Frequently Asked Credit Repair Questions

Q. Is it really possible to fix a credit report?
A. Yes. A more accurate description would be to repair a credit report. Removing false or inaccurate information is the best place to start and is your right under the law.

Q. Is it true that the credit bureaus have to respond to you within a certain period of time?
A. The credit bureaus have to respond in a reasonable period of time to a request to remove false or inaccurate information, generally 30 days. If they cannot verify the inaccurate information within a reasonable period of time, it must be removed from your credit report.

Q. How long is negative information about my credit maintained on my credit report?
A. By law, credit reporting agencies may maintain and report negative information for seven years. Bankruptcies may be reported for up to ten years.

Q. What is a consumer statement?
A. It is a statement by the consumer submitted to the credit reporting agencies in which the consumer challenges the statements made in their credit report if they believe them to be inaccurate. The written statement should be no more that 100 words and should explain why the information in your credit report is believed to be inaccurate. The law requires that the consumer statement become a permanent part of the credit file.

Q. What is the Fair Credit Reporting Act?
A. The Fair Credit Reporting Act, also known as the FCRA, is a set of US government rules that requires the information supplied by CRAs about your credit history to be complete and accurate and available to you on request.

Q. What is a Secure credit card?
A. A credit card that a card holder secures with a savings deposit to ensure payment of the outstanding balance if the card holder defaults on payments. This card is for people who are considered Financially risky by the issuers.

Q. What is a debit card?
A. A debit card takes money directly out of your bank account as soon as you use it. By contrast, when you use a credit card, you receivea bill within a designated period of time to pay for the credit that has been extended to you. You are responsible for paying the charges on the credit card bill.

Q. Who can see my credit reports?
A. A credit bureau creates your credit report using information from banks, merchants, and other creditors. Included in your credit report are a list of accounts (if any) that have been referred to a collection agency; your payment history with major credit cards, department store charge accounts and loan payments; inquiries made about you over the last several years and whether or not you have been granted credit; and public record information such as bankruptcies, tax problems, etc.