Hiring a credit repair payment processing company has many benefits for your bottom line when it comes to collecting funds. Before we get into how Payment Automation Network can help your credit repair company function, let’s look at the most commonly asked questions asked about credit repair. If your clients want to become more financially responsible there is no better time to start than now.
What are the first steps to becoming more financially stable?
It is best for your clients to review their current financial situation which means finding out the information that credit bureaus have on them, and how best to tackle the problems if they have bad credit. Let’s look at the basics first.
What Is A Credit Repair Service Company?
A credit repair service company will try and help you fix your bad credit score rating. They will investigate what negative items you have on your personal credit report. Knowing what the problems are is the first step to improving your chances of getting approved for loans, mortgages and insurance, and will even improve the interest rate that accompany them.
What is the Credit Repair Organizations Act 1996?
The Credit Repair Organizations Act is intended to prevent credit repair organizations from partaking in unfair business practices by taking advantage of poorly educated consumers or consumers from limited economic means.
What is FICO?
FICO (formerly Fair Isaac Company) is a predictive data analytics company that generates credit scores. These credit scores help lenders predict the level of risk in regards a loan. The FICO score is a predictor of how likely it is a person will be able to pay their bills on time, or how big a line of credit they will be able to afford. The FICO credit score is the most widely used in the financial industry. They get their credit information from the three national credit bureaus in the U.S. (more on that below).
What Is the FICO Credit Score Range?
Generally, the FICO score range is between 300 and 850. The lower your score, the harder it will become to get approved for loans or get favorable interest rates on them. A credit score of 760 and above is considered excellent.
Who Are the Three Major National Credit Bureaus?
The three national credit bureaus in the U.S are Equifax, Experian, and TransUnion. They collect all of the consumer credit information and sell it to financial institutions in the form of a credit report. They can only sell these credit reports to businesses/financial institutions that have a legally valid reason for requesting it.
How Do I Get My Free Credit Score?
You can order online a free credit score report or call (877) 322-8228. You are entitled to one free report per year.
Why is Having a Good Credit Score Important?
Having a good credit score is important in the long run as it will save you money and allow you greater access to loan approval. A good credit score can also make you eligible for discounts on products and services.
What is Payment Automation Network, Inc.?
We are a nationwide leader in helping Credit Servicing and Credit Repair Companies process their accounts by quickly and securely collecting and disbursing funds from your clients. We have the ability to charge an upfront fee allowing you to take on clients risk free in accordance with the Federal Trade Commission.
Why Choose Payment Automation Network, Inc.?
We take over the burden of collecting funds from your clients and with our superior ability to integrate with multiple CRM software systems there are no issues with double data entry, manual entry errors, or having to convert data between two systems.