Some FAQs and Answers about Credit Restoration

FAQs and Answers about Credit Restoration

Q. Why should I invest in credit restoration services when some credit advisors say “you can fix your credit on your own.”?

A. Not everyone should hire a credit restoration company. Sometimes a free thorough credit consultation is all a consumer needs. If you are thinking about restoring your credit, our recommendation is to go with a credit repair company that customizes your credit repair program based on your circumstances, a credit expert will tell you whether or not you truly need credit restoration . In other words, do not invest in a scanned computerized credit repair program that charges you a “monthly fee” and initiation fees.  A tailored manual credit restoration process is better than a scanned generic credit repair program that you typically see online. Some credit restoration companies who solicit online say they are hands on, however, they are not. Before you start a credit restoration process, please go to Experian or Equifax and order a tri merge credit report, you will not be penalized for a credit inquiry. Once you obtained a copy of your tri merge credit report, we can provide you with a free thorough credit consultation.

Q. I have a short sale that blemished my credit. Now, I am ready to apply for an alternative business loan and new business credit. What are my options?

A. In most cases, banks work proactively with our credit analysis requests. Majority of the credit encodings that are reported onto the credit bureaus for short sales are incorrect. Fixing a short sale mortgage derogatory takes time, commitment and patience from our client. In addition, the lender who serviced the mortgage also is a factor on how long it will take to recover the short sale.

Q. I was advised by another credit repair company not to pay off my collection account. What do you think?

A. Pay off your collection account because if you don’t pay off your collection account, it will be sold to another collection agency. Rather than having one collection appearing for a particular debt, you will have two credit deragatories for the same debt that will appear on your credit report. Our recommendation is if you have medical and consumer collections, settle and pay off the consumer collections first, before you dabble in paying off your consumer collections. One example of a consumer collection is a credit card charge off.

Q. You told me to pay off my collection account and I did; now a new collection agency is reporting me for the same debt that I paid off. So now what?

A. Always keep your receipts and letters from the collection account you paid off. This scenario is a simple fix as long as you can prove you paid off the debt with a bank verification or letter from the previous collection agency.

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For more information on how we can help you fix your credit locally in Hollywood FL, please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital and Credit Consulting Professionals on our Testimonials page.

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