FAQ — Questions on Credit Repair, Reports, and Your Credit Score

At Veracity, we understand credit forwards and backwards. Because we spend massive amounts of time researching finance and the credit repair industry in particular, we've seen almost every problem out there. We know how credit works, and in our FAQ section, we've put together general information on a variety of the more common credit questions.

If you can't find a satisfactory answer here, please give us a call. Whether you have questions about our credit repair solution, credit repair in general, or if you need information more attuned to your credit problems, we have the answers you need.

  1. After I Have Enrolled with Veracity, Do I Still Need To Pay My Bills?
  2. Can Bad Credit Affect My Job Search?
  3. Can I Fix My Credit Score Or Credit Report On My Own?
  4. Can Veracity Help With My Collection Agency Problems?
  5. How Can A Poor Credit Score Affect Me Negatively?
  6. How Can My Credit Be Legally and Effectively Repaired?
  7. How Do I Begin Repairing My Credit Score With Veracity Right Now?
  8. How Do I Know Veracity Credit Consultants Is Credible?
  9. How Long Does It Take To See The Results Of Credit Repair?
  10. What Can Veracity Do To Help Me Repair My Credit Score?
  11. When Should I Begin To See The Results Of Credit Repair?
  12. What Results Can I Look Forward To?
  13. Why Should I Consider Credit Repair In The First Place?

After I Have Enrolled with Veracity, Do I Still Need To Pay My Bills?

Unfortunately, yes. Credit repair only works to correct inaccuracies on your credit reports, not to eliminate the debts altogether. Adding to excessive credit debt or causing new damage to your credit report can make qualification for loan offers and lower interest rates difficult, at best. Failing to pay your current accounts will not only continue to increase your credit score, it can actually negate Veracity Credit Consultants’ efforts altogether.

While credit repair can help remove inaccurate, negative credit items such as past late payments, collections, charge-offs and bankruptcy residue from your credit report, it cannot eliminate legitimate and current monthly bills.

The primary benefit of Veracity’s services is the correction and repair of your credit reports, which in turn raises your credit score. Veracity and other credit repair services typically use a system of credit disputes (formal letters) and legal challenges that place the burden of verification squarely on the shoulders of credit bureaus, lenders and creditors — not you.

Success in credit repair therefore presumes that no new negative information will be added to your reports during the credit repair process, and that current debt levels will be reduced or, at the very least, maintained.

Failure to pay current bills — credit card minimums, mortgages or refinanced home loans, student loans, vehicle installments, retail store cards or anything that can hurt your credit with late payment information — can sabotage your credit optimization strategy severely.

At Veracity, we hope this is a common sense issue. After all, it only stands to reason that if credit repair cleans up and fixes an old, invalid late payment on your credit report, then adding a new late payment to your credit history completely negates prior efforts.

Keep in mind that the more recent the damage, the more it will hurt a credit score. For the most part, negative credit information slides down a point scale for about seven years. Thus, any new charge-off, collection or late payment will hurt your score even more than the removal of an older, similarly negative item improved it.

At Veracity, we always encourage our clients to take full advantage of our credit specialists. So while we counsel our clients to pay all of their bills on time, we understand that credit problems can still sometimes arise. If you are faced with a new credit problem, please let us know so that we can help you to minimize the damage incurred and keep your efforts for a better financial future on track.

While we will always continue our quest to write dispute letters and remove invalid data from your credit report, remember that here at Veracity we are your personalized credit consulting service. Feel free to contact us at your convenience so that we can explain to you the best way to pay down credit debt, deal with collections, better distribute revolving credit and prepare for a home mortgage loan.

Again, while Veracity does everything we can to help improve your credit score and report, we cannot remove legitimate credit debts. We simply facilitate a means to remove false information from your credit report. So in order to maximize your benefits with us, please be sure to continue making timely payments on all legitimate debt you owe, in order to remain in good standing with your current creditors.

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Having Trouble Getting Hired?
It Could Be Your Poor Credit.

With the recent downturn in the economy, many Americans have lost their jobs and are now looking for work. With such a large number of job seekers the market has become very competitive and finding gainful employment is difficult.

Many people have gone through interviews and performed well, only to be turned down for a position they felt would be offered to them. What these people didn't know was an increasing number of employers not only perform background checks, but also look into potential applicants' credit scores.

