Frequently Asked Questions

Yes, Lighthouse Credit Resource Center uses Paypal’s secure server to help protect your payment information. Lighthouse Credit Resource Center also has safety measures in place to ensure any attachments via email are encrypted with a password to open. We value you, your success related to credit matters, and the confidentiality & privacy of your information. Lighthouse Credit Resource Center also utilizes the latest in internet and antivirus software to ensure protection from identity theft or other cyber negative activity.

A reputable credit repair agency can assist with credit repair and restoration, but generally the cost can average between $1,500 to $2,000. For a fraction of this cost, Lighthouse Credit Resource can assist you to better understand how you can assist building or rebuilding your credit. Also, keep this in mind, sometimes LIFE HAPPENS:

Unexpected Layoffs — Expensive Medical Expenses —
Downsizing of Jobs —
Unexpected death or sickness of a household income earner — Typical Errors & Mistakes on your credit report

You are better off learning and understanding the basics of how to build or rebuild your credit and increase your
credit score should something unforeseen and unfortunate happen in life.

A credit report is a detailed report of an individual’s credit history. The information collected from credit bureaus is compiled to create a credit report. Creditors use the created credit report to help them determine credit worthiness.

Credit Scores generally range between 300 – 850. A credit score of 700 or above is typically
conserved a good credit score. Higher credit scores typically represent better credit decisions and lower risk for creditors to extend loans or credit.

Your credit is more important now than it has ever been. Especially related to these items:

  • When considering financing a home
  • When considering financing a car
  • When considering renting a home or apartment
  • When being considered for employment opportunities
  • When considering educational loans
  • When considering auto Insurance cost
  • Deposit requirements on cell phones and other related items
  • Zero percent ‐ Credit Card offerings
  • Ensure you are not a victim of identity theft

The three major credit bureaus used within the United States are Trans Union, Equifax and
Experian. They act independently of one another, therefore they have their own methods of collecting and rating credit information gathered. They may collect the same information but it may be rated at different times of the month. Also, some creditors may not send information to all three credit bureaus. Unfortunately, human error can also be a reason incorrect information
or no information is given to the three credit bureaus.

FTC indicates 1 in 5 Americans have at least one mistake within their credit report. Human or
creditor error are a large reason why mistakes appear on credit reports. Perhaps a clerical or
typographic error was made related to a prior hand‐written application. Or credit was applied for under a different name.

Typically, the following people or companies would have permissible purpose to access your credit:

  • A person or company who intends to use information in connection with a credit
  • A person or company who intends to use information for employment purposes.
  • A person or company who intends to use the information for insurance underwriting.
  • A person or company who intends to use the information in connection with a
    determination of the consumer’s eligibility for a license or other benefit granted by a governmental instrumentality required by law to consider an applicant’s financial
    responsibility or status.
  • A person or company who intends to use the information as a potential investor, servicer, or current insurer in connection with a valuation of an existing credit obligation. For
    instance; a current credit card provider may extend more credit after accessing your
    credit file.
  • A person or company who has a legitimate business need and is in connection with a
    business transaction initiated by you the consumer.
  • A person or company who has a legitimate business need for the information to review
    an account to determine whether the consumer continues to meet the terms of the account.
  • The head of a State or local child support enforcement agency requesting a response and certifies to the consumer reporting agency that:
    1. the consumer report is needed for the purpose of establishing an individual’s
      capacity to make child support payments or determining the appropriate level of
      such payments.
    2. the paternity of the consumer for the child to which the obligation relates has been
      established or acknowledged by the consumer in accordance with State laws under
      which the obligation arises.
    3. the person has provided at least 10 days’ prior notice to the consumer whose report is requested, by certified or registered mail to the last known address of the consumer, that the report will be requested.
    4. the consumer report will be kept confidential, will be used solely for a purpose
      described in subparagraph (1), and will not be used in connection with any other
      civil, administrative, or criminal proceeding, or for any other purpose.
  • An agency administering a State plan under the Social Security Act for use to set an initial or modified child support award.

*Source: transunion.com

You may ask the nationwide consumer credit reporting companies to leave your name off lists for pre‐approved, unsolicited credit and insurance offers. Call 1‐888‐5OPTOUT (1‐888‐567‐8688) or visit https://www.optoutprescreen.com/contact.htm

The Credit Repair Organizations Act

The Credit Repair Organization Act (CROA) makes it illegal for credit repair companies to lie about what they can do for you, and to charge you before they’ve performed their services. The CROA is enforced by the Federal Trade Commission and requires credit repair companies to explain:

  • your legal rights in a written contract that also details the services they’ll perform
  • your three day right to cancel without any charge
  • how long it will take to get results
  • the total cost you will pay
  • any guarantees

Visit IdentityTheft.gov to report identity theft and get a personal recovery plan that will:

  • Walk you through each recovery step
  • Pre‐fill letters and forms for you to send to businesses, debt collectors, and others
  • Track any progress or changes to your credit situation accordingly.

Lighthouse Credit Resource Center has the seals which represent:

Excellence, Ethical and Expert!