Frequently Asked Questions About Credit Repair
How much is your consultation?
Our initial consultation is free of charge.
What is a credit report?
A credit report is a track record of both your personal and financial credit information. It includes information taken from public records, personal identification, and debt information.
How many credit bureaus are there?
There are 3 major credit bureaus: Equifax, Transunion and Experian.
Are all 3 credit bureaus important?
Yes. Each one of the three major credit bureaus will reflect at least one-third of your total credit history. The results from the 3 bureaus can be different. LSI will repair your credit at all 3 bureaus.
How long does it take to repair my credit?
Each case is different. Most clients can experience results in 45-90 days. However, some cases can take much longer but LSI is committed to work for you and offer a lifetime warranty.
Is it legal to dispute your credit report?
Disputing your credit report is your right according to the Fair Credit Reporting Act. Credit Repair is a legal and necessary service.
Are you licensed and bonded?
Yes, we are licensed and bonded.
Can erroneous late payment be removed?
Yes, our methods of disputing have proven to remove any type of late payment whether it is 30, 60, 90, or 120 days late.
Can erroneous collections be removed?
Yes, and if they are verified we can help settle and save you up to 70% from the total balance owed.
Can repossessions be removed?
Yes, our proven methods of dispute can remove repossessions. Repossessions are difficult to remove, so the percentage of removals would not be as high as a simple late payment for example.
Can foreclosures be removed?
Yes, foreclosures can be removed if the bank is not be able to provide verification.
Can government student loans be removed?
No, however it’s possible for late payments on government student loans to be removed.
Can inquiries be removed?
Yes, a creditor must provide documentation showing you applied for credit with their company, if they do not provide proper verification then the inquiry is removed.
How much does your service cost?
Our prices vary from client to client because every case is unique. We customize our service for each customer. Contact us for a FREE consultation.
What is the difference between Fico and Vantage Scores?
Vantage only requires one month of credit history with an account reported to a credit reporting agency within the past two years. Fico requires six-months minimum of credit history and at least one account reported to the credit reporting agency in the past six-months.. Read More
What’s the Difference Between a Hard & Soft Inquiry?
A credit inquiry is a request to see your credit report. Credit scoring systems can consider whether you have applied for credit recently by looking at inquiries on your credit report. Sometimes applying for a lot of credit in a short amount of time can have a negative effect on a credit score; however, not every inquiry is counted towards credit scoring. Inquiries fall into two categories: hard and soft.
What is a hard inquiry?
Hard inquiries are typically inquiries by lenders after you apply for credit such as an auto loan, personal loan or credit card. Lenders and other third parties can see hard inquiries on your credit report. If you get a lot of these inquiries it may have a negative impact on your credit score because credit scoring models can look at how recently and how frequently you apply for credit. Most people seem to believe hard inquiries stay and hurt your scores for a long time. The truth is, after about 90-120 days, the negative impact on you scores from those inquiries is almost minimal.
WHAT IS A SOFT INQUIRY?
Soft inquiries are reviews of your credit report that do not impact or change your credit score. They are only visible to you and do not appear on credit reports pulled by lenders, employers or other third parties. Soft inquiries include inquiries by lenders who are monitoring an existing account, looking at credit reports to make “pre-screened” credit offers or using credit reports to pre-qualify individuals for credit offers.
We recommend avoiding any unnecessary hard inquiries and direct our clients to Smart Credit to obtain the most accurate, up to date 3-bureau credit report that will show how the automotive scores, insurance score and even your hiring risk score.