A1 Solutions Group
There exist many laws, both State and Federal that not only protect you as a consumer, but also regulate the credit bureaus and the creditors that report to those credit bureaus. We will use our vast experience and expertise to be your advocate in exercising your rights and correcting your credit reports with Equifax, Experian, and TransUnion.
Once we receive your credit reports, Credit Incubator will immediately begin the process of auditing your reports and preparing the investigations that we will be sending on your behalf to the credit bureaus. Typically, you should begin seeing positive results in as little as 30-45 days after we initiate the investigation process.
When the credit bureaus have processed the first round of these investigations, they will send you updated copies of your credit reports showing you the results of the investigations. Simply forward the updated reports to us and include all other correspondences you receive from them so that we may continue with the process.
Every time we receive your updated reports, we will document the progress, re-audit your reports, and initiate the next round of investigations; thus, gradually work through the entire list of negative inaccurate, unverifiable, outdated, misleading, or obsolete items on your credit reports.
Bankruptcies are routinely removed from our clients’ credit reports, as well as a vast array of items included in bankruptcy. Although we are prohibited from guaranteeing the specific results of a particular account, we can tell you that we have removed bankruptcies in the past.
During the course of the service, you will upload your credit reports along with any correspondence you receive from the credit bureaus from your portal. Or if you subscribe to a credit monitoring service; our system can import your reports for immediate processing.
Federal Law requires that most negative credit items must be removed from your credit bureau file after seven years of no activity. There are some exceptions to this, like Chapter 7 bankruptcy, which can be reported for up to ten years. However, there have been reports with negative items listed for well over 7 years. This happens often when the credit bureaus make a mistake, or when the creditor or collection agency re-ages the account, or reports a wrong “last activity” date. This can also happen with collection accounts that are sold from one debt collector to another. Sometimes, figuring out the date when the “seven year clock” starts counting can be a bit complicated. For example, the law states that for charge-off accounts, the date begins 180 days after the commencement of the most recent delinquency. Inquiries may remain on the credit report for up to two years.
A credit score is a number that reflects your risk level as an individual consumer, as determined by a scoring model or formula. The higher the number, the lower the risk will be to the lender. As you apply for increased credit or attempt to make a purchase, the lender will check your ability to pay back that loan. The more negative marks you have on your credit report, the less likely you will be granted the loan or the purchase of what you requested. The score generally ranges from 350 (lowest) to 850 (highest).
Credit reports contain a listing of some or all of your credit accounts that have been active at some time within the last seven (7) years. They also contain any public record (Chapter 7 bankruptcies are reported for 10 years), current and previous addresses, current and previous names, a listing of potential creditors that received your credit file, and other miscellaneous information that the credit bureau has about you. Each account listing generally has your account number, the credit limit, your current balance, and your previous payment history. This payment history can contain notes of late payments, any collection or transfer history whether the account was included in bankruptcy, and the current payment status of the account.
Most credit grantors are not allowed by the credit bureaus to show you your own credit report. In our enrollment procedure, however, you will order all three of your credit reports. When you do this, it will not count as a negative inquiry against you.
Even one small late pay listing may result in credit denials. Any negative credit, whatsoever, can become a substantial credit obstacle. There are also other factors that will play into the decision of the lender. What is your debt to income ratio? How long have you been with your current employer? The exact criteria used for granting or denying credit vary from lender to lender. But any negative/bad credit remark on your credit report may be enough to deny you credit.
Lenders, property managers, insurance companies, investors, prospective employers, and companies that you presently have a credit relationship with, and anybody with a permissible purpose, who wants to know who you are, can get access to your credit file. In many situations, your credit report will actually become your identity. People will know you not by who you are, but by what is reported about you by the credit bureaus. Obviously, those reports can be extremely damaging, especially if they contain incorrect, misleading, or obsolete information.