Monday Mailbag 10/8/2018
It seems that I can only cancel within the first 5 days based on your credit repair agreement. If I want to cancel 4 months from now how do I go about doing that? Are there any penalties or fees involved?
You can cancel the service at any time. The 5-day cancellation window is something that all credit repair companies have to give their clients in accordance with the Credit Repair Organizations Act (CROA).
It’s basically a cooling off period where you can cancel the service if you decide you’ve changed your mind and not incur any charges.
You can cancel our credit repair service at any time whether it’s after 1 month, 2 months, 3 months, etc… via the following page: https://creditfirm.net/signup/cancellation/.
There are no cancellation fees or penalties.
I paid off all my credit cards to $0 and my scores dropped. What happened?
According to FICO, in order to reach an optimal credit score, the balances on your credit cards should be as low as possible without being $0.
Based on statistics from FICO, the average credit card utilization rate for consumers with FICO scores of 780 or higher from 2017 was 5.8% (or $58 balance for every $1,000 credit limit).
If the balances on your credit cards are $0 it looks like you’re not using your credit and this means that there are fewer data points from which to calculate a score, hence the drop in your scores.
What does investigation mean? Investigation into what?
By investigation, we are referring to disputes that we initiate with the credit reporting agencies into the derogatory accounts reporting in your credit reports.
We request that the credit reporting agencies (Experian, Equifax, and TransUnion) investigate and verify every data point of information in all of the derogatory information that they are reporting in your credit reports.
These data points include, the payment history, status, balance, ECOA code, dates, etc….
If you have collection accounts reporting in your credit reports, we also request that the collection accounts be validated and that the furnishers provide copies of the original agreements from the original creditors as well as the billing statements to corroborate the information that they are reporting in your credit reports.
The FACTA, FDCPA, FCRA, and FCBA allow us to consuct many different investigations such as debt validation, method of verification, permissible purpose verification, and many others. We use all of these investigations to work on removing as much derogatory information from your reports as possible and increase your credit scores.
Are you ready to get started with your journey to a better credit score?