Frequently Asked Questions

Credit scores can be complicated due to the multiple different scoring models and the three major credit reporting agencies: Equifax, Experian and TransUnion. The FICO score, however, is the most commonly used system, generating a score of 300 to 850.

Aspiring For More prides itself in improving financial literacy, starting with educating our clients on credit repair. It helps to begin with an understanding of how credit scores are assessed and calculated. Your credit score is based on the information found in your credit report and knowing where you fall in the FICO credit score range is the first step.  

Your credit score ranks your creditworthiness and the risk associated with offering you credit. By accessing your credit reports from the three credit reporting bureaus, you will be evaluated to see how financially responsible you have been in the past and assess you as a new potential borrower. Some employers even check credit scores during their hiring process. A high credit score means you are a low risk borrower and likely to get a loan with a decent interest rate. However, a low credit score raises some red flags with new creditors. This will decrease your chances of getting loan or credit card approvals. If you are approved, you will be subjected to high interest rates. 

Hence, maintaining a good credit score is an essential part of financial stability and crucial in maximizing savings over the life of your loans. Understanding where you fall in the FICO credit score range will determine how much “repair” your credit will need and establish a reasonable time to expect any changes in your score.

It is imperative to understand how the following categories contribute to your FICO score calculation. 

5 Credit Factors

Payment History- 35%

Since your payment history makes up 35% of your entire credit score, try to make all of your payments on time, every time! Missing a single credit card payment can have serious negative effects on your credit score, especially if you do not make up the missed payment as quickly as possible!

Credit Utilization- 30%

Your credit utilization ratio reflects how much of your available credit you are currently using. If you want good credit, try to keep your credit utilization below 30% of your available credit. For example, if you have $10,000 in available credit, your total credit card balances should not exceed $3,000. If your credit card balances go past that 30% mark, pay them off as quickly as possible so that those high balances have less of an opportunity to lower your credit score.

Length of Credit History- 15%

Lenders prefer to see that you can manage credit accounts responsibly over a long period of time. Your credit report only tracks active credit accounts so understanding the importance of keeping old credit cards active is crucial! When you close old credit cards, even if you are no longer using them, you are shortening your credit history by removing that account’s old age from being factored into your credit score. If you want to build good credit, keep your old credit cards open by making a small purchase every 3 months and paying the total balance every month to avoid interest fees.

Recent Credit Inquiries- 10%

Every time you apply for a new line of credit, the bank or lender conducts an inquiry into your credit history. Having too many recent credit inquiries on your account can negatively affect your credit score because it is considered risky financial behavior. If you are trying to build good credit, try to wait three to six months between credit card applications to prevent from applying for a lot of new credit at once.

Credit Mix/Account Diversity- 10%

The different types of credit accounts under your name make up 10% of your credit score. If you have both revolving credit (credit cards with credit limits) and installment credit (mortgage or a car loan), your credit score might increase by a few points. However, you can still build and maintain a good credit score even if you only have credit cards, so do not worry if you do not have much of a credit mix initially.

Do not let the dispute process alarm you. Envision a life ahead where you are offered the best opportunities, starting with the best rates and terms for that dream car or home!

Credit repair is the process of removing any inaccurate, negative information on your credit reports by communicating with the credit bureaus (Experian, Equifax and TransUnion) and/or financial companies, like a creditor or a debt collector, to dispute the errors.

The end goal is to have the derogatory information deleted from your credit file so your credit rating improves.

Yes, credit repair is legal. Credit counseling is a process for rebuilding your credit and improving your credit score after it has been damaged by poor credit habits, financial setbacks, identity theft, or credit reporting errors.

You have a right to correct mistakes in your credit report! It is important to note that credit repair is legal in all 50 states.

Our expertise in credit education, credit repair law and our experience challenging the credit bureaus will help you to use the law in your favor! This law is called “The Fair Credit Reporting Act,” also known as the FCRA.

The FCRA guarantees consumers the right to dispute erroneous information in their credit report. If that item cannot be verified within 30 days, it must be removed!
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According to a recent study conducted by the Federal Trade Commission, as many as 42 million Americans have mistakes on their credit reports — that’s about 13% of the entire national population!

Rights guaranteed under the FCRA

Article last modified on November 22, 2022. Published by Debt.com, LLC

https://www.debt.com/credit-repair/law/

The FCRA did more than just create the credit repair process; it also provided the following protections for consumers:

1. It limits who can view your credit report. Not just any private citizen can request a copy of another consumer’s report. Your report can only be reviewed for:
   1. Loan and credit applications
   2. Insurance purposes
   3. Court cases
   4. Employment
   5. Bank closures
2. In most cases, you must authorize a company to review your report. So, even when you apply for a loan you must give them permission to pull your report.
3. It also limits what can be said in your credit report. This part of the law limits what information gets listed in your report and for how long it gets listed.
4. It guarantees the right to accuracy. This basically means that credit reporting agencies (credit bureaus) must take every action possible to ensure the information is accurate.
   1. This part of the law creates the credit repair process, which states that a consumer has the right to submit a dispute to question the accuracy of a reported item; the bureau has 30 days to verify the item or it must be removed.
5. It also guarantees consumers the right to know what their report says. This is the part of the law that gives people a free annual credit report from each bureau. You can request your free annual report at https://www.annualcreditreport.com/.
6. Finally, it creates the fraud alert process, which gives consumers a way to prevent fraud if their identity has been compromised.

