April 18, 2010
January 26, 2010
September 19, 2009
How to Repair Bad Credit
Chane Steiner asked:
No matter how bad your credit is, there are always steps you can take to make it better. Everyone’s situation is unique, so what might be the best thing for you right now, may not be the best thing for someone else. To repair your bad credit, you must find a starting point. The best way to do that is to obtain a copy of your credit reports from the 3 major consumer reporting agencies, also known as credit bureaus. You will also want to know what your FICO scores are.
Once you have your reports, you’ll want to make sure all the information is accurate. There are mistakes in about 75% of all credit reports. If you find an inaccuracy or any negative accounts that you are unsure of, dispute it with the credit bureaus. It’s important to note that whether the account is actually yours or not makes no difference on their responsibility to verify it. If the account can’t be verified, it must be deleted.
Many of times the credit bureaus, who get thousands of disputes each day, don’t do a very thorough job of investigating items you’ve disputed. So, it may take a few rounds of letters until the credit bureaus remove the account. Be patient and wait at least 30-35 days before sending another round.
Another thing you should do is pay off the most recent past due accounts. Be careful making payments on accounts that are more than a few years old as paying them can bring your scores down even further because it makes the negative account current. You will also want to try to get an agreement with the creditor to update it to “paid as agreed” or remove the account BEFORE you pay it. It’s much harder to get it updated or removed after you pay it because you don’t have much leverage.
Another important part of raising your credit scores is to keep your existing balances below 40% of your credit limit. You’ll also want to minimize the number of inquiries you make by not applying for credit unless absolutely necessary.
Gertrude
No matter how bad your credit is, there are always steps you can take to make it better. Everyone’s situation is unique, so what might be the best thing for you right now, may not be the best thing for someone else. To repair your bad credit, you must find a starting point. The best way to do that is to obtain a copy of your credit reports from the 3 major consumer reporting agencies, also known as credit bureaus. You will also want to know what your FICO scores are.
Once you have your reports, you’ll want to make sure all the information is accurate. There are mistakes in about 75% of all credit reports. If you find an inaccuracy or any negative accounts that you are unsure of, dispute it with the credit bureaus. It’s important to note that whether the account is actually yours or not makes no difference on their responsibility to verify it. If the account can’t be verified, it must be deleted.
Many of times the credit bureaus, who get thousands of disputes each day, don’t do a very thorough job of investigating items you’ve disputed. So, it may take a few rounds of letters until the credit bureaus remove the account. Be patient and wait at least 30-35 days before sending another round.
Another thing you should do is pay off the most recent past due accounts. Be careful making payments on accounts that are more than a few years old as paying them can bring your scores down even further because it makes the negative account current. You will also want to try to get an agreement with the creditor to update it to “paid as agreed” or remove the account BEFORE you pay it. It’s much harder to get it updated or removed after you pay it because you don’t have much leverage.
Another important part of raising your credit scores is to keep your existing balances below 40% of your credit limit. You’ll also want to minimize the number of inquiries you make by not applying for credit unless absolutely necessary.
Gertrude
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August 18, 2009
Credit Repair – A New Professional
Jim Kemish asked:
Change is Natural
Everything changes. No industry stands still. Henry Ford’s Model T was revolutionary, and opened the eyes of the world to new possibilities. But by today’s standards, the Model T, as important as it once was, has its place only in the past. Virtually every aspect of the early model automobile has been improved on, far beyond what Henry Ford could have imagined in his day.
The Changing Credit Repair Industry
The Internet has grown into a vibrant worldwide business community. In this environment competition thrives and new ideas come to life at amazing speed. New participants have entered the credit repair arena and brought fresh life to the business. Some older members have updated their methods; while others, perhaps top heavy with technology, continue to stand their ground even as the earth shifts beneath their feet.
The New Breed Appears
From this dynamic mix has appeared a new breed, the true credit repair professional. This new breed has a true mastery of the craft, and an impressive arsenal of tools capable of delivering results beyond the imagination of the early pioneers in the industry. Everything about the business is changing. And the changes involve you.
Credit and Your Life
There is nothing as important to your financial life as your credit. The content of your credit report, along with your credit scores, will determine the interest rate you pay on everything from your credit cards to your mortgage. The impact of your credit on your life can be staggering, and should not be taken lightly. The word is out.
The Problem of Errors
The three major credit bureaus maintain credit files on over 200 million Americans. A staggering amount of data moves through the credit reporting system. Errors are common and can translate into enormous costs for consumers; and yet, in a terrible percentage of cases these errors go unrecognized. This phenomenon is more damaging than you might think. Identifying errors on your report involves more than just spotting unfamiliar account information. The majority of credit report errors are compliance violations that you will not find without training.
FICO, A Lack of Understanding
Lenders base their underwriting decisions on the content of your credit report along with the numeric value of your FICO scores. These FICO scores have a major affect on your life, and yet few people have any knowledge of how they work. Here again, a lack of understanding results in a huge cost. A well-informed reshaping of your credit may have a dramatic impact on your credit scores. Even simple changes can bring major improvement, yet without proper information this potential remains untapped.
