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February 24, 2011

Easy Credit Repair

Filed under: Finance — Tags: Bad Credit, Checkbook, Credit Cards, Credit Counseling, Creditor, Debt Situation, Financial Choices, Financial Decisions, Ins And Outs, Overdue Bills, Paycheck, Phenomenon, Rainy Day, Red Riding Hood, Today Many People, Unexpected Expense — @ 6:53 am

Jeffrey Ragan asked:

Today, many people end up needing credit repair. How can you find reliable help? Can you repair your own credit? Yes you can, or you can use a good credit repair company. Learn how in this article to determine which is best for you.

Understanding how to remedy this situation will give you the confidence necessary to take charge! Knowledge will allow you to snatch yourself (and your checkbook!) back from the snarling creditor wolves. Remember, Little Red Riding Hood survived her wolf and you can, too!

If you are one of the many people trying to stave off the creditor wolves (or even if you are not), just keep reading. I will explain the ins and outs of credit repair. Oftentimes, people believe there is no way out. However, I am here to tell you that you can fix your bad credit.

It is important to understand how you ended up in a debt situation now requiring credit repair. In many cases, bad credit commences with:

- too many credit cards, most of which (if not all) have outlandish balances;

- no or little accumulated rainy day savings funds;

- overdue bills; or,

- just bad financial decisions.

People, for the reasons mentioned above, frequently suffer from a phenomenon known as “bad credit”. Assistance can be found in the form of credit and debt counseling. Essentially, you can obtain bad credit by:

- not being able to purchase on credit; or,

- by having a less than stellar credit report, though you still may be able to purchase on credit.

At this point, I would like to go out on a limb and state the obvious…credit repair can be AVOIDED by:

- not running your credit cards up;

- not paying your bills late;

- not spending more than you bring home;

- squirreling away some money each paycheck for that unexpected expense or vacation; and,

- making good financial choices.

It’s never a good thing to have credit issues hanging over your head. You really need to get rid of them so you can get on with your life. They do not go away by themselves. So you must take action. If not repaired, over the years it can cost you thousands of dollars. You first need to understand how to read a credit report.

There are three major credit reporting agencies–Experian, Equifax & TransUnion. These credit bureau agencies gather information from various sources about a person’s credit history. They then compile a unique summary of the relevant information, called a credit report.

Credit report information contains credit and non-credit information. Examples of credit information are names of creditors, credit card/loan account numbers, current balances, monthly amounts due, and number of past due payments. Likewise, examples of non-credit information are a person’s name and previously used names, current and prior addresses, social security numbers, and employment history.

Negative credit report information will remain on a person’s credit report for anywhere from seven to ten years. Credit inquiries, on the other hand, can only remain on a person’s credit report for two years.

Ok, so now you know just enough to get started. You can see how having bad credit is costing you money. You’re tired of the pain. You want help. Or at least you want to know where to find help you can trust.

There are many credit repair programs out there. Where do we start? So first things first. Getting a copy of your credit report with the scores is needed. Feel free to visit this “credit repair” website to learn more. This could be the beginning of a new life for you.

Gene

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January 26, 2011

Credit Repair

Filed under: Finance — Tags: 5 Steps, Automatic Payments, Car Loan, Checking Account, Credit Repair, Credit Reporting Act, Credit Reports, Credit Score, Creditor, Creditors, Diversification, How To Restore Your Credit, Identity Theft, Leverage, Merchant Store, Two Ways — @ 2:28 am

Matt Triplett asked:

Credit repair begins with you. Many people have bad credit and they don’t even know about it or they think they have no way to repair it. Everyone has the right to see their credit reports and to repair their credit score.

I have listed the top 5 steps to credit repair and how to restore your credit today:

Top 5 Steps To Credit Repair

Pay Your Bills On Time – This sounds like a no-brainer, but I can’t stress how important it is. One little 30-day late payment will set you back a year or more. Set up automatic payments with all your creditors. If you can’t make a payment, call your creditor and make something work so that they won’t report it to the credit bureaus. You would be surprised how many times this works. Dispute Negative Items – The main reason most people get denied loans is because of past negative items. A lot of the time these items aren’t even yours because of identity theft, reporting errors and other factors. The Fair Credit Reporting Act was implemented to allow consumers the right to dispute or verify any listing that is on their reports. 4 out of 5 credit reports contain errors, make sure yours is not one of them. Increase Debt to Limit Ratio – Two ways you can do this, keep your balances low and increase your limits. Always make sure your balances are below 35% if possible. Increasing your limits will help the ratio as long as you don’t increase your debt on those accounts too. Diversify Your Credit – This can difficult for some that can’t get a mortgage or car loan. Start with the basics, get a checking account with your bank with a line of credit. Get a credit card attached to your bank account. Then get a merchant store card. All these things will help your score by diversification A mortgage and car loan are the best ways to diversify, but take time to get up to. Contact Your Creditors – Creditors want their money too and they will negotiate to get it. Make sure you have talked to your creditors before paying off a bill. Use your leverage to negotiate the removal of the negative items upon final payment.

