May
31
Credit Report Repair Services
May 31, 2009 | Leave a Comment
You see their ads everywhere — in newspapers, on television and throughout the Internet; and they all say the same thing, they all promise to repair your damaged credit report for a fee. If you know you have bad credit, you may look for services such as these, but beware - these companies cannot deliver on their promises to wipe out your bad credit. After you give them hundreds of dollars, you will find out that nothing has changed, and they will disappear with your money. There are some that are reputable and use legal tactics that are also ethical, but you must be careful.
If the negative information in your credit report is accurate, the only thing that will legally remove that information is time. A consumer-reporting agency can report accurate negative information in your credit report for up to seven years, and a bankruptcy for at least ten years.
If the negative information in your credit report is inaccurate, you may be able to dispute it with the consumer-reporting agency. The law allows you to ask for an investigation of any information in your file. You can do this at no charge to you.
Many states have laws concerning credit repair companies. If you feel that you have been victimized by a credit repair scam, law enforcement officials may be able to help you recover the money you lost. Do not be afraid to contact the consumer affairs office, or your state’s Attorney General’s office. The laws are in place to help you in these situations.
Credit Report Repair provides detailed information on Credit Report Repair, Credit Report Repair Services, Bad Credit Report Repair, Company Credit Report Repair Services and more. Credit Report Repair is affiliated with Online Credit Reports.
Popularity: 9%
May
30
Simple Ways To Repair Bad Credit
May 30, 2009 | Leave a Comment
If you have bad credit you are like thousands of people in America that have credit problems. The good news is you can repair your credit yourself.
Before extending credit to you, creditors will look at your credit history to determine if you are a good credit risk. The guidelines vary from creditor to creditor, of course. Some creditors may be satisfied with only your salary and job and other financial information you put on your application. But most also want to know your habit of repaying debts.
They contact credit reporting agencies, also known as, credit bureaus, to obtain whatever records they have on you. These agencies collect and store information about borrowers that is routinely supplied by many lenders and creditors.
Bad credit can prevent you from getting the loan or credit card that you want. Here are the steps you can take to repair your credit.
The first step to repairing your credit rating is to get a copy of your credit report from the credit bureau. You have the absolute right to know what is in your credit file.
You may obtain a free copy of your credit report if you have been denied credit within the past 60 days due to information contained in your credit report. If not, the credit bureau may charge you a small fee.
Once you get your report, review it to see what kind of information it contains. There is a chance that your credit report lists items that don’t belong to you. If you believe that there is an error in your report, contact the credit bureau and dispute the item.
All the information you need to dispute or correct an error is sent with your credit report. Forward all correspondence using certified mail, return receipt requested. You want proof that they received your dispute letter and all supporting documentation. Keep records when mail was received and be sure to retain copies of everything.
The credit bureau must reinvestigate your dispute within a reasonable period of time. If they do not respond within the alloted time, then the disputed item must be deleted from your report.
Contact the credit bureau indicating that they had more than a reasonable period of time to respond and demand that they delete the disputed items from your file. By law, they must comply with your request.
If there is any negative item and the item is being reported accurately, you can negotiate with the creditor. Offer them a percentage of the amount you owe as full payment of the account if they will in turn remove the negative information from your report.
If you are unable to get your creditor to delete or amend the negative information, you can file a short statement explaining your side of the story. The law allows you to place a “100-Word Consumer Statement” in your credit file. The credit bureau is obligated to include that information in your credit file.
Once your credit report is corrected, you should request that the credit bureau send a corrected copy of your report to any businesses that received a report on you within the past six months or two years if it involves employment.
After you have erased your bad credit, it’s time to re-establish your good credit. To re-establish good, you must add positive items to your file. There are several ways to do this.
You can add positive credit information to your credit file by depositing funds with a financial institution to serve as collateral for a loan or credit card, applying for a charge account at a local department store or even asking a friend or relative with good credit to cosign a small loan.
Regardless of the method that you use, it’s important to show that you can handle credit responsibly…by making all payments on time.
Don’t let bad credit ruin your life. Avoid the embarrassment and rejection associated with a bad credit record. You can rebuild your credit, and with the right information, it’s something you can do yourself, quite easily.
