibility for a license or government-related benefits. e. Providing information for a business transaction, such as renting an apartment. f. A court order. g. An IRS subpoena. h. Someone to whom you have given written permission.

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Who will remove items from my credit reports?
Only the creditors have the power to remove items from your credit report. But, as required by law, the credit reporting agencies must delete inaccurately reported information.

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How long does the restoration process take?
In most cases, it should take about 40 to 60 days to see your first results, and then the credit reports should progressively get better every 40 to 60 days thereafter. Other factors can come into play including delays and stall tactics from data furnishers and the credit bureaus. Also, it is important that you forward all correspondence you receive in the mail as soon as you receive it. The total length of your case will be based on different factors, including how many negative items you have on your credit report to begin with. We can provide you with more information once we review your credit reports.

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Are credit reports all the same?
No. Each of the three reporting companies' reports look different and may not contain the same information. The companies maintain their own databases and do not often share information.

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Does paying off my bills repair my credit?
You would think that this would be true. But again, the credit reporting system just doesn't work that way. When you pay an old debt, the negative credit listing doesn't disappear. And, the most ironic thing is that a paid, current negative listing is not much better than an unpaid negative listing. Paying an old negative debt will not erase the fact that at one point you were not paying as agreed. This may sound strange, but in some cases you won't get much further (credit wise) by paying off an old negative debt.

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What happens if new, negative information - information that was not on my original report - is added to my credit report after the repair work has begun?
We will work on any new negative items added to your credit report that you ask us to and we will only charge you if we successfully delete the negative entry from your report. Please note that new negative items are more difficult to remove and can cause substantial damage to your credit scores.

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What's a FICO score (credit score)?
A FICO score is a numerical value created by "risk assessors" to predict the payment patterns of a consumer. The score is a mathematical formula that is derived based on the information contained in a credit report. No one knows the "formula" of the FICO score except for a handful of people over at Fair Isaac Corp, who is the creator of the FICO score. Credit scores help lenders make decisions quicker so the lender does not have to scrutinize a credit report in detail to see if an applicant is too much of a credit risk. FICO scores range anywhere from roughly 300 to 850. A high credit score leads creditors to believe that an applicant is a low credit risk, which qualifies the person for better rates and terms. A low credit score can cause unfavorable terms for an applicant, or even deny the applicant entirely.

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Will repairing my credit report increase my credit score?
When negative items are deleted from credit reports, the credit score generally increases. However, there are other factors that affect credit scores such as:

  • How you manage your credit cards. If you are maxed out on all of your credit cards, even though you are not late, your credit score will be negatively affected. Try not to use more than 30% of your available credit on your credit cards.

  • Current activity. It is important to be timely with all of your open accounts. If you are 30-days late with just one credit card this month, that can have a more damaging affect on your credit score than a 90-day late payment that occurred two years ago.

  • How often you seek credit. Everytime you apply for something an "inquiry" is added to your credit report. Too many inquiries can make lenders believe that you are seeking credit because you are having financial difficulties, or that you're about to incur more debt. This can drop your credit score.
Other factors also come into play when calculating credit scores such as your length of credit history and your number of open accounts. Obtaining a high credit score requires proper management of all of the above characteristics.



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Why do the credit reporting agencies have separate reports for husband and wife?
The credit reporting agencies collect information based on individual social security numbers. So each person will have their own file and both the husband and wife's credit files will generally be checked if any credit is requested for or extended.

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How will I know the results following the credit agency's review of my file?
When your first results arrive, typically between 40 to 60 days, we will provide you with a detailed breakdown of the negative items removed from your credit reports. At the end of the every credit repair cycle moving forward (generally every 40-60 days later), we will notify you via email of any additional changes to your credit reports as well, up until your case is completed.

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Commonwealth Credit Repair, Inc.
47 Pleasant Street
Worcester, MA 01609

Tel: 508-755-1996
Toll Free: 1-800-682-2919
Fax: 508-792-1462

Email: info@creditcaptain.com

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