When an employer sees late payments, charge offs, and collections on an otherwise great candidate's credit report--red flags go up. They begin to wonder if the job seeker will meet deadlines, show up late, or forget to complete tasks. If you can't manage your finances properly an employer might assume that you won't be able to manage the responsibilities of the position you're seeking.

At Veracity, we aim to help remove errors and questionable negatives from your credit report. This can make you look better in the eyes of your potential boss and give you the power to confidently give an employer the go ahead to check your credit history and see that you are a responsible individual.

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Can I fix my credit score or credit report on my own?

You sure can! Many consumers want to fix their credit report on their own. Some consumers have read, per the Federal Trade Commission, that DIY credit repair is just as effective as any credit repair company’s services. In fact, the FTC states: “there’s nothing a credit repair agency can do that you can’t do yourself.” The same holds true for repairing your car or mowing your lawn, but that doesn’t necessarily mean you want to do it yourself. And while you can do your own taxes, most of us prefer a professional accountant to help with such services in order to guarantee credibility and accuracy.

It’s a fact that DIY credit repair can be effective and inexpensive (the Web is packed with cheap or free credit repair kits, forums and books), but it can also be time-consuming and difficult due to the intricacies of credit law and the extensive efforts involved in contacting dozens — or even hundreds — of creditors.

So in the end even credibility, accuracy and efficiency — all features you get with Veracity — pale in comparison to the convenience we provide our clients. The reality is that most “do it yourself-ers” get bogged down by a lack of time and experience. Veracity provides a convenient and trusted alternative that allows you to avoid the hassles and long hours involved with credit repair.

Our support and encouragement goes out to those consumers who spend countless, untold hours researching credit repair books and online forums before typing, printing, addressing, stamping and sending dispute letters, only to wait for replies and do it all over again. But remember, disputing your credit report is only half the battle when it comes to repairing your credit. With Veracity, one call does it all — quickly, legally and efficiently.

That`s a decent start. If you need any further assistance, please call or chat with our credit repair representatives, especially if your "do it yourself" credit repair bogs down. However you go about it, Veracity's credit repair team is ready to help you optimize the accuracy on your most important financial asset: your credit reports and scores.

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Can Veracity help with my collection agency problems?

Yes, within certain boundaries. Collections agencies want to talk to whoever can pay the outstanding debt — and usually nobody else. Valid or invalid, legitimate or completely false, collections usually want just one thing: paid.

Veracity can help with invalid collections accounts, and we can also provide advice on methods by which to best settle legitimate collections without further damaging credit ratings in the process. Some consumers pay invalid collections due to pressure and leverage applied, and in such cases, Veracity can work to help remove this misleading, inaccurate history from credit reports.

Credit Repair FAQ - The Rest of the Story...

Collections agencies are not known for their kindness. However, most collections companies are willing to negotiate the amount due with a motivated consumer. If the debt owed is valid, Veracity can recommend a settlement that minimizes damages to your credit rating.

Valid or not, however, the information is often added to your reports by automated systems, often incorrectly "bumping" the date of last activity in the process. As a result, whether the collections account is open or settled, Veracity can help correct or settle inaccurate negative listings from collections agencies.

Successfully removing a collections account is often a matter of patience and endurance, but eventually nearly all misleading problems can be resolved. Due to the volume of collections agencies throughout the United States, with statues and laws changing across borders, Veracity often recommends that a consumer with one or more collections accounts speak with our consultants.

We're here to help, so if you're not sure what is on your reports or are dismayed by an inaccurate or invalid paid collection account that is hurting your score years after it was settled, contact Veracity. We'll help you make an informed decision on best next steps.

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How can a poor credit score affect me negatively?

According to a study by the Federal Reserve Board, 79 % of credit reports have errors or inaccuracies. It is those inaccuracies that can cause potential lenders to see you as a “credit risk,” making it difficult for you, as a consumer, to procure car loans, home mortgages and lower credit card APRs.

Even if you can obtain a car loan or a home mortgage, a poor credit score can still be costly by way of inflated interest rates and penalties. For example, let’s say you have a relatively low, outstanding home mortgage of $150,000. The chart below shows how bad credit can result in exaggerated interest rates, leading to an excessively expensive home mortgage rate. At its worst, a poor credit score can nearly double the cost of your new home!

The same holds true with automobile loans. As the chart below indicates, a poor credit rating can result in thousands of dollars extra in overall interest costs. By improving your credit score just a few points, the money you save can be enough to fill your gas tank for the entire month.

