Questions and Answers on the repair process and broker benefits.
How long does it take?
Every case is different, of course, but on average our clients continue the program for 9-12 months. During that time, the majority will experience successful mortgage financing, reduced credit card rates, and other benefits, which continue long after the program has reached completion. The amount of work and time require will depend on short-term and long-term goals and the client's credit situation when they begin the program. First results will usually take effect within 45 days, with subsequent improvements occurring every 20-30 days thereafter. Most mortgage candidates will realize a successful loan in 3-6 months, while continuing afterwards to reach complete optimization.
How much does it cost?
Each prospect can enroll for an initial membership fee of $69 or $99 depending on plan selection, and will then be charged $49 or $79 per month beginning one month later. For couples who enroll together, the second membership fee is reduced by $25. Given the average time to repair damaged credit, most clients pay about $350 over the course of 4-12 months. Because every credit score increase of 20 points can drop loan rates by as much as 1/4 point, a couple hundred dollars in preparation can reduce monthly payments by hundreds and total interest payments by tens of thousands of dollars.
What's in it for me?
Free up your time for closing loans. Capture incremental business. Improve your borrowers' experience. Supplement your marketing campaigns. Leverage your existing book of business with refinances. Optimize your own credit. Speak with one of our specialists today to see just how our program can work for you.
How do we get things removed?
Information Reporting laws in the United States require best effort on the part of Database administrators to ensure accuracy. The basic idea is that if corporations are going to collect, analyze, sell, resell, and purchase information about consumers, they must have systems in place to ensure that the information is accurate. The unfortunate reality of the situation is that very little resources are put into maintaining the integrity of these very public databases. Because they have chosen to minimize internal controls, the three main credit bureaus are required to work with external agents, including the consumer and third party advisors like Veracity, in monitoring the accuracy. Working with the consumer, Veracity identifies errors and other mistakes in reporting. Usually these are small details within the information of each tradeline that are having a large impact on the credit scores overall. Veracity then communicates this information to the credit bureaus to inform their investigations with the original sources of the information. If the incorrect data is confirmed as incorrect, it is removed, or if the source of data refuses to cooperate with the investigation, the information is removed.
Is Credit Repair Legal?
Yes. There is a specific body of legislation, the Credit Repair Organizations Act (CROA) that outlines how credit repair companies may legally operate. This Federal regulation is proof that the industry as a whole is not a "scam." Of course, there have been and will always be some "bad apples" in every industry, but taking the time to partner with a legitimate, professional company can provide endless benefits. As personal credit information grows in importance, professional assistance to navigate, analyze, and correct these records is becoming crucial.
Veracity is leading the formation of ORCA, Organization for Responsible Credit Advocates. This industry organization brings overdue legitimacy and integrity to the credit repair field, and represents all certified credit repair organizations. Accredited credit repair firms are overseen to ensure they embody top standards and ethics, and adhere to all applicable state and federal laws in their practices.
Please see our testimonials page for some real feedback from people that may have initially approached our Credit Optimization Program with skepticism.
Why can't clients do this themselves?
We advise all clients that they are free to contact the credit bureaus on their own. However, there are no shortcuts to the experience necessary to successfully optimize your credit reports. The first step is making sense of all the information on a credit report. It's not the obvious information that affects credit scores. Knowing how every aspect of an account, and how all tradelines taken together, influence that particular credit score is a skill that cannot be learned with a book or information found on a website (although we do recommend information for our clients, in particular Evan Hendricks' Credit Reports and Credit Scores). Credit reports and credit scores are dynamic and unique to every individual; what works in one situation may have no effect in a different case. Accuracy in reporting is rarely straightforward, either. For example, if your cell phone account was sent to collections, and this is reported on your credit report, why is it likely that it is not accurate? (Answer: Call one of our specialists for the explanation, it's a little too long for a FAQ!) Finally, communicating necessary changes to the credit bureaus can be a very frustrating process. The process requires persistence and aggressiveness; addresses, telephone numbers, and fax numbers frequently change; submissions are often ignored on technicalities; and when changes are not made as expected, there are no credit bureau service reps to explain. Veracity takes on this frustration for the client, and we never give up.
This is a hint at what is required to successfully dispute a negative error on a credit report. Optimizing all the other details on a consumer credit file that are so important requires even deeper knowledge of the system. At Veracity we work day in and day out to stay on top of this system.
Why shouldn't I just help my clients with credit repair?
How much of your time do you spend actually closing loans? How much of your time is distracted from this core activity by working through credit concerns with your clients, month after month. What if you had all of this time back?
Can Veracity do a Rapid Rescore?
