Archive for the ‘Credit Repair’ Category

Credit Repair Fixes

Friday, October 10th, 2014

Eddie Delgado said:

Credit repair fixes helps you in repairing your damaged credit rating, which finally leads you to pay less for loans and insurance, etc. However, a bad credit rating doesn’t stop you from getting loan at all. It just implies that you will need to pay more for what you want. In a way this is also the time when you start thinking about bad credit repair.

In today’s time we all need loans at one point of life or another. Paying more interest pressurize you to consider making serious efforts to work towards credit repair fixes by paying installments on time. This will reflect on your credit report and will finally help you in repairing your damaged credit ratings.

In the process of doing credit repair fixes, you should have a fine look at your credit report and check out for the most common problems like mentioning of past dues that you have already cleared. This usually definitely have an adverse effect on your credit report and credit ratings.

Credit Assistance Network, Inc.

The best way to sort this out is to send the proofs like receipt to credit bureau so that they can check the receipts and update your account with the correct information. When your report will be updated with correct information by the credit bureau, you credit score will automatically turn better. During this process, you should keep in mind that the of credit repair fixes information is updated with all three credit bureaus i.e. Equifax, Transunion and Experian.

Doing credit repair fixes does not mean that you don’t make efforts to maintain your good accounts and should always concentrate on fixing the bad ones. Most people think that because they already have a bad account, hence it will be of no use to have a good one, which is completely wrong. One should make his best effort to maintain the good account and try to keep it that way. One should continue to pay the payments on time for your good account irrespective of the fact that you have bad accounts too. This will surely help in your efforts of bad credit repair.

For easy tips and techniques visit Easy Credit Repair Kit.

Credit Assistance Network, Inc.

 

Protect Yourself from Hackers

Related Posts

Credit Repair Guide

Thursday, January 27th, 2011
Chris asked: If you are looking for a credit repair guide then read on and follow the advice in this article. Repairing your credit score is not something that you can do overnight it can take quite a long time and a lot of work, and once you get some good results then it will take more work to maintain a good credit score. This article looks at how you can repair your credit by getting a copy of your credit report and fixing any errors that it may contain. The purpose of this article is to help you with this process by presenting you with a simple credit repair guide.

The first thing that you need to do is to contact the major credit bureaus, these are Equifax, Experian and Trans Union. You are allowed to request one copy of your credit report from them each year for free. You can contact them online, by mail, or by telephone.

Once you have got your credit report you need to sit down and carefully study it. Check it for errors, there may be errors about your identity such as your name and where you live. There may also be errors relating to your spending and borrowing habits. For example, if you find a reference to a missed payment on a loan or credit card and you believe that you did in fact meet this payment in time, you need to contact the credit bureau and request that they investigate this error. If they cannot prove that you are wrong then they must remove this error from your credit report. The letter that you send them is known as a dispute letter.

This process can take some time, but if your dispute letters are successful and you can show that the credit bureaus are holding incorrect information about you, then your credit score should improve. Once you have improved your credit score you should request another copy of it at least once each year and check it for any errors.

In conclusion, having errors about your identity or your repayments on loans and credit cards fixed will help to repair your credit rating. This will make it easier for you to take out any future loans or credit cards or other forms of finance such as a mortgage. Not only will it be easier to get finance but you will be able to get it at a better rate because of the improvement in your credit rating. I hope that this credit repair guide has shown you just how easy it is for you to repair errors in your credit score.

Council for Debt Collectors

Related Posts

Credit Repair Companies – Fast Credit Restoration

Wednesday, January 5th, 2011
Hector Milla said: Everyone makes mistakes and that can happen with your credit too. Sometimes you get yourself in over your head a bit and find yourself needing to repair your credit to get yourself back on your feet and able to purchase the items that you need like a new home or a new car. A credit repair service is the best way to help restore your credit fast. A good credit repair service will have people with the know-how and experience in the financial industry to help you start to clear up your credit score and do it quick. In order to be efficient in getting your credit repaired quickly you need to know the processes required to deal with bad items on your credit report. Hiring a credit repair service to quickly restore your credit is the best way to go because they know the process to restoring your credit and they have gone through that process many times before.

