Helpful Credit Repair
Breakdown of Deletion Rates by Account Type
Here is the statistical breakdown item by item of our chances of being able to remove your item based on past experience. Remember, just because we have been able to remove an item in the past, by no means guarantees we will remove your negative item.
Mortgage Account Information being reported
- One time 30 days late - 80% chance of removal within 45 days
- 30 days late more than once - 80% chance of removal within 45 days if we only focus on one late payment but 65% over 90 days if we focus on all late payments from this account
- 60 or more days late, whether it is 1 time or several 65% over 90 days
- Foreclosure - 50% within 35 days 60% within 90 days
- Past Due balances - 100% within 35 days if client brings the past due balance current, otherwise 60% within 35 days, but it will get reported past due again if the past due amount is not brought current
Credit Cards and other loans that are not Mortgage or Auto related
Same answers as mortgage late payments except for the following:
- Charge-Offs - 70% successfully removed within 90 days if the charge-off is paid, 50% if unpaid. Unpaid Charge-offs have a very good chance of getting re-reported since they still have a balance; reason being- Creditors report accounts when it is in their best interest. Since they have money coming to them they are more likely to report. When it is paid, it does not come back because the creditors never report again after they update the account as paid because they have no reason to waste their time since they got what they wanted, PAID!
Auto Late Payments
Same answers as mortgage late payments except for the following:
- Repossessions - Voluntary and Involuntary are the same percentages. 70% are removed within 90 days if the account is paid, 50% if unpaid. Unpaid Repossessions have a very good chance of getting re-reported since they still have a balance because the creditor is still owed money.
(An involuntary repossession is when the bank hires a repo-man to take your car from your house while you are sleeping, a voluntary repo is when you call the bank and ask them to come get the car because you can't afford the payments. Both are bad although involuntary is worse on the credit score.)
- Settled - 70% chance of removing settled notation within 90 days
- Student Loans - 70% chance of removing late payments or paid charge-off student loans within 90 days, 50% if unpaid although they run a big chance of getting re-reported if they are removed when they remain unpaid.
- Forbearance - If client is being reported as currently late while they have a forbearance agreement, we are 80% within 35 days and 90% within 90 days
- Child Support - 70% chance of removing late payments or current or paid child support obligations within 90 days, 50% if unpaid although they run a big chance of getting re-reported if they are removed and remain past due.
- Collections -
- Unpaid - 85% chance if we are handling the settlement for deletion, otherwise 70% if client settles on their own. 50% if client does not pay at all. Keep in mind that unpaid will usually get re-reported but be careful paying without an agreement to delete since paying a collection can reduce the credit score due to flaws in the credit scoring system. ( please note that settlement for deletion only works with actual collection agencies and never banks themselves since they never settle for deletion due to policy concerns. )
- Paid - 60% within 35 days and 70% within 90 days
- Older than 7 years since DLA with original creditor- 90% within 40 days
- Judgments - 50% within 35 days or 65% within 90 days whether paid or not. Judgments DO NOT get re-reported even if they are unpaid. This is the case for any public record. Once it comes off it stays off.
- Bankruptcies - 15% within 35 days and 25% within 90 days. We have a 50% chance of removing a chapter 7 that is 7 years or older.
- Included in Bankruptcy - 60% within 35 days and 70% within 90 days.
- Liens - 60% successful whether paid or unpaid. Liens can legally be reported for 7 years from the time they are PAID, which means they can stay forever if unpaid, although most fall off after 15 to 20 years even if they are unpaid
- Managed by Consumer Credit Counseling - 60% within 35 days and 75% within 90 days
- Identity Theft- 90% successful within 40 days, 95% within 90 days if the client gives us the required items:
1. Identity Theft Police report saying they were a victim of identity theft
2. Completed and Notarized ID Theft Affidavit that lists each fraudulent account on page 5 and the corresponding account number for the fraudulent account.
3. Copy of client's drivers license
4. proof of current address
5. proof of social security ( copy of SS card preferred )
- Merged Files - 80% successful at unmerging within 40 days, 90% within 90 days.. A merged file occurs when 2 peoples credit reports are combined by the credit bureaus databases which is due to a similar name or social usually.
- PREVIOUS CREDIT REPAIR - A client can start working with our firm immediately after leaving another credit consulting company but the client must realize that our success rate is less since we have no way of knowing what damage the other company has done in the internal credit bureau records and also that the client does not get a guarantee if they either worked with another credit consulting company or repaired their own credit in the past 2 years
- Rapid Re-score - 95% successful in removing these types of accounts within 10 days with rapid re-score. Most mortgage brokers have the ability to do a rapid re-score in which case we would only have to get the client the letter to give to the broker to enable him to do a rapid re-score. Rapid Re-score is only available in limited circumstances when the creditor agrees a blatant mistake was made ( which is not that often ) and also agrees to provide us with a letter stating it needs to be corrected because it is being reported wrong.
