Frequently asked questions

We understand that navigating personal and business finances can bring up many questions. Here at Chineke Financial, LLC, we've compiled answers to the most common questions our clients ask about our services, credit repair, taxes, and general financial planning. Our goal is to provide clear, helpful information to empower you on your financial journey.

Your questions answered

It all began with a simple idea fueled by a deep passion for helping individuals and small businesses achieve financial success. As a dedicated financial planning company in Illinois, Chineke Financial, LLC prides itself on personal attention and a commitment to every detail. Our approach is rooted in quality and integrity, ensuring that everything we do reflects our commitment to excellence in personal and business income, taxes, bookkeeping, credit repair, notary services, and small business start-up assistance.

Is credit repair legal?
Yes, credit repair is legal under the Fair Credit Reporting Act (FCRA). This federal law protects consumers by ensuring the accuracy and privacy of information in credit reports.

Why should I use my tax refund for credit repair?
Think of your tax refund as found money. Using it to invest in improving your credit score is a strategic financial move. A better credit score leads to lower interest rates on loans and credit cards, saving you significant money in the long run.

How long does the credit repair process take?
The credit repair process typically takes about 90 days. During this time, we work diligently to challenge inaccuracies and improve your credit profile.

Can I just do credit repair myself?
You can do it yourself, but there's specific language the credit bureaus respond to most effectively. Our expertise ensures that your disputes are properly formatted and submitted for the best chance of success.

Will my credit score go up the moment I pay off a debt?
Your score will not go up instantly. Credit bureaus typically report updates once a month. It takes time for the changes to reflect on your report and impact your score.

What if I owe back taxes?
If you owe back taxes to the IRS, you can often arrange an installment agreement. This allows you to pay off your tax debt in manageable monthly payments. We can guide you through this process.

Unlock your financial potential with Chineke Financial, LLC

A better credit score leads to lower interest rates on everything from mortgages to car loans, saving you thousands. To maximize a credit score using a tax refund, the strategy focuses on Credit Utilization—which accounts for 30% of a FICO score. Stop spending your tax refund on temporary fixes. Start investing in your score and secure a brighter financial future. We're here to help you make informed decisions.