Credit Repair Quiz
Credit Repair Quiz: prepare yourself to Repair Your Credit
QUESTIONS
1) how long will it take to repair your credit?
A) 6 weeks
B) six months
C) It takes as long as it takes
2) how much time does one need to devote to your credit score repair efforts?
A) two to three hours a month
B) two to three hrs every week
C) It will take as long as it takes
3) how much can credit repair improve your credit score?
A) minimal fifty points
B) over one hundred points
C) There are not any protected range of points your credit score can easily improve
4) what’s the primary part of the credit repair procedure?
A) Apply for a secured credit card
B) Get copies of your credit history
C) Pay off aged debts
5) what’s debt affirmation?
A) when you verify with a debt collector that you simply owe a financial debt
B) when a debt collector provides proof which you owe a debt
C) The method a debt is listed on your credit history once it has been paid
6) If your debt has reached the Statute of Limitations then what will happen?
A) you’re not lawfully necessary to pay the debt
B) The negative listing instantly removed from your credit reports
C) both A plus B
7) To whom will one submit credit report differences?
A) Credit bureaus
B) Original lenders
C) collection agencies
D) All of the above
8) ways to submit your credit report disputes?
A) Online
B) mail
C) Fax
9) how will negative listings be removed from your credit reports?
A) With the dispute method
B) Through the debt settlement method
C) both A and B
10) What’s the best way to build positive credit?
A) Pay your expenses on time, every time
B) Keep your credit utilization rate below 30 %
C) return your credit cards to a zero balance each month
D) All of the above
ANSWERS
1) how long will it take to repair your credit?
C) It takes as long as it takes
The credit repair method can’t be rush. for many of it, you’ll be waiting on reactions from the credit bureaus, creditors, or even collection agencies. however even as soon as negative listings are taken off your reports, you continue to takes time to add good credit history. It may be many months, or a year or more before you decide to see a big improvement inside your credit score.
2) how much time does one need to devote to your credit repair efforts?
A) two to three hours a month
Here’s what your monthly credit repair schedule may seem like.
3) how much can credit repair improve your credit rating?
C) You will find not any guaranteed number of points your credit score can improve
The only guarantee is that you basically can see some improvement inside your credit score at some point…provided a person follow the credit repair method and maintain smart credit practices going forward.
4) what’s the primary step in the particular credit repair process?
B) Get copies of your credit reports
You are entitled to free copies – from all 3 credit bureaus – every twelve months. To request yours, visit AnnualCreditReport. com. Then undergo every credit report with a fine tooth comb. Here’s what to look for. it is based on what you find inside your credit reports that you simply can get into following the step of the credit repair method – disputing listings with the credit bureaus.
As for paying off previous debts, attempt debt validation very first.
5) there is no benefits debt validation?
B) once a debt enthusiast provides proof that you simply are obligated to pay a debt
In case a debt collector cannot verify that you just owe a debt, then two things occur – you’re not needed to pay the debt and it should be taken out of your credit reports. Debt acceptance is especially effective for older credit card debt that the original lender has sold-out to a debt purchaser. The debt purchaser might possibly not have the documents necessary to confirm you owe the debt. make them confirm it.
Learn more regarding debt validation.
6) What will it mean if your debt has reached the Law of Limitations?
A) you’re not lawfully needed to pay the debt
However , the negative position will still be your credit reports for about seven years, which signifies it’ll still negatively have an impact on your credit. If you have got a debt that’s near the 7-year mark, you may wish to wait for it to drop off. However , if it is still a ways off, you may want to settle the debt (even although you’re not legitimately needed to pay it). basically make sure you’ve tried debt validation first. And if you do plan to settle, however sure to negotiate complete removal of the particular negative listing.
7) To whom does one submit credit report arguments?
D) All the above
Start with the particular credit bureaus. If your first question with the bureaus doesn’t work, attempt another. Keep from it till you have fatigued each possibility with the credit bureaus. If this doesn’t resolve the issue, then move to the original creditor collection agency.
8) how you can submit credit history disputes?
B) snail mail
All of the credit bureaus have on-line argument choices. However , it’s recommended that you simply send your argument certified mail with come back receipt requested.
Be sure to make copies of your question letter and make notice of once you receive the come back receipt. The credit bureaus have got thirty to forty-five days to reply once getting your dispute. If they don’t, the listing in question should be taken off your reports.
Discover the simple letter template that you should tweak and send your own dispute.
9) how will negative listings become removed from your credit reports?
C) both The and B
Bad listings may be removed from your own reports through a successful challenge method. However , you’ll also negotiate the removal when you settle a debt.
10) What’s a good way to build positive credit score?
D) All the above
Pay your own bills on time, every time. Keep the credit utilization ratio below 30 %. And return your own credit cards to a zero balance each month. If you’re having hassle obtaining a new line of credit to begin reconstruction, attempt a based credit card. simply make sure it’s one that reports to the credit bureaus.
