The Credit Pros Credit Repair
The Credit Pros, headquartered in New Jersey, believe that almost every part of life is affected by your credit score. Lenders review your credit reports to determine whether you deserve an affordable home loan, credit card, car loan or lease, apartment rental, insurance policy, or credit card. Utilities or mobile phone providers frequently pull your credit to assess your credit risk. Denial of your request for new service, or deposit requests, indicate your credit reports need attention.
Many states allow prospective or current employers to check your credit before making a hiring decision. Your ability to pay bills on a timely basis, and overall credit condition, may reflect solid citizenship and good character to employers.
The Credit Pros and Credit Mistakes
According to the firm, some credit mistakes can hurt your credit more than others. By avoiding these mistakes from the start, it's possible to maintain credit and the cost of credit repair services. The list of avoidable credit mistakes includes closing a credit card, missing scheduled payments, settlements, high balances, inquiries, credit scores, credit rights and cash basis.
Closing a credit card. If you aren't using a certain credit card, pay off the balance. Make a small purchase and pay it off in full every so often to keep it from falling off your credit reports. Don't close the account, because your credit history length is an important facet of calculating your credit scores. In general, maintaining active credit accounts is positive for your credit scores.
Missing scheduled payments. Each credit bureau regularly tallies your payment history on each reporting account. Past due 90 days or more payments affect your credit score even if you pay the account in full later on.
Settlements. Deciding to settle an account can allow you pay less than the original amount owed. If the lender agrees to settle the account, your account is closed after the agreed-upon settlement is received on a past due account. Although it is sensible for the lender to accept a smaller amount to close the file-especially when an account in default may result in a complete write-off of the lender's capital-the lender will report the difference between what was owed and the amount of the settlement as a credit report negative.
High balances. Don't max out your credit. Maintain balances no higher than 30 to 40 percent of available credit. Using a higher percentage of available credit negatively impacts your credit scores. Using less than 30 to 40 percent of available credit is fine. Charge a small purchase and pay it off in full by the credit grantor's due date.
Inquries. When you make an application for credit and the potential lender requests your credit profile, the CRA makes note of the request (also known as an inquiry). Inquiries are not inherently negative to your credit score, but too many inquiries can damage your credit. CRAs believe that a large number of inquiries may reflect a higher credit risk. Manage credit inquiries by limiting the number of credit applications you submit. Ask firms making unsolicited inquiries about your credit to remove these from your CRA files.
Credit scores. Not all credit scores are alike and every consumer has many credit scores. Although most people consider the three primary CRAs as the most important, regional credit bureaus exist. In general, potential creditors request information about the credit applicant to calculate the probability of repayment. The Fair Isaac Corporation's FICO score is commonly used to determine the lender's risk.
Credit rights. Not knowing enough about credit can hurt you. Credit laws, such as the Federal Fair Credit Reporting Act (FCRA), were created to protect consumers. Understanding the ins and outs of credit law requires experience. Most individuals lack this experience-intelligence has little to do with performing legal credit repair. You're allowed to dispute credit report items that are "untimely, inaccurate, unverifiable, or misleading." You're allowed to request credit reports at no cost at least once per year. And you're legally allowed to hire credit repair and/or legal services to protect these credit rights.
Cash basis. You can decide against building credit profiles and credit scores. Paying cash is always an option, but most people don't have the means to accumulate enough cash to buy a home or auto outright. Good credit is an asset. Employers frequently evaluate your credit before making the decision to hire.
What to Expect
The Credit Pros charge a one-time payment of $149 to get started. After ordering your credit reports, the team arranges a meeting with a FICO Consultant. Your consultant will assess and provide feedback about your credit reports.
The Credit Pros know that you want performance, so their performance-based fee structure allows you to pay only for results:
- You'll pay $50 per deleted negative item. If The Credit Pros successfully removes five items next month, you will pay $250.
- In comparison, many other credit repair services charge a monthly fee after sign-up. Paying for performance can cause less frustration about how much work is being done on your behalf.
- Note that the amount you'll pay each month as a client of The Credit Pros can change.
- The Credit Pros is a Better Business Bureau-accredited business and is rated "A+."
- The Credit Pros do not offer regular phone support on weekends. Plan to leave a voice message to request a return phone call during regular business hours.
- The Credit Pros has a hands-on credit-trained attorney on staff.
- The Credit Pros employ FICO consultants to assist their clients. A FICO consultant works with the client to assess credit reports and identify ways to improve clients' FICO credit scores.
If you're planning to buy or rent a home, The Credit Pros will write goodwill letters to mortgage lenders, rent-to-own firms, or landlords on your behalf. The firm will also issue cease-and-desist letters to aggressive collectors to protect your legal rights. Under the terms of The Credit Pros' contract, you can decide to end your business at any time. Write The Credit Pros a letter and fax it to them to cancel service.
The Credit Pros combines many desirable credit repair service elements. The firm's fee structure supports activity and performance of clients' credit repair goals. A credit-trained lawyer and FICO consulting professionals offer legal and real-world experience about building positive credit in today's world. Good communications is essential to the positive client and credit repair service relationship.
Payment for performance is generally perceived as a positive payment structure. You'll need to budget for successful removal of negative credit items.