We cannot find a person without any sort of debt in this present world, where the way of living has been exceeded beyond what we can afford. The debt maybe of house loans, education loans, credit cards, car payments and your debt and payment history becomes your credit history and you may find later that you have a very bad credit score. This bad credit report can affect your life in a bad way that you never imagined. When you go to get a loan from a bank, or to get a new credit card or even to buy any utilities on EMI’s you can find how difficult they can turn out just due to your bad credit report and low credit score. So, it’s highly recommended to repair your credit before you experience these situations in your life. For credit repair, there are a number of credit repair companies in the market which provides you good services to repair your credit and to raise your credit score. Some credit repair companies also provide financial advices to their clients other than technical services. As there a number of credit repair companies in the market nowadays, it’s difficult to find which one is genuine and keeps their promises and which ones are frauds. So, you have to take care while choosing a credit repair company and in this article let me guide you on this matter.
First of all let me tell you that don’t go for a credit repair companies help and service, unless you have tried your best to sort out the problems in your credit report and failed to do it. Most of the credit repair companies offer services that you can do all by yourself. But in some cases you may need such companies help to sort out the problem and solve it. If you are a very busy person and you don’t have time to go after your credit report, then it’s ok to give your bad credit report for its repair to such companies on the fee they charge. Otherwise try yourself first and then only seek their services.
If you have decided to seek a credit repair company for your service, then don’t pick up your phone and fix an appointment. You have to consider certain things before doing so.
Most of the companies that offer credit repair services are scams. They might buy money from you as their fee and disappear overnight with your money. So beware of such companies and their traps. You can do this by doing a research on the company. You could get help from the state attorney general’s office or any other consumer assistance agencies run by the state. You can research on the companies track records, complaints registered against that company and the nature of the complaint, etc. if you find that company satisfactory, and then you can approach them.
Some companies may be promising you things that may be illegal, to correct your credit report. Don’t fall in such traps and sign any contract with them. You can go ahead and file complaint against such companies who offer illegal services.
After all these factors if you decide to go ahead with that credit repair company, then consider these things too.
Thanks to a new federal law put into place in September of 2005, everyone is entitled to one free credit report each year. This is so that you can verify that your report does not contain any false information, and so you can see how your credit rates. Getting your annual free report is as easy as going to the authorized source, www.annualcreditreport.com and requesting one.
Once you have your free report, what in the world do all those abbreviations, numbers and codes mean?! The most widely used system for scoring is the FICO score, developed by The Fair Isaac Corporation, and the number determines the risk to extend credit to an individual. Credit reports are usually divided into sections; identifying information, public records, credit history, and inquiries to your credit report from creditors looking to extend you credit based on your credit score.
The identifying information includes your name, address, and social security number. Make sure they are all correct. Usually this section will also include a list of your previous addresses, your date of birth, phone number, spouse’s name, employers information.
The public records section is the section you hope has no information. This is where a bankruptcy or judgment would show up on your report, and it will harm your rating more than anything else on the report, and take longer to repair.
The credit history section is the most confusing. It will list every creditor you’ve ever had business with, including accounts that have been closed and those that remain open with no balances, and accounts that you are currently making payments on. Depending on which credit reporting agency you get your report from, this section will actually be displayed differently on each report. Experian’s report displays it in “english”, and states everything in common sense terms, like “pays on time”, “pays 30 days late”, etc. Reports from other agencies might use numerical codes in a table that you have to refer to another page to find out what each code means. Either way, make sure you agree with each creditors reporting of you since this is how your score is determined. If you have accounts that you don’t have the credit cards for anymore, or a loan that has been paid off but remains on your report as a revolving credit (money available to you as you pay it down), call and write each company to ask them to close the account completely and report that to the credit agencies. Otherwise, it appears that you have all of that money available to you, and that goes against your debt to income ratio.
The section called “inquiries”, and it includes a list of everyone who has ever looked at your report. This will include credit companies you’ve contacted to request a credit card or loan, but it will also include what is considered “soft” inquiries. Soft inquiries are any promotional offers, such as a retail store checking into your credit history to determine whether or not to mail you an offer for their credit card. Soft inquiries do not harm your overall credit score.
You can also get a copy of a credit report any time you’ve been denied credit. This is because there is always the possibility that there are errors in your report, which prevented you from obtaining the credit you applied for. Regardless of how you get your report, take the time to look it over and find any discrepancies (immediately call the creditors in question and straighten it out) and close out any accounts that you no longer use but are showing open and available to you on your credit report. Having your report will show you where you stand if you’re considering going for a mortgage, new vehicle, or other loan.
Copied with permission from: http://plrplr.com/20033/what-s-in-a-credit-report/
A subject of great concern to many of those with damaged credit is the issue of time limits. The two main categories are collection-related and reporting-related.
Collection Of Debts
Collections Action - A creditor or third-party collection agency can legally demand or request payment on a debt, via letters and phone calls, forever, as long as the debt remains unpaid. A debtor can order a third-party collector to cease communication, as per the Fair Debt Collection Practices Act, which should stop routine demands from that source. (See our Collection Agency FAQ for details.) In practice, the older a debt is, the less vigorous the collection efforts will be, and the more likely the creditor or collector will give up easily. And, unless the debt is secured by some type of property (e.g. a car), they cannot actually force a debtor to pay without a lawsuit.
