Can Credit Repair Company Remove Debt?
Introduction Wondering if a Credit Repair Company can help remove or settle the debt? With late payments, collections, and mounting balances dragging down your credit, debt relief seems increasingly out of reach. Reputable credit repair companies can’t remove debt from your credit report – but they can help you handle it properly to rebuild your credit. Keep reading to learn what credit repair services can and can’t do when it comes to debt removal. This is where a reputable Credit Repair Services Company like Safe Credit Solutions Inc. can help you rebuild your credit score in a few steps. No one ever wants to be in debt, yet millions of Americans find themselves in debt. Many of these people struggle to get out. Whether you lost your job and can no longer make the payments you thought you would be able to, had a medical situation that cost more than you could repay, or any other unforeseen situation, you’re now one of the many, many Americans who are struggling with unpaid debt and a poor credit score. What do Credit Repair Company? Before diving into what credit repair companies can do about debt, let’s level-set on what they are. A credit repair company reviews your credit reports from Equifax, Experian, and Transunion to identify negative items that can be disputed or corrected. This typically includes: Incorrect personal information (such as wrong address or name) Accounts incorrectly reported as late that have been paid on time Duplicate accounts listed more than once Accounts that don’t belong to you (identity theft) Safe Credit Solutions Inc. a reputable Credit Repair Company in Miami has licensed credit experts on staff who are fluent in consumer credit laws and leverage those laws to hold credit reporting agencies and creditors accountable. Through meticulous reviews, customized dispute letters, and persistent follow-up, they can successfully repair credit report errors and help improve your score. This is an entirely different service from debt settlement or debt consolidation companies that focus specifically on negotiating debt payoffs. Understanding the Role of a Credit Repair Company Before delving into whether a credit repair services company in Miami can eliminate debt, it’s essential to understand the role of such companies. Credit repair companies specialize in assisting individuals in improving their credit scores by identifying inaccuracies, disputing errors, and providing guidance on credit management strategies. While they cannot magically erase legitimate debts, they can help address errors on credit reports and provide valuable insights into managing debt effectively. Credit Repair Companies: What They Can (And Can’t) Do For Debt While debt removal from credit reports isn’t on the table, legitimate credit repair services have several strategies to handle debt and bills while improving your credit. Common services include: Goodwill deletion requests: Credit repair companies can request creditors, especially credit card companies, to remove late payments as a “goodwill adjustment.” Success depends on the creditor but is more likely with an otherwise positive payment history. Pay-for-delete negotiations: In some cases, collectors will agree to remove accounts from your credit report entirely in exchange for paying – either a lump sum or a settled amount. Credit repair companies can facilitate these win-win pay-for-delete offers on your behalf. Debt validation letters: Consumers have the right to request debt collectors to validate that the details are accurate...
read more5 Things Not to do While Repairing Your Credit
Repairing your credit is a long process. As much as you would love to repair your credit overnight, it’s going to take some time. While it is happening, you’re going to need to be careful. Making a mistake during the process can set you back to a frustrating spot. You may even find yourself with more unpaid debt and a worse credit score than when you began! For this reason, we want to ensure that you are educated as far as what you should avoid doing while you are working to repair your credit. This includes: #1 Missing some credit card payments in lieu of others. Prioritizing payments is smart. Skipping some payments in order to put money towards others is not. If you want your credit to improve (and you do!), you should not miss payments. Your credit will continue to get worse instead of better if you miss some payments, even if you’re making others. If you absolutely have to choose between paying a collection account or paying an account that is still current, pick the account that is current. #2 Canceling credit card accounts. A lot of people do not realize that closing a credit card can be bad for your credit score, especially if it is a credit card that has plenty of room on it or one of your older credit cards. Closing the account negatively affects your open lines of credit. When you close a credit card account, you are reducing the amount of open credit available to you. This can cause your credit utilization rate to increase, which could have a negative impact on your credit score. You will never improve your credit score by closing a credit card, so think twice about canceling one. #3 Talking directly to debt collectors. When you’re contacted by a debt collector, the best thing you can do is simply tell them to send it to you in writing and to stop calling. Without admitting the debt is yours, ask who the original creditor was, the original debt amount, and how much is still owed. Then, ignore their phone calls and let a professional help repair your credit. #4 Applying for any new loans. Now isn’t the time to buy a new house, car, boat, sofa, or anything else that requires you to take out a loan. Do not even open a new credit card. Any “hard” inquiry on your credit right now should be avoided at all costs. #5 Filing bankruptcy. You should not use bankruptcy as a credit repair tactic. While an important resource for some, it should be seen as a last resort. Bankruptcy will not improve your credit and in some cases, your credit can get worse after filing bankruptcy. It will stay on your credit report for seven to 10 years, so you will continue having trouble getting credit cards and loans for years to come. Perhaps the biggest mistake of all is putting off credit repair indefinitely. Beyond this, you’ll also want to avoid any of the things mentioned...