Contrary to what credit bureaus want you to believe, credit repair and counseling works in most circumstances. However, it only works if you are getting the best advice from a certified and experienced professional. Anyone with a credit score below 700 can benefit long-term from the knowledge and guidance provided through credit education. Enjoy paying lower interest rates on credit cards and lower insurance premiums! Do not make excuses and put your financial situation on hold any longer! What price are you willing to pay to achieve financial freedom?

When choosing a credit repair company, ensure that they will take the time to not only educate you so you make better financial decisions in the future, but also provide the personalized, quality customer service you deserve. Make sure that they are honest about their services as their integrity and expertise in the credit repair industry are key for your success!

Here at Aspiring For More, we are committed to helping you achieve the credit score you deserve! We are a financial literacy company whose mission is to educate everyone on the basics of financial management and the importance of credit scores. Our aim is to guide our clients enough so that financial management is no longer intimidating.

Our certified credit repair experts are very transparent with our credit repair clients and even provide them with their own client portal. There they can keep track of exactly which accounts are being disputed monthly. They also have access to tons of tips. We want our clients to be knowledgeable so they can properly manage their own finances with confidence moving forward and never need credit counseling again. Work with a company who values integrity and economic empowerment! Aspiring For More has helped thousands of clients achieve their credit score goals, now let us help you!

The Benefits of Having a Certified Aspiring For More Credit Expert on your Team are:

• We take a personalized approach with all of our clients, creating a customized credit repair plan for their specific situation.
• We are committed and motivated to help you rebuild your credit profile and improve your credit score. We work with dignity! 
• We charge the industry standard. 
• We have the expertise required to dispute the erroneous negative items on your credit report and deal with the credit bureaus, creditors and collection agencies to get the best and quickest results for our clients. 
• Better credit means you will be more likely to secure better rates on personal and business loans, a mortgage, or an auto loan.

We are certified and registered in the state of Florida and bonded with Surety Bonds.

           *WE PREPARE PERSONAL AND CORPORATE TAXES AS WELL!*

There is no quick way to repair credit. Remember it took time to damage and it will take time to repair. However, by implementing better financial habits and through steady monitoring of your credit, you can catch issues early and maintain your high credit score. To begin, obtain a free copy of your credit report annually at www.annualcreditreport.com.

The quickest way to repair your credit is by working with the certified credit repair experts at Aspiring For More. We have the experience to identify which factors are affecting your credit score the most and the expertise to remove these derogatory accounts. It is not impossible to improve your credit on your own. However, working with a credit repair company can streamline this process for a more effective and efficient outcome! The process is different for everyone as credit is based on many different factors. 

The 20/10 rule of thumb is a budgeting technique that can be an effective way to keep your debt under control. It says your total debt shouldn't equal more than 20% of your annual take-home income, and that your monthly debt payments shouldn't be more than 10% of your monthly take-home income.

Aspiring For More’s clients have had success with removing collections, charge-offs, bankruptcies, foreclosures, repossessions, medical bills, credit card debt, inquiries, late payments student loans and more.

Many of our clients report seeing a change anywhere between 50 and 150 points in the first 90-180 days. However, each client’s situation is different, so the process will yield different results for everyone. Again, remember your credit score took time to damage and it will take time to repair.

There are a number of factors that can lower your credit score, such as missing payments, collections, repossessions, and foreclosures, as well as utilizing too much of your available credit, closing older accounts that contribute to your credit age and many more. For this reason, working with an experienced credit repair company will be the most effective and efficient way to improve your credit score. Let Aspiring For More do all the research for you and educate you on your next steps!

A credit reporting company generally can report most negative information for seven years.

As long as the item is current or paid at the time of removal, it is very rare for them to resurface unless the accounts are erroneously re-aged.

Aspiring For More understands that credit is an essential part of your financial power. Let us help you get back on track so you can start enjoying the following benefits:

• Take advantage of lower interest rates on credit cards, saving you money
• Earn increased spending limits on credit cards
• Ability to secure better terms and rates on mortgages, car loans, personal and business loans
• A wider range of options will be available to you when it comes to credit cards and loans
• Higher possibility of refinancing loans for lower interest rates

Your credit report and score can greatly affect the quality of your life. With bad credit, you will be limited to the types of loans and lines of credit that are accessible to you, as well as be subjected to higher interest rates. This is no way to live. At Aspiring For More, we can help you improve your credit score so that you can enjoy the benefits of good credit such as owning a home, a car, or securing personal and business loans, and credit cards. Stop paying higher interest on credit cards and higher insurance premiums! Begin your journey to a healthy financial future full of opportunities!

Aspiring For More will assist you through the process from start to finish, ensuring you understand the strategy behind your customized plan and letters. We have an intense knowledge of credit scoring and experience working with the credit bureaus, creditors and collection agencies. It may be difficult for an individual to dispute their credit report with these agencies without a proficient understanding of the protocols and regulations they have in place for credit reporting. We have spent a substantial amount of time learning the most effective and efficient ways to help remove negative information on your report! Aspiring For More has assisted thousands of clients achieve their goal credit score!

At Aspiring For More, we understand that taking that first step is the most difficult part, but no worries, We are here for you! Simply fill out our contact form and one of our certified credit repair experts will reach out to you and schedule a free consultation so we can discuss your individual situation.