FAQ Sections
The Credit Trades
Why do the credit repositories (bureaus) dislike credit repair companies?
When a person repairs their credit, the consumer reporting agencies lose money. People with poor credit get their report pulled (an inquiryThere are two types of inquiries. A hard inquiry is when you have applied for credit, which gives a lender permission to pull your credit report. All hard inquiries are available for all credit grantors to review. A soft inquiry is only available for you to see. It does not influence your credit score. This type of inquiry includes your request for your credit report or pre-screen inquiries for credit grantors.) far more often than people with good credit. Every time a credit fileA file containing customer correspondence and statements, credit ratings, credit history and payment patterns. is pulled the credit repositories are paid around three to five dollars. Multiply that by hundreds of millions of inquiries for tens of millions of people, and there is some serious money at stake for them.
Who are these Credit Repositories or Credit Reporting Agencies?
There are three major credit repositories. Contrary to popular belief, they are not in any way government-affiliated. They are for profit, multi-million dollar corporations that gather and sell your private personal informationThe personal information section on your credit report includes your name (and any name variations), driver's license number, social security number, date and year of birth, spouse's name, employers, personal phone numbers and information about your residence. to creditorsOne who extends credit to borrowers., insurers, employers, landlords, and companies that solicit you for credit and insurance offers. They also sell your information to telemarketing and mailing list companies, without your permission and in most cases without your knowledge. They admit that errors occur on consumer reportsThese are consumer reports that are usually ordered by a prospective employer for sensitive jobs where background checks and security clearances are necessary., but they do nothing to correct them unless the information is disputed. It is up to the consumer to "prove" that their report is inaccurate, and take the steps to make sure everything is as it should be. America's Credit Doctor is on your side. We will fight for you and your rights!
Why don't I try debt consolidation?
Anyone who has ever stayed up late at night watching television is familiar with the slew of commercials that play promising free credit counseling and debtA specified sum of money that is legally owed from one to another. consolidation. Now, a person using any of their thinking abilities must immediately think, "If I am not paying them, then who is?" The answer may surprise you: banks and credit cardA plastic payment card which allows the owner to obtain goods and services without the requirement to pay cash and on credit terms. companies. These Consumer Credit Counseling services initiate charge-offsAction of transferring accounts deemed uncollectible to a category such as "bad debt" or "loss." Such accounts will usually continue to be pursued by collectors, but are no longer considered part of a company's receivable or profit picture because they are unlikely to be repaid in full. and collections accounts that are then settled for less than the full price. They are basically Collection AgenciesA business service employed to collect creditors' unpaid or past-due accounts. A collection agency is often compensated by receiving an agreed upon percentage of any amount collected. themselves sponsored by your creditorsOne who extends credit to borrowers. and lendersA person or company that offers to lend money to a borrower for a given period of time.. When you enter their program, your credit reportA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file. is destroyed and your credit scoreA credit score is a number that reflects your credit risk level, as determined by the credit reporting agency, typically with a higher number indicating lower risk. is decimated. This action stays on your credit forever. Only bankruptcy is as drastic a measure (and bankruptcy, by law, must stop being reported after ten years).
That is not to say that people cannot learn useful things through credit counseling (and we incorporate all of this into what we do). In very rare circumstances, debtA specified sum of money that is legally owed from one to another. consolidation can even be necessary for people with particularly terrible circumstances. Remember, though, that things like debtA specified sum of money that is legally owed from one to another. consolidation and bankruptcy should always be the last option, not the first.
What if I do not have enough money to use your services right now?
To turn your financial problems around, you must understand your cash flow and expenses. Even perfect credit is no good without income. If you are currently having difficulty making ends meet,non-profit credit counseling services are available. You may also contact Consumer Credit Counseling for help reducing your monthly expenses. They can be reached at 800.783.5018.
No service can make your debts go away for a fee.
For additional information on usury laws and other credit issues:
The Office of Consumer Credit Commissioner for Texas provides a list of non-profit credit counseling services and credit counseling agencies on its website under Links, Consumer resources, useful links.
The address for the Office of Consumer Credit Commissioner is:
2601 North Lamar Blvd.
Austin, TX 78705-4207
(800) 538-1579
For assistance with credit problems:
National Foundation for Credit Counseling
(800) 388-2227
www.nfcc.org
To review the State Finance Code:
Texas State Law Library
Post Office Box 12367
Austin, TX 78711
(512) 463-1722
www.sll.state.tx.us
Attorney General Consumer Hotline
(800) 252-8011
www.oag.state.tx.us
Information on this and other topics is available on the Attorney
General's Web site at www.oag.state.tx.us.
How do I get collectors off my back? What can lenders do if I do not pay them?