Lawsuits - When a consumer is seriously delinquent (late) on a debt for a significant amount, there is the possibility of the creditor filing a lawsuit. The time limit for doing so is known as the statute of limitations, which is set by individual states. The relevant statute is the one for the state in which the debtor resided at the time of the delinquency. The expiration of the statute of limitations covering a debt will not necessarily prevent a lawsuit, but it will provide an absolute defense, whereby the debtor is simply required to file a response with the court, pointing out this fact, in order to have the suit dismissed. Here is a chart with the statute of limitations for each state and type of debt.
Judgements - If a lawsuit has already been filed and won by a creditor, there is another, separate statute of limitations for enforcing (collecting) the judgement. Here is a chart with the judgement enforcement time limits for each state.
Federal Taxes - Ten years from the date of the assessment for delinquent amounts, unless a lien has been filed. Tax liens on, for example, real estate, remain until the back taxes have been paid.
Student Loans - There is no statute of limitations or other time limit for lawsuits or other enforcement action on defaulted federal student loans.
Credit ReportingThe time limits for various types of information to appear on consumer credit reports are set by the federal Fair Credit Reporting Act.
Making payments or partial payments on bad debts does not effect the running of the credit reporting time limits, except in the case of tax liens and federal student loans. All other types of items should expire on schedule, based on the original dates, regardless of when or whether they are paid. There was previously a great deal of confusion over the starting point, which could have been interpreted as the date of the last activity on the account. This resulted in the possibility of "re-setting the clock" on an old bad debt by making a payment on it, or by paper-shuffling on the part of collection agencies. The issue was clarified in the 1996 amendments to the FCRA, which set a specific starting date related to the original delinquency date (see FCRA Section 605 (c) (1).)
Inquiries - Two years.
Late Payments - Seven years from the month in which the late payment was due. If there are multiple late payments in one account item, then they will each expire individually.
Charge-Offs - Seven years. The time runs from the date of the delinquency, plus 180 days. If a payment was due on an account on January 1, 2000, but the debtor defaulted, and never caught up to become current again, and the account is eventually declared a charge-off by the creditor, then the seven year reporting time limit starts running on July 1, 2000, with the item scheduled to expire from his/her credit reports on July 1, 2007. Here is our article on charge-offs.
Collection Accounts - Seven years. The running of this time limit is the same as with charge-offs. The date of delinquency still refers to the original delinquency with the original creditor, regardless of when the collection agency began working the debt. This includes debts that have been bought by a collection agency. Collection agencies cannot legitimately "re-set the clock."
Lawsuits And Judgements - Seven years or until the governing statute of limitations has expired, whichever is longer.
Bankruptcy (Chapter 7) - Ten years (from the date of entry of the order for relief or the date of adjudication.
Bankruptcy (Chapter 13) - Seven years.
Paid Tax Liens - Seven years from the date of payment.
Unpaid Tax Liens - Forever (unless paid - see above.)
Unpaid Federal Student Loans - Forever (unless paid, after which they can appear for seven years.)
The above time limits apply to credit reports which would be available to creditors for most types of credit applications. However, the credit bureaus are legally permitted to disclose older information in the following situations:
A credit application involving a principle loan amount of $150,000 or more.
An application for a life insurance policy with a payout of $150,000 or more.
An application for employment in a position paying $75,000 per year or more.
Have you ever wondered what companies send you when they claim you can erase your bad credit overnight? How about those ads that say you can get any major credit card 100% Guaranteed regardless of your credit?
Ads abound almost everywhere (online and off) selling books, systems and secrets to help you fix your credit in a hurry. Many of these programs have claims, which read like the covers of supermarket tabloids, "In 3 hours my credit score jumped from 580 to 676!"..."Erase bad credit and smash your debts with just 2 Magic Letters!"..."Create a completely new credit file in 24 hours!" Are these types of claims ALWAYS too good to be true? The answer is "Yes and...no."
While many people would love for you to believe that the only thing that can fix bad credit is time; in reality… nothing could be further from the truth. The fact is, time is only one factor which will fix a credit report (but it's a far cry from being the only factor). How can I back this up? Easy. Under a consumer protection law known as the Fair Credit Reporting Act (a.k.a. the FCRA), the only negative information which can remain on your credit report is not what is accurate… but what can be proved as such. What's this mean to you?
It means any negative item on your credit report can only remain there if it is accurate and CAN BE PROVED AS ACCURATE under the guidelines of the FCRA. This indisputable fact presents consumers with both good news and bad news. The good news is that through the FCRA, your credit score can most likely be improved dramatically in a very short period of time with only a modest amount of effort on your part.
The bad news is that while the actual "work" will take very little of your time, it is vital that you have good information on "how" to go about it. This is the bad news; 9 out of 10 courses on restoring your credit will do nothing more than lead you into a snake pit. This is because they provide you with outdated "Boiler Plate" dispute letters which are rarely effective. These are nothing more than form letters and… quite frankly (more bad news) the Credit Bureaus and Creditors will laugh at you if you try to use them.
