Frequently Asked Questions
Understanding credit is a complex journey. It takes time and dedication to fully grasp what actions can improve or hurt credit scores. At Sherpa Credit, we are passionate about guiding you toward a healthier relationship with credit – it’s in our name. Our Sherpas are credit experts and work hand-in-hand with you, providing counsel every step of the way. If your questions are not answered on this page, give us a call. Our Sherpas will be happy to guide you through your journey.
How will I know where I am in my journey?
As Sherpas, we will guide you along your path to a healthier relationship with credit. We will provide you with monthly updates on your progress, or more frequently if there are changes. You can reach out to your Sherpa whenever you have questions or concerns.
Can I set my path to better credit?
Absolutely. This is exactly what we did. The government has a set of laws called the Fair Credit Reporting Act, as well as the Fair Debt Collection Practices Act, that you can reference about challenging information on your credit reports. With that being said, the credit world is complex and full of barriers. Our team has years of experience and are experts at dissecting credit reports to navigate to better credit. This is why our Sherpas are the perfect guides for your journey.
What path do you take – do you just flood the system and hope for results?
No. Hope is not a strategy. We are not trying to “trick the system.” We are focused on getting you the results that you deserve. We leverage regulations and standards to ensure the accuracy of how your credit is being reported. Our proprietary attack process continues to evolve to ensure that credit bureaus, creditors, and their agents respond in timely fashion to our efforts. This strategy provides real results for real people.
Other firms that I have used simply disputed the issue on my credit report and it did not work, is that what you do?
No. Our Sherpas will work with you to ensure that there are no factual issues with your credit report. They will ensure we are on solid footing before starting the ascent towards your credit goal. That is, however, when the real work begins. Our Sherpas challenge the reportability of the account. Our attacks ensure that the reporting standards of METRO2 (the credit world’s accepted requirements) are being adhered to. You would be surprised at how often the industry does not follow its own rules. We hold them accountable on your behalf.
Can I still apply for credit while working with Sherpa Credit?
Yes, but we advise that you wait until you have made progress on the journey to improve your credit score. As you may know, access to credit and the interest rates you’re offered are often dependent on your credit score. Applying for credit might negatively impact your credit score, which could put you further behind on your credit journey. The path to better credit can take time, so be patient if you can.
How is it legal to have my credit repaired?
By following the very laws enacted to protect you, the consumer. These laws include the Fair Credit Reporting Act (FCRA), Fair Credit Billing Act (FCBA), and the Fair Debt Collections Practices Act (FDCPA). These laws are designed to ensure that you have fair and equal access to credit. We ensure that you are afforded those protections.
What actions does Sherpa Credit take?
Sherpa Credit maps out an individualized path to ensure you are afforded full protection under the law. This may include challenging inaccurate, untimely, misleading, biased, incomplete, or unverifiable negative items that appear on your credit reports. We focus on the reportability of the account by contesting that the requisite standards of METRO2 compliance are not being adhered to.
This strategy is effective not only on accounts with inaccurate information, but also accounts where the information is factual, but the METRO2 compliance is deficient. We ensure that the credit industry is following its own rules.
Does all of this mean that I do not have to pay my bills?
No, you still need to pay your bills. Keeping current on your financial obligations is one of the best ways to protect your credit score. We can help you on your credit journey, but you still need to do your part.
Once an item is removed from my credit report is it gone forever?
Not in every case. It is possible for a negative listing that has been deleted to be verified by a creditor after the deletion is complete. When this happens, the Fair Credit Reporting Act states that the credit bureaus need to inform you before re-reporting items that had been deleted. It is a rare occurrence to have an item removed and replaced, but it is possible.
If I pay my bills on time from now on will my credit repair itself?
Paying your bills on time will help make a difference, but it takes a long time. A late payment can stay on your credit report for up to seven years on its own.
How long do negative items stay on my credit report on their own?
A charge-off can remain on your credit report for up to seven years from the date of the first late payment that led to default. Bankruptcies can be even longer, up to ten years.
Can Sherpa Credit help with getting negative items removed from my credit report?
If there are inaccuracies in how those items are reported, yes.
Can repossessions be removed from a credit report?
Assuming we are unable to find any issues with how it is being reported, there are two potential ways to remove a repossession: 1) You can dispute a repossession. 2) You can try to negotiate with the creditor to remove it early.
Can foreclosures be removed from a credit report?
Yes, either after seven years or if there was a mistake made by the lender during the process. Unfortunately, the mishandling by banks of the foreclosure process has been well documented, so this is not as rare as you might think.
Can hard inquiries be removed from a credit report?
Yes, but only if due to an error or identity fraud. Sherpa Credit can help you determine if either of those have occurred. The good news is that hard inquiries typically come off of your credit report after only two years.
Can you negotiate a bill in collections?
Yes, you should consider pursuing that avenue whenever you can. It never hurts to ask, just make sure that you accurately relay all information. Be aware that you may incur tax liability for any reduction in outstanding balance owed.
Can Sherpa Credit help me understand my credit report?
Absolutely! We wouldn’t be very good Sherpas if we didn’t help you along your journey and explain things along the way. Credit can be confusing. We have spent decades in the credit and banking world. We are here to help you.