Credit Reapir FAQs
Credit repair is a service provided under the CROA that allows credit repair service providers to assist consumers in the correction of items on their consumer credit reports that prove to be inaccurate, outdated, or unverifiable. Any credit repair agency that claims to be able to remove ANY item other than those identified above is in violation of the Credit Repair Organizations Act (CROA).
Our service works by working with the creditors and credit bureaus to find legitimate reasons to have incorrect, unfair, or questionable items removed from our clients’ credit reports. Often, we can find violations of certain requirements of those creditors. If we do, we leverage those violations as a way to get the creditor or bureau to remove the item in question.
We understand that our business model seems strange to some people. I mean… who provides a professional level service at no cost?!
However, we truly do not charge fees for our services.
You will be required to keep an active 3-bureau monitoring account with our credit report partner. This is so we will be able to work on the file as needed. The cost for the Premium Membership is $39.95 per month. This is paid to the monitoring account, not to CreditNerds.
You will also be asked to mail correspondence to creditors or credit bureaus. We may request certain items be mailed certified so that could cause you to incur a fee there.
You will be printing some things so I guess you would have paper, ink, and envelopes. I know this is a negligible cost, but you asked about ALL costs!
There is simply not a company that provides our level of service at a lower cost.
This is a tricky question. For one, we can’t tell you upfront that ANY item can or will be removed from our clients’ credit reports. Again, like all legally compliant credit repair agencies, we can only remove items that show to be inaccurate, outdated, or unverifiable. However, MANY items on most people’s reports could fall into one of those categories. We have helped clients in the past remove collections, late payments, repos, student loans, and even public records. Again, we just can’t make you any promises about specific items.
We provide all our clients with an estimated time frame for service. In general, clients are usually with us from 4 to 6 months. However, this is not saying all items will be removed in that time frame or that all items will be removed at all. This is just the usual time frame people choose to stay in our program. Since we do not charge fees for our services, we work to achieve those results as fast as possible. The sooner we help you get repaired, the sooner we are able to help you reach other goals such as funding your business or getting that new home.
Most other credit repair companies mail your correspondence for you. They do this to hide their tactics from you. They don’t want you to see that all they do is claim the items are “not yours” over and over. In our service, you print, sign, and mail your own dispute letters. We, of course, create all of this correspondence for you, so your job is very easy. The reason we do things this way is quite simple. The FCRA allows the bureaus to ignore any letter that does not come directly from the consumer. They can’t claim the letter didn’t come from you if it has your signature, includes your proofs of identity, and was mailed from your zip code.
The simple answer is because the credit bureaus say so. Unfortunately, there is wording in the law to require you to give them information. If you don’t supply the proof of your identity and address, the bureaus will simply ignore your dispute and you will get nowhere. Below is a list of what can be used as proofs.
YOU MUST SEND AT LEAST TWO OF THE FOLLOWING:
Pay Stub with Social Security number
Your letters are created by our offices and placed into your secure online portal. You can log in at any time and print them. Once you have printed them, you can let us know in the portal that you have sent them. This will let us know when to schedule your file review.
The whole process is quite simple. However, if you have questions, please feel free to reach out to our corporate office at 501-441-2107.
As much as we would like to, there is simply no way to know the answer to this question. There are far too many factors involved in the credit scoring model. The biggest variable being the “human factor”. We don’t know what you are going to do during this process. You might get new late payments, max out credit cards, get new credit, get new collections, get a judgment placed against you, or one of hundreds of other things that would change the outcome of your service.
REMEMBER! CreditNerds.com is working only to help you remove items from your report that you wish for us to work on, the score change is simply a byproduct of our service.
We must make it very clear, CreditNerds.com does not give any type of loans or financing. Therefore, we can not tell you if you will be approved for any of those things. Many people come to us with very poor credit and hope to be approved for loans or funding programs with very strict financing guidelines. Remember from above, if we can’t promise you ANY item is going to be removed from your report, how could we possibly assure you that you will be approved for a loan after working with our program? We are here to help and we help hundreds of people, but please do not expect miracles.
However, it is important to understand that lying to financial institutions is a crime. We never recommend exaggerating or falsifying any documentation during the funding process. Often, banks will ask for proof of income and if you are unable to prove the info you provided, it could lead to decline or even criminal charges.
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But again, there is no way to know this until AFTER we do your funding assessment. A funding assessment allows us to get information about YOUR situation so we can give you a better idea of what to expect. If you would like to get a funding assessment, click HERE.
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We work directy with the lenders on your behalf. We normally know right away if a line is approved and we let you know. However, sometimes a lender or bank may need more info from you and place the account as "Pending Approval." In that case, we check up on the account every other day until we know the answer. You can just sit back and relax. We got this!
Our goal is to maximize the funding amounts while minimizing the damage to the credit profile. The best way to do this is to use a concept called fractional borrowing. Basically, it is easier to get 5 lenders to give you $20,000 than it is to get 1 lender to give you $100,000. So you would expect to receive multiple lines if funded. However, we will discuss your needs and wishes on your funding planning call before moving forward.
However, once we move forward to the applications phase, you could see some hard inquiries on your file. These would be discussed on your funding planning call before you decide to move forward.
We don't like to "guess" about the effectiveness of our services. It would be impossible to know the best and most effective ways to get you funded without all the data we need to make those decisions. Once you see our assessment process, you will understand why we are the best option for obtaining funding.
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Our program currently pays by check. However, we will be moving to direct deposit very soon.
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