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Here Are Some Easy Tips For Fixing Credit Score

admin — Fri, 20 Nov 2009 06:02:41 +0000

One of the easiest ways towards improving and fixing credit score is that people take small financial steps over a period of time. By taking some simple steps and making a commitment, a person will find that they can improve their score easily.

Clean Up Credit Report – Get Out of Debt and Get a High Credit Score by Following These Simple Steps A credit report is a detailed account of your entire...

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Clean Up Credit Report – Get Out of Debt and Get a High Credit Score by Following These Simple Steps

admin — Fri, 20 Nov 2009 06:02:09 +0000

A credit report is a detailed account of your entire financial history. Every loan you took out, every utility bill you paid, every credit card payment you made – it is all tracked in your credit report. It is not very difficult to clean up a credit report, provided you are armed with the right knowledge, and have a strong determination to make your financial future secure.

Here Are Some Easy Tips For Fixing Credit Score One of the easiest ways towards improving and fixing credit...

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Credit Repair Letters – Get the Real "Scoop" on How to Make Them Work For You

admin — Fri, 20 Nov 2009 06:01:53 +0000

Credit repair letters are simply the letters (sometimes referred to as “dispute letters”) that you write to a credit bureau to remove a negative mark from your credit report. These letters basically notify the bureau that there is incorrect negative information on your report that it must investigate and/or remove. This article will serve as a guide to understanding credit repair letters, and how to use them.

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What Is A Credit Reporting Agency?

admin — Fri, 16 Oct 2009 22:51:51 +0000

A credit reporting agency (CRA) is an organization that collects financial information from data furnishers. These data furnishers are typically creditors, lenders, utilities, debt collection agencies and the courts (i.e. public records). With the information they collect they systematically create a credit report for consumers. The reports are then sold to other creditors, lenders, employers, insurers, and other financial institutions that you wish to do business with.

Credit reporting agencies are typically referred to as credit bureaus. The three largest credit bureaus in the US are Equifax, Experian and TransUnion. It’s important to note that credit bureaus are for-profit companies and not government agencies.

CRAs are governed under the Fair Credit Reporting Act which, among other things was put into place by the FTC to make sure the credit bureaus were reporting accurate information. The FCRA also allows consumers to request a free credit report from each of the credit bureaus once a year for free. It also allows consumers to dispute any information on their credit report that is questionable, unclear, or inaccurate.

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Can You Remove Settled Debts From Your Credit Report?

admin — Sat, 10 Oct 2009 22:51:07 +0000

Under the Fair Credit Reporting Act most negative information can be included in your credit reports for seven years. You can see how long negative credit stays on your credit report here. However, the FCRA also states that you have the right to dispute any information on your credit report that may be inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, or unclear (questionable). The burden of proof is on the credit reporting agency that is reporting it. You don’t have to specify a reason for disputing it.

In my experience of helping people repair their credit, it’s always easier to have settled debts removed from your credit reports. Why? Because creditors and collection agencies are much less likely to verify a dispute of a debt that you have paid. They usually won’t even bother responding to the credit reporting agencies about your account if it’s paid. If they don’t respond, the account must be removed. But, sometimes they do respond. They also don’t want to risk verifying something that shouldn’t be verified and getting sued over something that’s not going to make them money.

When the investigation is complete, the reporting agency must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the credit bureau cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the credit bureau gives you a written notice that includes the name, address, and phone number of the provider.

There are other ways to have items removed from your credit reports, but disputing them with the credit bureaus is the most popular way.

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How Do You Write A Credit Dispute Letter?

admin — Wed, 07 Oct 2009 22:49:56 +0000

Writing a quality credit dispute letter is the key to repairing your credit. When writing a credit dispute letter, ‘quality’ simply means straightforward and original. You don’t need to act like an expert, quote any laws or make any threats to the credit bureaus. You simply need to politely and respectfully tell them which item(s) on your credit report you want to dispute and what you want them to do with them.

Do you want them to correct an item or remove it? It’s important to be specific when telling them what you would like them to do. Unnecessary details will confuse investigators and cause unwanted results.

Remember to always include a photocopy of your driver’s license, state issued ID, or U.S. passport and a copy of your social security card, pay stub, W-2 or a recent utility bill. Only 2 forms of ID are required.

You will also want to keep copies of every correspondence with the credit bureaus for your records. Once the credit bureaus receive your letter they have 30 days to respond. You should not contact them before the 30 days is up as it extends the investigation.

Here are some sample credit dispute letters. Do NOT copy these as they are not fill in the blank forms. These are strictly samples and your letter should be original.

How Do You Repair Bad Credit? Living with bad credit can be very stressful, but repairing...

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How Do You Repair Bad Credit?

admin — Sun, 04 Oct 2009 22:43:31 +0000

Living with bad credit can be very stressful, but repairing bad credit might be easier than you realize. Improving your credit rating requires that you take a proactive position and change your beliefs about money. Learn as much as you can about the credit system at credit repair forums and by getting familiar with consumer laws that protect you, especially the FCRA. You can also follow these 4 simple steps:

Step 1: Request a copy of your credit reports from all major credit bureaus. Dispute any questionable negative items on your reports, write to the bureau and ask them to remove the mistakes. It might also help to contact the creditor who reported the error. Some creditors will contact the bureau on your behalf.

Step 2: Negotiate with creditors and work to pay off any outstanding debts. Be careful before paying off old debts as it can harm your credit scores even worse by re-aging the account. Write the creditor a pay for delete letter – an agreement in writing that states that once you pay off the account, they will remove it from your credit report.

Step 3: Rebuild your credit by making all future payments on time and by using credit wisely. If you don’t have a credit card, you should apply for one. If your application is rejected, try to find a co-signer or apply for a secured card – where you deposit some money into a savings account and then get a credit card with a line of credit close to the amount you deposited. Keep credit card balances low.

Step 4: Monitor your credit on a regular basis and lookout for any erroneous or questionable information on your reports. Checking your own credit through a credit monitoring service is OK and will not count against your credit scores.

Learning how to repair and maintain credit can take time, but it’s vitally important to your financial life. Follow the steps above and you will be on your way to getting the credit you need, when you need it.

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How Long Does Information Stay On Your Credit Report?

admin — Thu, 01 Oct 2009 16:55:14 +0000

According to the Fair Credit Reporting Act (FCRA), most negative information will stay on your credit report for a minimum of 7 years. There are exceptions for certain types of negative information.

Delinquency information (late payments) stays on your report for 7 years from the date of the initial missed payment.

Charge-offs stay on your report for 7 years + 180 days from the date reported to the credit bureau.

Student loan defaults stay on your report for 7 years.

Foreclosures, 7 years.

Judgments or law suits, 7 years from the date of filing.

Bankruptcy – Chapters 7, 11, and 12 stay on for 10 years from the filing date. A Chapter 13 bankruptcy stays on for 7 years from the filing date. Accounts included in bankruptcy remain 7 years from the date they were reported as included in the bankruptcy.

Tax Liens – (city, county, state, and federal) Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain 7 years from the paid date of the lien.

Inquiries stay on your credit report for 2 years, with those in the last 6 months usually given the most consideration.

Positive accounts stay on your credit report indefinitely and paid positive accounts remain 10 years.

Remember, that you have the right to dispute any information on your credit report that may be inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, or unclear (questionable). The credit reporting agencies must be able to prove everything they place on your credit report.

Can You Remove Settled Debts From Your Credit Report? Under the Fair Credit Reporting Act most negative information can...

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