Credit FAQs

Is it possible to increase someone’s credit score?
Is it legal to dispute items on my credit report?
How long do the bureaus have to respond to a credit dispute?
How long does credit restoration take?
What all comes off a credit report?
Why would I hire a law firm? Can’t this be done without one?
There are so many scams out there today in the credit industry, how do I know this isn’t another one?
How exactly is my credit score determined?
If I no longer use a credit card should I close it?
I pay my credit cards in full every month, but my credit score is still low. Why is this?
How long does information stay on my credit report?
Does Bankruptcy completely destroy my credit score?
How often is my credit report updated?
If I get pre-approved for something does that negatively affect my score?
Does my spouse’s credit affect mine?
If I co-sign for someone else does that affect my credit score?
Can I get a copy of my credit report on my own?

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Is it possible to increase someone’s credit score?
Yes. There are many ways in which to do this. First, check out our tips on increasing your credit score. These little tips can help you over time to see your score go up. Second, you can dispute items on your credit report, which if the bureaus do not timely verify they are accurate, must be removed from your credit report. Third, debt negotiation can help lower what you owe making your available credit higher, and leading to a higher score.

Is it legal to dispute items on my credit report?
Yes. The Fair Credit Reporting Act allows you to dispute any and all inaccurate and unverifiable items on your credit report up to twice each year.

How long do the bureaus have to respond to a credit dispute?
T his has to be done in a reasonable amount of time, which has been deemed to be thirty (30) days from the day of the dispute.

How long does credit restoration take?
This can differ per person, and on what service or services you choose to pursue. Some disputes are done more than once, and some creditors take longer to respond to debt negotiation, and some creditor issues become lawsuits we file on your behalf. Therefore, increasing your credit score can start at as little as 45 days, but last for up to a year. Additionally, should you follow the tips we offer in our personalized credit counseling, your score should be able to increase even more as time passes.

What all comes off a credit report?
Anything negative can come off, but is not guaranteed. This can range from late payments, to judgments, to Bankruptcies and even inquiries.

Why would I hire a law firm? Can’t this be done without one?
Y es, credit repair can be done without an attorney, however when you retain an attorney you have other ways to further increase your credit score as opposed to just disputing negative items. First, an attorney will be aware of any violations that the creditor has committed in attempting to collect money from you. These violations can potentially lead to statutory damages that you get to recover from the creditor. Second, an attorney is required to follow certain guidelines as per the local bar. This ensures that you will not be suddenly forgotten or pushed to the side. Third, an attorney can also attempt to negotiate certain debts on your behalf and create a new contract between you and the creditor at a possible lower rate and principle. Fourth, in hiring an attorney you create an attorney client privilege. This means all your information will be kept private and not sold or exploited for marketing purposes.

There are so many scams out there today in the credit industry, how do I know this isn’t another one?
This is another advantage of hiring a law firm. Our firm can be found to be a registered corporation at www.sunbiz.org and all of our attorneys can be found on the Florida Bar website as in good standing. See Staff Profiles.

How exactly is my credit score determined?
No one knows exactly how the three credit bureaus determine credit scores, but a few things have shown to affect the score better than others. For example, any time you pay late more than thirty (30) days it goes on your credit report. Also your income to debt ratio is analyzed as well as your available credit to used credit, ratio. Retail credit cards have also shown to hurt more than help someone’s credit score. There are a variety of factors which can be better looked at in a personal consultation in which your credit report is individually looked at.

If I no longer use a credit card should I close it?
Generally no. The more available credit you have the better your score could potentially be. Therefore, by closing a credit card you decrease your available credit and potentially decrease your score. This may differ per person however. If you know that card will soon be maxed out once again, then personally in the long run it may be a better choice to close it, however generally the answer is no.

I pay my credit cards in full every month, but my credit score is still low. Why is this?
Many people experience this, and the theory seems to be that if you are showing a $0 revolving balance every month the creditors are not making money off of interest from you, and therefore do not report you to the bureaus as you deserve. You may want to leave a small balance on the card every month, because in the long run a higher credit score could save you more interest elsewhere, such as on a mortgage or vehicle loan.

How long does information stay on my credit report?
Generally negative information stays on your credit report for up to seven (7) years. Bankruptcies stay on there for ten (10) years. Criminal convictions may stay on much longer. All of these items can possibly be removed from your credit report in the dispute process, however this is not guaranteed.

Does Bankruptcy completely destroy my credit score?
Bankruptcy does almost instantly hit your credit report, however most people already have a very low score once they file, and often creditors will view a person who just filed Bankruptcy as less of a credit risk than a person with large amounts of debt. Furthermore, if a chapter 7 was filed the creditor now knows you cannot file Bankruptcy again for another eight (8) years. For more information on Bankruptcy see Personal Bankruptcy and our Bankruptcy FAQ.

How often is my credit report updated?
Creditors basically report to the credit bureaus on a monthly basis, so your credit report is updated monthly, however, late payments will not be on your credit report until they pass thirty (30) days late.

Can Inquiries hurt my credit score?
Yes, but they only have a minor negative effect, and they can be removed through the dispute process. However, you should be careful not to apply for too much credit, as inquiries can add up and each time your credit is pulled the inquiries stack up.