Questions About Credit Repair
If you've been researching credit restoration on the internet you might
be overwhelmed with the amount of misinformation available. The Law Office
of Simon Goldenberg PLLC wants to make it easy on consumers like you,
so we've compiled a list of questions about fixing credit that are
frequently posed to us. Check back for regular updates.
Speak to a New York Credit Restoration Lawyer
Or Call (888) 301-0584 for a Free Case Review
Is the Law Office of Simon Goldenberg PLLC a credit repair company?
No. As a debt relief law firm, we assist client's with a variety of
credit related issues, which sometimes includes correcting errors on credit
reports. A credit repair company, governed by the
Credit Repair Organizations Act (CROA) is traditionally in the business of disputing all adverse items
on a consumers credit report in hopes of improving and deleting the derogatories,
thereby increasing the consumers credit score. This can be a helpful process
to those that need to generally improve their credit, especially prior
to applying for a mortgage, automobile loan, or other financing. However,
our firm's process is not focused on increasing credit scores, although
an improvement in credit score is sometimes an incedental benefit of our
service. Our process is more accurately described as credit report correction,
as opposed to credit repair. When you have a negative error on your credit
report that you wish to fix, but have been unable to do so on your own,
then it's time to speak to our attorneys. In situations where credit
bureaus ignore or deny a consumers legitimate dispute which subsequently
causes damages, we can help enforce the consumer's rights by bringing
appropriate legal action.
How to increase my credit score?
Depending on the issues with your credit report, fixing a bad credit score
can take as little as 30-days or sometimes as long as several years. For
example, when a borrower uses too much of their available credit, their
credit score can be severely diminished. However, this particular credit
scoring issue can be rectified rather quickly by paying down the balance,
which will improve the borrowers utlization rate. Items such as late payments
and charge-offs may appear to up to 7 years, so long as the information
is accurate and verifiable by the credit bureaus.
Why do I need any
lawyers to fix credit?
Requiring the assistance of a lawyer will vary on the complexity of the
credit reporting issue and whether you have the time and resources to
address it on your on. We have seend instances where the consumer has
been unable to compel a bureau to fully investigate their dispute, leaving
a false negative notation on their credit report. Where the consumer is
confident about the falsity of the information being reported, but is
unable to rectify the situation on their own, the assistance of a lawyer
can make all the difference in having their credit restored to a positive status.
How to improve bad credit?
The key to improving bad credit is understanding the factors that are
used to calculate your credit score and the time limits for reporting
negative data. Most negative notations (outside of chapter 13 bankruptcy)
will be reported for a maximum of 7 years, but could possibly come off
sooner. In New York, collection accounts that are paid would age-off the
credit reports within 5-year. By understanding the credit scoring factors,
you can learn how establishing a long-term positive payment history and
maintaining healthy utilization rates can go a long way to securing a
strong credit profile.
Where to get a free credit report?
On television and across the internet are enticing advertisements from
credit monitoring companies offering "free credit reports and scores".
What many companies don't make obvious is that they will charge a
hefty monthly fee after the initial 1-week or 1-month trial period. Everyone
is entitled to review their credit report free of charge annually. In
order to do so, a request needs to be make for the bureau to provide you
with the credit report. Learn how you can get an absolutely free credit
report online in just a few minutes, and you don't have to enter any
credit card or billing information. The free credit reports do not include
free credit scores.
How to dispute my credit report?
There are several methods that a consumer can dispute credit items with
the bureaus. The preferred method may vary on the sensitivity of the situation
and the consumers need for a quick response. Our lawyers draft physical
dispute letters when representing client's with a bureau that is reporting
erroneous information. However, in just a matter is minutes, you can submit
electronic disputes with each of the 3 credit bureaus.
How can I repair my credit?
Learn 5 ways to raise your credit standing by focusing on an accounts
payment history, current utlization rates, length of time the account
has been open, the amount of inquiries on one's credit report within
the past year, and any adverse public records such as court judgments
What is the
National Consumer Assistance Plan?
The consumer assistance plan improves on the procedures as set out in
FCRA that pertain to the regulations of credit reporting agencies. Improvements
have been proposed for the reporting of medical debts, and for involuntary
debts like parking tickets and fines.
What is the
Fair Credit Reporting Act?
FCRA was enacted by the federal goverment in order to ensure that consumers
are being treated fairly by credit reporting organizations such as credit
bureaues. The Fair Credit Reporting Act includes dispute procedures and
imposes requirements that help ensure accuracy of consumer credit reports.
Need help fixing your credit? Contact our legal team at 877-717-0098 for
a free evaluation.