read more4 Questions to Ask Credit Repair Companies
When your credit is poor, it can feel like the end of the world. At the very least, it feels like the end of your financial freedom. It is not, though! By hiring one of the top credit repair companies for professional credit repair services, you can make your way out of the financial burden. Of course, you’ll only reap the most benefits and work your way to better credit if you hire the right company. How can you know which of the credit repair companies is the right one to work with? A good way to go about this process is to ask the right questions! Be sure to bring up the following with them: Question #1 What Credit Repair Services do You Offer? This is the most important question, so it is one you’ll want to ask first. Credit repair companies usually offer a wide range of services, all of which are designed to help you restore your credit. Common services include: Money managementsDebt managementCollection harassmentCredit repairBankruptcies Question #2 What Information Do You Need From me? You want to ensure that they have everything they need to ensure your success. Credit repair companies should give you clear instructions about what personal items and information you must gather to get started. A few things you may need to collect include: Credit reports Credit historyList of debtsCredit utilization ratePayment historyFuture credit plans (buying a car, applying for a mortgage, etc.) Question #3 Can I Hear From Past Clients? Unpaid debt happens to many people. One way to have peace of mind that you’ll reach your credit goals is to hear directly from others who have been able to do it. Credit repair testimonials are a great way to do this. If they’ve helped many of their past clients climb out of poor credit and the negative consequences associated with it, you can feel good that they’ll be able to do the same for you. Question #4 Can You Guarantee a Certain Score Improvement? This is actually a trick question, one you will ask to see if you’re dealing with a salesperson who is willing to say anything to get you to sign on the dotted line. In fact, it is illegal to tell a client that he or she will get a specific score improvement. Credit repair companies can tell you the typical score improvements clients receive as a result of enrolling in a program, but they can’t promise you will for sure see the same results. This list is only the beginning, but it’s helpful to get you thinking about what you should ask credit repair companies when you speak with them. Go ahead and reach out today, and have a few important questions ready to...
read moreCan You Tell a Debt Collector to Stop Calling You?
You know that you’re in debt, and it’s possibly even a result of financial mistakes you’ve made in the past. You’re working hard to pay off what you owe, but you can’t pay it all at once. The constant calls from debt collection agencies don’t do anything to change this fact. Can you tell a debt collector to stop calling? Actually, yes! The Fair Debt Collections Practices Act helps protect people just like you from predatory debt collectors when you’ve missed bill payments and gotten yourself too far into debt. One thing it covers is debt collector harassment and intimidation. Calling too often is debt collector harassment. No matter how many times they call, when they call you, or where they call you, you are legally allowed to tell them to stop. Yes, you can do this even if they’re following all of the rules but you simply don’t want to hear from them anymore. It’s time you learn everything you need to know to make debt collectors stop calling you! How to Get a Debt Collector to Stop Calling They’re calling you several times a day, even calling you at night. You have a right to tell the debt collector to stop calling you. If you follow all of the rules, they have to comply! You must do this in writing in order for it to be legally binding. If you tell a debt collector in writing to stop contacting you, it may not contact you again except to say there will be no further contact or to notify you that your creditor may take some specific action it is legally allowed to take, such as filing a lawsuit against you. Remember, even if they stop calling that doesn’t mean the ordeal is over. Your creditor may still file a lawsuit against you or make a negative report to a consumer reporting company. In your letter, you’re going to be as specific as possible about who they are, who you are, which debt they’re talking about, and the fact that you don’t want them contacting you any more. They have to stop calling you after this. If they don’t, they’re either breaking the law or scamming you. If you’re having trouble with debt collection, you can submit a complaint with the Consumer Financial Protection Bureau by calling (855) 411-CFPB (2372). They also have sample letters you can use as a template to prepare your official letter telling the debt collector to stop calling. Contact Safe Credit Solutions You don’t have to handle this alone. Here at Safe Credit Solutions, we can help you deal with debt collector harassment. This is just one of the services we offer. We can also work with you to improve your credit score so your financial situation is much better than you ever thought it could be. We are only a phone call...
read moreHow Many Calls From a Debt Collector is Considered Harassment?