Conleth C Onu writes about credit repair and other topics. Visit his website http://www.amazingcreditrepairtools.com/ This website is a great place to find credit repair information, resources and articles.
Popularity: 8%
May
28
When was the last time you saw a copy of your credit report? Do you know your credit score? Do you even know if it’s good or bad?
If you can’t answer these questions, you have some homework to do — especially if you’re planning to apply for a mortgage loan in the near future.
Here are some step-by-step instructions to help you obtain your credit reports, review them for accuracy, and correct any errors you come across.
Step 1 - Understand how your credit affects you.
When you apply for a home mortgage loan (or some other major purchase), you can be sure your credit will go under the microscope. Mortgage lenders will analyze your credit to find out what risk category you fall into.
When your credit score is high, your risk factor is low. In this scenario, you’ll have a good chance of qualifying for a loan. But when the opposite is true — low credit score and high risk factor — you could have trouble obtaining a loan.
Credit reports are maintained by three credit reporting companies (sometimes called credit bureaus or agencies): Experian, Equifax and TransUnion. Your credit score is based on the information contained in these credit reports. Three agencies, three reports, three credit scores … all about you!
Step 2 - Request copies of your credit report.
According to the Fair Credit Reporting Act (FCRA), you are entitled to one free credit report per year from each of the credit reporting companies — Equifax, Experian, and TransUnion. To request your credit reports from all three companies, visit www.AnnualCreditReport.com, or call 1-877-322-8228.
If you request your report online, you should have access to it immediately. If you request your credit report through the toll-free number, it will be processed and mailed to you within 15 days.
Your credit report will not come with a credit score, so you’ll need to purchase this separately. You can obtain your credit score by visiting www.MyFICO.com. This website is owned by Fair Isaac’s, the organization that converts your credit reports into credit scores. Here’s a quote from Fair Isaac’s:
“FICO scores are your credit rating. Most lenders base approval on them. You have three FICO scores, one for each credit bureau, and you can only get all three from myFICO.”
Step 3 - Review your credit reports for errors.
Examine your credit reports closely for any errors or inaccuracies. Make sure your personal information is correct and up to date. Check for loans or lines of credit that aren’t yours, as this could be an indication of credit fraud. Anything at all that seems out of place, write it down for further investigation.
Step 4 - Start the correction process immediately.
Under the Fair Credit Reporting Act (FCRA), credit reporting companies are responsible for correcting inaccurate or incomplete information in your credit report. So don’t hesitate to exercise your rights under this law.
If you only find errors on one report (for example, the one provided by Experian), you only need to contact the company associated with that report. Visit the company’s website to find instructions on how to begin the correction process. By law, each credit reporting company must publish their correction requirements.
You can find these instructions on each company’s website:
* www.experian.com
* www.transunion.com
* www.equifax.com
Tell the company in writing what information is inaccurate. File a copy of your initial request, as well as any subsequent communication (such as their response to you). Start a folder and label it with “credit report” to keep your documents together. Keep the folder secure, as it will obviously contain sensitive information.
Step 5 - Follow up thoroughly.
The credit reporting company will investigate your claim within 30 days of receiving it. But why wait? I recommend contacting them after 10 business days, at least to make sure they’ve received your correction request. Follow up regularly after that. Don’t allow your issue to “slip through the cracks.”
Step 6 - Continue your education.
If you believe your credit report contains errors, educate yourself on the correction process. This article provides a good overview, but an important issue like credit deserves a more complete education.
Websites worth a visit:
The FTC’s Credit Center:
www.ftc.gov/bcp/conline/edcams/credit/index.html
Credit Advice from the Better Business Bureau:
www.bbb.org/Alerts/article.asp?ID=616
Credit Section of About.com:
www.credit.about.com
Credit Learning Center at Home Buying Institute:
http://www.homebuyinginstitute.com/credit.php
* Copyright 2006, Brandon Cornett. You may republish this article if you keep the byline and author’s note, and also leave the hyperlink intact.
About the Author
Brandon Cornett is the editor of HomeBuyingInstitute.com, the Internet’s largest library of home buying advice. To learn more about credit reports, visit the credit learning center at http://www.homebuyinginstitute.com/credit.php
Popularity: 8%
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