Frequently Asked Questions
Personal Solutions FAQ's
Your credit score can range from 300 – 850.
There are nearly 40 credit reporting agencies in the United States, however, just 3 of them dominate the market.
TransUnion, Equifax, and Experian.
A credit bureau is an agency that collects and researches individual credit information and sells it for a fee to creditors so they can make a decision on granting loans.
Credit bureaus partner with all types of lending institutions and credit issuers to help them make loan decisions. The three main credit bureaus in the United States are Equifax, Experian, and TransUnion, though there are many smaller companies that provide similar services.
The primary purpose of credit bureaus is to ensure that creditors have the information they need to make lending decisions. Typical clients for a credit bureau include banks, mortgage lenders, credit card issuers and other personal financial lending companies. Credit bureaus are not responsible for deciding whether or not an individual should have credit extended to them; they merely collect and synthesize information about an individual’s credit score and give that information to lending institutions. Consumers can also be customers of credit bureaus, and they receive the same service – information about their own credit history.
- Payment history
- Amount of debt, also known as your credit utilization ratio
- Age of credit accounts also referred to as credit history
- Mix of credit accounts
- New credit inquiries
Click HERE to learn more about what will affect your credit score.
Your credit report contains things like your identifying information, trade lines, credit limits, account names, credit history, credit inquiries, public record, collections, late payment information, and of course, your credit score.
In general, it might.
Employers are allowed, by federal law, to see a modified version of your credit report for purposes of hiring and promotion, meaning it could cost you a job or promotion.
There are many factors that contribute to any loan approval. Your credit score is just the tip of the iceberg for most loans. However, generally, you’ll need at least a score of 620 to be approved for a traditional home loan.
The minimum accepted score for a car loan will depend on the amount of money being requested, but some lenders will approve scores as low as 500–assuming you don’t mind paying extra money in interest.
There are five main contributors to your credit score–payment history, amount of debt, length of credit history, credit mix and new credit. Managing your credit wisely by paying your bills on time, paying debt down and maintaining your current accounts, could improve your score.
Beyond these five factors, your credit could contain negative items that are unfair or inaccurate, which can stay on your reports for up to 7–10 years. If you don’t want to wait that long, you can try repairing your credit. Learn more about how to fix your credit by clicking this link, call Elaine One Enterprises at 1-877-557-9313, or sign up today.
Your FICO® Score is a three-digit number determined by the information on your credit report. While FICO® doesn’t collect the data themselves, it’s their algorithm that determines your score. Considering their score is used in 90% of all lending decisions, it’s very helpful to know where you stand.
VantageScore creates a single tri-bureau model that can be used with a credit report from Experian, Equifax or TransUnion. FICO® creates bureau-specific scoring models.
The law entitles you to an accurate, fair and substantiated credit profile. If something on your credit isn’t right, you can correct or repair it with the credit bureaus and your creditors.
Unfortunately, we can’t guarantee anything. But we can promise to help you work to address any unfair or inaccurate negative items hurting your credit profile.
Click HERE to learn about our Elite 700 Club!
Honestly, we can’t say. There’s no way to predict in advance how long it will take to assist with your credit, as every credit situation is different. That being said, past members have seen an average increase of 80 points in just three months*, and have typically stayed with us on an average of nine months.
Also, Elaine One Enterprises offers a variety of service levels, and the strength and amount of credit assistance increases with each upgrade. If you’re interested in a product with more aggressive credit assistance refer to our solutions here.
*Your results will vary and are not guaranteed
Absolutely. You just need to contact the bureaus and your creditors to address any errors on your credit. We have a step by step video course found HERE that will assist you with this process.
That being said, this process is time consuming and confusing. Working with a reputable consulting company like Elaine One Enterprises can help you remove these items from your reports quickly and efficiently.
Yes, your creditors may report an item again, even after it’s been removed or deleted. That’s why it’s important to contact both the credit bureaus and your creditors. This will increase the likelihood that inaccurate or unfair negative items will not reappear on your credit.
According to CreditCards.com and CNNMoney, even a single negative item on your credit could cost you over 100 points.
| Negative Item | Credit Score Decrease |
|---|---|
| Late Payment | Up to 110 points |
| Debt Settlement | Up to 125 points |
| Foreclosure | Up to 160 points |
| Bankruptcy | Up to 240 points |
| Collection | Up to 110 points |
| Hard Inquiry | Up to 15 points |
Sources:
While there are many laws that apply to your credit, the Credit Repair Organizations Act (CROA) and Fair Credit Reporting Act (FCRA) are the two laws we utilize the most.
No. Even after a questionable negative item is removed from your credit, the actual debt is still owed (assuming it was valid to begin with). If you don’t pay the debt, the creditor or collection agency may re-report the listing. Removing a negative item without addressing the debt is only a temporary solution. In fact, if you feel a negative credit listing is 100% accurate, timely and verifiable, we recommend you don’t dispute it.
