CFPB Credit Repair Part 1

What is the first step in the credit repair process?

• Ignoring the issue

• Logging into the CFPB

• Contacting your bank

• Paying off all debts

How many days do credit bureaus have to respond to an investigation request?

• 15 days

• 30 days

• 45 days

• 35 days

What should you do if the credit bureaus do not respond within the given timeframe?

• Wait another 30 days

• Create a complaint with the CFPB

• Contact a lawyer

• Ignore the issue

When creating a complaint, why is it important to create separate complaints for each credit bureau?

• To save time

• To speed up the process

• To ensure each bureau addresses the specific issues

• To avoid confusion

What should you include in your complaint to the CFPB?

• A list of your debts

• Your credit score

• Evidence of inaccuracies

• Your bank statements

What is the next step if your accounts come back verified?

• Create a new complaint

• Accept the verification

• Ignore the issue

• Contact a lawyer

What should you request from the company if your accounts are verified?

• A new credit card

• A list of your debts

• A copy of your credit report

• A description of how they verified the accounts

What should you do if your personal information is incorrect on your credit report?

• Contact your bank

• Create a complaint with the CFPB

• Ignore it

• Pay off all debts

What type of information should you attach to your complaint about personal information inaccuracies?

• Your bank statements

• The letter you sent to the credit bureau

• Your credit score

• A list of your debts

What is the first step in removing hard inquiries from your credit report?

• Contacting your bank

• Ordering your credit report

• Ignoring the issue

• Paying off all debts