This entry is mostly for those folks out there that have been told by someone at some company, "We will get your credit score to 700 in 4 months!' (without anyone looking at the report, mind you).
They are lying.
They may, in fact, be able to do that. At Credit Dr., we've had clients whose credit scores have moved into the 700's in one round before (See our Sample Results). It's actually rather easy with the right mix of credit. But... no one should be making that kind of PROMISE. Why? Because they just don't know they can do it for certain.
Sure, if you have few collection accounts AND you only have three or four credit cards that are in good standing, your score can go up. That's if those collections are not verified - hence, removed - in the first round of effort.
But do we at Credit Dr. make that promise? Nope. It would not be honest or ethical.
So... why does it take a while to repair your credit history and raise your credit profile? Because credit repair done correctly is a process. The credit didn't get damaged in a month or two (usually); it's not going to get fixed in a month or two.
Done correctly, credit repair is a PROCESS. The credit did not get damaged in a month or two (usually); it's not going to get fixed in a month or two.
For example, you become a client at Credit Dr. and we get to work. We get an account deleted on Experian. Awesome, but what if that account is still on Equifax? Well, we need to send that response letter with the deletion to Equifax. Our letter asks Equifax how they were able to verify the account, when Experian was not able to?
You see, the credit reporting bureaus each act independently. They do not all sit in one room and determine what accounts, what debts, are verifiable or not verifiable. The good credit reporting agencies will remove an account that is not validated, while the others may "rubber stamp" that same account as 'verified' without really investigating.
We know this. We use this to build a case for our clients as to why we think a re-investigation is necessary. We have to issue that in a letter to the offending credit bureau, and then wait.
It can take another 45 days for our clients to get the response.
In addition to all this work, there's more to do. Build credit. For many of our clients, we have to help them build credit. We need something positive on the credit report to provide parity to the negative stuff on the report. When and if we are successful at getting an account corrected with the credit reporting agency, the client's credit scores are impacted more positively.
Building credit takes time. Especially if you have no positive information on your credit report when you start the process.
Building credit takes time. Especially if you do not have anything positive on your credit profile when you begin.
Patience, my friends. If repairing and building credit were truly that easy to 'hack' in just a couple months, the scoring model would be useless to lenders because it would not be a true representation of risk.
There are a lot of folks out there that will make all kinds of promises. This is not only illegal, but bad for business. And bad for the soul.
Ed-Jack Dvorak is National Affiliate Liaison at Credit Dr., a national credit restoration company. He works with clients and creditors to improve credit profiles.