Frequently Asked Credit Questions
You've got questions. We've got answers.
While these are some of the most common questions we hear at Credit Renewed, if you can’t find what you’re looking for, don’t hesitate to reach out.
CREDIT
Credit bureaus consider a good credit score as anything above a 650. Learn more on what makes a good credit score.
Credit bureaus typically rank anything below 580 as a bad credit score. Learn more on bad credit.
Your FICO® Score is used in 90% of all lending decisions, but each of the three credit bureaus also have a customized credit score based on your credit information. Learn more on types of credit scores.
The main credit scores range from 300 – 850. Learn more about credit score ranges.
Equifax, TransUnion and Experian are the three main credit reporting bureaus.
A credit bureau is a company that collects information relating to your financial habits, and makes this information available to lending institutions and credit card companies.
A creditor is someone who provides credit. This includes, but is not limited to, banks, collection agencies and even car dealerships. They report your repayment progress to the credit bureaus, who then use that information to build your credit profile.
There are plenty of paid services that will provide you with your credit score, but at Lexington Law, we’ll do it for free. Just give us a call at 1-404-449-6716 to get started.
No, your credit score is just one component of your credit report. Your credit report also includes your identifying information, trade lines, credit history, credit inquiries, public record, collections and other late payment information.
There are five main contributors to your credit score—payment history, credit usage, credit age, credit mix and recent credit. The most important of these factors is your payment history, which can be directly influenced by credit repair. Learn more on what affects a credit score.
Your credit report contains things like your identifying information, trade lines, credit limits, account names, credit history, credit inquiries, public record, collections, late payment information, and of course, your credit score.
Employers are allowed by federal law to see a modified version of your credit report for purposes of hiring and promotion, though in California this is limited to jobs with financial or management responsibilities. Your employer, or potential employer, is required to get your permission before accessing your credit report, but yes, it could cost you a job or promotion.
While your credit age, or how long you’ve had access to credit, can affect your credit score, there’s no specific amount of time required. Generally, the longer you’ve had a trade line, the better.
There are many factors that go into being approved for a loan, but generally you’ll need at least a score of 650 to be approved for a home loan. With car loans and personal loans, the minimum accepted score will depend on the amount of money being requested. Some lenders will approve scores as low as 500, assuming you don’t mind paying extra money in interest.
There are many factors that go into being approved for a loan, but generally you’ll need at least a score of 650 to be approved for a home loan. With car loans and personal loans, the minimum accepted score will depend on the amount of money being requested. Some lenders will approve scores as low as 500, assuming you don’t mind paying extra money in interest. Learn more on what credit scores are needed.
There are many factors that go into being approved for a loan, but generally you’ll need at least a score of 650 to be approved for a home loan. With car loans and personal loans, the minimum accepted score will depend on the amount of money being requested. Some lenders will approve scores as low as 500, assuming you don’t mind paying extra money in interest. Learn more on what credit scores are needed.
Your credit report is generally looked at by those who are considering loaning you money. This includes banks, car dealerships and credit card issuers.
There are five factors that impact your credit score—payment history, amount of debt, length of credit history, credit mix and new credit. To improve your score, you can pay your bills on time, pay debt down, maintain your current accounts, get different types of credit and avoid applying for new credit frequently.
Beyond these five factors, your credit reports could contain negative items that are unfair or inaccurate, which can stay on your reports for up to 7-10 years. If you don’t want to wait that long to build your credit, you can try repairing your credit. Learn more on building credit or call Credit Renewed at 1-404-449-6716 to get started.
Your FICO® Score is a three-digit number determined by the information on your credit report. While FICO® doesn’t collect the data themselves, it’s their algorithm that determines your score. Considering their score is used in 90% of all lending decisions, it’s very helpful to know where you stand.
By law, the credit bureaus have to provide you with a free credit report every 12 months. You can claim this free credit report from http://www.annualcreditreport.com/, or by calling 1-877-322-8228. You will need to provide your name, address, social security number and date of birth to verify your identity.
Outside of this official source, there are many free services that will provide you with your credit score. In fact, you can call Credit Renewed at 1-404-449-6716 and we will provide you with your score and credit summary, all for free.
CREDIT REPAIR
Credit repair is the process of addressing any questionable negative items that could be hurting your credit profile. If the bureaus and your creditors can’t prove these items are fair, accurate and substantiated, they are required by law to remove them. Learn more on credit repair.
You have a right to an accurate, fair and substantiated credit report. If something on your credit is inaccurate or unfair, you can correct/repair it with the credit bureaus and your creditors.
While we can’t guarantee your credit will be repaired, we can promise to help you work to address any unfair or inaccurate negative items hurting your credit profile.
Unfortunately, there’s no way to predict in advance how long it will take to repair your credit, as every credit report is unique. That being said, last year alone, our clients saw millions of negative items removed from their reports, and typically stayed with us for six months. Learn more on the credit repair timeline.
Also, Credit Renewed offers a variety of service levels, and the strength and amount of credit repair increases with each upgrade. If you’re interested in a product with more credit repair baked in, give us a call at 1-404-449-6716.
Credit Renewed offers a variety of service levels to match your unique needs. Some of these services we offer for free. Learn more on our credit repair service levels.
Absolutely. You can contact the credit bureaus and your creditors to get any questionable negative items removed your credit reports. However, this process is time consuming and confusing. Working with a reputable credit repair law firm like Lexington Law can help you remove these items from your reports quickly and efficiently. Call us at 1-404-449-6716 to get started.
Think of credit repair like an investment. A little effort today could lead to thousands of dollars in savings tomorrow. We offer a variety of service levels to support every budget. Give us a call today and we’ll help you find the right service for your unique circumstance. Learn more on our credit repair services.
