F.A.Q
CAN YOU *GUARANTEED* YOUR WORK ?
No company can Guarantee or Promise anything to do with credit repair, it's against The Federal Trade Commission (FTC) applied by the Credit Repair Organization Act (CROA).
Don’t believe these claims nor does Prosperity Credit : they’re very likely signs of a scam. The nation’s Consumer Federal Protection Bureau (C.F.B.P) Claim they’ve never seen a legitimate credit repair operation making those claims.
The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately,
it takes time, and conscious effort to removing inaccurate information, and sticking to a personal debt repayment plan.
Here at Prosperity we do give our customer a piece of mind of a 90 Day Money Back GUARANTEE if there is no results.
WE DO THE WORK 1ST !
The company that wants you to pay for credit repair services before they provide any services.
How can I say this clearly "RUN" these company's are most likely to scam by using illegal practices.
Under the Credit Repair Organizations Act (CROA) credit repair companies cannot require you to pay
until they have completed the services they promised.
DO I NEED A CREDIT REPAIR COMPANY ?
A company that doesn’t mention you can (DIY) your own credit may not have your best interest at heart.
Learning how to improve your creditworthiness is key and like the founder of Prosperity! conducted research after research which he too was scammed out of hundreds of dollars by a fly by night credit repair company who went against lawful practices. Here is where you can find legitimate resources for low or no-cost Credit Repair: How To Help Yourself at www.ftc.gov/credit or join a group on credit repair through social media!
CAN YOU REMOVE ACCURATE INFORMATION ?
It’s illegal, No one can remove accurate negative information from
your credit report. So after you pay a company hundreds or thousands of dollars in fees, you’re left with the
same credit report — and someone else has your money.
WHO DO I CONTACT IF I'M BEING SCAMMED ?
The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices
in the marketplace and to provide information to help consumers spot, stop, and avoid them.
To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free,
1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints
into the Consumer Sentinel Network,
WHAT IS CREDIT ?
Data formed in credit reports goes into five major categories that make up a fico score. The scoring model weighs some factors more heavily, such as payment history and debt owed.
* Payment history: 35% makeup you credit profile, including any delinquencies and public records.
* Amounts owed: 30% makeup your profile base on how much you owe on your accounts. The amount of available credit you're using on revolving accounts is heavily weighted. (Utilization)
* Length of credit history: 15% makeup how long ago you opened accounts and time since account activity.
* Types of credit used: 10% is a mix of accounts you have, such as revolving and installment.
* New credit: 10% is a pursuit of new credit, including credit inquiries and number of recently opened accounts.
DO I HAVE TO PAY FOR MY CREDIT REPORT ?
No way! You are entitled to a free report each year due to a turned down applying for funds or on government assistants- welfare, social security, etc.. or just never had one for the year.
Just go to www.annualcreditreport.com to obtain your free credit report !
HOW LONG WILL IT TAKE TO REPAIR MY CREDIT ?
There is no set time when your credit will be ready to go! it all depends on your profile and what inaccurate items your contesting. Once again everybody credit profile it different ! Here at Prosperity Credit we believe in the two P's
Patients & Persistence, This will take time, by (CROA) Credit Repair Organization Act. Prosperity will not exceed
6 months, Services must be reviewed after that period of time.
HOW WOULD I KNOW YOU'RE ACTUALLY WORKING ?
After enrollment and receiving a Login/Password to your own Client Portal their you'll see activity and if any changes had been made.
Email notifications will be sent out when work has been preformed.
WHAT HAPPENS IF THE FIRST ROUND LETTERS DON'T WORK ?
If desired result in the first round are not met, (Remember This Is Not A Quick Fix) we'll submit a second round of letters with statements of disputes challenging in more detail every aspect of the inaccurate item such as date open, amount owed, incorrect spelling of name etc.... The credit bureaus allows you to attach statements to your credit report stating disputed item or items are inaccurate.
