Credit Repair and Credit Restoration
Q. What is credit repair?
A. 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providers to assist consumers in the correction of items on their consumer credit reports that prove to be inaccurate, outdated, or unverifiable.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).
Q. HOW DOES OUR SERVICE WORK?
A. We will work on your behalf and analyze your credit report with all three credit bureaus (Equifax, Experian & Transunion) to have removed those items which may be outdated, inaccurate or unable to be verified by the credit reporting agency. Click here to better understand the 10 myths behind credit repair.
Q. WHAT ITEMS CAN BE REMOVED?
A. 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 Again, like all legally compliant credit repair agencies, we can only remove items that show to be inaccurate, outdated, or unverifiable.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. For a list of items we have helped remove in the past, check out our results page by Clicking Here.
Q. HOW LONG DOES THIS SERVICE TAKE?
A. We provide all our clients with an estimated time frame for service. In general, clients are usually with us from 3 to 4 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 deletion fees until we achieve results, we work to achieve those results as fast as possible. Want a more detailed answer? Call a Bank Rover Consultant today.
Q.WHAT ARE ALL THE COSTS OR FEES INVOLVED?
A. For our credit repair or other services costs, please refer to our pricing page. This section will serve to inform you of all other associated costs. These costs may include:
– A credit monitoring account. This will cost roughly $15-$30 per month
– Postage. Some of our letters are recommended to be sent certified return receipt.
– Printing, Paper, Ink, Envelopes. This is a negligible cost, but hey… you asked about ALL associated costs.
Q. IS THERE ANY WAY TO SPEED UP THE PROCESS?
A. NO. Bank Rover wants this service to be completed as fast as possible. Think about it, we don’t get deletion fees until items are removed. We would love for there to be a legal way to make things “disappear” in seven days. However, it just doesn’t exist. Now for a little more detail… From the time the credit bureaus receive your dispute, they have 30 days to respond. This leads some people to believe that if it has been more than 30 calendar days, then they MUST remove those items. This is simply not the way it works. There are sections of the law that allow them additional time under certain conditions.
The Latest Law Suits Against The Credit Agencies
- W2 Form
- Lease Agreement
- Bank Statement
- Cancelled Check
Q. HOW MUCH WILL MY SCORE GO UP?
A. 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! Bank Rover is hired only to help remove items from your report that you wish for us to work on, the score change is simply a byproduct of our service.
Q. Is There Anything I Can Do To Raise My Score?
A. Absolutely! When you work with Bank Rover your consultant will explain exactly what we can do to specifically guide you in raising your score. Through this process we have seen scores go from 600 to 720 in a matter of weeks. Speak with your consultant for additional information.
Q. WILL I GET APPROVED FOR MY HOUSE, CAR, FUNDING, ETC?
A. We must make it very clear, Bank Rover does not give any type of loans or financing directly. 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. We can tell you this; we have had clients which had the incorrect items removed from their credit report and achieved a nice boost in the FICO score. These clients were than able to obtain financing. Please speak with you Bank Rover consultant for more information on this topic.
Q. WHY DO I HAVE TO HAVE A MONITORING ACCOUNT?
A. Credit repair is kind of like going to the doctor… The doctor will need to run some test to see what is going to need to prescribe. A monitoring service is our way of running your proverbial credit “test”. It allows us to see exactly what needs to be done and check up on the bureaus and creditors. When they say something has been changed, we want to make sure it is REALLY changed.
Keeping a monitoring service is a requirement of our service. As per our Terms of Service, failure to keep an active monitoring account could result in cancellation of our services.
Q. Can You Share Some Credit Law References?
A. Sure, please see below.
FCRA – Fair Credit Reporting Act
CROA – Credit Repair Organizations Act
FACTA – Fair and Accurate Credit Transactions Act
FCBA – Fair Credit Billing Act
TILA – Truth in Lending Act
FTC – General website for the Federal Trade Commission