The topic of credit repair is a broad one, and while it mostly focuses on recovering from past mistakes, it can also encompass credit creation.
Consumers who are new to the credit realm are often tagged with the term “No History” because the credit bureaus do not have enough information to create a credit file in their name.
For example, an unscorable consumer usually falls into all of the following categories:
It is your right and responsibility to assure the accuracy of the items on your credit reports. If information recorded on your credit reports does not accurately represent your behaviour as a consumer, then you have the right to request that questionable information be removed from your reports. The CIBIL afford you the legal right to dispute inaccurate items on your credit reports with the credit bureaus and your individual creditors.
The most popular method for restoring bad credit is the credit bureau dispute. You have the right to dispute and delete any items on your credit report that you feel are inaccurate, untimely, misleading, biased, incomplete or unverified.
When you dispute a questionable negative credit item with the credit bureaus, you are demanding that they perform an investigation to determine whether or not the item should be listed on your credit reports. If the credit bureau cannot verify the accuracy of the item, then they are required to correct the listing or completely delete it from your credit report.
Another facet of credit repair is to work with your creditors to remove the negative items from your credit reports. Your creditors have the ability to delete negative items from your credit reports at any time. With more cooperative creditors, sometimes all it takes is to ask the creditor to adjust or delete a negative credit listing. In situations where this non-confrontational approach is not sufficient, the various consumer protection acts provide you with tools for forcing creditors and collections agencies to prove the accuracy of the reported accounts.
By using some or all of their legal rights to fair and accurate credit reporting, thousands of people have legally and successfully restored their credit and improved their credit score.
Consumer protection laws are in place to keep you from becoming a victim of the credit reporting system.
By taking advantage of your rights under these statutes, you can help ensure that you are not charged excessive interest rates or unfairly denied credit.
Sometimes it becomes necessary to attack your credit reports with a variety of legal tactics.
When a credit bureau investigation fails to remove a negative item we directly raise complaint at banking ombudsman
It would be inappropriate for Fortune Credit Services or any other firm to promise a particular case outcome during a definitive time frame. In other words, because so much depends upon third parties like creditors and credit bureaus, and because each client case is unique, we can’t predict whether any specific credit report item will ultimately be corrected.
What we can promise, however, is to complete the promised work each month — sending appropriate creditor interventions and bureau challenges
We can also provide you with information regarding what kinds of credit report outcomes our past clients have seen. As is true in all legal matters, no two cases are the same and your experience may differ. Statistically, our clients have seen impressive credit report results, with an average of 10.2 items, or 24% of their representing negatives, removed within 4 months.** Again, the progress of your case will depend on your timely participation (keeping us updated when you have additional information), the nature of your case, and the level of third-party (creditors, debt collectors, bureaus) cooperation. No firm can promise a particular result within a certain time frame since every case and credit report is different.
Be wary of any credit repair company that guarantees to "clean up your credit in 30 days".
Not only is it illegal to guarantee results for credit repair, it is impossible to predict final actions and decisions of creditors, debt collectors, and credit bureaus.
A statistical summary of the information contained in a consumer's credit report usually graded on a scale ranging from 300 to 900.
The definition is simple, but the implications of your credit score are far more complex than a three-digit number. Your credit score represents your financial reputation—used by lenders, landlords, employers and others—to determine your level of risk, responsibility, and overall character.
Negative items affecting your credit score come in many forms, including:
Each item is equipped with its own level of severity and the power to damage your credit score. Combined, their strength can cripple it.
Bad credit won't impress lenders or landlords. In fact, they will likely view your unstable financial past as a good indication of future behavior. As a business risk, lenders will charge you higher interest rates, or simply deny you credit all together. Employers may pass you over in favor of an apparently more responsible applicant. Insurance companies may even charge higher premiums to compensate for your perceived high-risk lifestyle.
Contrary to popular belief, not every person with bad credit deserves the "high risk" label. Millions of Indians have struggled to rebuild their credit and regain their financial footing. Cases of inaccurate information and other examples of unfair credit reporting may depict you in an unjustifiably wrong light. Does your credit score accurately reflect your past? The answer could change your financial future.
On occasion, a negative listing that was recently deleted may eventually be verified by the creditor. The Fair Credit Reporting Act requires that the credit bureau inform you before they re-report a previously deleted listing. The FCRA also makes it more difficult for credit bureaus to re-report listings. Because of these factors, it is fairly rare for listings to come back on once they've been deleted.
If a questionable credit item is verified at a later point in time, Fortune credit services will help you challenge the listing again if there are legitimate grounds to do so.
If there are delinquent questionable listings appearing on your credit reports that have not been paid off, the actual debt behind the account remains the same even if the account is deleted from your credit report. You may still owe the same money that you validly owed in the first place subject to your state's applicable statute of limitations. If you don't pay the debt, the creditor or a collection agency may re-report the listing.
Removing a negative listing without addressing the debt is only a temporary solution. In fact, we will only dispute credit listings that you indicate are inaccurate, untimely, misleading, biased, incomplete or unverifiable. If you feel that a negative credit listing is 100% accurate, timely and verifiable, then do not dispute it.