You can submit a cancel request from your member portal.
Absolutely. We have been in the game for over 8 years and have long lasting relationships with legal partners.
However, we don’t want you to take our word for it. See for yourself:
Better Business Bureau A+ Rated
and More!
Of course, we help thousands of people each year.
Business FAQ's
Incorporating is an important step to providing you and your business with more security. It can even help you save money. The benefits are compelling, so why put it off? Don’t wait: here are seven reasons you should incorporate today.
Protect personal assets.
The limited liability feature of corporations offers protection for your personal assets. Why worry about losing your home or family savings, in the event of a business reversal or lawsuit? As a busy entrepreneur, you have too many other things to think about.
Increase tax savings.
Take advantage of tax saving opportunities not available to sole proprietors and partnerships. You can decrease your corporation’s taxable income by offering benefits to your employees, such as pensions and profit sharing. Medical, life and disability insurance premiums are completely tax deductible.
Raise capital.
A corporation can raise money through the sale or issuance of stock, bonds or other securities.
Ensure continuity.
If an owner of a corporation dies, the “perpetual existence†feature of corporations allows stock ownership to be quickly transferred, thereby allowing your company to continue operating without interruption.
Simplify estate and family planning.
Shares of a corporation or LLC can be readily distributed to family members following your estate or business succession plan.
Enjoy corporate discounts.
The retail, hospitality and banking industries all value corporate accounts and offer attractive discounts to secure your business.
It’s easy.
Forming a corporation or LLC is easy, and it takes less than 30 minutes to place your order. Call us at 1-877-557-9313 or sign up for our solutions today!.
View your state’s website. There are different requirements by state.
However, forming a corporation or LLC is easy with Elaine One Enterprises! You can form a corporation or LLC online, it usually takes less than 10 minutes to onboard.
We will need:
- Your contact and personal information
- The name of the company
- The state of formation
- If you are forming a corporation, the number shares of stock you want issued
- The names and addresses of the initial directors or members
- Your company’s legal address
- Billing information for state fees
We will handle everything else!
- We will check the company name for availability
- We will file the certificate of incorporation or formation with the appropriate state
- We will send you your filed document once the process is complete
It is always recommended to have legal counsel when dealing with anything legal.
However, it can be very costly. Most states don’t require an attorney’s services when you form a corporation or LLC. Actually in many cases attorneys will use Elaine One Enterprises to process their own filings since we can often do it faster and less expensively. We do strongly recommend that you consult with an attorney if you have any legal questions, if your business is complex or if you plan on doing business internationally. Elaine One Enterprises does not provide any legal or tax advice.
Deciding between a corporation and limited liability company (LLC) or choosing which type of corporation to form is a decision best made in consultation with trusted advisors, such as a lawyer or accountant. While we can’t advise you on such matters, we can explain the differences and point out the benefits of corporations and limited liability companies (LLCs).
In most states your corporation’s name must include an ending that will indicate that the company is a Corporation or LLC. Some common corporate endings are Inc., Ltd., Co. Company, Corporation, Incorporated or Limited,
Some common LLC endings are: LLC, Limited liability Company
When choosing a company name, have an alternative in mind, just in case your first preference is not available.
Corporations and LLCs formed in Illinois or Indiana are filed the same day you choose a solution with us. You can typically expect to receive a copy of the filed document within one to two business days.
The majority of the other states will take 3-7 business days for you to receive a copy of the filed document assuming expediting services are ordered. Non-expedited filings can take 10-15 business days in most instances.
Most states require you to list a registered agent with a physical address in the state of formation. The responsibilities of a registered agent include forwarding any government notices and accepting any legal documents on the company’s behalf. Not responding to a service of process in a timely manner could result in a default judgment against the company.
Many clients choose Elaine One Enterprises to act as their registered agent so they will not miss any important annual report due dates. Not filing the annual report by the due date can result in penalties up to $400 and the company falling out of good standing with the state. It is also a good idea to use Elaine One Enterprises as your registered agent office to avoid listing your personal home address on formation documents. Corporate documents are public records. If you want to keep your company’s business separate from your personal address, we recommend a commercial registered agent like Elaine One Enterprises.
Many service providers offer similar services, but that doesn’t mean they are all alike. Ask yourself the following questions:
- How much experience do they have? Elaine One Enterprises has been managing successful formations for over 10+ years. Our founder is a prominent Illinois finance guru with a wealth of expertise. Our management team represents nearly 25+ years of collective experience. And our specialists average over 5+ years in the industry.
- How accessible are they? Everyone offers online order tracking. But not everyone offers live, personalized customer service from trained specialists who can answer your questions quickly and knowledgeably over the phone. Elaine One Enterprises assigns you a dedicated account rep who knows your business and is always available to help you move forward.