WHAT IS THE "FAIR CREDIT REPORTING ACT" ? (FCRA)
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of
information in the files of consumer reporting agencies. There are many types of consumer reporting
agencies, including credit bureaus and specialty agencies (such as agencies that sell information about
check writing histories, medical records, and rental history records). Here is a summary of your major
rights under the FCRA. For more information, including information about additional rights, go
to www.ftc.gov/credit or write to: Consumer Response Center, Room 130-A, Federal Trade
Commission, 600 Pennsylvania Ave. N.W., Washington, D.C. 20580.
IF INACCURATE ITEMS ARE REMOVED WITH A BALANCE ($$$) DO I STILL OWE ?
Yes there is a chance the creditor can still try to collect on the debt that was supposedly yours, they can still pursue a lawsuit against you. Using this tactic usually will scare you into settling out of court. we suggest you stay strong and lawyer up to protect yourself.
CAN YOU REMOVE JUDGEMENTS OR LIENS FROM MY CREDIT REPORT ?
This is a load Question !
Yes you can remove judgments and liens from your credit profile, BUT it's consider public record and still could be attached to your SS#. This could still hurt you, just imagine buying a home and your at closing and the title company dose a search and discover you have a outstanding judgement and will like to see it taken care of before moving forward.
Thanks to Lexis Nexis!
HOW LONG CAN INACCURATE INFORMATION STAY ON YOUR REPORT ?
Depending on the inaccurate information reporting let's say a credit card that went into collections.
This form of information is allowed to stay for 7 years from date of last activity.
Now let's say it was a bankruptcy, it can stay up to 10 years depending which chapter was filed in some cases.
(Check your State Statutes)
CAN STUDENT LOANS BE REMOVED FROM THE CREDIT REPORT ?
No you cannot remove Federal Government Loans form the bureau, if it's in default and is not 100% accurate and even at that point they will easily update the inaccurate information. The Department of Education, guaranty agencies, and other federal student lenders are required to send information about your loan to the three major credit bureaus (Experian, Equifax and TransUnion).
Looking into repayment options and programs will be the best way to handle this type of situation
WILL MY SCORE INCREASE WHEN ITEMS ARE REMOVED ?
It All depends if their is positive credit being reported which can be a determining factor if your score will go up.
We will give you healthy ideas on how to start rebuilding your score.
IS IT BETTER TO FILE BANKRUPTCY ?
You want to exhaust all options before turning to bankruptcy, which can stay on a credit profile for 10 years. Rebuilding credit may be a little tough. I seen people start the process with a lot of frustration which can blind their judgement of noticeable errors on a credit report or just don't care about whats reporting anymore.
Not knowing about his or her right to challenge inaccurate reporting information that might save the hassle of going through bankruptcy. (PLEASE SEEK LEGAL ADVICE)
CAN I CANCEL MY CONTRACT ANY TIME ?
Yes you can, even within 72 hours of signing the contract with us.
While in contract after the 72 hour mark you can cancel our services but we will expect a payment due to the fact we may have completed or work before payment.
SHOULD I CLOSE OLD CREDIT CARD ACCOUNTS I'M NOT USING ?
No keeping old aged good accounts are golden because having that history which lenders like to see!
- History
- Mixed credit source
- Available balance / which shows company don't mind giving you a loan,
My only advice is to use it more often for small purchases and pay it off in full right away and watch you score go up! Utilization is key!
CAN I APPLY FOR CREDIT TO GET MY SCORE HIGHER ?
You should only consider this after completely being done with restoring you're credit. Opening new accounts hurts your credit score more then help it in the beginning.
Main goal is to keep a 25% or under of max limit. Example: $1,000 limit, a $250 or less balance. Utilization is Key!
DO YOU HELP EVERYONE ?
Unfortunately we can not help every single person that come to us with issues on their credit, that is why we conduct a consultation.
We rather not have you spend money when other options might serve you best, in case you need more of legal representation or a payment plan that will fix your situation.
Prosperity is truly the definition of wanting you to prosper no matter what.
