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1. What is a credit report?
A credit report, or credit file disclosure, provides you with all of the information in your credit portfolio maintained by a consumer reporting company that could be provided by the consumer reporting company in a consumer report about you to a third party, such as a lender. Your "report" also includes a record of everyone who has received a consumer report about you from the consumer reporting company within a certain period of time ("inquiries"). The credit report includes certain information that is not included in a consumer report about you to a third party, such as the inquiries of companies for pre-approved offers of credit or insurance and account reviews, and any medical account information which is suppressed for third party users of consumer reports. You are entitled to receive a disclosure copy of your credit file from a consumer reporting company under Federal law and the laws of various states.

2. What is a credit score?
A credit score is a complex mathematical model that evaluates many types of information in a credit file. A credit score is used by a lender to help determine whether a person qualifies for a particular credit card, loan, or service. Most credit scores estimate the risk a company incurs by lending a person money or providing them with a service –– specifically, the likelihood that the person will make payments on time in the next two to three years. Generally, the higher the score, the less risk the person represents.

3. How can I get my credit score?
You can purchase a credit score by contacting one of the nationwide consumer credit reporting companies directly.
866-222-5881    888-322-5583    800-888-4213

You can also purchase a credit score when you request your free annual credit report through:


Your score is derived from the three repositories and Fair Isaac and each of them have their own mathematical algorithms they use to obtain a three digit number for you which will range from 300-850.

4. What factors determine my credit score?
35% = payment history
30% = balances
15% = credit history
10% = type of credit
10% = credit inquiries

5. I recently moved. Will that prevent me from using the automated system to get my credit reports?
Yes, it might. If they do not have a record of your new address in their system and are unable to verify your information, you will have to request your reports in writing and provide a clear copy of your ID, Social Security Number, & proof of your current address.

6. A friend of mine works for a national lender, can I just have him pull my credit report?
We don’t recommend it since that will count as an inquiry and could reduce your FICO score even more. We recommend that you order your reports online at any of the consumer sites available. When doing so, we also recommend that you obtain all three reports and scores. You do not need any other services other than that. We seldom advise the monitoring offered by all three bureaus and Fair Isaac because this is a simple and very profitable moneymaker for them and seldom truly assists the consumer in the long run.

7. I already have my reports and I would like you to give me a quote, what do I do?
You can fax a copy of your complete report to us at: 800-758-0801. Please attach a cover letter with your name and contact information, including email, so we can respond with a free confidential quote within 48 hours.

8. I have a lot of derogatory items and fear you'll be too expensive. Do you have a payment plan?
While we obviously prefer to be paid in full at the time of the signing of the contract, in certain circumstances we will agree to a payment plan. We do try very hard to work with our clients; however experience with chronic debtors has made us leery of becoming creditors ourselves. Please speak with your sales rep for billing assistance.

9. Do you guarantee that your company will be able to remove every derogatory account being listed about me on all three credit bureaus?
This is probably the question asked most often. And the answer is no. We make no expressed or implied guarantee to remove any specific derogatory information. It would be not only unethical but also illegal for us to speak on behalf of another company. Any company that guarantees to give you perfect credit is lying or breaking the law. The credit bureaus are paid by the creditors and have no incentive to be the consumer’s advocate. We have to fight the bureaus, the creditors, the collection agencies, the mortgage companies, and anyone who is reporting negatively about you. Therefore, we have no control over the actions of any of these companies. Further, we must work hand in hand with the client and the client must follow the guidelines we set out for them which is to pay all current, open accounts on time, every time; not to apply for any new credit without letting us know and discussing the viability of the application; pay off or settle on any delinquent accounts we recommend paying and follow all payment plans set up for the client; to forward all credit reports and or correspondence by any creditors to us within 10 days of receiving them; to pay down any revolving credit accounts we recommend paying down and closing any accounts we recommend be closed, etc. We must work together in restoring your credit and we will educate you along the way but we cannot guarantee that you will have a perfect credit score or report, we will however guarantee a significant increase in your scores and a substantial decrease in the number of derogatory items remaining on your report.


