Frequently Asked Questions

Credit Restoration Q&A

Who can the CreditTRAX Credit Restoration program help?

The CreditTRAX Credit Restoration Program can help anyone looking for or needing third party assistance in attempting to resolve their current or past credit problems.  No matter what your current or past credit situation is, there is always something that can be done to improve it.  Unless of course you have perfect credit, which according to recent studies would include less than 5% of our population.  The CreditTRAX Credit Restoration program is one of multiple services provided by CreditTRAX to help you improve your overall credit history and/or credit scores.  As part of the credit restoration process, we may employ or recommend use of these additional services to assist you in maximizing your credit potential to aid you in fixing bad credit.

Is Credit Restoration Legal?

YES! It is legal. In fact, it is the best way to exercise your rights under the Federal Fair Credit Reporting Act and the Fair and Accurate Credit Reporting Act.  These laws were put into place to protect consumers from the intrusion of the credit bureaus into our lives. They also provide each of us with a checks and balance system, giving us the right to question the validity, accuracy and ownership of the information being reported about us and sold to others.  Insuring that only information that is 100% accurate and verifiable is being provided to potential lenders, employers, and insurance agencies, so that we are not being unnecessarily overcharged for lending or insurance premiums or denied employment due to erroneous credit reporting.

Can information really be corrected or deleted from my credit reports?

Absolutely! If it is not 100% accurate, if it is misleading, outdated, obsolete, or can no longer be verified, by federal law it must be updated or removed.

Are credit bureaus a government agency?

Absolutely NOT! They are simply privately owned companies that make money by selling our information to anyone who will buy it.

Is there anything that CreditTRAX can do that I can’t do myself?

CreditTRAX is simply a service. There is nothing we do that you can’t do all by yourself. However, most people do not have the time, patience, or the know how to deal with the credit reporting agencies. This is where we can help!

How long does negative information have to stay on my credit reports?

The statute of limitations says that items can remain on your credit reports for seven years from the date of last activity and bankruptcy up to ten years.  However, there are no laws requiring that a creditor or credit reporting agency keep any information on your credit report and they can choose to delete it at anytime they want prior to the end of the statute of limitations.  In addition, any information that you authorize CreditTRAX to dispute on your behalf that is found to be inaccurate or unverifiable is also required to be deleted or corrected and the statute of limitations does not apply to these types of accounts. Armed with this knowledge is one of the keys to fixing bad credit.

Which Credit Bureaus does CreditTRAX Challenge?

First of all, there are many small credit bureaus throughout the United States.  However, each of the smaller credit bureaus typically obtain their information from the Big Three (Trans Union, Experian and CSC a.k.a. Equifax).  CreditTRAX challenges the information you have authorized us to dispute with all three.

How long does Credit Restoration take?

Credit Restoration typically takes anywhere between 2-8 months depending on multiple factors, such as: 1) How quickly you forward correspondence you receive from the credit bureaus back to CreditTRAX, 2) The credit bureaus cooperation in complying to the time frames they are allowed in order to respond to the investigation requests we are submitting on your behalf (30 working days) and 3) The number of derogatory accounts you are requesting that we investigate on your behalf.

What happens if the Credit Bureaus do not respond within 30 working days?

If the Credit Bureaus do not respond to an investigation request within a reasonable amount of time (30 working days, which is approximately 45 total days or 6 weeks), you will need to email our office at: credittrax@financialdestination.com , so that we can initiate a follow up dispute or contact them to obtain verification of why they have not responded according to the time frame allotted.

How much does Credit Restoration Cost- Fixing Bad Credit?

CreditTRAX provides credit restoration services exclusively to FDI members only and this service is absolutely a FREE Benefit of any FDI Membership and is not available to the general public.  In addition, the monthly membership fee you agree to pay when you become an FDI member/representative is used to cover the other services offered by FDI that are available in your membership package. FDI’s membership fees were not increased and are the same as they were before CreditTRAX was added to FDI’s Financial Services package, meaning that FDI absorbed the cost of this service for each of it’s members, making it FREE for as long as you remain an active member of FDI.

How do I find out what my Credit Score is?

You can purchase your credit scores from each credit bureau by visiting www.annualcreditreport.com.  Unfortunately, your credit scores are not provided free with your credit report and you will be required to pay a small fee.

How do I get a copy of my Credit Reports?

You can get a Free Copy of your Credit Reports once a year by visiting www.annualcreditreport.com.

Can CreditTRAX Guarantee to remove specific Items from my credit reports?

No company or individual can guarantee to be able to remove specific items from your credit reports.  Unless, you have documentation from the creditor or entity reporting the information about you, that states the information is not being reported correctly or that company or entity agrees that the information should be removed.

Does paying an old debt help my credit score?

Paying an old debt can potentially help your credit score, however it can also change the date of last activity and extend the time period in which that account can be reported.  The account should be updated to show a zero balance, but will still report that it was in collections, charged off or that you were delinquent on it in the past, which will still have a negative impact on your credit score.  This is unfortunate, because it does not appropriately reward you for attempting to do the right thing.

Do I still owe the debt if an item is deleted from my credit report?

If an item you have requested CreditTRAX to dispute on your behalf is deleted, due to the fact that it was unverifiable or being reported incorrectly and you owed money on the account, you will still owe the money.  Getting an item deleted from your credit history does not take away the responsibility of the debt.

Can information be re-reported or reappear if it has previously been deleted?

It is highly unlikely and happens very rarely!  However, if you still owe money on an account that you have requested to be investigated and that item is deleted, the creditor can possibly re-report it at a later date, especially if there is any additional activity on the account.  Based on our experience, this typically occurs if an account is sold or turned over to an outside collection agency.  If this ever happens, the credit reporting agencies are also required to notify you in advance of re-reporting any item that has previously been deleted and CreditTRAX, upon your request, will request a reinvestigation of the account.

What is a CreditTRAX Customer Portal?

This is a web-based communication system that provides CreditTRAX’s clients with real time account information.  Whenever you become an active CreditTRAX Credit Restoration client you will be able to login to your own CreditTRAX customer portal 24/7.  Your customer portal provides you with an activity log that let’s you know: what CreditTRAX has completed on your account, what your next step needs to be, what you can expect to receive from the credit bureaus, when we receive information that you have forwarded to us and recommendations as to what you can do to potentially enhance your credit history and credit scores.

How do I access my CreditTRAX Customer Portal?

You can access you customer portal 24/7 by logging into your FDI Back Office, click on the CreditTRAX Members Access button then, click on the link provided to enter your CreditTRAX Customer Portal. Now you are on track to fixing bad credit once and for all.