Let`s assume you are carrying $8,000 in credit card debt. Additionally, let`s assume that you budget $175/month to service this debt. Below are the results of bad credit, average credit, and excellent credit scores on your payment "sundown" and amounts.

As shown, a consumer with bad credit will pay more with higher interest rates, and at a high APR, consumers with bad credit can make minimum payments and yet remain in debt for decades. Bad credit means higher interest rates, period.

Fixing your bad credit ultimately saves you money, and even a few points’ improvement on your credit score can save you thousands of dollars in the long run. Optimizing your credit profile by disputing inaccurate data can help you get the financing, and low interest rates, you deserve.

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How can my credit be legally and effectively repaired?

Veracity Credit Consultants helps you improve your credit score by removing false or erroneous information from your credit report. Your credit score is determined by the information on your credit report, so by ensuring the details are both fair and accurate, Veracity helps you ensure that your credit score reaches its maximum potential.

The Federal Fair Credit Reporting Act (FCRA) states that, upon request, credit bureaus investigate and verify the accuracy and integrity of information in existing credit reports within 45 days. In that time, all information must be verified accurately or removed from the credit report entirely. Upon correction, bureaus are required to send the consumer a fresh, updated credit report.

Helping you navigate complex credit laws, decipher credit reports, choose which information to dispute and repair your credit score, are Veracity’s goals. Veracity’s expertly trained and experienced credit specialists can quickly help you, the consumer, identify areas of potential concern (including duplicated information, paid accounts that show an unpaid balance and collection accounts that keep “resetting” the last date of activity). By properly and legally removing inaccurate and false information from your credit report, your credit score can increase significantly.

By understanding the details that affect your credit score in both good and bad ways, and by creating a specific strategy, Veracity can assist in getting your credit score back on track, so that you may obtain the quality financing you both deserve and need.

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How do I begin repairing my credit score with Veracity right now?

The first step is to purchase an Analysis Module. It only takes minutes to get it set up. You can do that by clicking the button below or by calling one of our consultants at 1-866-518-2194.

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How do I know Veracity Credit Consultants is credible?

Credit repair services are perfectly legal and are even governed and sanctioned by federal law. It is, after all, your credit. So disputing inaccurate and/or misleading information is your right as a consumer, and credit repair is an extension of these rights. Just like you can seek out a professional to repair your car, you can similarly seek out Veracity Credit Consultants to help repair your credit, legally.

While credit repair services are legal, scams exist in the credit repair business as they do in every business. So it always pays to do your homework before enrolling with a credit repair service. Veracity suggests you research information on a company’s number of clients served, years of experience, compliance with Federal Trade Commission guidelines, as well as relevant governing laws such as the Free Credit Reporting Act and the Credit Repair Organization Act.

Here at Veracity, we’ve been repairing clients’ credit reports since 2003. Veracity also actively promotes legitimized credit repair in the marketplace. Veracity’s highly-trained credit specialists have encountered and successfully overcome almost every credit problem imaginable. And that is why the majority of new clients that come to Veracity do so through referrals from past clients.

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How Long Does It Take To See The Results Of Credit Repair?

Seeing as credit bureaus have 30 to 45 days to respond to credit information inquiries and disputes, it usually takes about 45 to 60 days for a client to begin seeing credit repair results. It is important for consumers to understand that it has taken a long time for their credit to get to the point it is at, and it can take some time to repair it. Fixing credit requires experience, persistence and lots of patience. Most clients choose to remain with Veracity for at least six months in order to optimize their credit repair results.

At Veracity, we know results are important to you. And since bureaus, by law, have a 30- to 45-day grace period, we begin sending your credit disputes out immediately, so that you will start seeing results as soon as possible.

One key to seeing results is to keep new, negative data from appearing on your credit score during the credit repair process. Provided there is no new negative information being added to your credit report, you should begin to see gradual improvements in your credit score as subsequent dispute letters reach their destination and more information is removed.

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What can Veracity do to help me repair my credit score?

Veracity Credit Consultants can help remove inaccuracies from your credit report, which in turn improves your credit score and credit history. Veracity works to remove information that is investigated and found by credit bureaus to be incorrect, inaccurate or unverifiable.

