FAQ'S
How Credit Scoring Benefits You
Credit scores provide lenders with a fast, objective, and reliable measure of an individual’s credit risk. Prior to the use of credit scoring, the lending process could be slow, inconsistent, and subject to bias. Today, credit scoring has greatly improved the efficiency, fairness, and accuracy of credit decisions.
Key Benefits of Credit Scores:
1. Faster Loan Approvals
Credit scores allow lenders to make quick, data-driven decisions. Many credit applications, including mortgages, can be reviewed and approved within minutes or hours rather than weeks for applicants who meet the lender’s score criteria. Credit scoring also enables retailers, online platforms, and other financial institutions to offer instant credit approvals.
2. Greater Access to Credit
Credit scoring allows lenders to identify borrowers who are likely to repay responsibly, even if their credit history shows past challenges. Applicants who fall below an “automatic approval” threshold may still qualify for tailored credit products. With more accurate risk assessment, lenders are able to extend credit to a broader range of borrowers, increasing access to financial opportunities.
3. Lower Overall Credit Costs
By improving risk assessment and streamlining the lending process, credit scoring helps reduce the cost of credit for borrowers. Automated credit evaluation and loss mitigation strategies allow lenders to offer lower interest rates, more
Can you order our credit reports for us directly?
Credit businesses cannot order credit reports for their customers. The Fair Credit Reporting Act (Section 604) prohibits the credit bureaus from furnishing credit reports to third parties for any reasons outside of the FCRA definition of "permissible purposes" which include determination of credit worthiness, underwriting of insurance, and employment screening. You will need to obtain your own credit reports, and when you sign up we will provide you with simple instructions.
How to Raise or Maintain a Credit Score?
Making payments on time
Removing negative info
Paying down/off credit cards (raises capacity)
Using oldest credit card
Open new accounts slowly
Correct credit report errors
Paid collection items
Mortgage, secured loans and installment loans with positive payment history
Open Credit Lines vs. Credit Card Limits
How does the program work?
Our system is designed to be fantastically easy. Just sign up and let us get to work immediately! We keep you involved in your report so you will understand how to maintain your credit properly. We will conduct a detailed examination of your credit in light of the laws that govern the various participants in your reporting process. We will identify everything that is questionable, obsolete, and out of compliance and show you how to understand these methods. Our approach is truly effective. In addition, we provide valuable counseling services to insure that you are armed with all of the information needed to maximize and maintain your valuable credit scores.
As a consumer do I have to do any work?
Yes, the reason why is because by educating you and guiding you through the process, you will know how to maintain and take control of your credit worthiness. This is very important because by you as the consumer knowing how to handle your credit situation there will be no need to resign up with us again after the program is completed, or any other companies help after you have finished our program.
What Lowers a Score?
Late Payments
Maxed out credit cards (low capacity)
Closing Credit Accounts
Collection Items
More Revolving Debt vs. Installment Debt
Bankruptcy
New Accounts
Several Credit Inquiries
Sub Prime Lenders
Cosigning
What can you guarantee me?
No one in our business can predict a specific outcome, but we can assure you that we will do everything possible to maximize the likelihood of great results. Our Guarantee means that you can get started today with complete confidence.
What are the Credit Report Timelines?
Updated every 30 days
Positive Info: Indefinitely
Bankruptcies: 7 - 10 years
Public Records: 7 years
Inquiries: 2 years
Inactive/closed: Cycle off
Should I sign up my spouse at the same time?
We suggest that you both sign up. We offer a couples discount to encourage you to sign up at the same time. As a couple you may share a significant number of accounts, or you may share none. Either way, when you sign up, we will set up separate files and you will each get the benefit of individualized attention.
Do you share our personal information with anyone?
We do not share your information with anyone unless you authorize it. We will not share information about individual users with any third party, except to comply with applicable law or valid legal process or to protect the personal safety of our users or the public.
What is a frivolous dispute?
The Credit Bureaus (CRA – Credit Reporting Agencies) must investigate items in question unless they consider your dispute frivolous. A blanket dispute (i.e. all negative information is challenged) may be considered evidence that the dispute is frivolous, or if you fail to provide any allegations concerning specific items in your file. Frivolous disputing will unnecessarily increase the amount of time it takes to repair your credit profile and your overall success rate. This is common error made by inexperienced credit companies who simply dispute all negative items or most of your credit items on your credit report at one time without any specific basis for the dispute.
Can Credit Resources Consulting remove Public Records?
Every consumer's situation is different. If you have a Public Record on your credit report that you feel is inaccurate, misleading, incomplete, or unverifiable in some way then it can be disputed. As for getting it removed from your credit report that is not something we can’t promise or confirm. However, Credit Resources Consulting has successfully advised clients in the past on how to remove Public Records from their credit reports.
Will you advise me on how to dispute all Negative Items?
No! Federal Law requires that all disputes be submitted in good faith. When you become a client of Credit Resources Consulting, you'll complete our run down process to provide us with the necessary information about the items on your credit reports that qualify for a good faith dispute. We'll also consult with you directly. We compile that information and use it to help you create your custom dispute letters. We advise you how to dispute any item, positive or negative, that you review and mark for dispute. Not only is our process legal and in compliance with the FCRA, but it results in more efficient and effective disputing.
Several companies out there simply take your credit reports and generically dispute every negative item without any information from you regarding the legitimacy of the negative items. Not only is this process illegal, it is ineffective and results in an extremely high return of frivolous responses.
I have failed in the past, what makes your process any different?
Our experience, determination, and dedication to our clients in working with them hand to hand. We are more likely to anticipate the tactics and responses of the credit bureau. Credit Resources Consulting have experience in interacting with the bureaus and creditors and have gained insight in regards to advise clients on how to efficiently and effectively disputing credit report errors. We stay current on consumer credit laws and economic issues, and we utilize the newest technology and proven techniques to ensure successful removal of inaccurate credit report information for our clients.
I hope this has answered a lot of your questions. If you have any further questions, you can give us a call RCK Credit Consulting 815-904-6321 or you can email us at [email protected]