When you’re in debt, the most important thing to do is learn how to deal with debt collectors as you work on repayment. Remember, when a debt collector calls you to collect on debt you owe, you have legal rights. The Fair Debt Collections Practices Act helps protect people just like you from predatory debt collectors when you’ve missed bill payments. One thing it covers is debt collector harassment and intimidation. Even if they are nice when they call, calling too often is debt collector harassment in and of itself. This leads to the question, how many calls from a debt collector is considered harassment? When do Repeated Calls Become Debt Collector Harassment? As briefly stated above, debt collectors are not allowed to do and say whatever they want. According to the Consumer Protection Financial Bureau, the law doesn’t give a specific limit on the number of times a debt collector can call you. What it does say, however, is that debt collectors may not call you repeatedly or continuously intending to annoy, abuse, or harass you or others who share the number. It isn’t only about how many times they are calling, but also when. Debt collectors cannot call you at an unusual time, or at a lace they know is inconvenient to you, like work. They are prohibited from contacting you before 8 a.m. or after 9 p.m. As well, you do have a right to tell the debt collector to stop calling you. You must do this in writing in order for it to be legally binding. If you tell a debt collector in writing to stop contacting you, it may not contact you again except to say there will be no further contact or to notify you that your creditor may take some specific action it is legally allowed to take, such as filing a lawsuit against you. Remember, even if they stop calling that doesn’t mean the ordeal is over. Your creditor may still file a lawsuit against you or make a negative report to a consumer reporting company. Safe Credit Solutions can Help You Deal with Debt Collector HarassmentYou don’t want to stay in debt, but you’re struggling to pay it all back. What can you do? Safe Credit Solutions can help you! Our credit consultant will go over your current financial debt profile and help you to determine the best way to improve your credit. As you’re working your way out of debt, the harassing phone calls will begin to fade away. If they don’t, we can also help you deal with debt collector harassment. No matter what you’re going through and how far in debt you are, we’re here for...
read more3 Things You Should Never Say To A Debt Collector
No one wants to be in debt. It can feel overwhelming when you aren’t sure of the way out. Right now, the most important thing to do is learn how to deal with debt collectors. Remember, when a debt collector calls you to collect on debt you owe, you have legal rights. No matter what you owe and how far behind you are, there are ways for you to make a bad situation a little better. The truth is that there are also ways to make a bad situation worse! Yes, there are things you should never, ever say to a debt collector. If you do, you’re going to take this situation into even more upsetting and legally-damaging territory. We don’t want this to happen to you! Safe Credit Solutions is here to help you avoid making this any worse than it already is. What You Should Never Say To A Debt Collector The Fair Debt Collections Practices Act helps protect people just like you from predatory debt collectors when you’ve missed a bill payment. Knowing what and what not to say is a good way to stay within your rights. When on the phone, never: #1 Offer up any type of personal information. While on the phone with a debt collector, you are going to want to share as little about yourself, your home, your family, your job, and your financial situation as possible. Never tell them your social security number or banking information. Don’t share with them where you work, when you work, or how much you’re making right now. The more they know about you, the more they can harass you. #2 Admit the debt is yours. Even if you know exactly what they are talking about, never admit it is your debt. Just like most legal actions, debt has a statute of limitations. If the statute of limitations has expired, the debt collector can no longer sue you to recoup the debt. Admitting a debt is yours may reset the clock on old debt. This is why it is never a good idea to do so, just in case. #3 Provide ammunition. It would be a big mistake to tell the debt collector that you spent the payment money on gambling, travel, gifts, shopping, or some other non-essential reason. The only information you need to provide is that you know your responsibilities but that you have encountered an unanticipated situation. Safe Credit Solutions can Help You Deal with Debt Collectors You don’t want to stay in debt, but you’re struggling to pay it all back. What can you do? Safe Credit Solutions is here to help you! Right now, it’s essential to learn how to handle that debt efficiently. We have a team of professionals here to help you to keep up with financial obligations and make sure that you pay your debts off as quickly as possible. Making a mistake now is going to further hurt your credit report and make it harder to get essential financial loans and lines of credit ranking in the future. Our credit consultant will go over your current financial debt profile and help you to determine the best way to improve your credit. Make the call...
read moreWhat Happens to Your Unpaid Debt?