There are many factors that can contribute to a low scores, but credit repair can help bring it back up again. I urge you to use these steps to repair your credit today and get your finances back on track.

Clifford

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October 26, 2010

Credit Repair After Divorce – 7 Things You MUST Know to Survive

Filed under: Finance — Tags: Account Passwords, Contemplating Divorce, Credit Accounts, Credit Rating, Credit Repair, Creditor, Divorce Decree, Divorce Separation, Home Equity Loan, Joint Accounts, Knowledge, Mortgage, New Application, Obligation, Refinancing, Settlement Negotiation — @ 7:53 pm

Jason Bowen asked:

Credit repair after divorce is essential if you want to be financially sound. What often happens to the divorced parties’ credit is nothing short of tragic. Here are the things you must know in order to survive your divorce without ruining your credit rating.
If you’re considering divorce or separation, pay special attention to the status of your credit accounts. If you maintain joint accounts during this time, it’s important to make regular payments so that you won’t have to go through credit repair after divorce. As long as there’s an outstanding balance on a joint account, you and your spouse are BOTH responsible for it. After your divorce, close all joint accounts or accounts in which your former spouse was an authorized user, or ask the creditor to convert these accounts to individual accounts. By law, a creditor cannot close a joint account because of a divorce, but can do so at the request of either spouse. A creditor, however, does not have to change joint accounts to individual accounts after a divorce. The creditor can require you to reapply for credit on an individual basis and then, based on your new application, extend or deny you credit. In the case of a mortgage or home equity loan, a lender is likely to require refinancing to remove a spouse from the obligation after divorce. If you own a home together or cannot close a joint account, you may ask the creditor if they can send you duplicate statements so that you can keep tabs on the debt your ex is now paying. Better yet, if you can access the account online, you can get up-to-the-minute payment and balance details. Make sure that the divorce decree specifies that account passwords cannot be changed without your knowledge. Otherwise, you will likely have to undergo credit repair after divorce. Every credit account you have must be addressed as part of the settlement negotiation. Don’t assume that certain accounts are exempt. If you are contemplating divorce or separation and want to retain your good credit, remind yourself that you must separate your emotions from the decision-making process. The most common regret of recent divorcees is “trusting” their ex to make the right decision. Resist the urge to throw up your hands and say, “All I want is out!” or you will be in worse shape when you begin credit repair after divorce. If you need credit repair as a result of divorce (or for any reason), then you have to get help. But you don’t have to pay an attorney thousands of dollars. You can solve all your credit problems with a simple self-directed credit repair program, as recommended by the Federal Trade Commission.
Don’t leave your credit in the hands of fate–or worse yet, divorce attorneys. Prepare yourself for the worst and then take action to repair credit problems that result from your divorce or otherwise.

Claude

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October 15, 2010

Government Now Endorses Credit Repair

Filed under: Finance — Tags: Consumer Credit, Credit Bureaus, Credit Repair, Credit Reporting Agencies, Creditor, Creditors, Federal Government, Government Federal, New Identity, Proper Documentation, Scams, Three Credit Reporting Agencies — @ 3:41 am

Patrick Zanders asked:

The federal government now backs the removal of everything negative on a credit file and the awesome thing is, they always have! I will use the term credit repair lightly as I do not think that is is appropriate because in order to repair something, something must be broken and that is just not the case. If you will forget the letter writing, new identity scams and credit privacy numbers (cpns), I will show you how to look at this the correct way and get things done once and for all.

The beauty of our legal system is that laws were put in place to protect you, the consumer. You see, credit repair as it is normally practiced, is wrong. If you use the court system , you will not even deal with the three credit reporting agencies (credit bureaus) until you show them what legally needs to be removed via court order. The credit bureaus are simply reporting what is given them and when you have the proper documentation, they will remove that as well. Get something straight right from the start, your credit file with the three credit reporting agencies are not incorrect. Sure, there may be a few items, if any, that are truly incorrect, but that is not the basis of what you will be doing. Where the illegal part comes in is when the creditors, even original creditors, report your actions to the bureaus themselves. You have a big issue with the creditors. What I am saying is that it is illegal for the creditors to report derogatory items and make them accessible to the general public.

There are 320 laws that every creditor has to follow in order to put one single item on your report. They know this and even after knowing this, they fail to follow the law at all and unless you call them out. Once you do call them out, it will either be removed immediately or you settle it in court (hint..they will not show up as they cannot document what is needed). Negatives off, good credit!