A reputable credit repair service is also an asset in your need to quickly repair your credit because the service will have established relationships with the credit reporting agencies and they will have the ability to communicate directly with the credit reporting agencies when you may not be able to. When you are looking to quickly repair your credit score and set yourself up to be able to make those large purchases you need to make you need to have direct access to the credit reporting agencies so that you know what information they require in order to raise your credit score. When you work through a reputable credit repair service you can have that direct access through a company that has spent years developing a healthy working relationship with all of the credit reporting agencies and that is the kind of access you need to repair your credit quickly.

Credit Card Minimum Payment Increase

Related Posts

The Truth About Credit Repair

Wednesday, December 8th, 2010
Walter Silcox said: We’ve all seen them. “Send me 99.95 and I’ll fix your credit and you can get a one million dollar credit card tomorrow.” Ok so I am being a little dramatic. This article is to give you some insight into repairing your credit. It is not meant in any way to be legal advice. We will discuss several things in this article such as how credit works, paying or settling debts, credit repair companies, and establishing new credit.

Before we begin I want to share a few things. I was a collector for almost 10 years until bad health forced me to leave the profession. I have also had my credit messed up by a bankruptcy after my son was hit by a car and had over ½ million dollars in medical bills. Yet within 18 months I had purchased a new car, a home, had credit cards and some other accounts. So you see credit can be damaged but it can be repaired.

Before you can fix your credit report you have to know what is on it. http://www.annualcreditreport.com http://www.equifax.com http://www.transunion.com http://www.experian.com Some of the bureaus have an online score calculator that will allow you to see how your credit score will rise if you pay a debt off, or begin making payments. Check it out and become familiar with it. Although there are 3 credit bureaus, and in a perfect world they would all say the same thing, they may each have slightly different info. Review your reports to make sure there are no inaccurate entries.

When I was collecting I often had people say to me “My credit is ruined so why should I pay?” After I explained to them how the credit bureau worked, and showed them that they could fix the damage they where happy to pay. Many people get behind on their bills, figure their credit is ruined and just give up and never pay the bills. So it reports bad to the credit bureaus and they never make any payments on them so it stays bad.

Many think that if they get behind that they automatically can’t get credit for 7 years. While it is true that it may report for 7 years so will any payments you make after the time the account went past due. It is similar to a stack of boxes. If the last box says bad then it lowers your score and all your future creditor can see is the bad box. But if you make payments after that it pushes the bad box down the line. The creditor can still see it but it has less importance. So even if you got behind or haven’t paid it for a long time either beginning to pay on it or paying it off or settling it will help your credit score.

I have often seen people who thought their credit was ruined and all they had was a few hundred dollars in unpaid medical bills or a small credit card. I advise people that they should just pay off small accounts either in full or by payments. In some case making payments on the debt may be better for your credit than just paying it off in full. The reason is that the credit bureau is really just a record of how consistently you make your payments. If the account isn’t charged off and in collections then you are probably best to just make payments. If they don’t update the bureau until it is paid for then by all means go ahead and pay it off.

If you have larger debts you may be able to settle the debt. If the debt is charged off and with a collection agency your chances are better. Why? Because they get the accounts and they get a percentage of what if recovered. They like it when they don’t have to spend a lot of time and money to recover the money. I have seen them accept anywhere from 80% down to 30%. It depends on the agency and the age of the account.

BEWARE BEWARE. If you settle with an agency you still may hear about the debt in the future. Let me explain why. Then original creditor assigns it to the agency. You settle with them. The account is sent back to the creditor. The creditor isn’t aware it was settled, just that the balance is lower. In some cases it gets reassigned to a secondary agency who is also unaware that it was settled. So they attempt to collect on the lower balance. If you settle a debt make sure you get documentation that it was a settlement. Make sure your credit bureau is updated to reflect that. Make sure you KEEP that documentation.

