Sep
30
Before You Buy Credit Repair Software
September 30, 2009 | Leave a Comment
Have you viewed your credit reports? Before you look for a free credit repair kit or buy any credit repair software, there are certain sites you should visit. The better of these websites are designed to allow consumers easier access to their credit reports. Your credit reports are records maintained by the three major credit bureaus (Equifax, Experian and TransUnion). Information on these reports is used by lenders to determine creditworthiness and used by Fair Isaacs to determine FICO scores. Some lenders consider information on the credit reports, while some rely solely on the FICO scores.
A good resource is www.annualcreditreport.com. Some credit repair software that is currently available may not include information about access to free credit reports. Up until late 2005, consumers were required to pay for copies of there credit reports, unless they had been denied credit, were unemployed and/or expecting to seek employment within the next thirty days. The website was not created to help consumers build a free credit repair kit, but it has allowed many people to see what they needed to accomplish.
As you read over your credit reports, you may notice that some material is inaccurate. The credit bureaus undoubtedly attempt to keep accurate records, but reporting errors do happen. You have the right to dispute any information listed on your credit report. Most credit repair software and any free credit repair kit will contain sample letters to use for disputes. You do not want to dispute “good” information, only negative items. The credit bureaus are allowed thirty days to investigate your dispute. They are also allowed to ignore disputes that they consider frivolous. A fairly good sample dispute letter is available in the consumer credit section of the Federal Trade Commission’s website.
So, now your free credit repair kit contains copies of your credit reports and a sample dispute letter. What else would you find in a credit repair software package? Possibly, other suggestions for improving your credit score. As mentioned, there are three major credit bureaus and several minor credit bureaus and each one may have a different scoring system. The FICO score is the most commonly used. Your score is not included in your free credit reports, but at the time of this writing, Fair Isaacs is offering a special thirty day free trial in their Score Watch™ program. You can take advantage of this free trial and include the information that you find there in your free credit repair kit. There may even be enough information for you to improve your FICO score without buying any credit repair software.
For more information about credit repair software, for general information about credit repair and for links to relevant sites, visit the Credit Repair Blog.
The writers and editors of the Credit Repair Blog are dedicated to providing accurate information about credit repair issues. Visit us at http://creditfixnow.blogspot.com
Popularity: 7%
Sep
28
Credit Report Repair
September 28, 2009 | Leave a Comment
Credit report repair refers to the procedures adopted to improve one’s credit rating. A good credit report is a vital part of business health, because it links your personal credit history to your business. It is very essential to check your credit report regularly, since one’s credibility and promptness in repaying accumulated credit hinges on a good credit report. If you find incorrect information on your credit report, the onus is on you to start making corrections.
The personal data in your credit report determines your credit scores, and also becomes a proof of good character (showing the willingness and ability to repay debts). Wrong information can reduce the credit score and the scope of obtaining a loan at a good rate, or even getting a loan at all. So, it is advisable to identify problem areas and begin doing something about them, rather than waiting until your banker asks to do so.
Credit report repair can either be entrusted to companies or an individual can undertake the responsibility. In the “self-help credit approach,” debtors can freely dispute items they legitimately believe are incorrect. The debtors can take a few simple steps to check their credit report’s data for accuracy. One’s name, spouse’s name, social security number, date of birth, residential addresses, and employers have to be accurately entered. In addition, check items that should be removed, including bankruptcies (10 years), suits, judgments, tax liens, delinquent payment records and other unfavorable information (7 years).
Other categories to be checked for accuracy are open accounts, closed accounts, inaccurate data, payment histories, and accounts wrongly categorized. When an individual locates incorrect data, “”credit counseling agencies”" are to be contacted for information on their dispute process. These agencies help in making payment plans by checking whether bankruptcy is an essential step, as well as advising credit bureaus to remove data that is truly wrong on credit reports. Almost all these agencies are non-profit organizations and not scams. Even with a 30-day response time required by law, checking facts and correcting errors may take months to complete.
Credit Repair provides detailed information on credit repair, Credit Report Repair, Bad Credit Repair, Credit Repair Services and more. Credit Repair is affiliated with Free Credit Ratings.
Popularity: 6%
Sep
27
A Word About Credit Repair Law
September 27, 2009 | Leave a Comment
Most credit repair law relates to the Fair Credit Reporting Act, sometimes referred to as the FCRA. The Fair Credit Reporting Act has been amended several times over the years. The most recent amendment is referred to as the FACT act under which a website was created to promote access to free annual credit reports for consumers. In order to legally repair credit scores or improve them, credit reports should be reviewed for inaccurate information.
Credit repair law or laws relating to consumer’s writes regarding their credit histories are about as difficult to read as most law. Some agencies attempt to put the law into laymen’s terms, in order to help consumers that are attempting to legally repair credit problems. The FCRA was designed to protect lenders as well as consumers. In order to protect lenders from excessive costs relating to attempts to collect past due or delinquent accounts, the current credit scoring system was put into place. This scoring system attempts to identify those consumers who will repay loans in a timely manner. Many feel that the entire system is flawed, but it is currently the only one that we have.
Under the FCRA, lenders are not allowed to base decisions about creditworthiness on a person’s race or sex. This is not generally relevant to credit repair law, but if you feel that you have been discriminated against, you should report the discrimination and possibly contact a lawyer.
The portion of the FCRA which relates directly to attempts to legally repair credit scores has to do with disputing inaccurate, unverifiable, misleading and outdated information included in one’s credit report. People who are familiar with credit repair law often write books or create software programs which can assist consumers in disputing negative items on their credit reports. Some professional who are familiar with credit repair law offer services, as well. Some of the credit repair services are operated by lawyers and paralegals, while others employ credit advisors. There are credit repair clinics which have been shut down and others whose operations have been severely limited by the Federal Trade Commission. The Federal Trade Commission investigates complaints about any business or company, not just those which specialize in credit repair law. If, while attempting to legally repair credit problems, a consumer feels that a company has made false claims or misrepresented its services or activities, that consumer can report this to the Federal Trade Commission (FTC).
Employees of the FTC have published a complete copy of the Fair Credit Reporting Act. This document is over 80 pages long and cannot fully be covered in this article, but for anyone who is concerned about how to legally repair credit problems or is just curious about credit repair law, it may be worth reading in its entirety.
Some people may think that credit report review is unnecessary or too time-consuming to be worthwhile. However, identity theft is becoming more and more common and no matter how careful an individual attempts to be, there are other people who are handling consumer’s private information. Just recently the social security numbers and other private information of a large number of military personnel were put at risk when an employee took the information home. The information was later lost and has not been recovered. There are companies which will help customers monitor changes in their credit reports, sometimes through e-mail notifications. As with any other type of business, the fees and services provided by these companies vary. Some companies which specialize in credit repair law and help consumers who are attempting to legally repair credit problems include identity theft insurance and credit monitoring services as well. The wise consumer will want to make sure that all fees are disclosed up front and look for a company that belongs to the Better Business Bureau.
For more information about credit repair law, visit the Credit Repair Blog.
The writers and editors of the Credit Repair Blog are dedicated to providing accurate information. Visit us at http://creditfixnow.blogspot.com
Popularity: 6%
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