CREDIT MOJO FAQ
Unlock the secrets to credit repair with Credit Mojo’s FAQs. Find answers to common questions, valuable insights, and expert tips. Your journey to better credit starts here. Explore now! #CreditFAQs #CreditRepair #CreditMojoInsights
How do I cancel my account?
While your AI tool is free software, you might be paying for a third-party credit monitoring subscription at CreditMojo.com that provides your credit report and scores to your AI account. Here’s how to close your paid subscription account.
Sign in at CreditMojo.com with your credentials, select your account settings, and cancel your account.
For assistance, please give us a call at (702) 903-7017
Can Credit Mojo's AI tool remove late payments, inquiries, collections, etc.?
Any account can be repaired or deleted from your credit report IF and only IF it’s not reporting accurately or cannot
be verified by the data furnisher…that’s the law. When Credit Mojo DIY imports and scans your credit report, it finds
all of your negative accounts, looks for twenty different kinds of errors, and then guides you through the simple steps to create disputes. You can dispute any account you want including late payments, inquiries, collections, bankruptcies, and more. It might take several rounds of dispute letters to determine if an account can be deleted so stay the course and let the software guide you through the process.
How does Credit mojo's AI credit repair tool work?
CreditMojo is a DIY software platform that guides you through the entire credit repair process.
It automatically imports and scans your three-bureau credit report, finds your negative accounts, looks for twenty
different kinds of errors, then create your dispute letters.
It performs the same function as a full-service credit repair company only you print and mail the dispute letters
yourself. CreditMojo’s AI tool will automatically import and scan your new credit report every 40 days to provide the
results and guide you through the next dispute letters until your credit repair has finished.
(Your software name is free software, you only pay for a compatible three-bureau monitoring account.
Why are my scores different/inaccurate?
A: Credit scores can be perplexing due to several factors inherent in the credit reporting process.
- Your credit report and scores are dynamic, and generated at the moment of request using information provided by your creditors. Since not all creditors update simultaneously, your credit report and scores may vary from day to day. For instance, if a credit card balance is paid off after obtaining a report, the subsequent update could alter your scores.
- In the United States, two primary scoring models, VantageScore and FICO, are employed. These models utilize distinct mathematical formulas, leading to variations in credit scores. Moreover, FICO encompasses various “industry-specific” scores for auto loans, mortgages, credit cards, and insurance, each calculated differently.
Understanding these nuances helps interpret score differences accurately. If you have a 710 VantageScore and later observe a 680 FICO score, it doesn’t signify a drop; it reflects the diversity between two scoring models.
For a more in-depth explanation, consider exploring our Tutorials section, featuring a video titled “Different Scores Everywhere.” Whether you choose to engage with Credit Mojo DIY or Dispute Desk credit coaching videos, it’s recommended to add an article or video addressing this subject for enhanced clarity.
#CreditScores #CreditMojoDIY #CreditReporting #CreditEducation
Who sends the dispute letters with Credit Mojo DIY?
A: With Credit Mojo DIY, the power is in your hands. As a DIY software platform, you have the autonomy to choose the accounts you want to dispute. Our platform, Credit Mojo DIY, generates the dispute letters for you. You can then easily print and mail them, taking an active role in the credit repair process.
When engaging in credit repair independently, it’s crucial to keep two key considerations in mind:
- Disputes Must Be Sent by You: According to the Fair Credit Reporting Act, credit bureaus and creditors can disregard letters sent by someone other than yourself. By sending disputes personally, you ensure the effectiveness of your credit repair efforts.
- Use Physical Letters for a Paper Trail: Physical letters are treated differently by credit bureaus and often yield greater success compared to online disputes. Maintaining a paper trail adds credibility to your dispute process.
Taking charge of sending the letters is a key reason why individuals using Credit Mojo DIY experience comparable or even superior results compared to hiring a traditional credit repair company.
#CreditRepair #CreditMojoDIY #DisputeLetters #CreditAutonomy
What should I do if one or more bureaus are missing from my three-bureau credit report?
If you notice missing bureaus, it’s likely there was an error retrieving your data. Credit bureaus may withhold your credit report for security reasons if they’re unsure about the authenticity of the request. This is generally an easy fix. Please reach out to our monitoring service at (702) 903-7017 for prompt assistance.
I've disputed an account multiple times, but it's not getting deleted. What should I do?
The law allows for the removal of any account from your credit report if it’s erroneous, outdated, incomplete, or unverifiable. If, after five rounds of disputes, your creditors have demonstrated to the bureaus that the information is being presented correctly, they likely have fulfilled their obligation under the Fair Credit Reporting Act. If there’s nothing else about the account that you believe is reporting incorrectly, the dispute process has concluded. If you have accounts with outstanding balances, consider exploring the option to settle the debt for a lower amount. The impact of a paid collection will depend on the credit scoring model the lender is using. Newer versions of popular credit scores like FICO® 9, VantageScore 3.0, and VantageScore 4.0 all ignore collection accounts with zero balances. If a lender uses one of these models to calculate your credit scores, then paying a collection could benefit you.
#CreditRepair #DisputeProcess #DebtSettlement #CreditScores
My credit score dropped, and I'm not sure why. Can you help?
Credit scores naturally fluctuate, and before jumping to conclusions about a downward trend, let’s troubleshoot. Most score decreases can be explained by one of these five reasons:
- Score Migration: It’s normal for credit scores to fluctuate by 20-30 points monthly, often due to credit card balances and other minor factors.