If you are ever contacted by another agency in the future you will need that to prove that you settled that debt. That brings us to credit repair companies. There are some that are legit and honest and some that are just a rip-off. Be careful. They will promise you that they will fix your credit, get you new credit, the sun will shine, the grass will grow and the birds will sing and the flowers bloom yada yada yada. They use the dispute process with the credit bureaus to do this and it isn’t always effective. You can also do that for yourself. They may know a little more about it though. If you use one I would find out how they plan to fix your credit, can they negotiate settlements for you, can they refer you to getting new credit established and most important, will they refund your money (less any actual expenses) if they fail to improve your score.

It is possible to establish new credit without going through the steps I mentioned. You can get secured credit cards. http://www.cardreport.com These cards do report to the credit bureau but they are secured. Typically they open an account for $250. The fees they charge usually come up to the same amount. So they aren’t really assuming any credit risk. But they will report to the bureau. Make your payments on time or ahead of time. Also pay more than the minimum. There are other variations of the secured card. The best one is one secured by a bank account since you aren’t just giving money away to get a credit card.

Credit Card Minimum Payment Increase

Related Posts

Credit Repair Made Easy

Saturday, November 6th, 2010
There are many forms of credit but the one were concerned about is this one: the provision of money, goods, or services with the expectation of future payment. Now Fico is the measurement of your credit risk which is translated into a numerical score between 300-900.All this information is compressed together and a Credit Score is born which is a numerical rating that attempts to measure a borrower’s credit worthiness.The scores indicates the borrower’s general payment behaviors-summarizing how often the person pays their bills and obligations on time. Higher credit scores represent a statistically smaller risk to a lender than a person with lower scores.

Lenders and creditors, therefore, are more likely to approve loans and offer their most-favorable terms to people with the highest scores. Credit scores have been used by lenders and creditors as an objective way to decide whether to offer consumers credit cards, home loans and car loans.Scores are based on records at the Credit Reporting Agency (Bureau). It is common for an individuals score to differ slightly from one Bureau to another, scores are developed from the credit information on file at each particular bureau, information may vary from Bureau to Bureau.

The Bureaus can only report the data sent to them from the lenders, creditors and companies that report such data to them.Credit scores are determined by weighing several factors in a person’s credit report, including payment history, balances, number and types of credit accounts. By using a formula, scores can be more objective than humans relying on different criteria to create a measurement. Credit scores do not consider a borrower’s race, gender, religion, age, income, marital status, or national origin, mathematical formulas have limitations.

A person who has always paid cash for purchases will score low due to a lack of credit history. Many lenders do not rely exclusively on credit scores and will take other factors into account that may mitigate a poor credit score. Most credit scoring models are kept secret, the model providers sell their scores to lenders willing to pay for them. This makes it very difficult for the consumer to understand how their actions can affect their scores. Now that we have all that out of the way why bother to repair your credit score anyway?

The following are a few reasons to consider repairing your credit:

1. Car Insurance – Some states are banning the use of credit scores when calculating car insurance premiums, but most still allow it.

2. Loans – Car, house and student

3. Employment – Some jobs in finance or brokerage but not limited to these areas can be a factor in employment

4. Universal Default – a sneaky law passed stating a change in Fico or a late pay on one of your other cards can give a company that you have had a good history with the right to increase your interest rates or credit line adjustments/

You and I know the real score about credit scores and how some businesses have gotten laws passed to use our credit scores against us for there profits. Even knowing this we have to deal with the problem so credit repair is a viable option.

There is a technique buried in the Fair Credit Reporting Act ( FCRA) that is simple for anyone to do which has a high percentage of success in removing negative data. The results are realized within 30 to 45 days.
Do it Yourself Credit Repair

Council for Debt Collectors

Related Posts