Not paying your bills is not a crime (except for your taxes, of course). In the case of a secured loan, the lenderA person or company that offers to lend money to a borrower for a given period of time. can repossess the property that secures the loan. Unsecured lenders can get judgments against your property. If you have no property of any real value, there is very little a lender can do. If you do not work and have no real assets, there is virtually nothing that a lenderA person or company that offers to lend money to a borrower for a given period of time. can do. If your debtA specified sum of money that is legally owed from one to another. is small, it may be too expensive for a lenderA person or company that offers to lend money to a borrower for a given period of time. to attempt collecting some debtA specified sum of money that is legally owed from one to another.s. In most cases, a lenderA person or company that offers to lend money to a borrower for a given period of time. will stop short of legal action, and write off your debtA specified sum of money that is legally owed from one to another.. There is a limit to what collectors can do. If collectors are being deceptive or harassing you, you can sue them in civil court.
A collector cannot: contact you at your place of employment, make false or misleading statements, make abusive remarks, or harass you.
Also, a collector cannot call your family or friends to collect your debtA specified sum of money that is legally owed from one to another.. If collectors are harassing you, you should immediately write an official complaint letter asking them to stop any further communication with you.
Furthermore, seek a credible credit restoration company, such as America's Credit Doctor to assist you in constructing a request letter to have creditorsOne who extends credit to borrowers. cease and desist communication. Once a sufficient registered letter has been mailed they must stop contacting you with the exception of a letter stating that their collection efforts have ended, or the collection agency intends to take specific action against you (that is, sue you). Generally, collection agencies do not sue.
Should I file bankruptcy?
Before even thinking about bankruptcy, talk to us first! Many of our clients have been able to avoid bankruptcy all together because they came to America's Credit Doctor.com first. Many times, we have been able to explain how to settle debtsA specified sum of money that is legally owed from one to another. and reduce the total amount owed so that our client has a much easier obligation to overcome avoiding bankruptcy. The decision of whether or not to file bankruptcy is ultimately yours; however, we feel that most people are not adequately apprised of their options before filing bankruptcy. Likewise, most clients who come to America's Credit Doctor.com after filing a bankruptcy were also unaware of the effects of the bankruptcy on their credit. We find a large percentage of our clients who have filed bankruptcy were under the impression that a bankruptcy filing not only alleviated them of certain debtsA specified sum of money that is legally owed from one to another. but removed those same debtsA specified sum of money that is legally owed from one to another. and creditorsOne who extends credit to borrowers. from their credit reportsA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file.. This is not the case. Once a bankruptcy has been filed, every account that was dischargedA debt that a court declares no longer needs to be repaid due to bankruptcy. in the bankruptcy as well as the bankruptcy itself will be shown on the client's credit reportA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file.. These accounts will show on your credit reportA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file. as "included in Bankruptcy" and are very damaging to your credit scoreA credit score is a number that reflects your credit risk level, as determined by the credit reporting agency, typically with a higher number indicating lower risk. and overall credit report. Additionally, the bankruptcy filing itself will show up under the Public Records section of your credit reportA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file.. We have removed inaccurate information about bankruptcies and "included in Bankruptcy" items from credit reportsA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file.; we just want to help you be sure bankruptcy is the proper solution for you and your credit situation before you incur these listings on your credit report.
Can you help me with IRS issues?
With tax liens, there are two problems which need to be solved. First, you have the actual tax debtA specified sum of money that is legally owed from one to another., which can be negotiated, reduced and paid. Second, you have one or more negative credit listings, which appear on your credit reportA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file..
America's Credit Doctor can help you to solve the first problem by referring you to a skilled IRS mediator. The second problem is addressed by our credit restoration service.
Can credit repair companies be trusted?
America's Credit Doctor.com is a legitimate credit report repair company, operating in accordance with all federal and state legislation. We recognize that the core of a credit reportA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file. repair business is trust, and because of this we focus on building long-term relationships with our clients. We do this by placing a premium on frequent communication, which ensures a comfortable and informed environment while working with us. Over 68% of our business is generated through referrals and it is that kind of client response that has made America's Credit Doctor.com a fast-growing company in the industry.
Can America's Credit Doctor.com really do anything for me?
Yes, America's Credit Doctor.com can. For years, America's Credit Doctor.com has helped many people, just like you, repair their credit reportsA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file.! America's Credit Doctor has partnered with key professionals, including credit companies, accountants, and lawyers to ensure you get the best service possible! America's Credit Doctor uses the dispute process to achieve the best possible results.
What is the Fair Credit Reporting Act?
In the early 1970's, based on pressure from various consumer groups and the growing use of credit reportsA report containing information about a consumer's identity, credit relationships, some court actions, consumers statements and previous inquiries into that file., Congress passed the Fair Credit Reporting Act to regulate the relationship between consumers, creditorsOne who extends credit to borrowers. and the credit bureausAn agency that gathers information about consumers' credit relationships and provides creditors with credit reports and scores on consumers. (Equifax, TransUnion, and Experian). This law gives you several rights as to what information of yours can be disclosed, how it can be disclosed and the way your information is reported. One of the most important provisions of the law for the consumer allows you to challenge inaccurate, obsolete and incomplete items as they appear on your report.