FAQs
faq
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Frequent Questions
Your credit score comes from your credit report; it is your spending and repayment report card. Credit reports often aren’t correct, and incorrect information can hurt your score. We make sure the your credit report contains correct information so you’ll have the highest score possible. Through credit counseling, we help build good accounts and our credit repair resad accoueaving you with the highest score possible!
A credit score is a numerical ranking system that lenders use to determine how much of a credit risk you are. A credit score is a numeric indication of how likely you are to repay debts such as loans or lines of credit. Lenders use this number to determine how much of a credit risk you are. Credit scores also are designed to indicate your creditworthiness in comparison with other consumers. Credit scores are based on the data in your credit report and are generated by computers using artificial intelligence. Usually a credit score is between the numbers 300 to 850. The higher your score, the more “creditworthy” you are to lenders.
Credit scoring is based on many factors that may include: Amount of available credit Payment history Recent requests for credit Amount of credit currently being used Length of credit history Under the Equal Credit Opportunity Act, credit scoring may not use gender, martial status, national origin, race, or religion as factors.
Everyone wants you to see results immediately. Although everyone’s credit history is different, most people will see progress within the first 20-45 days of their membership. The majority of time is spent waiting for the credit bureaus to respond to requests. We take great effort in getting our disputes to the bureaus as fast as possible.
- Delinquencies (30- 180 days): A delinquency may remain on file for seven years; from the date of the initial missed payment.
- Collection Accounts: May remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked as a “paid collection” on the credit report.
- Charge-off Accounts: When a delinquent account is sent to a collections company. This will remain for seven years from the date of the initial missed payment that led to the charge-off (the original delinquency date), even if payments are later made on the charge-off account.
- Closed Accounts: Closed accounts are no longer available for further use and may or may not have a zero balance. Closed accounts with delinquencies remain for seven years from the date they are reported closed, whether closed by the creditor or by the consumer. However, the delinquency notation will be removed seven years after the delinquency occurred when pertaining to late payments. Positive closed accounts continue to be reported for ten years from the closing date.
- Lost Credit Card: If there are no delinquencies, credit cards reported as lost will continue to be listed for two years from the date the creditor is contacted. Delinquent payments that occurred before the card was lost are reported for seven years.
- Bankruptcy: Chapters 7, 11, and 12 will remain on one’s credit report for ten years from the filing date. A Chapter 13 bankruptcy is reported for seven years from the filing date. Accounts included in a bankruptcy will remain for seven years from the date reported as included in the bankruptcy
- Judgments: Remain seven years from the date filed.
- City, County, State, and Federal Tax Liens: Unpaid tax liens remain for fifteen years from the filing date. A paid tax lien will remain on one’s score for 10 years from the date of payment.
- Inquiries: Most inquiries listed on one’s credit report will remain for two years. All inquiries must remain for a minimum of one year from the date the inquiry was made. Some inquiries, such as employment or pre-approved offers of credit, will show only on a personal credit report pulled by you.
Negative credit listings are deleted from peoples’ credit reports each and every day! 5 Star Credit Consulting is hard at work every day challenging damaging and questionable credit entries on behalf of its clients. Utilizing proven and absolutely legal methods, 5 Star Credit Consulting is a professional organization working for you and your credit.
We have had success with removing student loans, medical bills, repossessions, Foreclosures and more within a short amount of time for our clients.
5 Star Credit Consulting offers a 100% money back guarantee if you do not see atleast one or more negative items we dispute deleted from your credit report in a 120 day (4 consecutive months) , you will receive 100% of all payments made to 5 Star Credit Consulting. You must have made all payments on time, had no breaks between credit monitoring and have not applied for any new credit during the dispute process.