Each of the three primary credit bureaus (Equifax, Experian and TransUnion) update billions of pieces of credit information monthly. With so much information being processed, mistakes are inevitable, and therefore new errors are appearing on credit reports on a daily basis.

These inconsistencies on your credit report can come by way of late payments, charge-offs, bankruptcies, tax liens or collections. Regardless, mistakes almost certainly exist somewhere on your credit report, and it is important that these inaccuracies be identified and remedied in order to begin repairing your credit score.

At Veracity, we’ve helped clients deal with a multitude of unique situations: medical bills that are supposed to be covered by insurance but show up as a late payment; a home refinancing that results in the consumer being caught between lenders and burdened by false late payment claims; lingering negative credit information following a bankruptcy or divorce; and “blended” credit reports, where the consumer is penalized simply for sharing a common last name or an address.

Another common problem is that inaccurate reports often go undetected by consumers. So, what started off as a relatively minor late payment assessment can progress to a charge-off, eventually be sent to collections and even become a judgment or public record. Credit report inaccuracies can also include unrecognized or misplaced debt (i.e. debt that did not even belong to you in the first place).

All of the aforementioned issues can negatively and significantly impact your credit report, and thus your credit score. These credit report errors can be especially frustrating to the consumer applying for a new credit card or preparing to buy a new house or car.

But the good news is Veracity can help correct these inaccuracies, so that your report shows all the positive credit history you deserve. Because negative information can be so damaging to a credit score, it is essential that you fix your credit where you can, so that your score most accurately represents you.

That is why we encourage consumers and potential clients to check credit reports regularly. If you find data that you believe to be inaccurate, Veracity can quickly and legally help correct the erroneous data, restoring your credit report and saving you thousands of dollars in the process.

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When should I begin to see the results of credit repair?

Seeing as credit bureaus have 30 to 45 days to respond to credit information inquiries and disputes, it usually takes about 45 to 60 days for a client to begin seeing credit repair results. It is important for consumers to understand that it has taken a long time for their credit to get to the point it is at, and it can take some time to repair it. Fixing credit requires experience, persistence and lots of patience. Most clients choose to remain with Veracity for at least six months in order to optimize their credit repair results.

At Veracity, we know results are important to you. And since bureaus, by law, have a 30- to 45-day grace period, we begin sending your credit disputes out immediately, so that you will start seeing results as soon as possible.

One key to seeing results is to keep new, negative data from appearing on your credit score during the credit repair process. Provided there is no new negative information being added to your credit report, you should begin to see gradual improvements in your credit score as subsequent dispute letters reach their destination and more information is removed.

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What results can I look forward to?

We can’t guarantee you a specific credit score, because there are so many factors in the credit reporting system that it would be misleading to promise that. What we will promise you, however, is that we will complete certain activities for you that are likely to lead to higher credit scores, and also advise you on little-known behaviors you can adopt that can improve your credit scores. Some of the specific things you will receive from your Veracity service modules include:

  • A credit report.
  • An analysis of your credit report by a professional, who will identify possible errors and omissions that are artificially lowering your credit scores.
  • Access to trained credit consultants to answer your questions and give you advice on other things you can do to improve your credit scores.
  • Online account access to monitor the progress of the activities that Veracity is performing on your behalf.
  • Correspondence prepared on your behalf, submitted to the credit bureaus for verification, clarification, or correction of credit tradelines.
  • Concise, actionable tips and tutorials that will guide you to behaviors for optimal credit scores.

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Why should I consider credit repair in the first place?

Veracity Credit Consultants is one of the best credit repair services available because we get results. By offering the best report analyses, fast credit score turnarounds, ongoing updates and the most attentive and professionally-trained credit repair consultants, we outperform our competitors significantly.

Veracity is one of the fastest-growing credit repair services in America, and that growth is a testament to the quality credit consultation we provide. Most of our clients come to us through word-of-mouth referrals from our previous customers, and from industry professionals such as mortgage brokers or loan officers.

Veracity’s credit repair strategy eliminates the stress of “doing it yourself” by continuing to provide personalized service for our thousands of individual, active clients. By combining credit repair strategies with direct financial consulting, Veracity provides unparalleled service.

If you have bad credit, invalid account information, a desire to improve your credit rating and don’t have time to write letters and chase down creditors, Veracity is the credit repair service for you.

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  • Use it wherever major cards are accepted
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  • Establish a secured line of credit that will help increase your credit score

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