A single negative item or inaccurate information on your credit reports can lower your credit FICO score with all three major credit bureaus. Low FICO scores can affect your chances to obtain lower interest rates for home mortgages and auto loans. It also will increase your auto insurance rates and affect your ability to obtain employment. Mercedes Enterprises has been very successful in the past with removing negative credit items. Although you can attempt to do this yourself, many individuals have found that it becomes very frustrating and time consuming when they do not achieve the results that we can provide. The fact is that the credit bureaus may choose to ignore your attempts or choose not to reinvestigate the negative items at all.
Any personal information that you submit to Mercedes Enterprises INC Is protected and secure to highest industry standard requirements. Not only are we ethically and morally bound but our license requires it. We will not disclose, resell or compromise your personal data. Not ever.
The bureaus must respond within 30 days of the dispute. Within the first 60 days you should start to see improvement in your credit report. The number of negative items appearing on your credit reports will determine the duration of time that services will be needed.
You will receive updated credit reports about every two-three weeks until your account is completed. As items are disputed the bureaus will forward correspondence directly to you regarding the progress on the disputes.
Send the original reports to Mercedes Enterprises INC and make copies to be kept for your records.
All correspondence must be mailed to the following address in a new envelope: Mercedes Enterprises INC 626 RXR Plaza, 6TH FL Uniondale, NY 11556-0626
All Reports and Updates must be placed into a new envelope and mailed within five days of receipt. Do not write on the original envelope or forward by placing our address over your address. Please keep individual credit bureau reports in their original individual envelopes so they are not mixed together. We also recommend mailing your reports via U.S. Postal Priority Mail with delivery conformation. (Failure to do so will void our guarantee).
Your account will go into a holding status until the account is brought up to date. If payment is not made in 60 days then account will be closed.
You can pull your credit report from any online source of your choice. We cannot pull your credit report for you as it is clearly stated in the FCRA that credit repair companies do not have permission to pull your credit report for the purpose of helping you repair your credit. We can assist you in pulling it but we cannot pull your credit report for you like a mortgage broker or auto dealer would.
If you pull your credit report online from a credit monitoring website, there is no negative impact to your credit report or score. There are two types of credit inquiries: 1-Soft Inquiries and 2-Hard Inquiries. Soft inquiries cannot be viewed by potential creditors and don't affect your credit score. Hard Inquiries, which are the inquiries that are left behind when you apply for things such as car, mortgage or credit card, do have an impact on your credit history and may affect a potential creditor's decision to extend credit. If you have too many hard inquiries, lenders might view you as someone who is trying to apply for too much credit.
Pulling your credit online for the purpose of monitoring your credit will not have a negative effect on your score.
As a Credit Repair Organization, we are prohibited from pulling your credit report. The FCRA (Fair Credit Reporting Act) clearly states in section 604 that the credit bureaus cannot furnish credit reports and information to third parties for any other purpose than what's defined on the FCRA. If other Credit Repair Companies are pulling credit reports using nothing more than a name, address and social security number, they might be doing illegally and are most likely putting unnecessary inquiries on people's credit report. Be very cautious about credit repair companies that offer to pull your credit report by just taking your information. We can assist you in pulling your credit report online from a credit monitoring service, this has no negative impact on your credit report.
When challenging information on your credit reports, it is common practice of the credit bureaus to ask for your personal identification. We are being proactive by requesting that information from you ahead of time and sending it to them. That can potentially reduce any future delays. By doing this we ensure that your file gets handled as fast as possible.
No one can guarantee that they will be successful at repairing your credit. It is impossible to guarantee the outcome of something as complex as having to deal with information on your credit reports. The credit bureaus can ignore our efforts and decide that the information on your credit report is accurate even when it's not. We only guarantee that we will work diligently and tirelessly to help you accomplish the desired goal.
Yes, it is possible that your credit score can go down while we are working for you. This can happen when new negative information that was not on your credit report gets reported, if you stop paying current bills or fall behind on payments or if you max out your credit cards or credit lines. There are other factors but these are the most common. We have no control over those factors or the impact that they have on your credit report even if we are working for you.
It is very rare for an item that has been deleted by the credit bureaus to be reinserted into your credit report. However it is possible. One common issue is when a collection gets sold to another collection agency and the account is reported as a new account with a new name, a new account number and the same original creditor. This can create some confusion but it's ultimately a new account and not the same one. In order for an account to be considered the same account it would have to have all the same information it had before. We only see this issue with some accounts that have balances.
When it comes to credit scores, there are many different models out there. As confusing as it may sound, you could have a 700 credit score in one website and a 550 credit score on another. Yes, we agree, it is ridiculous and confusing. Credit scores these days are measured in scales. So a credit score can be on a scale of 300 to 1000 or 300 to 850, ETC. The most important credit score model out there is called the FICO model, which is used almost every industry. The FICO model runs on a scale of 300 to 850 with a 740+ considered as an excellent credit score.
We get this question all the time. Credit repair is legal. The credit repair industry is regulated and recognized by state and federal governments. Credit repair is a legitimate service that some consumers need because they prefer to have some one work on their report rather than themselves. It legal to hire someone to work for you as long as they are compliant. The client determines which information they believe should be worked on based on their instructions.
Paying off an account or collection does not guarantee that it will be deleted from your credit report. When you pay off a collection the creditor will ofter reported as paid collection and the account will remain on your credit report for the maximum time allowed or until you chose to dispute the account. Creditors will not remove an account from your credit report just because you paid it.
