Credit Repair for Veterans
Real Credit Repair Results, W/no Monlthly ongoing fees
People are always amazed at inaccuracies on their credit reports but a surprisingly large number of people, including veterans, find mistakes. For this reason, it is very important to check your credit report regularly and make sure that everything on there is correct. You want to keep your scores accurate so that you receive the full benefit when you apply for VA loans.
What Is Credit Repair?
Credit repair is a service offered by a company that goes through your credit reports, challenges inaccuracies, and works with the credit bureaus to have them removed from your credit report. They look for credit report errors such as:
- Duplicate accounts
- Inaccurate accounts
- Incorrect inquiries
- Accounts that belong to someone else
- Other errors
Credit repair companies know what to look for and what can be challenged. They have years of experience in working with the credit bureaus to challenge incorrect items on people’s credit reports.
Once they identify the errors, they will submit disputes on your behalf. The credit bureaus are required to either correct the mistake or verify that it is valid.
Although you can dispute items on your own, credit repair companies can save you time and make sure that you are going through the steps correctly. They will also help you collect the evidence you need and they manage the interactions with the credit bureaus. Many people consider this helpful because they have years of experience in this field and know exactly how to take the steps to resolve this problem.
What Credit Repair Is Not
There are many different types of companies that you can hire to do various things related to your credit so it is important to note the things that credit repair companies do not do. They do not remove any legitimate debt from your report. For example, if you have a late payment, they will not be able to remove that. It will fall off of your report in seven years. What you can do is make sure that your payments are on time and after six months, it won’t have as large of an impact on your score.
In addition, credit repair companies do not negotiate your debt. Other companies such as credit consulting companies or debt reduction companies may help you with that, but not credit repair companies. They will help you remove inaccuracies from your report but you will need to rebuild your credit and wait for negative marks that are legitimate to fall off.
How Long Do You Wait for Bad Marks to Fall Off a Credit Report?
The majority of bad marks will stay on your credit report for seven years, including the following:
- Late payments
- Short sales
- Tax liens (from the date of the payment)
- Chapter 13 bankruptcy
In addition, collection accounts will remain on your report for seven years and an additional 180 days. Bankruptcies will be there for ten years unless it is a Chapter 13 bankruptcy.
What’s in a Credit Report?
Your credit report is basically a file that contains all of your information. It helps lenders determine your creditworthiness before they offer you a loan. It is divided into several different sections. The first section contains your personal information, including your name, other names you may have used, your address, your phone number, your date of birth, and more. This information should be accurate.
The next section will contain court-related financial issues such as bankruptcies, liens, judgments, or wage garnishments. It will have anything that went through a court. Although these items impact your score, they will impact it less over time.
The next section includes all of your creditor information. It will have your credit cards, your loans, mortgages, auto loans, and any other credit that has been extended to you. It will show how much you owe, your line of credit, and how much you have paid. Your late payments or missed payments will show up in this section as well.
Your credit score is determined using a combination of the information in your credit report. It is broken down into five categories as follows:
- Your payment history (35% of score)
- Your credit usage (30% of score)
- The length of your credit history (15% of your score)
- The type of credit you have (10% of your score)
- Credit inquiries (10% of your score)
As you can see, making your payments on time and using a low amount of your available credit make up 65% of your score.
Keys to Improving Your Credit Score
Because your credit usage and your on-time payments make up the bulk of your score, you will want to make sure that you pay close attention. Even if you have made a late payment, you can rebuild your score by making your payments on time for six or more months.
Creditors want to see that you are using less than 30% or your available credit. As the amount you use goes higher, your score comes down. You should try to pay your balances down below that 30% mark.
If you are unable to pay the balances down, there are other options. You could take out a loan to pay down the balances. You can also try to open a new credit card because that will raise your available credit. The important thing is not to open another account and then charge too much. The key is to get your finances under control. If you have poor credit, there may be options for veterans that will help you rebuild your credit.
Finally, the credit bureau will allow you to add your utilities and phone to your credit report so if you pay them on time, they will help to boost your score. This is a great way to give your credit score a boost as long as you know that those bills will be paid on time.
How to Know If a Credit Repair Company Is Legitimate
There are a lot of different companies out there and each one is different from the next. If you are looking for credit repair, you need to make sure that you are dealing with a professional and reputable company. You will want to read customer feedback before you call them.
If you speak to a company and they offer a guarantee of a certain score, you should know that they are unprofessional. These companies can only take the information in your credit report and challenge those items that are incorrect. The credit bureaus will decide how that will impact your score.
The company should let you know that you can dispute inaccuracies on your own. They should not charge you before they perform the services and you should have a contract that specifically lays out what they will do and what your obligation is.
Finally, a good credit repair company will never agree to challenge legitimate items. They know the laws and regulations and they will follow them.
When to Call a Credit Repair Company
If you check your credit report and find anything that is incorrect, you can use a credit repair company to challenge it. It is important to check your credit report every year to make sure that you catch these items before they have an impact on your credit score. If you notice anything that is a mistake or any duplicate debts, you can call a credit repair company for help.
Remember that a credit repair company can only challenge items that are incorrect; they cannot remove legitimate late payments or debt. If you have those items on your report, you will need to work to make your payments on time so that they will have less of an impact.
What Will the Credit Repair Company Do?
When you call a credit repair company, the first thing that they will do is order a copy of your credit report from all three credit bureaus. There may be differences between the reports, which it is important to correct.
Once they review the reports for any inaccuracies, they will meet with you to determine which items are invalid. They will file the disputes on your behalf and they will tell you what information they need. They simplify the process for you because they know what you need to provide and how to handle the interactions with the credit bureaus.
The government offers all kinds of financial assistance to veterans but you may still have inaccuracies on your credit report. This is important because you shouldn’t pay the price for a mistake. If you have errors on your credit report, you can get help from a credit repair company to eliminate them.
We have many years of experience in working with people to challenge invalid items on their credit reports. If you need help, you can contact us to get the process started. We are familiar with the rules and regulations surrounding credit reporting and we will help you challenge items on your report.
Ready to take your Credit to the
Ready to take your Credit to the