What is credit?
Credit is when you receive money, a good or a service, and you agree to pay for it in the future—usually with added interest. Nowadays, we use credit to buy lots of things, from houses and cars to groceries and clothing. If you use it responsibly, credit can be a useful tool. But if you don’t, you’ll have to face some negative consequences that will make your life harder.
What is credit repair?
Credit repair is the process of addressing any questionable negative items that could be hurting your credit profile. If the bureaus and your creditors can’t verify these items are fair and accurate, they are required to remove them. Also, it’s our name
Can bad credit be corrected or deleted?
The law entitles you to an accurate, fair and substantiated credit profile. If something on your credit isn’t right, you can correct or repair it with the credit bureaus and your creditors.
Can my credit be repaired?
Unfortunately, we can’t guarantee anything. But we can promise to help you work to address any unfair or inaccurate negative items hurting your credit profile.
How long does credit repair take?
Honestly, we can’t say. There’s no way to predict in advance how long it will take to repair your credit, as every credit situation is different. That being said, past members have seen an average increase of 40-100 points in just four months*, and have typically stayed with us for six months.
Can I repair my credit on my own?
Yep. You just need to contact the bureaus and your creditors to address any errors on your credit. That being said, this process is time consuming and confusing. Working with a reputable credit repair company like Finelycred.com can help you remove these items from your reports quickly and efficiently.
Is credit repair legal?
Of course. You have a right to a fair, accurate and substantiated credit profile. Credit repair is simply one of the ways to help you get there
What can be removed from my credit report?
Anything inaccurate, unfair or unverified can be challenged with the bureaus and your creditors. This includes collections, late payments, charge-offs, liens, bankruptcies, repossessions and more.
Will this impact how I pay my rent?
No. You will continue to pay your rent to your Property Management Company or Landlord in exactly the same way that you currently do. Nothing changes!
How will my rent payments be verified?
You provide us with basic information on your landlord or property manager when you enroll. We contact them and verify your rent payments to build the credit you deserve from your timely rent payments. There is no fee to your landlord or property manager to verify your rent.
What if my landlord won't verify the payments?
If we are unable to verify your rent with your property manager you won’t pay a penny! You can also upload or send us rent ledgers or cancelled checks show timely rent payments. We try to make this flexible and easy!
I pay rent to a private landlord...can I still use this program?
Yes, but we do need any additional step. After you enroll in the program you will be asked to link your banking details. It's free and secure, but for private landlords this is mandatory! We are required to view & verify the rental payments on your banking details before we can report to the credit bureaus. If you pay rent in any other way (like cash), we cannot report your rental payments.
How much will my credit score increase?
We cannot guarantee a specific score improvement or a specific time-frame because everyone’s credit situation is different & unique. However, based on pass results and other partner experiences, You may see an boost in you score of up to 120 point in 30 days. Keep in mind that again, this will depend on your unique credit profile.
Will my rental payments be reported to all three bureaus?
No. Experian does not participate currently but will be working with us very soon with Rent Reporting. The good news is that Trans Union & Equifax will report as a Tier-1 Tradeline
Will I need to provide a lease or rental agreement?
Yes, the credit bureaus do require a document between you & your landlord. This will establish the date, the rental payments started, the frequency of payments, & amount due. We find that most tenant/landlord relationships already have a written agreement. However, if you do not have a copy of this lease, you need to contact your landlord & establish one before we can report your rental payments.
Can I just report historical rent history?
Yes, we actually have a program just for that! It’s a one-time cost, with no monthly reporting. We report up to 24-months of historical rent payments & show that on your credit report in about 30 days.
Can I add my spouse?
Rent Reporting is just like any other trade line on your credit report. It’s based on your unique information, your social security number and date of birth etc. So, we cannot provide a “joint” account, but we can add your Spouse at a discounted cost.
What happens if I pay my rent payment late?
All credit including rent payments are only considered late by the credit reporting agencies (CRA) if the payment is received more than 30-days past the due date. As long as you pay your rent within 30-days of your due date, it will be counted as an "on time" payment on your credit report. Remember to pay all your bills (including rent) on time, it’s very important!
How will my rent payments report on my credit report?
It will show as an "open rental agreement" account on your credit report
What should I look for?
We will report your rent payments (& historical payments, if you opt for that program) on your credit report and it will show as “RTSMGMT”