NCR Credit Plus FAQ's

Question : What is the difference between a hard, soft, and promotional inquiry?

Answer : A hard inquiry is one that results from an application for credit, or in some cases a request for additional credit such as a credit limit increase. A soft inquiry is one that results from reviews by existing creditors. A promotional inquiry is one that is used by lenders looking to make offers such as pre-approvals for credit cards or loans. Only hard inquiries affect FICO scores.


Question : Should I sign up my spouse at the same time?

Answer : We suggest that you both sign up! As a couple you may share a significant number of accounts, or you may share none. Either way, when you sign up, we will set up individual files and you will both get the full benefits of individualized attention. To qualify as a couple you must share the same mailing address.


Question : How do you dispute joint accounts?

Answer : Joint accounts are treated the same as individual accounts. We set up individual files for the both spouse’s and every dispute will be pursued methodically. It is possible that we will be disputing the same information for you and your spouse at the same time. These disputes will have to be address separately, so its best to sign up as a couple. So negative accounts will be removed from both credit profiles.


Question : Can I get rid of student loan debt by declaring bankruptcy?

Answer : No. This has not been possible since the late 1990s.


Question : Can you stop collectors from calling me at work/home?

Answer : YES !! We will contact creditor on your behalf informing them to cease communications with you.


Question : Can a secured card help rebuild credit?

Answer : Yes. A secured card can help you rebuild your credit and eventually help you acquire unsecured lines. In addition, many secured cards can become unsecured cards with positive payment history. Visit our apply for Secured Credit Cards section.


Question : What is a charge-off?

Answer : A "charge-off" is an amount owed which has been classified as a "loss" for accounting purposes in the creditor's financials. On consumer debts, government regulations REQUIRE accounts to be charged off after a certain period of delinquency in order to keep financial institutions' records realistic and healthy. For example, if a credit card company claims it has a billion dollars in business on the books, it makes a huge difference in their financial standing if three-hundred million of that billion is UNCOLLECTIBLE. Statistically, it's recognized that the longer an account goes unpaid the less likely it will ever recover. Thus government regulations have been developed which require that if a consumer credit account remains delinquent for a specified period of time, it must be classified as a charge off, loss, etc. Charge Off's obviously are bad news on your Credit Report. They can have a severe impact on your credit rating, especially when they're relatively new. They can remain on your credit report for up to 7 years, however they can be removed sooner rather than later by various dispute/verifications and other processes that NCR Credit applies thru their credit restoration program.


Question : If the account was charged-off, do I still owe the money?

Answer : In most cases yes, the money is still owed and subject to collection attempts by both the original creditor (OC) and/or a collection agency (CA). Charge-off doesn't eradicate the debt. It simply changes its position on the creditor's books.


Question : If it's worthless, how can a Charge Off be sold?

Answer : A charged-off account is like a depreciated asset, like an executive's car that's 5 years old. It may be worthless on the books, but at the same time it might still have significant market value. So if the creditor can get money for that Charge Off either by collecting on it themselves or selling it to a debt purchaser, they can choose to do that.


Question : Can interest continue to accrue on a Charge Off?

Answer : Yes - if the terms and conditions of the credit agreement allow for the Original Creditor to charge interest after Charge Off (and when they do, it's usually at their default rate) then chances are good that they can - unless there's a conflict with state law. Note: We specifically referred to the Original Creditor being able to charge interest under the specified circumstances. It does not necessarily follow that a debt purchaser has the legal right to charge interest on a Charge Off if they buy the right to collect on the account. When faced with a demanding payment of interest on an alleged debt you may want to demand competent evidence of their legal right to do so, as well as proof that the amount they're demanding has been arrived at in accordance with all applicable state and federal laws. They should provide this as part of the debt validation (DV) process.


Question : What's the worst thing that can appear on my credit report?

Answer : There are basic things that look the worst on your credit report. This is difficult to state because lenders assess information differently. Some common examples are: multiple searches, late payments, defaults (paid/unpaid), charge off's, bankruptcies and repossession orders.


Question : I found errors on my credit report. What do I do now?

Answer : Contact NCR Credit Plus all incorrect credit information has to be eliminated from your credit file. All consumers have the right to challenge the accuracy of their credit report. We will challenge the accuracy of those particular items, then the credit bureau must investigate those items as soon as possible. If the credit bureau finds the items to be incorrect, or cannot confirm or deny it, it must be removed immediately from your credit file.


Question : How does a lender decide that I'm credit worthy?

Answer : When you apply for credit by filling out an application, you give permission to the lender to get your credit report from a credit bureau. Lenders use this credit report to work a short-term debt-to-income ratio, where they calculate your present short-term debt payments (excluding your mortgage), and divide the total by your total annual income. Lenders will refuse you credit if your short-term debt is more than 20% of your annual income. The second method lenders use is to add up your monthly bills (not including rent or mortgage and utilities) and divide the total by your gross income (before taxes). With this method, lenders are looking for a ratio of under 35%.


Question : What do I do if I'm turned down for credit?

Answer: The lender must provide you the specific reasons why you were rejected, and the name and address of the credit bureau that provided your credit report. You can appeal your rejection by sending a letter to the lender explaining why you are a better credit risk than your credit report indicates. But it is best to rebuild your credit before applying for credit again. NCR Credit Building program provides all the tools necessary to help you obtain new lines of credit.


Question : I have bad credit now. Do I have to wait 7 to 10 years before I can get a loan?

Answer : On a practical level you can have an A-rated credit profile within 2 years of even bankruptcy. How? Because lenders are much more interested in your present circumstances than what happened to you 3 to 10 years ago. Rebuilding your credit can be done rather quickly through a systematic plan, and a little perseverance. Keep in mind that positive credit information stays on your credit report forever. NCR Credit Plus will help you restore your credit profile to good standings.

Question : Can you help us build new credit?

Answer : If it looks like you will be left with insufficient credit when you finish the program, our Credit Building Program will provide you with all the tools necessary to help you re-establish new credit. This is an important step in the process of building credit. Creditors look for open accounts that are in good standing. A secured credit card may help, a secured credit card requires a small savings deposit which secures the entire credit line on a MasterCard or Visa. These credit cards will be reported on your credit report. Visit our apply for Secured Credit Cards section.


Question : What should I do while NCR Credit Plus is repairing my credit?

Answer : You should not apply for any type of credit until we have completed our process. If you fail to comply with our request and apply for any credit and are denied, we cannot be held responsible for additional negative remarks and the direct influence this might have on your credit profile.