FAQ's About Our Services

Car Loan

Home Loan

Damaged credit on a vehicle is nothing compared to the effect of damaged credit on a home loan. A typical home can cost between $180,000 and $300,000 more in interest of the 30 year loan, if you are buying the home with damaged credit. Example:
 

Credit Cards
Usually you will not be unable to get an unsecured credit card with damaged credit. The accounts you may be approved for will typically have higher rates and low limits. 

Once we've received your credit reports, we will analyze your credit history to identify items that are responsible for bringing down your credit score. Then we will prepare correspondence to dispute these negative items on your behalf. Although we encourage consumers to dispute their own credit - IF they have the time and knowledge to do so, it is important to note that, according to federal law, the credit bureaus can legitimately ignore your dispute under a variety of conditions. In our experience, a large number of dispute letters sent directly from consumers are rejected and ignored because the appropriate request was not made. Correspondence from The Mack Financial Group are expertly crafted such that credit bureaus must accept the dispute and conduct an investigation.

A disputed credit listing must be verified as accurate for it to remain on the credit report. If the credit listings contain an error, the credit bureau may simply correct the item, but very often disputed credit items cannot be verified because either the creditor either no longer possesses necessary information or does not to go to the effort of verifying it. Furthermore, the investigation must be completed within 30 days or the listing must be removed. For these reasons, properly disputed credit listings are removed from your credit report with remarkable frequency, when the proper correspondence has been submitted.

At the conclusion of the credit bureau's investigation, a new copy of the credit report is sent to you along with any deletions or improvements. VITALLY IMPORTANT you must quickly provide us with a copy of the new credit report or ANY correspondence from any creditor or credit bureau - REGARDLESS of how trivial it may seem or how threatening the tone of the letter might be. Once you've done your part - the cycle repeats itself at strategic intervals and derogatories begin to melt away.

Each time an investigation is initiated, the odds of receiving a particular deletion increases.

Everyone wants you to see results immediately. Although everyone's credit history is different, most people will see substantial progress within the first 45 days of their membership. The majority of time is spent waiting for the credit bureaus to respond to our requests. The timeliness of our clients submitting credit bureau and creditor responses is critical - Our hands are tied until the client does their part.

We take great effort in getting our disputes to the bureaus as fast as possible. The Mack Financial Group is currently averaging 20-40% derogatory deletion rate for within the first 30-45 days.
 

By law, no credit repair company can guarantee that they can get items removed from your credit reports, but we stand behind our services and, if we don't remove at least 3 derogatories from your credit report, you will receive a prompt and courteous, full refund. Warranty for more details.
 

This happens occasionally by accident or when a challenged entry is temporarily removed by a credit bureau only to have the item later verified by a creditor and re-added to the report. This is what is known as a “soft delete”. The Mack Financial Group specializes in “hard deletes” and should anything reappear will re-challenge the item with the full force of the prior removal in our favor.

  

Disputing items on your credit report is your legal right (see the Fair Credit Reporting Act). When you use The Mack Financial Group to help repair your credit, we are abiding by and using the full force of all federal and regional consumer credit reporting laws while abiding by regulations which govern third party credit repair companies.  

A credit score is a number lenders use to help them decide: "If I give this person a loan or credit card, how likely is it that I will get paid back on time?" A score is a snapshot of your credit risk at a particular point in time. The most widely used credit scores are FICO scores. Lenders use FICO scores to make billions of credit decisions every year. Fair Isaac develops FICO scores based solely on information in consumer credit reports maintained at the credit reporting agencies.

Credit scores also are designed to indicate your creditworthiness in comparison with other consumers.

Credit scores are based on the data in your credit report and are generated by computers using artificial intelligence. Usually a credit score is between the numbers 300 to 900. The higher your score, the more "creditworthy" you are to lenders.

What’s In Your Score

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your score.

These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.

Payment History

• Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)
• Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)
• Severity of delinquency (how long past due)
• Amount past due on delinquent accounts or collection items
• Time since (recency of) past due items (delinquency), adverse public records (if any), or collection items (if any)
• Number of past due items on file
• Number of accounts paid as agreed

Amounts Owed

• Amount owing on accounts
• Amount owing on specific types of accounts
• Lack of a specific type of balance, in some cases
• Number of accounts with balances
• Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)
• Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)

Length of Credit History

• Time since accounts opened
• Time since accounts opened, by specific type of account
• Time since account activity

New Credit

• Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
• Number of recent credit inquiries
• Time since recent account opening(s), by type of account
• Time since credit inquiry(s)
• Re-establishment of positive credit history following past payment problems

Types of Credit Used

• Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)

Please note that:

• A score takes into consideration all these categories of information, not just one or two.
  No one piece of information or factor alone will determine your score.
• The importance of any factor depends on the overall information in your credit report.
  For some people, a given factor may be more important than for someone else with a different credit history. In addition, as the information in your credit report changes, so does the importance of any factor in determining your score. Thus, it's impossible to say exactly how important any single factor is in determining your score - even the levels of importance shown here are for the general population, and will be different for different credit profiles. What's important is the mix of information, which varies from person to person, and for any one person over time.
• Your FICO score only looks at information in your credit report.
  However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.
• Your score considers both positive and negative information in your credit report.
  Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score

When we delete a negative credit report listing, the actual debt still remains. In many cases you will still owe the same amount of money that you owed to before we started. If you don't pay the debt, the creditor or collection agency could always report the item again. So removing the credit report listing without addressing the underlying debt is only a temporary solution.

It is misfortunate when we see a client's results come back with 10 deletions and 5 new derogatories based on bad credit and spending habits.

Our book "Changing Your Financial Future" is designed to help you modify the way you spend money and use credit - financial habits that can truly - change your financial future!