- Different Sources: Ensure you’re obtaining your credit report and scores from the same source. Different sources on different days may provide varying credit scores due to data differences.
- FICO & VantageScore: Two primary scoring models in the U.S., FICO and VantageScore, use different formulas, resulting in distinct credit scores. It’s like Fahrenheit vs. Celsius—conveying the same information with different numbers.
- Thin File: Scores may vary significantly with limited positive credit data or new positive credit. During the repair process, scores might be erratic as accounts are in dispute or being deleted.
- High-Risk Actions: If scores drop over 40 points, it’s often due to high credit card usage, new derogatory information, a lowered credit limit, or the deletion of an older account, reducing the age of your credit report.
#CreditScoreDrop #CreditFluctuations #CreditTroubleshooting #CreditRepair
I didn't get a response from my Round 1 letters. What should I do?
If you didn’t receive a response from your Round 1 letters, there’s no need to worry; it’s time to move on to your Round 2 follow-up letters. Successful credit repair often requires multiple dispute letters that build on each other. That’s why Credit Mojo is here to guide you through creating Round 2, Round 3, and, if needed, Round 4 and Round 5 dispute letters.
With each new credit report, the software scans each account and suggests a dispute reason based on the information it observes. Patience is a crucial part of the credit restoration process. If an account can be deleted from your credit report, it might take several rounds of dispute letters, and Credit Mojo will be there to guide you through each step.
#CreditRepair #DisputeProcess #CreditRestoration
What Dispute Reason Should I Choose?
The best dispute reason is the one that precisely describes why you believe the account is not reporting accurately. If you have any documentation or proof to support your claim, be sure to provide it.
If you don’t have a specific reason for your dispute but want to verify if the account is reporting correctly, Credit Mojo will provide a suggested dispute reason based on millions of successful disputes. While this doesn’t guarantee the account will be deleted, it does ensure a dispute based on consumer protection laws.
#CreditRepair #DisputeReasons #CreditAccuracy
Dispute Letters were sent too late, what should I do?
Credit Mojo works on a 40-day timeline. You have approximately seven days to create and mail your letters, allowing them to reach the bureaus within this timeframe. Then factor in thirty days for the bureaus to reply.
If some of your accounts are still in the Disputing status because the disputes were sent late, and it’s been over 32 days since your letters were created, you can move forward with your next disputes. Visit your CREDIT ITEMS section, click CREATE DISPUTE, and Credit Mojo will automatically isolate your negative items, preparing them for a Round 2 dispute. Ensure to get them in the mail as quickly as possible.
Are these FICO or Vantage Scores?
The credit monitoring account linked to Credit Mojo provides a VantageScore. Although credit scores are crucial, during the credit repair process, they don’t solely determine success. The measure of a successful repair is how many accounts you can get deleted or repaired from your credit report throughout the process. Remember, your credit score is based on the accounts on your credit report. If your VantageScore is improving, your FICO scores are likely improving as well, even though they may vary.
#CreditScores #VantageScore #FICOScore #CreditMonitoring #CreditRepairSuccess
Can I Update My Credit Report Now?
Credit Mojo automatically brings in your new credit report every 40 days. It takes up to 5 days for the letters to reach the credit bureaus and get processed. Then the bureaus have a full 30 days to conduct their investigation and reply. Even if the bureaus have already replied to you, creditors can provide new data within that same 30-day investigation timeline and change the results. This is why it’s recommended you allow at least 35 days after your letters were sent before updating your credit report.
#CreditReport #CreditUpdate #CreditRepair #CreditMonitoring #CreditBureaus
I failed the security questions for my credit monitoring account. What should I do?
Sorry to hear you had some difficulty with the security questions. If you were unable to successfully answer the questions provided by Credit Mojo, they will lock the account for security purposes. You may try again once 30 days have passed.
When will my account/score update?
Credit Mojo automatically updates every 40 days. You have roughly seven days to create and mail your dispute letters. Federal law provides the bureaus 30 days to complete the investigation from the time they process your dispute. Even though you might see a response sooner than 30 days, it’s best to give the bureaus all the time they are allowed by law. When Credit Mojo brings in your new credit report, it will complete a full analysis by comparing it to your credit report from the previous month. You’ll see what accounts have been repaired and deleted, if any. For accounts that have not been repaired or deleted, Credit Mojo will guide you through creating your next disputes.
Where can I dispute inquiries?
To dispute inquiries with Credit Mojo, navigate to the “Inquiries” section when creating your dispute letters. Scroll past the “Accounts” and “Public Records” sections, and there you’ll find the “Inquiries” section. Choose the inquiries you wish to dispute and proceed with the easy steps to enhance your credit journey. #CreditInquiries #CreditRepair #DIYCredit
What is DIY Credit repair, powered by AI? why should I consider it?
Credit Mojo DIY is a cutting-edge credit repair solution harnessing the power of AI. It empowers individuals to take control of their credit journey. By leveraging advanced technology, Credit Mojo DIY simplifies the credit repair process, making it accessible and efficient for users. Our AI tool will scan your credit report for mistakes and write custom dispute letters. Then the user prints and mails them off!
How does an AI Credit repair tool from other credit repair solutions?
Credit Mojo DIY stands out with its AI-driven approach and user-friendly portal. The AI software is a FREE tool included with your credit monitoring account. AI writes the letters, and you print and mail them off. With AI there is no longer a need to hire a credit repair company.
Is Credit Mojo secure and private?
Yes, we prioritize client privacy with robust security measures, including encryption, secure storage, and regular audits throughout the credit repair process.