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FREQUENTLY ASKED QUESTIONS
Frequently Asked Questions
While we look forward to hearing from you soon and encourage you to contact us with specific questions, here you will find some of the most common concerns and questions from our clients.
The effects of “Bad” credit can be extremely costly. Low credit scores lead to higher interest rates, more down payment required, being denied employment, and much more costing you thousands.
Each credit report is different and varies based on the number of negative accounts. Generally, credit repair takes 3 to 6 months.
Late payments, medical bills, collections, repossessions, evictions, charge offs, inquiries, student loans, and bankruptcies can be removed from your credit report.
This is the correction, removal, and potential deletion of erroneous, negative, derogatory, and outdated accounts from your credit report. Using laws that protect the consumer, the credit bureaus must adhere to reporting standards. Often these laws are violated, therefore, reporting is not accurate. The federal Fair Credit and Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting agencies. At the consumer’s request, the items on a credit report must be validated by the credit bureaus and reporting creditor or be removed and no longer reporting.
These items remain on your credit report for 2 years.
Generally negative items stay on your credit report for 7 years. Negative items include late or missed payments, accounts that have been sent to collection agencies, accounts not paid as agreed, bankruptcies or missed child support payments.
Types of accounts that appear on a credit report are for example, credit cards, auto loans, mortgages, student loans, and anything that has an associated interest rate. Items such as cell phone bills, utilities, and rent payments do not appear on a credit report unless they have not been paid as agreed and have been sent to collections.
A “Good” credit score is generally above 680 combined with a variety of accounts paid on time, account ages over 2 years old, and consistent balances less than 30% of available credit. A “Bad” credit score is typically in the range of 300 to 600 with collection accounts, late payments, and multiple derogatory and negative reporting accounts.
This is the lender’s willingness to trust you to pay your debts based on the history and items on your credit report.
The credit bureau is a data collection agency. While there are several bureaus or agencies the most recognized agencies are Experian, Transunion, and Equifax. Based on the information on your credit report, future lenders can obtain a credit report and determine your credit creditworthiness.
A credit report is a statement provided by the credit bureau that contains information provided by lenders that documents payment history, current account status, and all other activity pertaining to a contract agreement.
A credit score is a number between 300 to 850 that determines a buyer’s creditworthiness. The higher the score, the better a borrower looks to a lender. A credit score is based on credit history which is derived from number of open accounts, total levels of debt in comparison to available credit, repayment history, and several other factors.
Although Credit has several meanings, it generally is defined as a contract agreement in which a borrower receives a sum of money or something of value and repays the lender at a later date, generally with interest.
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Whether you have late payments, charge offs or collections, this is the first step in getting derogatory items removed from your credit report. Let us provide you with a comprehensive credit analysis so that we can work together in getting these negative items removed quickly and efficiently.