Frequently Asked Questions

What is Credit?

“Credit” is the privilege to use the financial means of another party. When you apply to any financial institution for a loan, mortgage or credit card, you will need to provide evidence of the ability to repay, and a history of repaying past credit. You can get better terms with lower interest rates if you have good credit ratings, but with a poor credit rating, you may not get credit at any price. Building a good credit record is important to achieve many desirable goals, such as homeownership, vehicle financing, and various forms of wealth building.

What is credit repair?

Credit repair is the process of cleaning up inaccuracies on your credit report, removing wrong or inaccurate information, protect your identity and become more informed on your credit issues. If you repair your credit file, it is likely your credit score will improve, and thereby will obtain better interest rates and save money.

Why is there the need of repairing credit?

Because your credit record will influence your qualification for credit in the future, and could possibly affect rates for your current credit lines. Accordingly, if your credit report is incorrect, the reparation of the credit file will help improve your chances. A good credit score helps you obtain low interest rates and long term loans, like home loans or car loans. Lenders may charge high interest rates or impose undesirable repayment plans for you. Given the stakes and the consequences involved, it is clearly to your advantage to work toward recovering from a bad credit rating.

What do Credit Bureaus do?

Credit Bureaus are companies that maintain records of your credit lines and performance. Records go back seven years, and up to ten years, for bankruptcy data. Creditors, banks, mortgage companies and other financial institutions supply this information to the credit bureaus, and they compile them into a credit report. A credit report has details of how you have managed credit in the past, so other lenders can judge your credit worthiness. They tract the following information:

· Open accounts.
· Closed accounts.
· Credit limits.
· Current balances.
· History of on time and late payments.
· Collection actions.
· Tax and other liens
· Homeownership.
· Current address, and former addresses

What to do after getting my credit report?

Review your credit report carefully, and check for any negative information. If you find an error or omission, there are two ways to dispute them, either with the credit bureau, or with the creditor providing the information. Federal laws give you the right to challenge the accuracy of the credit report and to eliminate incorrect items. Credit Bureaus are required to investigate the items within 30 days..

Why do I need Financial Literacy?

All of your financial goals will be unreachable unless you first live within your means. Hence, learning about budgeting, or a “Spending Plan“, how to develop it, use it, evaluate it, and improve it, are the foundational principles of financial literacy. It is a critical tool for creating and maintaining your financial health.

Do I still need a credit monitoring system if I already have credit karma?

Yes, You will still need a credit monitoring system that is compatible with the credit repair system used by Your Majesty Financial LLC. We suggest Identity IQ, Smart Credit, Privacy Guard these will allow us to import your credit report.

How long will it take to repair my credit?

The time frames vary based on how much repair is required. Please prepare to work on your credit for a year but you could see results in as little as six months.

How do I get in contact with Identity IQ if I have questions about my account with them.

You will have a direct relationship with IDIQ. Using and managing your account during and after their relationship with Your Majesty Financial is your responsibility. You can call IDIQ customer service for any questions about your account or billing related issues at 877-875-4347. The IDIQ service is a monthly recurring service, and you will be charged every month until you cancel directly with IDIQ.