Frequently Asked Questions

Can I Raise My Credit Score By Closing Out Inactive Credit Accounts?

Lenders look at your credit report to see if you are able to manage credit responsibly, but they also get a credit score from one of the credit reporting agencies. These scores are known generically as FICO scores. That’s because the credit reporting agencies use Fair, Isaac & Company to create their proprietary credit scoring models.

Can I Fix My Credit Score or Credit Report On My Own?

You sure can! Many consumers want to fix their credit report on their own. Some consumers have read, per the Federal Trade Commission, that DIY credit repair is just as effective as any credit repair company’s services. In fact, the FTC states: “there’s nothing a credit repair agency can do that you can’t do yourself.” The same holds true for repairing your car or mowing your lawn, but that doesn’t necessarily mean you want to do it yourself. And while you can do your own taxes, most of them prefer a professional accountant to help with such services in order to guarantee credibility and accuracy.

How Long Does It Take To See The Results Of Credit Repair?

Seeing as credit bureaus have 30 to 45 days to respond to credit information inquiries and disputes, it usually takes about 45 to 60 days for a client to begin seeing credit repair results. It is important for consumers to understand that it has taken a long time for their credit to get to the point it is at, and it can take some time to repair it. Fixing credit requires experience, persistence and lots of patience. Most clients choose to remain with Credit Kinnect for at least six months in order to optimize their credit repair results.

What Can Credit Kinnect Do To Help Me Repair My Credit Score?

Credit Kinnect can help remove inaccuracies from your credit report, which in turn improves your credit score and credit history. Credit Kinnect works to remove information that is investigated and found by credit bureaus to be incorrect, inaccurate or unverifiable. Each of the three primary credit bureaus (Equifax, Experian and TransUnion) updates billions of pieces of credit information monthly. With so much information being processed, mistakes are inevitable, and therefore new errors are appearing on credit reports on a daily basis.

Is Credit Repair Legal?

Yes, it 100% legal. According to the FTC (Federal Trade Commission) and the FCRA (Fair Credit Reporting Act) a consumer has the right to question and ask for an investigation for every negative item on their credit report.

How Long Does It Take To Repair a Credit File?

The average credit file takes 3 to 6 months to repair.

How Many Credit Bureaus Are There and Why Do I Have Different Credit Scores?

There are 3 major Credit Bureaus: Experian, Equifax and Trans Union. All three bureaus act independently and all have their own scoring systems.

What Kind of Information Will I Find On My Credit Report?

Your credit report contains your personal information (name address, date of birth, SS#, etc.); it is made up of your entire credit history, both positive and negative, for the last 7 to 10 years.

What Affects My Score?

Account Mix: If you have too much of one type of debt this will lower your score.

History: Length of credit history, number of credit card accounts, credit card activity, credit card balances, charge off accounts, late payments, collection accounts, public records, number of inquiries.

What Type of Balances Should I Maintain?

Your credit card balance should be between 20-50% of your credit card limit. (eg: If your credit card limit is $1000, your balance should stay between$200-$500)

What Are The Different Types of Negative Accounts?

Late Payments, Charge off Accounts, Collection Accounts, Public Records (Bankruptcies, Judgments, Tax Liens)

How Long Does Negative Information Stay On My Credit Report?

Late Payments: 7 years
Charge off Accounts: 7 years
Collection Accounts: 7 years
Public Records: Judgments: 7 years
Bankruptcies: 10 years
Paid Tax Liens: 10-15 years
Unpaid Tax Liens: Indefinitely

How Are Negative Items Removed?

Negative items are removed by requesting the Credit Bureaus to investigate the creditors and verify the negative information they are reporting according to the guideline’s in the FCRA.

What If The Negative Information Belongs To Me?

The FCRA states that even if negative information belongs to you, if the information contains any inaccuracies, is not being reported and handled according to the guidelines set by the FCRA or cannot be verified in its entirety, then by law it must be removed. Statistics show that inaccuracies occurs more than 70% of the time in a credit file.