Many know they have low credit scores due to negative items that show up on the major credit bureaus: Equifax, Experian, and TransUnion. Naturally, many of these people seek the help of professional credit repair services because they are aware of what is affecting their credit score. They understand the need for credit repair services because they know people with higher credit scores enjoy the benefits and rewards that come along with a higher credit score.
Credit Repair Services – consumer awareness
The startling truth is, many Americans have errors on their own credit reports severe enough to cause credit denial, and they don’t even know it. Unfortunately, many people are excited about buying a home or car, only to be denied credit due to inaccurate information the appears on their credit report(s) that they didn’t know was there! Having errors and inaccurate information appear on one’s credit report(s) is much more common than the average American is aware of. This is where our credit repair services may be of help.
A US Public Interest Research Group study found:
- 79% of all credit reports have errors
- 25% of those errors are serious enough to cause credit denial
- Overall, 1 in 5 consumers will be denied credit due to inaccurate data
The Federal Trade Commission (FTC) conducted a study. The following is a shocking summary of some of their findings.
26 percent of the slightly more than 1,000 research participants found mistakes in their credit file. Specifically, 1 in 4 consumers determined they had errors on their credit reports that may be affecting their FICO scores.
63 percent of the participating individuals who then disputed the erroneous information, weren’t content with the outcome and weren’t fully able to sort out their problems. Jon Leibowitz, FTC Chairman, said in a television interview on 60 Minutes that the new analysis uncovered “troubling information” and that the problems were “quite high.”
“It’s unthinkable that over 40 million United States citizens have credit files with problems, which 10 million, 25% have problems serious enough to lead them to be rejected or priced more for credit or insurance or denied employment,” stated National Consumer Law Centre legal professional Chi Chi Wu.
The Federal Trade Commission (FTC) released a written report showing that consumer grievances about credit repair services have fallen to their smallest numbers in years. There were only 1,848 complaints (or 0.09% of the full total 2 million received by the FTC) from a recent year. On the other hand, there have been 30,000 claims related to credit scoring systems and 20,000 issues in mortgage-related issues.
In conclusion, the credit repair industry experienced less FTC issues than the credit score bureaus and mortgage loan industries.
Your best interest in mind
Credit repair is extremely time-consuming and very frustrating. The bureaus use stall tactics with expectations that consumers will give up. But Covenant Credit Repair is here to help, let us do the hard work for you. We are trained in credit repair and we are very persistent in fighting for our clients. Our credit repair services include reviewing our prospective client’s tri-merge credit reports, strategizing what would be the most effective method to get an accurate credit report, creating and sending dispute letters on a client’s behalf, and so much more. We review the results letters sent from the bureaus and/or creditors, and we review updated credit reports to see if changes have been made and if new alerts or negative items have come on your credit report. We continue such actions with the optimal goal of assisting clients to get the most accurate report, so as to match the contract the client has signed so long as the client is in good payment status with us.
Call us at (817) 441-5030 to speak with one of our credit repair consultants who will walk you through the process in detail.
Or click the orange “Contact Us Today” button on this page.
DID YOU KNOW?
The Fair Credit Reporting Act states that by law, data cannot be listed on a credit report if it is inaccurate, untimely, and unverifiable.
Together we could make a difference!
We will do the majority of the work for you, yet it is essential the clients must be engaged in the process for optimal results. We have found our most successful clients are quick to do what we ask of them to better assist them in repairing their credit to get the most accurate report. Upon selecting our services, you will be required to sign a binding agreement to pay for services on a monthly installment basis, as we will have previously done work on your behalf month to month. We strive for our clients to have accurate credit reports, and we cannot make any promises of results, score improvement or timing. Unlike many other firms, we do not make our clients make their full payment upfront. We change monthly payments and therefore it is made clear, the price in the contract client signs is to be paid in full, regardless of the outcome.