Credit Repair is actually the process of removing inaccurate, unfounded, out of date, false, and erroneous information from your credit report. Your credit report dictates your credit score. The 2 major credit bureaus collect information from lenders, creditors, and debt collectors and apply it to your credit report. Based on that information, your credit score is determined. This information could include the balances on loans or credit cards, credit inquiries, debt to income ratio, and most importantly, credit utilization (the percentage of debt you have to available credit)
The credit bureaus are the ones that delete or update accounts in your files, we use our experience to or on your behalf to send the requests to the bureaus that fall under the guidelines of the Consumer Information Act. These are items that should be removed due to being inaccurate, unfounded, out of date, false and/or erroneous.
While we try to remove inaccurate, unfounded, out of date, false, and erroneous information as quickly as possible, it is impossible to give an exact timeline as each case is different. The more items we are fighting to remove, the longer it might take usually and how recent the information is plays a key roll (The older the information is, the quicker it get updated). A general timeline is between 4-11 months average, though sometimes it may take a bit longer or even shorter timeframe. Ask your Credit Expert Representative about our priority service that can potentially reduce the repair time needed.
This is determined by what your goal is. Perhaps you are trying to buy a house. If this is the case, you might want to get started at least 1 year before you plan on purchasing. If you plan on purchasing a car, We would say the same but please note you may see results very fast and for the car loan it will be much quicker.
Though the credit repair process starts with you, it is the credit bureaus that ultimately make changes to your credit reports. So if you find an error in one of your credit reports, the first step is to send a credit dispute to the appropriate credit bureau (via regular mail with return receipt requested).
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 lates, 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! Credit360 is hired only to help improve or items from your report that you wish for us to work on, the score change is simply a byproduct of our service.
Now for a little more detail. From the time the credit bureaus receive your dispute, they have 30 days to respond to 45 days max. This leads some people to believe that if it has been more than 30 calendar days, then they MUST remove or update those items. This is simply not the way it works. There are sections of the law that allow them additional time under certain conditions. This is a process and we are experts in identifying all the smoke screens the creditor and credit bureaus send to help maximize your deletion results.
When a credit bureau receives a dispute, they forward it to the data furnisher that provided the disputed information. The data furnisher is asked to verify its accuracy. If verified, the disputed item remains unchanged. If unverified, the credit bureau should correct it.
We are based in Toronto, However, our advisors are available by phone or email enabling us to help clients all over the country without having to have an office in your area.
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It is our goal to help people get the credit they deserve regardless of past setbacks. Our view is everybody deserves a second chance providing that they are willing to make the effort to improve their credit situation. We know that sometimes bad things happen to good people and we share the vision that nobody should get left behind due to unforeseen hardships.