Nothing is quite as simple as it sounds, but the basics for this is behind each and every person I have seen have their files wiped clean of all negatives. So is credit repair a scam? If the companies write letters, give you a new file or identity, or go about it any other way than through the legal system, using the laws set up to protect us, then yes Doing it the proper way, through the court system and not only will work each and every time, but be backed by the government 100%.

Jennifer

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August 29, 2010

Credit Report Repair Tip – Understanding Credit Length

Filed under: Finance — Tags: Account History, Card Holder, Careful Note, Credit History, Credit Report Repair, Credit Score, Creditor, Late Payments, Law Enforcement Agencies, Length Of Time, Payment Histories, Red Flags, Repair Tip, Ssn, Tactic, Tip Length — @ 7:38 pm

Christopher Wright asked:

Welcome to today’s tip. Length of your credit file. More specifically, length of time accounts have been on your file. The concept is fairly simple. The longer an account has been on your file, the longer you’ve been managing your credit (hopefully wisely). That’s why you throw off red flags if you’re say 35yrs old with no credit. Eighteen, maybe a potential creditor can understand because they’re just starting out in life. But otherwise, you’re 35 and no credit, what have you been doing all this time.

OK, lets say for some strange reason you no or very little credit history, here’s a possible solution. Piggy Backing. This method helps to add accounts with years of payment histories to your credit file, thereby helping your credit score. Of course this assumes that the history you’ll be obtaining is a good history. Wouldn’t do much good in adding a history with multiple 30 days late payments. If you must use the account, be sure the delinquent marks are at least 18-24 months old. Anything less will hurt your score more.

This is how the technique works. Find someone , an Aunt, brother, etc., to add you to their account as an authorized user or secondary card holder. In order for this to work, the application must request your SSN#. If it doesn’t, then the history of that account may not transfer to your credit file. This is one of the strategies undercover law enforcement agencies use to make their agents’ records appear longer (in time) than they actually are.

One other thing to watch out for when doing this tactic. Make sure you’re not listed on the account as a ‘joint user’ or anything similar. The difference is major. An authorized user is allowed to use the card and gets the account history added to their file. A joint user has the same usage privileges, but is also responsible the debt. A creditor can attempt to collect from you if they are unable to collect from the original card holder. So be very careful.

Note this strategy may not be as effective for long, seems the fall out from the subprime real estate financing may cause this tactic to become less effective

Raymond

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February 9, 2010

Self Credit Repair – Part II

Filed under: Finance — Tags: Bankruptcies, Bankruptcy, Credit Accounts, Credit Bureau, Credit History, Credit Inquiries, Credit Repair, Credit Report, Credit Score, Creditor, Delinquency, Different Companies, Late Payments, Public Records Section, Rebuilding Credit, Score One — @ 11:13 am

Robert Enriquez asked:

It is very important to strategize your disputes in order to have a successful outcome. Not many borrowers are aware that deleting negative items on your credit report can hurt your score. One of the main factors in a credit score is the ‘credit history’. Whether it’s positive/negative it will impact your score in a positive/negative way.

Derogatory accounts can be on your credit report for up to 7yrs from last activity. The activity is being reported for ‘credit history’ and accounts for 15% of your score. If the derog is much older than most of your credit accounts it is actually the account that is giving the positive affect on the score. If you delete this derogatory it WILL lower your score.

Bankruptcies have been deleted from credit reports, and the scores have dropped with many individuals! Generally, a person who files bankruptcy starts rebuilding their credit after 2yrs. All credit items listed under a bankruptcy is UNRATED towards your credit score. The actual bankruptcy (listed under the Public Records section of your credit report) is the item that is RATED. Many disputers are baffled when items listed under a bankruptcy doesn’t raise the credit score after being deleted. Make sure to compare the credit items on your credit report before disputing any items.

These helpful factors can help you dispute effectively:

1. When the account was open
2. When the account was first/last reported
3. Last account activity date
4. Original Creditor or Collection Company
5. Duplicates with different companies for same account.
6. Hard credit inquiries
7. Transfer/Sold/Paid dates
8. 1st Delinquency date.

One of the foolish mistakes a Credit Repair agency may make is attempting to delete an item (from the original creditor), because of late payments. What they’re not realizing is that if the account is ‘closed’ or has been inactive for a while, the original creditor is less likely to respond back to the Credit Bureau. This will result in a ‘deletion’ of a credit item in your ‘credit history’. They should be requesting ‘payment history validation’ to result in ‘NEVER LATE’ on your credit report. Collection, bankruptcy, and lien items cannot be used for this tactic.

Ella

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September 19, 2009

How to Repair Bad Credit

Filed under: Finance — Tags: Bad Credit, Consumer Reporting Agencies, Credit Bureaus, Credit Reports, Credit Scores, Creditor, Due Accounts, Few Rounds, Fico Scores, Inaccuracy, Inquiries, Job — @ 7:52 am

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

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