- Do they provide real value? Fast service and a low price are worth nothing, if you are not satisfied with the end product. At Elaine One Enterprises, we offer a choice of incorporation packages at competitive prices, we process orders quickly and accurately, and we are proud of the professional packages we deliver to our clients.
- Are there hidden fees? Our packages include multiple hosting services for the remainder of the billing cycle which in most states equals a full year. We do not know of any other company that offers this benefit. Most other companies will only provide 3-6 months of agent service for free if they do so at all!
Yes. You do not need to be a US citizen to set up a US company. Elaine One Enterprises can provide you with documents you will need to do business overseas such as:
- Certified Copy of a document
- Apostille
- Certificate of Incumbency
- We can notarize your corporate documents and have them apostilled by the state.
We also form international business entities in Europe, South America, and across the Caribbean.
- First, we conduct a thorough search of your proposed name within your chosen state. If a conflict is discovered, we notify you within 24 to 48 hours to request an alternative, if one has not been provided.
- We prepare and file Articles of Incorporation, Articles of Organization or Articles of Formation.
- If you request expedited service, You can expect your documents within 2-4 days via email.
- Standard Service is 5-28 business days via email.
Business Plus FAQ's
With our SEASONED Solutions, it takes approximately 60-180 days to build a favorable profile with a credit reporting agency. With our step-by-step system what normally takes years to accomplish you can do in a matter of months. With strong business credit scores you can obtain 10 to 100 time’s greater credit capacity compared to relying on personal credit alone.
With our BUILD YOUR OWN Solutions, it could take 1-2 years depending on your spending habits.
Our database contains numerous vendors and retailers that will offer lines or credit to all our members whether they are a start-up or existing business. Most importantly we provide the guidelines for getting approved.
Some of the types of vendors we list are office suppliers, packaging and shipping, graphic and logo design, web design, computers and electronics, printing and promotional, marketing and advertising, business services, etc.
It is ideal to build business credit with an LLC or Corporation (S or C Corp). Creditors, lenders, trade suppliers, etc. prefer to see an actual business entity.
Furthermore, your personal and business credit can never truly be separated if you operate as a sole proprietorship or partnership – everything you do remains “personal” with those structures.
True personal and business credit separation along with liability protection can only occur with a separate legal entity such as a corporation or LLC.
Absolutely! We know that one of the main reasons you are building business credit is to get away from having all of the business financing tied personally to you as a business owner.
By building strong business credit scores you will be able to secure vendor lines of credit and many other types of business financing using only your business credit. However, beyond that, there is still more to the equation that many business credit building services don’t want to talk about.
In the business world, an owner’s personal credit scores can make the difference. That is why we offer personal credit assistance. The fact is in the current lending and credit markets, banks and conventional business lenders are looking at both personal and business credit.
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LLC Operating Agreement Laws by State
| Alabama – § 10A-5A-1.08 |
Montana – § 35-8-109 |
| Alaska – AS10.50.095 |
Nebraska – § 21-110 |
| Arizona – § 29-3105 |
Nevada – NRS 86.286 |
| Arkansas – § 4-32-405 |
New Hampshire – § 304.C:41 |
| California – Corp Code 17701.10 | New Jersey – § 42-2C-11 |
| Colorado – § 7-80-108 | New Mexico – § 53-19-19 |
| Connecticut – § 34-243d | New York – § 417 |
| Delaware – § 18-101 – § 18-1109 |
North Carolina – § 57D-2-30 |
| Florida – § 605.0105 |
North Dakota – § 10-31.1-13 |
| Georgia – Title 14, Chapter 11 |
Ohio – § 1705.081 |
| Hawaii – § 428-103 |
Oklahoma – § 18.2012.2 |
| Idaho – § 30-25-105 |
Oregon – § 63.057 |
| Illinois – 805 ILCS 180/ |
Pennsylvania – § 8916 |
| Indiana – IC 23-18-4-4 |
Rhode Island – § 7-16-22 |
| Iowa – § 489.110 |
South Carolina – § 33-44-103 |
| Kansas – § 76-7672 |
South Dakota – § 47-34A-103 |
| Kentucky – § 275-180 |
Tennessee – § 48-206-101 |
| Louisiana – RS 12:1319 |
Texas – § 101.052 |
| Maine – § 31-1521 |
Utah – § 48-3a-112 |
| Maryland – § 4A-402 |
Vermont – 11 V.S.A. § 4003 |
| Massachusetts – Chapter 156C |
Virginia – § 13.1-1023 |
| Michigan – § 450.4308 |
Washington – RCW 25.15.018 |
| Minnesota – § 322C.0110 |
West Virginia – § 31B-1-103 |
| Mississippi – § 79-29-123 |
Wisconsin – Chapter 183 |
| Missouri – § 347.081 |
Wyoming – § 17-29-110 |