Rescoring is a fundamentally different service than Veracity's program. Rescoring happens at the reseller level, and must be paid for by the loan officer. The value of rescoring is timing, but the requirements and cost are usually prohibitive. Rescoring provides a guaranteed response of a line-item change within 5 days. Required for each tradeline and each bureau, are documents from the source outlining changes that will be made. Rescoring accelerates this process. However, without documentation a rescore request will be denied, and there are no guarantees that even with documentation, changing a tradeline will result in higher credit scores. Finally, with an average of $30+ per tradeline pre bureau, rescores should be used only in very specific situations.
Veracity's comprehensive program focuses on the entire credit report, and the credit bureau level. Many times, creditors or credit bureaus are hesitant to take responsibility for the information they report, and will not provide the consumer with any positive documentation. Sometimes there are far too many mistakes to justify the high price of rescoring. And frequently a combination of small, overlooked details are the basis for large credit score increases. Veracity looks at every possible piece of information on a credit report, and through a detailed analysis determines all corrections and optimization that are likely to benefit credit scores. Then, working with the client, all changes are made over the course of the program. These are permanent changes that the client will be able to sustain long after the initial program is completed.
What's your affiliation with the NAMB?
Veracity is a member of the National Association of Mortgage Brokers through its affiliation with CAMB, the association of Veracity's home state, Colorado. Veracity is active in state association initiatives and educational programs nationwide, with the goal of refuting misconceptions about the credit repair industry and empowering mortgage professionals and consumers alike with knowledge about the consumer credit reporting system.
Why should I wait so long?
Simply put, if a client was unable to qualify for an acceptable loan package, it's better to add the deal to your pipeline than lose the deal altogether. Veracity undertakes work for and communication with the client on your behalf, so that you can focus on loans that are ready to close. When previously unqualified clients are ready, they return to you for financing. We make sure of that. For clients who wish to refinance, better to wait a few months and create a win-win situation where they are motivated to close the loan and are happier with their interest rate and loan package. Many of our mortgage partners double their business within six months, because they have deals in the making but are able to spend all of their energy on loans that are ready to close.
Why do you bill monthly?
Veracity's billing structure is set up as an initial membership fee, followed by a small monthly fee at the end of each month of the program. The Credit Repair Organizations Act states that fees for credit repair can only be collected in arrears. While Veracity's program is not typical of Internet credit repair programs, we still recognize all applicable regulations. The ongoing monthly structure both adheres to the law and allows our clients the flexibility to remain on the program as long or as shot as they wish. Unlike other companies, we do not require long term commitments, but rather rely on the quality and value of our program to reassure clients about continued participation.
How do I send clients?
Simple! Tell your clients briefly about the benefits of Veracity's service, and let them know to expect contact from us to enroll and answer any further questions they may gave. Send us their reports and the best contact number for your prospect, and we will call with a detailed credit analysis within 24 hours of our receiving their reports. To learn more, visit our section on enrolling your clients.
Will I be contacted regarding my clients' status?
We're in contact as much as you like. We'll make sure that you are updated every time another one of your borrowers begins the program, and we keep detailed ongoing records of the status of each borrower that has enrolled in the program. It's important to remember that updates are always happening for clients; if something very positive or negative happens for any particular client, we will let you know immediately. Otherwise, we recommend that you call in every couple of weeks minimum, to get updates from your Veracity contact. Of course, we'd love to hear from you more frequently than that!
Are you a member of the BBB?
Yes. Veracity is a member of the Better Business Bureau, and remains in frequent contact with the Denver /Boulder local bureau. Veracity works with both local and national organizations, including the BBB, to bring integrity and acceptance to the credit repair industry through information and education. If you have any questions please contact the Denver/Boulder BBB at (303) 758-2100, or email them.
What's the difference between Veracity and Debt Consolidation?
Debt Consolidation and Credit Counseling are for consumers who are currently overextended. They are not able to make current payments on debt loads, usually as result of overindulgence in credit cards and other revolving credit accounts, and the extremely high interest rates and monthly payments that usually join these types of debt. Debt consolidation is essentially an arranged payment plan to help credit card companies get their money, and consumers back on their feet.
Veracity's Program is designed for consumers that have experienced credit troubles in the past, the residual effects of which are now exaggerated on their credit reports, and those consumers with damaging errors reporting on their credit files. In other words, the service is best for those clients that are currently stable with their finances. One of the questions we ask during our initial consultation with every client is "Can you currently make all your payments on time?" If payments are too tight right now, we recommend that the client save our fees, stabilize their finances, and then reapply for our program, at which point we will welcome them.
Why haven't I heard of Veracity until now?
Veracity does not advertise on radio, television, direct mail, or any other traditional media. You may be able to find our website through search engines such as Google or MSN, but we also refrain from irritating internet marketing programs like pop-ups and generic spam emails. We have built and continue to build our business through word-of-mouth and our work with different organizations, including NAMB, the BBB, and ORCA, to bring integrity and recognition to the credit repair industry.