How long will it take to fix my credit?

Recovering from your past credit mistakes will take time, and anyone who suggests otherwise is deceiving you.  Your bad credit history cannot be fixed instantly.  The process of fixing your credit can involve many parties, such as your creditors, the credit reporting bureaus, and court houses.  While each situation is unique, we typically advised our clients that it may take up to 90 days to see a noticeable difference.  Generally, the credit repair process may take 6 to 9 months to complete. 

What is a credit report?

Your credit report is a snapshot of your credit history when it is requested.  A credit report provides a detailed record of your credit history.  It contains a record of your personal and financial credit information.  It may also contain debt-related public records such as bankruptcy, tax liens or civil judgments.

How many credit bureaus are there? 

There are many credit reporting bureaus.  However, the three most commonly known credit bureaus are Equifax®, Transunion®, and Experian®. 

Are all 3 credit bureaus important? Each one of the three major credit bureaus will reflect at least one-third of your total credit history. If you are requesting a credit card, someone can look at your Equifax report and find nothing that may keep the credit card company from issuing you the card. However, they might also look at your other reports, Transunion and Experian, and find flaws in your credit file. That’s why it is extremely important to use a credit repair service that repairs not one, but all three of your bureaus.

Who Has Authorization to Look at Your Credit Report?
Of course, you can always obtain a copy of your personal credit report at any time.  Otherwise, the Federal Fair Credit Reporting Act (FCRA) limits who can obtain your report and under what circumstances.  A party can only get a copy of your credit report for the following reasons:

• to open or review credit accounts,
• to determine whether the account holder is still within the terms of the account,
• to make firm offers of credit,
• for employment purposes (with your written permission),
• to underwrite insurance,
• to evaluate your application for credit or other services,
• with a court order or grand jury subpoena,
• to evaluate the risk of an investor, and
• to determine eligibility for government licenses.

What is a Good Credit Score?
As previously discussed, your credit score is generated by mathematical models that interpret and analyze the information in your credit report. Your credit score is a numerical summary of the information in your credit report. Your credit score allows lenders to determine the risk that you might default on a loan. Simply stated, your credit score is your creditworthiness. Therefore, you should check your credit report and score regularly. You should never assume that you have good credit scores simply because you paid your bills on time.

Generally, the scoring model your lender uses determines whether your score is a good score. While different lenders use different scoring models, a good credit score from one credit scoring model would likely result in a good score using another scoring model. As discussed above, the FICO® score model ranges from 300 to 850. The score for most people in the United States falls between 600 to 750, and the average score is 693. A score of 700 and above suggests that you have managed and utilized credit well. However, what constitutes a good credit score depends on the scoring method your lender uses and the amount of risk your lender is willing to accept. Many people strive to achieve a good credit score because with a good credit score you are likely get access to favorable loan terms and interest rates. At Credit Genie, LLC / CredittGeniee.com™, we can help you fix your credit, improve your credit scores, and achieve a higher lifestyle. Call us today for a FREE Credit Repair Consultation 1(844) 4-GENIEE – 1(844) 443-6433; or email us to request your FREE Credit Repair Consultation at: info.creditgenie@gmail.com .

How Long Information Remains on My Credit Reports?

Generally, the type of information determines the length of time it remains on your credit report. For example, information about your identity, such as your name and date of birth remain for the life of your credit report. Whereas, information about specific credit accounts stay on your report for a predetermined period. Nonetheless, negative information can have an unfavorable impact on your credit score. Fortunately, Credit Genie, LLC can help you identify and challenge any erroneous negative information on your credit report. While the policy for the three major reporting bureaus may differ, the approximate length of time specific information may remain on your credit reports are as follow:

• All inquiries can remain on your credit report for 25 months after they are made.
• Late payments can stay on your report for up to seven years.
• Collections are reported for seven years from the date of the first delinquency.
• Unpaid tax liens appear on your report for 10 years from the filing date.
• Paid tax liens appear on your report for seven years from the date they were paid.
• Judgments may appear on a credit report for seven years from the day the judgment was filed.
• Chapter 7 Bankruptcy remains on a credit report 10 years from the filing date.
• Chapter 13 Bankruptcy stays on a credit report seven years from the filing date.

At Credit Genie, LLC / CredittGeniee.com™, we can help you fix your credit, improve your credit scores, and achieve a higher lifestyle. Call us today for a FREE Credit Repair Consultation 1(844) 4-GENIEE – 1(844) 443-6433; or email us to request your FREE Credit Repair Consultation at: info.creditgenie@gmail.com.