Sometimes a collections agency will report a debt to the credit bureaus that you do not owe.
In these cases, debt validation procedures like those offered in any of our service levels may be necessary to remove the collections from your credit reports.
You would think that would be true, but the credit reporting system just doesn't work that way.
When you pay an old debt, the negative credit listing doesn't disappear. Once paid, it may appear on your credit report as a paid delinquency, charge off or collection (whatever the case may be).
Unfortunately, if your goal is simply to repair your credit, merely paying off your debts won't get you there. You also need to work to restore your credit at the same time. Of course, paying your debts in a timely manner may prevent future problems with your credit report.
Repairing bad credit is a significant challenge for most consumers and we're here to help. Fortune credit services have developed a four step method for credit repair that has proven to be effective for hundreds of thousands of clients.
Be forewarned, sometimes settling a debt will actually lower your credit score.
When settling outstanding debts, request that your creditors stop reporting the account or mark the account as "paid in full" in exchange for payment.
Most people begin researching credit repair after they have been denied credit. Most don't even know what questionable negative listings are appearing on their credit report.
When contacting Fortune credit services, you will receive a free credit consultation in which you can learn how to evaluate your credit reports. During this consultation, a Fortune credit service representative will also help you analyze your credit history and find out if credit repair is right for you. If at that time you decide you would like to enlist the help of Fortune credit services to dispute the questionable negative items in your credit reports, you will be able to sign-up over the phone and immediately get started with the dispute process.
Because of this, even if you have not yet seen your credit reports, we suggest that you to contact Fortune credit services to receive your credit report consultation.
It is important to understand there are no guarantees involved with legal services. It is just like in a court of law where our representative could never guarantee a client that the judge or jury would find in their favor.
In fact, any credit repair company that guarantees success is not being honest with you.
Fortune credit service is a firm and they held to the highest ethical standards by their states' rules of professional conduct.
Also, Fortune credit service offers its 5+ years of experience and its good name as assurances that your case will be handled responsibly and professionally.
Be wary of any credit repair company that guarantees to "clean up your credit in 30 days".
Not only is it illegal to guarantee results for credit repair, it is impossible to predict the actions of your creditors or the credit bureaus.
Yes. You have the legal right to work out your credit disputes with the credit agencies and credit grantors yourself. Given experience and study, you could do much of what our staff does. It is similar to your right as a citizen to represent yourself in court.
Many people, however, choose to ask Fortune credit services firm to represent them because of the depth of experience the firm will bring to bear.
When making the decision to repair your own credit reports or enlist the assistance of a professional credit repair firm such as Fortune credit services, it may be helpful to consider the amount of time that may be required to effectively repair your credit. In our experience, a typical consumer simply does not have the time to research and experiment with credit disputing methods in order to find the best course of action for their individual credit situation. In contrast, Fortune credit services have the accumulated knowledge from helping our clients successfully remove over thousands of questionable negative items from their credit reports. Our extensive experience means you will see the highest possible return on your time and money as our efforts on your behalf will only utilize credit improvement strategies which have proven to be effective. For instance, our letters have been written by a psychologist who understands how to phrase the dispute letters in such a manner as to gain the most results and we've tested these letters' effectiveness repeatedly to ensure they are the best. While they may not be what you would write, they are written to produce results.
Also consider the amount of time and follow-up required to coordinate disputes with all credit reporting agencies and the creditors appearing on your credit report. When you begin the credit disputing process, you are initiating a dialogue with these entities. This dialogue requires you to properly respond to credit bureau and creditor communications in order to keep the credit repair process moving. To manage this process for our clients, Fortune credit services has systematized the credit repair process through a trained staff and assistants, all using state of the art technology.
In our years of credit repair experience, we have worked to continually improve and refine our processes to provide the best value for our clients. With that said, we encourage consumers to dispute their own credit if they have the desire, the time and knowledge to do so.
Often times, credit repair is much more difficult than simply sending dispute letters to the credit bureaus.
The credit reporting system does not always work in your favor and many creditors who use your credit score would prefer you have a less than perfect credit score because this allows them to charge higher interest and get more money from you.
Many people who have tried to repair their own credit can attest to the difficulty of getting results.
In fact, a 2015 study of over hundreds Fortune credit services clients showed that almost 40% of clients had tried to repair their credit themselves before retaining the firm.
Our ability to help you delete questionable negative items is dependent on having up-to-date credit reports. Without copies of your current credit reports we are somewhat limited in what we can do to progress a client's case because we need to know the status of previously disputed items before crafting the next round of disputes.
For example, if we do not know that a questionable negative item has been deleted and we dispute the same item again, it can slow the process and increase the time until you see your desired results. In addition, if in response to a dispute the credit bureaus deny an investigation or request additional information, Fortune credit services requires this response in order to craft the next round of disputes.
The credit bureaus may send you more information than just your credit reports.
We ask that you forward all correspondence from the credit bureaus as each item may be useful in handling your individual case.
Clients who are quick to send in their updated credit reports will get the most value out of the service.
The less time we spend waiting for your reports, the faster we can get to work on the credit repair process.