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F.C.R.A

Fair Credit Reporting Act

The FCRA was passed to address a growing credit reporting industry in the United States that compiled "consumer credit reports" and "investigative consumer reports" on individuals. The FCRA was the first federal law to regulate the use of personal information by private businesses. Most people know that the big three bureaus are TransUnion, Equifax and Experian. Every day these companies record inaccurate and even completely incorrect information on your credit reports. What this law provides for us is a legal right to make these bureaus prove their information is correct.

Negative items on your credit that are reported by these bureaus often have no purpose of being there. There are many reasons for that. Ultimately reasons that the bureaus wont reveal, however they will reveal deletions on your report in an effort to abide by this law. 

 

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What Can Rapid Credit Restore remove from my Credit?

  • Judgments
  • Late Payments
  • Bankruptcies
  • Garnishments
  • Collections
  • Liens
  • Charge offs
  • Foreclosures
  • Civil Claims
  • Tax Liens
  • Repossessions
  • Lost/Stolen Card

Above is just a few things listed, for more detailed listings call us at 1-800-123-4567 or sign up by clicking here.

  • We educate

Throughout the remediation process, we work to educate our clients, giving them the knowledge they need to maintain and manage their credit profile better, now and in the future. We want to be sure that our clients will be prepared for future loan approval.

  • We Consult and Strategize

East Coast Consulting is a consulting firm that works with borrowers who have either been turned down for a home loan or would like to refinance their existing home loan at lower rates but cannot meet the credit scoring requirements of the lender. East Coast Consulting is not a traditional credit repair company. Credit repair companies only work on derogatory payment history, which represents 35% of an individual's score East Coast Consulting works with our clients on 100% of what makes up the credit score. Most borrowers believe that the only reason they have a low score is because of late pays, charge-offs, bankruptcies, etc., but did you know that there are instances wherein a borrower with a bankruptcy may have a higher score than a borrower with just a couple late pays? The fact is that there are many reasons why a credit score is low and the only way to know what those reasons are is through experience, research and staying on top of the credit industry laws and changes in the scoring model industry. East Coast Consulting has successfully helped many borrowers increase their credit scores under even the most difficult circumstances.

  • We Update and Follow Up

East Coast Consulting has implemented technically advanced database systems to ensure that we keep our clients and their mortgage professionals updated. Everyone involved will be better prepared to make the loan happen as soon as the credit challenges in question have been resolved.


Consider these 5 factors when trying to improve your credit.

 

 

Payment History has a 35% impact. Paying debt on time and in full has a positive impact, and late payments, judgments and charge-offs have a negative impact.

 

 

Outstanding Credit Balances have a 30% impact. Debt ratio of outstanding balance to available credit is important.  Keeping that below 50% is wise and below 30% even wiser. It is never a good idea to close an account; the debt ratio will go up and the number of seasoned lines will decrease. Pay outstanding debt down as close to zero as possible and evenly redistribute the remaining balance among the open lines. The increased interest incurred by moving a balance from a 0% card to a 23% card will be minimal relative to what the increased mortgage debt might be with a low credit score. Hitting the maximums of available credit can be very negative. It may be worth calling and asking the credit company to increase your available credit to lower the debt ratio, provided they can do so without a hard credit inquiry. 

 

 

Length of Credit History has a 15% impact. The length of time a particular credit line has been opened is important. A seasoned borrower is stronger.  Opening new credit cards will decrease the average length, and therefore hurt this portion of the score.

 

 

Type of Credit has a 10% impact. A mix of auto loans, credit cards and mortgages is positive, rather than a concentration in credit cards only.  Be careful too, when getting credit at a store that is not a department store: the credit agencies frown on cards for more specialized stores where you’re likely to only make one purchase, as they seem to show desperation.

 

 

Inquiries have a 10% impact. Hard inquiries for credit will negatively impact the score. Auto and mortgage inquiries receive special treatment and 20 inquiries can be made in a 14-day period for auto or mortgage and will be treated as only 1 inquiry. The maximum number of inquiries that will reduce the score is 10. Any inquiries beyond that in a six -month period will have no further impact on the borrower. Each hard inquiry can cost 2-50 points on a credit score.
 

 
 
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