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Frequently Asked Questions

Here are some Frequently Asked Questions to help you better understand the Credit Repair Process:

Q:  Why should I be concerned about fixing my bad credit?

Very simply, a good credit rating allows you to borrow money on very favorable terms. A damaged credit rating on the other hand may prevent you from borrowing money, or at best, it will cost you much more as the following example clearly illustrates.

Q:  Is Credit Repair Legal?

Absolutely! You are entitled to this process under the Fair Credit Reporting Act, section 168. Nothing you do as part of the GCM program can be considered illegal. It's your right!

Q:  Can I just get a new social security number and start over?

No. This method is called File Segregation and it is illegal, dangerous, and usually unsuccessful.

Q:  How long does the credit restoration process take?

As you can imagine each client is unique and all results will vary based on circumstances. It also all depends on how many negative, inaccurate, obsolete, misleading or duplicate items you have on your credit reports and how fast the credit bureaus properly respond to your request. Repairing credit requires experience, persistence, and a heavy dose of patience. But you will usually see results from all 3 credit bureaus in as little as 30-45 days.  The credit bureaus can respond faster if they gather all of the information back from your creditors in a timely manner, which by law is no more than 30 days.

Q:  Can I remove derogatory items such as bankruptcy, judgment, repos, etc. on my credit file?

Any information on a credit report can be removed, but it has to be removed due to a violation of some type (which you will find described in the Fair Credit Reporting Act or FCRA). There are many laws written to protect you (the consumer), so anything that violates these laws will cause removal of any accounts including judgments, liens, collections, charge-offs, bankruptcies and late payments that are incorrect, misleading, obsolete or inaccurate.

Every item listed on your credit report must be accurate, verifiable and up to date. If a credit bureau investigates an item and cannot verify that it has been reported correctly, then it must be removed from your file whether it’s true or not. Under the Fair Credit Reporting Act, you are protected by your right to have this information verified.

Q:  How does the disputing process work?

By disputing the inaccurate and erroneous items on your credit reports, you force the credit bureaus to comply with the law and investigate the disputed items. If they are unable to validate the item, then they must, by law, remove it from your report or show it as a positive entry.

Q:  Does the dispute process just involve sending letters?  I can do that.

No, there is more to the credit repair restoration process than just sending out letters or proper documents to the Credit Bureaus.  Yes, you could have prepared the necessary documents yourself, but if you do not complete them accurately, request your investigation properly or send the correct requested items, then you risk the chance of being ignored, having your account flagged and receiving a rejection letter in the mail.  Also, when the results come back to you, it can be very difficult to read and understand them.  For example, the credit bureaus can delete or correct an item but not list the result or update the positive mark on your credit reports.  Our job at Global Credit Management is to decipher these results, correct mistakes and make sure the credit bureaus are not ignoring you so that the process can move smoothly. 

Q:  Can I repair my own credit?

Yes, you can. But some people simply cannot allocate the time to repair their own credit and others do not have the expertise to challenge the inaccuracy of their credit reports.  If you do not know your credit rights and how to improve your credit standing and raise your scores, it’s advisable to hire an expert. For instance, if you were ready to file for your taxes, and did not know the process, you would hire a professional CPA. You can also represent yourself in a court of law, but if you want a professional, then you hire an attorney.  Experience and knowledge from a specialist will help you through the minefield of the credit bureaus.  You want to get the best results possible and not spend a lot of money doing it!

Q:  How can I be sure that my credit rating is a fair representation of my credit history? How do I make sure information on my credit report is accurate?

Did you know that 79% of Credit Reports contain errors? The burden is on you to keep your report as accurate as possible. Remember, credit bureaus accept without your knowledge any negative information about you from creditors or other sources,  regardless of whether the information is correct or not. The credit bureaus are under no obligation to check the accuracy of your credit information until you challenge it.  Unfortunately, credit suppliers will rely heavily upon the information in your credit report even though the credit bureau has no responsibility for its accuracy. Since the credit bureaus don’t verify the accuracy of your credit report and nobody else monitors your credit reports for you, you must do it yourself, or appoint a professional such as GCM to do it on your behalf!

Q:  Why is the Credit Repair Process so complicated and not simplified by the Credit Bureaus?

The credit bureaus (Equifax, Trans-Union, Experian) do not want you to be educated about how the credit restoration process works. Keep in mind that they are in business to make money off of your bad credit. The credit bureaus receive money; yes MONEY from your creditors, collection agencies, courts, or anyone who is obtaining your credit report, with or WITHOUT your authorization! It is up to YOU to defend your rights and make sure that all the information reported on your credit is accurate. In this situation, you are guilty until you prove yourself innocent.  Funny how it is turned around from the original fact:  ‘You are innocent until proven guilty’.  If you don’t review your credit reports for inaccuracies, then who will do it for you?  No one!  The creditors, collection agencies, etc. will get away with putting any type of information on your credit report because the credit bureaus work for them and get paid by them, not you.

Q:  Are the 3 credit bureaus (Equifax, Transunion & Equifax) part of the government?

No, they are not.  Credit reporting companies are privately owned.  They are in business to make money, just like the mega-billion-dollar banks that run the credit card businesses, VISA, and MasterCard.  The credit reporting business is a multi-billion dollar industry.  They generate their income by selling credit reports to creditors. The truth is the credit bureaus and banks make hundreds and thousands of dollars off of your bad credit and debts. Equifax & Experian, for instance, are publicly traded and both boast annual profits exceeding 275 Million Dollars

Q:  Can a credit counseling service help me?  What makes you different from them?

Credit counseling services can help you consolidate all your debt into one monthly bill and negotiate lower payments with your original creditors to allow you to pay off your debt in a few years. One monthly payment is made to the credit counseling service, which in turn is disbursed to all your creditors. However, should you miss a payment or pay less than the minimum amount due, the original creditor has the right to report you to the credit reporting agencies for making late or insufficient payments. This would adversely affect you and prevent you from improving your credit rating.

Also, when you are participating in the debt consolidation, your creditors will often note it on your credit report, which is an indication to lenders that you are incapable of paying your previous loan obligations.  Lenders will simply not lend you money if you cause the risk of reconsolidating it to pay less.

Global Credit Management does not assist you with consolidating your debt.  We are interested in helping you improve your credit rating which allows you to secure credit on favorable terms. Consolidating your debt does not subsequently improve your credit rating; it is a short term solution that makes it difficult for you to take a loan for a new car or obtain a mortgage for a new house during the consolidation period. Global Credit Management is a non-biased 3rd party that has YOUR best interests at heart, not the creditors or bill collectors.  We work for you!  We provide you with options concerning how to manage your debt and help you decide what the best solution is for you and your situation! Most importantly, the credit counselors do not clean up your credit reports or raise your credit scores.  We do.

Q:  Is it true that credit report scores take 7 to 10 years to improve?

The Credit Bureaus would like you to believe that all information stays on your credit report for 7-10 years, regardless of anything you do. However, the dispute process we use may DELETE THESE NEGATIVE ITEMS ALTOGETHER before the statute of limitations has been reached. 

You can improve your credit score, starting today. If you have a bad credit history, it can (and probably will) cost you tens of thousands of dollars more in higher interest payments over the life of the loan. Don’t wait for 7-10 years to repair your credit, you can be pro-active now and appoint Global Credit Management as your credit repair specialist.

Q:  How do I get started?

Give us a call at 1-888-247-8882 to set up a free initial consultation. One of our expert credit consultants will evaluate your credit and guide you through the path of obtaining a better credit.

Q:  Do you share my personal information?

No, your information remains confidential.  Here is ou
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