Feb
9
Where Do You Get Your Credit Repair Advice?
February 9, 2010 | Leave a Comment
Big banks, mortgage brokers, credit repair companies, web sites and blogs… seems like everyone is giving advice on how to fix your credit. But what advice is real, and how can you trust it?
This is a difficult question to answer.. after all, I am one of those writers that gives advice. How can you trust my advice?
In this article, I am not going to tell you HOW to fix your credit. Rather I will share WHO to talk to and WHY.
When discussing your credit issues, talk to those that have a history of working with that type of credit. For example, if you walk into one of the “big banks” out there (you know the ones I am talking about) you must keep in mind that the loans they make are to people with excellent credit. They do not go out of their way to help the credit challenged. So when you ask the “advisor” there, the advice you most likely will get is to “clean up your credit and come back to see me.” How? Since they don’t really know how, they may advise speaking to a credit “repair” company. They “must” know what they are doing.
Credit repair companies are shady at best. I have yet to find one that offered anything beyond what you could do yourself for free… yet they will charge you upwards to $1000 to help you “fix” your credit. Even Fannie Mae says to steer clear of them. (Fannie Mae is the largest lender of preferred credit mortgage loans in America.)
What about the mortgage “brokers?” Well, I must admit right now that this is my field. I am a broker in the mortgage industry. Where I feel you have an advantage here is that a broker can take the time to see what your history really is, and if the broker is experienced in “sub-prime” or “credit issue” loans, chances are they work with credit challenges everyday. This is my profession in a nut shell. I work with people on a daily basis that have major credit issues. Through this experience, I have learned what CHANGES credit and improves scores.. and not by old tricks that don’t work.
The best advice I can give to someone seeking advice is to weigh the “expert’s” experience in actually helping to turn things around. Ask for referrals… ask for proof that they can make a difference. Their advice might not be the conventional advice, but do you want cookie cutter advice for you?
Good luck in your search. It can be tricky out there, but there are still good professionals out there that can make a difference for you.
About the author:
Ed Nailor is a webmaster, writer and works in the financial and credit fields. His websites, BestNewCreditCards.com, OrchardBankApproval.com and PlasticPlatinum.com have the most current credit card offers online. Each card has a comprehensive review, details about each offer, and a link to the site for instant online applications. For more information on home mortgages in North and South Carolina, or to contact Ed Nailor directly, visit his website at DropRent.com
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Feb
6
Do It Yourself Credit Repair
February 6, 2010 | Leave a Comment
The basics of “do it yourself” credit repair are very simple. The idea is to remove inaccurate information from your credit report. The information that many companies charge for or include as “free reports” attached to some other report that they are charging for can be found easily. Free credit repair information is available from various organizations. Real free credit repair services do not exist.
Do it yourself credit repair software is being sold on the internet. Do it yourself credit repair information is being sold in the form of conventional and e-books. Sometimes free credit repair information is used as “bait” to attract interest in subscriptions to “credit info” magazines and newsletters. Often this information that companies are charging for is worthless. Free credit repair information is available from the Federal Trade Commission.
Do it yourself credit repair is possible if you have three things to invest; time, patience and know-how. Step one is to obtain personal credit reports from the three major credit bureaus. At one time this was a time consuming process in and of itself, but a recently enacted law has made at least this part easier. Consumers can now obtain copies of their credit reports from all three major credit bureaus at one website; www.annualcreditreport.com. This is free credit repair information that anyone can use, but misspellings will lead to impostor sites that are only trying to sell more stuff. It is understandable that companies want to make money, but to purposely mislead consumers seems wrong somehow.
The next step to do it yourself credit repair is to evaluate the information on those credit reports. Beware, they are not easy to read, they may be several pages long and the company names that are listed may be unfamiliar. At this point, those who are easily overwhelmed give up, but the hardy keep going. They start writing the necessary letters or contacting the credit bureaus over the internet when possible. Even do it yourself credit repair is not free credit repair. It costs valuable time for one thing. In those situations where letters are necessary, it costs postage, of course. And, other than the annual free report, the credit bureau will charge for each subsequent report that is needed to verify that items have been removed.