Did you know that some forms of debt don’t follow you around forever? If the statute of limitations has expired, the debt collector can no longer sue you to recoup the debt. But when does this happen? What happens to it when it does expire? And most importantly, will all debts expire? Safe Credit Solutions has the team of debt relief and credit repairs experts able to answer all of these questions and more. What happens to unpaid debt? Finding yourself unable to pay off a lot of debt can be one of the scarier situations in life. One reason it is so overwhelming is because it’s easy to feel like you’ll be stuck in debt forever. This debt will follow you around for the rest of your life. Your credit will be in shambles and you’ll never be able to get approved for new loans. Not so fast! Realistically, here’s what you can expect if you don’t pay your debts: Your debt will go to a collection agency.Debt collectors will contact you.Your credit score will fall.Your debt will follow you around for years.You’ll pay off the debt or not, but either way your life will go on. It’s important to keep in mind that there is a big difference between a $50 unpaid phone bill debt and a $50,000 credit card bill debt. It may be that an unpaid debt of $50 doesn’t cause you much grief. Other than your credit score going down for a while, maybe nothing happens other than a few dozen phone calls. That’s not likely to occur with a $50,000 debt, though. If you are late with a debt payment of this size, at some point you could be sued by the person to whom you owe the money. You will receive notice of a court date. If you don’t show up, you automatically lose the case. At this point, your wages will be garnished at 25% out of every paycheck. A lien can also be put on your home or car. There is a statute of limitations on credit card debt. It varies by state, but it’s generally three to 10 years. Your credit score takes a huge hit too. How long a collection stays on your credit report depends on the type of loan you have. Most of them stick around for seven years. Chapter 7 bankruptcies will show up for 10 years. Unpaid student loans and taxes may stay forever! It’s a little trickier than simply waiting for it to fall off your credit report. Your debt isn’t simply erased once it falls off your credit reports. If you never paid off the debt and the creditor is within the statute of limitations, they may try to collect the money. The creditor can still contact you, sue you, or get a court order to garnish your wages. This is why it’s best to work with our team to lower your debts and repair your credit, not simply hope, pray, and wait for it to go away. Ignoring debt only makes it worse, not...
read moreHow to Deal with Debt Collectors When You Can’t Pay
No one wants to be in debt. No matter the reason you find yourself in this situation, it can feel overwhelming when you aren’t sure of the way out. You don’t want to stay in debt, but you’re struggling to pay it all back. What can you do? Right now, the most important thing to do is learn how to deal with debt collectors. One of the most important things you need to know when a debt collector calls you is that you have legal rights. No matter what you owe and how far behind you are, they are not allowed to harass and intimidate you. There are ways for you to make a bad situation a little better. How to Deal with Debt Collectors When You Can’t Pay Whether you’re a little short this month or seriously behind on payments, it is best you act quickly to minimize the damage of having debt you can’t afford. At this point, you don’t have a lot of great options but there are a few things you should do and a few things you should not do (even though you probably want to!) DO Ask for specific information about the debt Without admitting the debt is yours, get information from the debt collector. Ask who the original creditor was, the original debt amount, and how much is still owed. The more details the debt collector can provide, the better. Try settling or negotiating Now is the time to see if the debt collector will settle for a portion of the cost if you pay up front. They may decide that some money is better than no money. If they still want the full amount due, you may be able to set up a payment plan. DO NOT Ignore the repeated attempts to contact you Ignoring a debt collector when a debt is yours can cause further damage to your credit score and report. Plus, it won’t work anyway. Debt collectors will continue to contact you until the debt is paid. Admit the debt is yours Did you notice above that we told you not to admit it is your debt? If the statute of limitations has expired, the debt collector can no longer sue you to recoup the debt. Admitting a debt is yours may reset the clock on old debt. This is why it is never a good idea to do so, even if you know the debt is yours. Give personal details over the phone Even if you’re nervous and they’re being pushy, avoid excessive talking. Don’t share anything over the phone, including if you can pay and how you plan to. Instead, request a letter with the original debt information. Share as little about yourself, your home, your family, your job, and your financial situation as possible. We know this is scary, confusing, and difficult. We’re here to help you! At this point, it’s essential to learn how to handle that debt efficiently. We have a team of professionals here to help you to keep up with financial obligations and make sure that you pay your debts off as quickly as possible. If you ignore the calls and don’t negotiate a payment plan, it is going to hurt your credit report and make it harder to get essential...
read moreIs There a Limit to How Many Times a Debt Collector Can call me?