The credit bureaus and your creditors are required by law to remove any negative items on your report that they can’t prove are accurate, fair and substantiated. When these items are deleted from your payment history, we call that a removal.
Any negative item that is inaccurate, unfair or unverified can be challenged with the bureaus and your creditors. This includes collections, late payments, charge offs, liens, bankruptcies, repossessions and more.
Negative items on your credit refers to anything in your credit history that could lower your score. It includes things like collections, lay payments, charge offs, liens, bankruptcies, repossessions and more. Especially if these negative items came as a result of identity theft, divorce, medical debt, student debt or military leave, you may be able to remove them through credit repair.
No. Most negative items will fall off of your report after seven years, though some deletions may take as long as ten. The truth is that the credit grantor or the credit bureau can choose to delete the negative credit listing at any time, especially when you give them a reason to do so. If you’d rather not wait that long, credit repair is great alternative.
According to CreditCards.com and CNNMoney, even a single negative item on your credit could cost you over 100 points.
Negative ItemCredit Score Decrease
Late Paymentup to 110 points
Debt Settlementup to 125 points
Foreclosureup to 160 points
Bankruptcyup to 240 points
Collectionup to 110 points
Hard Inquiryup to 15 points
Sources: - https://blog.equifax.com/credit/can-one-late-payment-affect-my-credit-score/ - https://money.cnn.com/2010/04/22/real_estate/foreclosure_credit_score/
- https://www.creditcards.com/credit-card-news/fico-credit-score-points-mistakes-1270.php
While filing for divorce will not affect your score, some of the symptoms of divorce may lead to problems for your credit. For example, many people miss a payment on their credit during the frenzy of divorce. Or in the aftermath, it may be unclear who is responsible to pay a debt, and payments may be missed. These missed or late payments could adversely impact your credit score.
Yes. When someone takes out debt in your name, it increases your debt utilization ratio and will likely lead to missed payments and possibly collections appearing on your credit. Even after you’ve recovered your identity, these issues could still be lurking on your credit report.
Yes, in both negative and positive ways. Paying your student loan back on time will only benefit your score. Alternatively, missing these payments can cause some significant damage to your credit profile.
Considering that our average client uses our services for six months, the sooner the better. Especially if you plan on purchasing a home or car within the next year, getting started today can save you a big headache tomorrow.
Yes. Even if a questionable negative item is removed from your credit report, the actual debt behind the account remains the same. You still owe the same money you validly owed in the first place. If you don’t pay the debt, the creditor or collection agency may re-report the listing. Removing a negative item without addressing the debt is only a temporary solution. In fact, if you feel a negative credit listing is 100% accurate, timely and verifiable, we recommend you do not dispute it.
Unless the collection is being falsely attributed to you, pay it. The collection is likely already hurting your credit score, and leaving it unpaid will only make the damage worse.
If the debt is one that you do not owe, our service levels offer debt validation procedures that can help you get the collection removed from your credit profile.
You might think so, but unfortunately it does not. When you pay an old debt, the negative credit item doesn’t disappear, but is typically listed as a paid delinquency, charge off or collection. If your goal is to repair your credit, just paying off your debts won’t get you there. Repairing bad credit is a significant challenge for most consumers and we're here to help. Credit Renewed has developed a four step method for credit repair that has proven to be effective for hundreds of thousands of clients. Just give us a call at 1-404-449-6716 to get started.
OUR SERVICE
Unfortunately, credit repair is never guaranteed. What we can guarantee is that we will do everything in our power to help you achieve a fair, accurate and substantiated credit report. Learn more on our client results.
We offer service levels to match every situation and budget, depending on what level of credit repair you need. Currently, our most popular service level is also our most robust, which costs $499/year. Learn more on our credit repair services.
We accept payments by credit card or by automatic draft from your checking account. If you wish to change your payment method, simply call us at 1-404-449-6716 at least 3 days before your payment date.
Credit Renewed has been a part of the credit industry for a long time and have deep relationships with other players in this space. Learn more about our legitimate credit repair services.
As we are working with your creditors and the credit bureaus, we’ll notify you of updates to your credit profile via email. When you have items removed or improved, you will see them first on your credit report, which is updated regularly online. If you’re having any problems, or just need additional assistance, feel free to give us a call at 1-404-449-6716.
Yes, Credit Renewed offers a discount to all veterans and active military. We understand that freedom isn’t free, and to honor those that fight to keep us safe, we provide 50% off our first-work fee to veterans and active military. Contact us today to learn more.
Yes, Credit Reneweed will provide your spouse with a one-time 50% discount when you and your spouse sign up for service. Your spouse can take advantage of this rebate when signing up over the phone at 1-404-449-6716 or online using our secure sign-up.
While most places that offer credit repair services are not a scam, be wary of any company that provides guarantees of results, or charges you up-front for credit repair services. Not only is that illegal, it is a red flag that something suspicious may be going on.
Credit Renewed offers different service levels depending on your needs. While we can’t guarantee better results, our more expensive service levels offer additional monthly challenges and disputes, which may help you reach your credit goals sooner. For $499.99 per year, Premium adds genuine FICO® Score tracking and analysis, tools to protect and manage your identity and finances, and additional legal interventions for abusive third-party debt collectors.
Yes, we help hundreds of people each year work to repair their credit. Last year alone, our clients saw thousands of negative items removed from their reports.
Credit Renewed LLC has focused almost exclusively on credit repair since XXXX.
If you do not or cannot pay, we will cease your service. Of course, we will reach out to you and try to collect payment, or move you over to a different service level if necessary, but we cannot provide credit repair services without payment.