10. Do you do debt consolidation or credit counseling?
No and when at all possible, we advise against it. Taking a loan to consolidate revolving debt and installment loans may look like a good idea but more often than not, the consumer takes on more debt and gets deeper in debt and soon only bankruptcy looks appealing. Credit counseling may be better than filing bankruptcy but understand that it will have a negative impact on your credit score and will be reported as such. However, once you have completed the program, the notation of being in credit counseling should be removed. Also understand that all credit counseling companies do not act ethically and fail to inform clients who have not yet missed any payments that there is a down time of 30-90 days when their monthly payments to creditors could be late as a result of the change into counseling. I would only consider companies favorable reviewed by the BBB and ask questions if you are uncomfortable with anything. I would also highly recommend reading any of Mary Hunt’s excellent books on debt management.

11. I am not planning on buying a house any time soon so why should I care if my credit is trashed or not?
Your credit is reviewed for so many things these days, it’s important to know where you stand so you know your getting the best deal possible. Cell phone companies pull credit, banks pull your credit to open even a savings account, a future employer might pull it to see how you handle your finances and to see if they deem you to be “responsible,” your insurance company might pull it to determine what your premium is going to be since studies have shown that consumers with low FICO scores have more accidents than those with higher scores, a landlord will more than likely pull your credit when you apply to move into a new apartment, your credit card company routinely pulls your credit to see if they want to continue to do business with you or if they should increase the interest rate and lower your credit limit based on your credit report or if they should lower the interest rate and increase the limit. These three numbers have a huge impact on your life style and it’s not about the life styles of the rich and famous anymore. Everyone has credit issues – income does not make one incapable of having bad credit and being relatively poor does not mean bad credit. It’s all about how you handle the debt you have and not so much by how high or low your level of income.

12. I’ve had my score “pulled” by two different mortgage lenders around the same time and the scores differ by 50 more points. How can that happen?
There are many versions of the scoring software out there – old and newer versions. Because the newer versions cost more or due to expense of purchasing the newer version of software, the two companies could just be using different versions which have new and old mathematical algorithms being utilized. It’s like saying why does a 2004 Lexus drive smoother than a 1995 Lexus. Additionally, all three credit repositories have their own version of scoring software as do other third party companies, such as mortgage lenders, automobile lenders and telecommunications. They do not play by the same rules, nor do they consult with each other on the fairness of their software. This is an area that Daly Financial hopes to one day successfully lobby against so that all information regarding how you are scored is placed fairly out on the table so that we know everyone is getting a fair shake in regards to their financial future.

16. What do I do if I've been a victim of "Identity Theft?"
If you've been a victim of or think you may have been a victim of Identity Theft or fraud...

  • Immediately file a police report in the jurisdiction where you believe the crime occurred

  • Contact all 3 credit reporting agencies and place a security fraud alert on your file. A "Hawk" alert monitors any attempts to obtain credit using your name or Social Security Number

  • Contact your credit card companies and financial institutions and alert them to be wary of any out of the ordinary purchases or withdrawals. If your wallet was lost/stolen, cancel all your credit cards and have them replaced immediately.

13. What about companies that claim they can improve my credit report for a fee?
The Federal Trade Commission (FTC) cautions consumers to be wary of companies that make claims regarding credit repair. These companies, commonly called credit clinics, don't do anything for consumers that consumers cannot do for themselves at little or no cost. Beware of any organization that offers to create a new identity and credit file for you. The FTC and state attorneys general have filed actions against those who pursue these fraudulent practices. Here are some warning signs that the FTC and others say consumers should look out for to determine if they might be dealing with a credit clinic:

  • An organization that "guarantees" to remove late payments, bankruptcies, or similar information from a credit report
  • An organization that charges a lot of money to repair credit
  • A company that asks the consumer to write to the credit reporting company and repeatedly seek verification of the same credit account information in the file, month after month, even though the information has been determined to be correct
  • An organization that is reluctant to give out their address or one that pushes you to make a decision immediately

For a helpful brochure about credit clinics, you can write to the Federal Trade Commission, Sixth and Pennsylvania Avenues, N.W., Washington, D.C. 20004 and request a brochure titled "Credit Repair: Self Help May Be Best."

15. How secure is my information?
Due to the extremely confidential nature of our clients’ personal information, privacy is of the utmost importance to the Daly Financial Group. Therefore, we take the most extreme precautions to insure that our clients’ personal and financial details are kept under lock and key. We do not sell, rent, share or disclose any information regarding personally identifiable information about you to third parties without your prior consent. If you have given us consent to use your name and personal information and wish us to cease doing so, please contact us and we will immediately remove your information from our database and shred all relating documents. If you have any questions regarding our privacy policy, please contact us and we will be happy to discuss this with you.

Neil Daly, CEO
The Daly Financial Group


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