F.A.Q | Sitio en Español
         

Frequently Asked Questions

 

· Debt Settlement

   

When does Creditech begin settling my debt?
Once you have fully retained our services, your creditors will be notified immediately and Creditech will begin negotiations. However we can only settle a debt once the full funds are available.

How do I find out the progress of my debt settlement?
You can call our customer care department at (305) 592 - 0554 Monday thru Friday from 9:30am to 5:30pm Eastern Standard Time to speak with a representative.

Why should I use Creditech to settle my debts instead of handling it myself?
Our team has extensive experience in negotiating debt working with creditors. We have an impeccable relationship with creditors and collection agencies, who are usually unwavering in negotiating with the consumer directly. Our team has extensive knowledge in consumer debt and the Fair Credit Reporting Act.

Do I have to include all of my creditors into the program for settlement?
No. We recommend that you keep open at least one credit card. Any accounts that are included in the settlement will have to be closed immediately. Creditors won't settlement accounts that are still open. You should keep one credit card open for emergency use only. Please be sure that the card you keep out of the program does not have same issuing banks as any included in the program. (This will negatively affect our negotiating power).

 

How long will it take for me to settle my debt?
It typically takes about 12-48 months, including all fees... However, it could be much sooner depending on your individual program.

How much does this program cost?
Our Debt Settlement Program costs are based on percentage of your total debt. Your monthly payment will de determined by what you can comfortably afford, and is based upon your level of debt, income, and living expenses.

How do I pay for these settlements, how does it work?
We work out a monthly amount that each client can afford to pay. That amount is electronically debited from their personal bank account and deposited into their "settlement account" at a federally insured bank on the date (s) they work out with our Debt Consultants.

When the client has accumulated enough money to cover the settlement and our fee, we contact one of the creditors and make them an offer. Offers are submitted until both the client and the creditor agree on the amount. We then get the client's written or electronic approval on the total settlement (including fees). Upon receipt of the client approval, the bank will release the funds necessary to cover the total settlement (including fees). Once this settlement is paid, the client will begin the accumulation of funds in their settlement account and the process will repeat as money becomes available for the next settlement. We continue in this way until all of the accounts are settled.

It is important to note that we do not make any monthly payments to the creditors and we cannot pay for a settlement without our client's written or electronic approval

· Debt Consolidation

   

How will the program affect my credit report?
Depending on your personal situation, participating in Creditech debt consolidation program could have a positive affect on your credit rating. Those who are in need of our plan will benefit by consistently making their monthly payments. This step alone will help you avoid negative marks on your credit report.

If your credit report already shows any late or missed payments, then debt consolidation program will more than likely enhance your record because of our on-time, single monthly payment method. As an added bonus and incentive, through Consolidated' plan, many creditors will bring current your account after three consecutive payments, and as long as you continue to make all your monthly payments on time. Once you have paid off all your debts and have finished with the plan, it will be easier to reestablish your credit and stay financially healthy and debt free.

 

Will I receive statements from my creditors?
Yes, you will receive statements each month from your creditors. These statements will reflect how much your debt is being reduced and enable you to track the progress you have been making. Please monitor these statements to make certain that the benefits you have received, by enrolling in our debt management program, such as lower interest rates and reduced fees, are active. If you find any discrepancies, don't hesitate to contact our costumer service department.

· Credit Repair

   

Can bad credit be removed from my credit report?
Absolutely, and for many reasons. The obvious one being that a creditor has erroneously submitted it to a credit bureau. Many consumers' credit reports are incomplete and inaccurate. By law, Credit bureaus are obligated to remove erroneous account information in an expedient manner. Credit bureaus and even government officials employed by the federal trade commission want you to believe that it is not possible to delete bad credit from your credit report. We will do it legally and efficiently, in a manner in accordance with all the rules and regulations inherent upon our company.

How much does bad credit cost?
· AUTOMOBILE FINANCING: It costs approximately eight thousand dollars ($8,000.00) to finance a twenty thousand dollar ($20,000.00) car over the course of five years.

· HOME MORTGAGE: It also costs approximately one-hundred-thirty thousand dollars ($130,000.00) over the course of thirty years to finance just a $100,000.00 one-hundred thousand dollar home.

· CREDIT CARDS: An individual with bad credit will not be able to obtain a prime credit card. There are a few credit cards available for individuals with bad credit, they are called sub-prime credit cards that usually come with exorbitant set-up fees, high interest rates and often require cash deposits. Most of these credit card issuers do not report your positive credit card activity to the credit bureaus.

Over time does the deleted account reappear?
No, once an account is deleted it cannot reappear. Creditech makes sure that all the accounts disputed remain deleted.

Does paying off past due accounts help to improve my credit ratings?
To a very limited extent. The best way to improve a person's credit rating is to remove the negative item from their credit profile.

Why should I hire Creditech when I can dispute the negative items myself?
Anyone can correct his or her own credit. Let's face it, many of us could represent ourselves in the court of law or file our own taxes as well, but we would rather hire lawyers and accountants. Creditech offers a professional alternative to correcting your credit profile. Due in part to the fact that creditors and credit reporting agencies do not want to remove negative items from consumers profiles, they will use a variety of roadblocks and bureaucratic red tape to delay the process and elude the credit laws. We are all too familiar with these tactics and have developed the best known plan of action to combat and obligate the creditors as well as the credit reporting agencies to adhere to and abide by all the rules and regulations of the Federal government. It has been our experience and for many reasons that the majority of creditors and the credit reporting agencies themselves have had much difficulty following proper Federal procedure either in handling and/or submitting a negative account to be placed on a consumers credit profile.

 

How long is this going to take?
We cannot tell you an exact date since the laws have changed. All the cases are different and this is the reason why some cases take longer than others. Once we pull out your credit report, we can give you an approximate time of your process duration.

START UP INSTRUCTIONS
Social Security Verification (as required by the credit reporting agencies) you must have one of the following forms of verification and send a copy to us via. U.S. Mail.:
a) Photocopy of your Social Security Card.
b) Photocopy of your pay stub displaying your full social security number.
c) Photocopy of your W-2.
d) Photocopy of your Health Insurance Card that contains your full Social Security Number.

CURRENT PICTURE I.D. (one of the following):
a) Photocopy of your drivers license
b) Photocopy of your State I.D.
c) Photocopy of your Passport

ADDRESS PROOF:
- Bill (water, light or telephone)
- Void Check

What can Creditech do for me?
We can correct your credit profile. We remove negative items that have an adverse effect upon your credit rating. After we receive either your three in one report or each profile from Experian, Trans Union and Equifax and your personal information we will begin to dispute on your behalf all items that you wish for us to remove from your profile. You will need to specify which errors need to be removed.

Are items such as bankruptcies and foreclosures removable?
Absolutely. We do remove items of public record such as Bankruptcies and have done so for many of our past clients. T. These are all considered items of public record.

     
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