If your credit is not that bad and you only have a couple of items to be removed, then do it yourself credit repair may work for you. If, on the other hand, you have numerous items causing you problems, then do it yourself credit repair will be frustrating, time consuming and possibly ineffective. The credit bureaus may ignore requests that are not “worded” correctly and although they are required to investigate within thirty days, they sometimes ask for more information. Once that information is received, they have another thirty days to investigate. What at first seems like a free credit repair solution may turn into a nightmare.
There are reasonably priced options to do it yourself credit repair. This may not be free credit repair, but it will be effective credit repair. Although there are many companies which offer credit repair services, a legal firm, specializing in credit repair issues can offer the most effective services. If you choose a company that does not consist of a legal team familiar with credit law, then you may still end up disappointed. If you choose to try do it yourself credit repair, you may be disappointed. If you choose the right credit repair service, the only thing you will end up with is a better credit score. For more free credit repair information, visit the Credit Repair Blog.
The writers and editors of the Credit Repair Blog are committed to providing accurate information about bad credit repair. Visit us at http://creditfixnow.blogspot.com
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Feb
3
Should I Contact a Credit Repair Company?
February 3, 2010 | Leave a Comment
If you have been denied credit, a credit repair company may be able to help you. If you do not qualify for “special low interest rates” because of your credit score, a credit repair company may be able to help you. If you cannot buy a house or purchase a car, because you have bad credit, then bad credit repair may be the answer.
A credit repair company specializes in removing inaccurate, misleading or questionable items from your credit report. No one knows exactly how your individual credit score is calculated. It is a well guarded secret. Companies are vague about the criteria that are used to determine an individual’s credit score, but one thing is definite, negative items on one or all of your credit reports will lead to a lower score. Professionals that specialize in bad credit repair are aware of this. The credit bureaus are aware of this. The government is aware of this. But of these, the only one that can help you correct the problem is a credit repair company.
Consumer Credit Counseling Services can help you plan a budget and pay off your lenders. They can even negotiate with credit card companies and sometimes stop late fees and lower interest rates. They do not do bad credit repair. Once you have straightened out your credit problems and gotten yourself out of whatever situation created the bad credit issues, then it is time to contact a credit repair company.
All credit repair companies are not the same. Fees vary. Services vary. And, regretfully, competence varies. Some companies that advertise bad credit repair will only give you information. Often, this is information that is free, if you know where to look. The Federal Trade Commission provides consumer credit information, free of charge. They can not help you repair bad credit; in fact they will tell you that the only thing that will repair bad credit is time. This is not exactly true.
A legitimate credit repair company with legal professionals who specialize in credit issues can request that damaging information be removed from your credit report. If you only have a couple of items that are causing you problems, then you may be able to accomplish this on your own. It really depends on how much time and patience you have to devote to bad credit repair. Sometimes it is just a matter of knowing how to ask. The credit bureaus will ignore requests that are incorrectly worded. The credit bureaus are not government agencies, they receive hundreds of requests every day and the easiest way for them to shuffle through the paper work is to disregard requests that are improperly worded. They do have a tendency to pay more attention to requests that come from a law firm.
Not every credit repair company is also a law firm. Even the thought of contacting a law firm scares some people. They think it will be expensive. Bad credit is expensive. Bad credit repair is priceless. The difference between good credit and bad credit can be the difference between owning your own home and renting for years, as you wait for the bad credit issues to correct themselves. And, they do not always “go away” on their own. Sometimes information that needs to be removed is simply outdated.
If a credit repair company does not consist of a group of lawyers who specialize in bad credit repair, then they may not have the expertise needed to correct your problems in a timely and effective manner. A reputable credit repair company consisting of lawyers specializing in credit repair issues will have that expertise.
The writers and editors of the Credit Repair Blog are committed to providing accurate information about bad credit repair. Visit us at http://creditfixnow.blogspot.com
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