The Credit Repair Professional
The prevalence of credit reporting errors, coupled with a lack of understanding of FICO scores, result in a terrible cost to consumers, often having the greatest impact on those who can afford it the least. The credit repair professional provides an important, and often life changing, service by assisting in the identification and removal of credit reporting errors. In addition, a credit repair professional is a conduit for information about legal rights, rehabilitation opportunities, and credit restoration tools that can be employed to your benefit.
The Results You Need
The goal of a credit repair professional is to improve your credit. Along with the skillful identification and removal of reporting errors, the process may include specific recommendations for building new credit, managing existing debt, rehabilitating defaulted obligations, and handling collectors. All of this must take place within the context of optimizing your credit scores. The credit repair professional operates in a fiduciary capacity and will utilize the widest range of tools to insure quick and lasting results.
Personal Service
You are unique, and so is your credit. There is no generic approach to credit repair that will do you justice. No credit repair software has the ability to spot the compliance errors on your credit report, or to determine the proper balance of accounts to optimize your credit scores, or to help you determine the right approach to take with an active collector. There is no one-dimensional credit repair program that will produce the results you deserve. True professional credit repair is about personal service. You cannot afford to settle for less.
What it Means to You
The credit repair professional will make sure that everything possible is done to help you reach your goals. The professional approach to credit repair can mean everything to you. Do you want real results? Do your want to see your scores improve? Do you want your credit to meet or exceed lenders requirements? Wait until you experience what a real professional can do for you!
Copyright
Change is Natural
Everything changes. No industry stands still. Henry Ford’s Model T was revolutionary, and opened the eyes of the world to new possibilities. But by today’s standards, the Model T, as important as it once was, has its place only in the past. Virtually every aspect of the early model automobile has been improved on, far beyond what Henry Ford could have imagined in his day.
The Changing Credit Repair Industry
The Internet has grown into a vibrant worldwide business community. In this environment competition thrives and new ideas come to life at amazing speed. New participants have entered the credit repair arena and brought fresh life to the business. Some older members have updated their methods; while others, perhaps top heavy with technology, continue to stand their ground even as the earth shifts beneath their feet.
The New Breed Appears
From this dynamic mix has appeared a new breed, the true credit repair professional. This new breed has a true mastery of the craft, and an impressive arsenal of tools capable of delivering results beyond the imagination of the early pioneers in the industry. Everything about the business is changing. And the changes involve you.
Credit and Your Life
There is nothing as important to your financial life as your credit. The content of your credit report, along with your credit scores, will determine the interest rate you pay on everything from your credit cards to your mortgage. The impact of your credit on your life can be staggering, and should not be taken lightly. The word is out.
The Problem of Errors
The three major credit bureaus maintain credit files on over 200 million Americans. A staggering amount of data moves through the credit reporting system. Errors are common and can translate into enormous costs for consumers; and yet, in a terrible percentage of cases these errors go unrecognized. This phenomenon is more damaging than you might think. Identifying errors on your report involves more than just spotting unfamiliar account information. The majority of credit report errors are compliance violations that you will not find without training.
FICO, A Lack of Understanding
Lenders base their underwriting decisions on the content of your credit report along with the numeric value of your FICO scores. These FICO scores have a major affect on your life, and yet few people have any knowledge of how they work. Here again, a lack of understanding results in a huge cost. A well-informed reshaping of your credit may have a dramatic impact on your credit scores. Even simple changes can bring major improvement, yet without proper information this potential remains untapped.
The Credit Repair Professional
The prevalence of credit reporting errors, coupled with a lack of understanding of FICO scores, result in a terrible cost to consumers, often having the greatest impact on those who can afford it the least. The credit repair professional provides an important, and often life changing, service by assisting in the identification and removal of credit reporting errors. In addition, a credit repair professional is a conduit for information about legal rights, rehabilitation opportunities, and credit restoration tools that can be employed to your benefit.
The Results You Need
The goal of a credit repair professional is to improve your credit. Along with the skillful identification and removal of reporting errors, the process may include specific recommendations for building new credit, managing existing debt, rehabilitating defaulted obligations, and handling collectors. All of this must take place within the context of optimizing your credit scores. The credit repair professional operates in a fiduciary capacity and will utilize the widest range of tools to insure quick and lasting results.
Personal Service
You are unique, and so is your credit. There is no generic approach to credit repair that will do you justice. No credit repair software has the ability to spot the compliance errors on your credit report, or to determine the proper balance of accounts to optimize your credit scores, or to help you determine the right approach to take with an active collector. There is no one-dimensional credit repair program that will produce the results you deserve. True professional credit repair is about personal service. You cannot afford to settle for less.
What it Means to You
The credit repair professional will make sure that everything possible is done to help you reach your goals. The professional approach to credit repair can mean everything to you. Do you want real results? Do your want to see your scores improve? Do you want your credit to meet or exceed lenders requirements? Wait until you experience what a real professional can do for you!
Copyright
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