You know you have debt to pay back. You’re trying, but it’s taking longer than you had expected. With your regular bills, like your rent, car payment, insurance, food, gas, and other utilities, it feels impossible to set anything aside to pay down your debt. You’re trying, but the extra money just isn’t there. The company or companies you owe money to don’t seem to understand this, or at least not care. They keep calling…and calling…and calling… and calling. Do you feel you’re being harassed? Is there a limit to how many times a debt collector can call you? It’s time you learn more about the protections for you built into the law. How many times can a debt collector call me? First, one of the most important things you need to know when a debt collector calls you is that you have legal rights. Debt collecting agents must not use improper methods or any form of harassment when contacting you. This means debt collectors agents are not allowed to use abusive language or intimidate you with physical violence. The FDCPA (Fair Debt Collection Practices Act) was approved in 1977 with the aim of eliminating abusive debt collection practices. Are you getting harassing calls from a debt collector at home or at work ? Are you receiving many calls per day from the same collector? Are debt collectors filling your voicemail box and calling at all hours of the day? You don’t have to put up with harassing calls. Some of these calls are illegal! Federal law doesn’t give a specific limit on the number of calls a debt collector can place to you. However, a debt collector may not call you repeatedly or continuously intending to annoy, abuse, or harass you. A debt collector can’t call you about your consumer debt at an unusual or inconvenient time. If a debt collector calls you before 8 a.m. in the morning or after 9 p.m. at night, it’s presumed to be inconvenient. You do have a right to tell the debt collector to stop calling you. Debt management with Safe Credit Solutions Once you are already in debt, it’s essential to learn how to handle that debt efficiently. We have a team of professionals here to help you to keep up with financial obligations and make sure that you pay your debts off as quickly as possible. If you can’t keep up with paying it off, it is going to hurt your credit report and make it harder to get essential financial loans and lines of credit ranking in the future. Our credit consultant will go over your current financial debt profile and help you to determine the best way to take care of it. They will teach you abilities like handling interest rates, combining financial debt that you can not afford to make the payments on, and setting up a paying back schedule that you can handle. This is just one of the services we offer. If you feel you’re being harassed and called more often than you should be, we can help with that...
read more3 Credit Hacks That Will Change Your Life
If you spend much time on the internet, you’ll probably find a lot of life hacks. Did you know you can use a paperclip to easily mark the end of a tape roll? Did you know you can use chopsticks to avoid orange fingers while eating cheetos? While these are pretty cool, they’re not going to have as huge an effect on your life the way a credit hack will. No matter how daunting it may seem, it is absolutely possible to build, repair, and boost your credit scores. Anyone can have good credit, even you! In fact, it’s actually a lot more straightforward than you might think. You can be amazed how a good credit score helps you to improve your financial status and change your life. Here are a few credit hacks you should be aware of that won’t just give your scores a boost, they’ll change your entire life! #1 Keep at Least Three Major Credit Cards By far, one of the best ways that you can repair your credit involves keeping several major credit cards open at all times. You may worry that having too many cards at once will hurt your credit. Actually, the opposite is true and you want several lines of open credit. As long as you make payments on time and avoid falling too far into debt, it is considered a good thing to have three or even four credit cards. Making three payments on-time every month will always raise your credit faster than a single payment to one card. #2 Understand “Credit Utilization” As you open more than one credit card, you’ll want to pay close attention to your credit utilization. This term refers to the percentage of your total credit that you are currently using on a regular basis. You want to use some of your total line of credit, but not all of it. For the biggest impact on your credit score, try to keep the total of all of your balances around 25% to 30% for as long as you can. #3 Increase Your Credit Limits as Much as Possible Let’s say you really need to put $5,000 on a credit card, but the limit of the card is the same $5,000. You’ve now maxed out your credit limit, and your score is going to take a hit. Before you put the $5,000 on, you could request a request limit increase. The higher your credit limits are, the lower your utilization actually is. So if you have a card with $20,000 in available credit and a $5,000 balance, you’re using 25% of your available credit. Suddenly, that $5,000 balance only represents a fraction of what you could be spending. It’s a great way to practice credit repair without really doing much of anything at all. For any and all credit repair needs, Safe Credit Solutions can help. We encourage you to look into our available services, including debt management and credit repair. With a few credit hacks and our expert help along the way, you’ll be enjoying good credit before you know...
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