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Credit Inquiries

The Fair Credit Reporting Act (FCRA) specifies who can see your credit report. Businesses must have a “permissible purpose,” as defined in the FCRA, to obtain your credit report. Otherwise, only you and those you give written permission to can access your credit report. Section 604 of the FCRA (Permissible Purposes) sets forth the purposes that permit a business…

THE MOST EFFECTIVE WAY TO ADDRESS YOUR ISSUES WITH CREDIT BUREAUS

THE MOST EFFECTIVE WAY TO ADDRESS YOUR ISSUES WITH CREDIT BUREAUS IS TO SEND LETTERS BY CERTIFIED MAIL.   With certified mail you have clear documentation of when documents arrive at the credit bureaus and creditors. It is NOT recommended that you use the automated tools provided by the credit bureaus…

Credit Score Explained

A credit score is a number generated by a proprietary mathematical algorithm or formula the credit bureaus use to calculate or predict your future credit worthiness from your previous credit behavior.  Therefore, a credit scores is simply a “snap shot” of your risk at the time the report is pulled from a credit…

Credit Repair Dallas – Charge Offs

A charge off is an action taken by a creditor that must occur when debts go unpaid by the individual responsible for the debt.   For installment type loans, such as car loans, this must occur after 120 days of no payments and for revolving debt, such as credit cards, this…

What You Should Know About Credit Repair Companies

Like almost any industry dealing with the general public, there are good companies that honestly deal with the consumer and there are companies that operate unethically and sometimes illegally.     Finding a good and honest credit repair companies can be challenge with all the advertising and claims made. In Texas, the…

FICO Credit Scores vs FAKO Credit Scores

The first observation of the difference between either one of these scoring models is to state the value of either one. What we know is that FICO Scores are used in over 90% of lending decisions. While on the other hand FAKO Scores are most commonly used for “educational purposes”…

What Is Credit Repair Service

Dealing with credit report errors can be a difficult task for the average consumer.   We have clients at Covenant Credit Repair with a wide range of education and careers.   Since there are nearly sixty unique types of information on your credit report that can have a negative effect on your…

Inaccurate Personal Information On Your Credit Report

Many of our clients assume that when they find inaccurate personal information on their credit report that this indicates identity theft.   Identity theft is certainly rampant and there is always reason for concern about this problem.  This update discusses reporting errors that originate from the creditor or the credit…

How Do I Repair Credit For Free

Credit Repair is a service industry, and like any other service industry, some people have the time and perseverance to do the work themselves, and others would simply prefer to pay someone to do the job. And like any other service industry, some credit repair companies do a much better…