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Credit Restoration Q&A
Who can the CreditTRAX Credit Restoration program help?
The CreditTRAX Credit Restoration Program can help anyone looking for or needing third party assistance in attempting to resolve their current or past credit problems. No matter what your current or past credit situation is, there is always something that can be done to improve it. Unless of course you have perfect credit, which according to recent studies would include less than 5% of our population. The CreditTRAX Credit Restoration program is one of multiple services provided by CreditTRAX to help you improve your overall credit history and/or credit scores. As part of the credit restoration process, we may employ or recommend use of these additional services to assist you in maximizing your credit potential.
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Is Credit Restoration Legal?
YES! It is legal. In fact, it is the best way to exercise your rights under the Federal Fair Credit Reporting Act and the Fair and Accurate Credit Reporting Act. These laws were put into place to protect consumers from the intrusion of the credit bureaus into our lives. They also provide each of us with a checks and balance system, giving us the right to question the validity, accuracy and ownership of the information being reported about us and sold to others. Insuring that only information that is 100% accurate and verifiable is being provided to potential lenders, employers, and insurance agencies, so that we are not being unnecessarily overcharged for lending or insurance premiums or denied employment due to erroneous credit reporting.
Can information really be corrected or deleted from my credit reports?
Absolutely! If it is not 100% accurate, if it is misleading, outdated, obsolete, or can no longer be verified, by federal law it must be updated or removed.
Are credit bureaus a government agency?
Absolutely NOT! They are simply privately owned companies that make money by selling our information to anyone who will buy it.
Is there anything that CreditTRAX can do that I can't do myself?
CreditTRAX is simply a service. There is nothing we do that you can't do all by yourself. However, most people do not have the time, patience, or the know how to deal with the credit reporting agencies. This is where we can help!
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How long does negative information have to stay on my credit reports?
The statute of limitations says that items can remain on your credit reports for seven years from the date of last activity and bankruptcy up to ten years. However, there are no laws requiring that a creditor or credit reporting agency keep any information on your credit report and they can choose to delete it at anytime they want prior to the end of the statute of limitations. In addition, any information that you authorize CreditTRAX to dispute on your behalf that is found to be inaccurate or unverifiable is also required to be deleted or corrected and the statute of limitations does not apply to these types of accounts.
Which Credit Bureaus does CreditTRAX Challenge?
First of all, there are many small credit bureaus throughout the United States. However, each of the smaller credit bureaus typically obtain their information from the Big Three (Trans Union, Experian and CSC a.k.a. Equifax). CreditTRAX challenges the information you have authorized us to dispute with all three.
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