Credit Repair – Credit Scores – Credit Report Related FAQs

What Are Credit Scores Or FICO Scores?
Credit Scores or FICO Scores are the scores associated with your credit history found on your credit report. Credit scores are used by mortgage lenders to determine whether or not you qualify for a mortgage. Higher scores means you have had good credit history and it is likely that you will maintain your good credit history into the future. Bad scores typically mean that you won’t qualify for a mortgage and they indicate that you will probably not pay your mortgage payment consistently in the future. Scores run: 350-850 with anything over 740 being considered an excellent score.

Can I Improve My Credit Scores Or Am I Stuck With Bad Scores Forever?
Anyone can improve their credit scores. It just takes time and effort on your part to clean up your credit report enough to make your scores change. Time away from delinquent payments, reducing balances on revolving credit and fixed loans, paying off delinquent collections are all ways to improve your credit scores. You can do the work on your own to get your credit scores up, or you can hire a credit repair company.

What Is Credit Repair?
Credit repair is the process of removing incorrect information from your credit report. Creditors who report information to the credit bureaus about your credit report must provide written proof about what they report. If they cannot provide this information then the credit bureaus must remove the undocumented information from your report. More information on Credit Clean Up.

How To Raise My Credit Score?
Typically fixing your credit is done through a method called credit repair. However, just waiting for time to pass in some cases is good enough to improve your credit scores. Other ways to raise your credit score are: payoff collection accounts that are under a year old with the original creditor, settle your debts to remove the debt from your credit report, fix errors on your credit report, correct your credit report once you have had a bankruptcy.

How Long Does It Take To Repair Credit?
Credit repair can take as little as a week or two to as long as up to a year. The typical time it takes to repair credit is between 3-6 months. The process of credit repair requires a written notification to the creditor for which they have about 45 days maximum to respond in writing to the items questions in your credit dispute letter or debt validation letter. Getting ready to do a credit rebuilding process will most likely take a week or two and then to see changes on your credit report will take a few more weeks.