While I agree with the Federal Trade Commission (FTC) that "Anything a Credit Repair Clinic can do for you legally, you can do for yourself at little or not cost"… the key element you need for success is the latest inside techniques and procedures to get the results you want. These involve strategies known as "Proof of Contract", "Constructive Notice", "Challenge of Procedure" or "Restrictive Endorsement" and many others.
All these terms may "sound" impressive, but they are really quite simple. In the end, it is nothing more than a method of communication which exercises your consumer protection rights, gets the results you want, and raises your credit score. Even more impressive, once you learn how simple it can be by doing it for yourself, you will find there is a fortune to be made doing it for others! Either way, it all starts by requesting a free copy of your credit report by visiting: www.AnnualCreditReport.com.
The TRUTH About Credit Repair
by Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about Scott Bilker and DebtSmart can be found in the online media kit.
Taking the right little steps can fix credit in a big way.
Everyone should care enough to improve their credit score. Lenders use this three-digit number to decide whether to give you credit, and at which interest rate and terms. Insurers, utility companies, cellphone companies and even landlords also use credit scores.
The FICO score is the most commonly used credit score. It ranges from 300 to 850. You can get your credit score for a fee from myFICO.com — the consumer division of FICO — or from the three credit reporting agencies, Equifax, Experian and TransUnion. And several credit card companies give cardholders free access to their FICO scores.
You also can get a version of your score for free from a website such as GOFreeCredit, which offers a TransUnion credit score as part of a seven-day trial of GOFreeCredit’s credit-monitoring service.
If your score is low, you might have a hard time getting credit. Even if you do get credit, you likely will pay higher rates because you are considered a risk. But you don’t have to settle for a low score. “There are many strategies to increase your credit scores — some with limited effectiveness and others with much more,” said John Ulzheimer, a credit expert formerly with FICO and Equifax. “The first thing to do is to be realistic with your expectations.”
For example, if your score is low because you filed for bankruptcy this past year, there isn’t much you can do except let time pass, because it will stay on your credit report for seven to 10 years, Ulzheimer said.
But if your credit score drops for one of many other reasons — such as racking up debt over the holidays, opening several new credit accounts or making other similar credit mistakes — you can take these steps to build credit and improve your score in 2017.
1. Check Your Credit Report
Get a free copy of your credit report from each of the three credit reporting agencies at AnnualCreditReport.com. Your score is based on information in your credit report, including:
How much you owe
Your payment history
The type of credit you have
The number of accounts you have
How long you’ve been using credit
Note what you find when looking over your credit report. Do you see missed payments listed on your report? Have you maxed out several credit cards? Such factors can lower your score. Your score might vary among the credit bureaus because they use different formulas to calculate credit scores, and their reports might have differing information about your credit, according to AnnualCreditReport.com.
The average FICO score in the U.S. is 699, according to the most recent data from FICO. Lenders have their own criteria for determining a “good” score, but FICO classifies scores of 740 to 799 as very good, according to myFICO.com. A score of 800 or above is considered “exceptional.”
When you review your report, make sure all of the information is correct. An error on your report can affect your score. If you find a mistake, AnnualCreditReport.com recommends contacting the credit bureau that issued the report, or reaching out to the business that provided the information to the credit bureau so you can dispute the inaccurate information.
2. Avoid Making Late Payments
Payment history accounts for 35 percent of your FICO credit score, according to myFICO.com. “The best way to avoid a low score is to never give any creditor a reason to report you as being delinquent on your obligations,” Ulzheimer said.
You have 30 days after the due date before a lender can report you as being late to the credit bureaus, Ulzheimer said. To avoid paying bills late or missing them altogether, use an app such as Mint Bills to alert you when due dates are approaching. If your score has slipped because of late payments in the past, making on-time payments going forward will help boost your number, according to myFICO.com.
If you typically pay bills on time but were late just once, ask your credit card company or lender to reach out to the credit bureaus and remove your delinquent payment from your credit report.
3. Pay Off Big Credit Card Balances
If you racked up debt during the holiday season, paying it down in the new year can improve your score. “One of the fastest ways to bump up your credit scores is to reduce balances on credit cards,” said Gerri Detweiler, head of market education for Nav, a credit resource for businesses.
Detweiler said debt usage accounts for up to one-third of your credit score. “Some consumers can see their credit scores improve by 10 to 50 points or more in as little as a month just by reducing their balances,” she said.
Credit-scoring models compare the balances on your lines of credit to your credit limits. Detweiler said consumers with the best scores tend to use less than 10 percent of their available credit.
Did you get a big tax refund in 2016? If so, it is an indicator that you might find extra cash in your budget in 2017 to pay down credit card debt. A refund signals that you let Uncle Sam withhold too much in taxes during the year. To adjust your withholding, file a new W-4 form with your employer to claim more allowances.
If you received the average refund of $2,777 in 2016, adjusting your withholding could add about $231 to your bottom line each month in 2017.
4. Eliminate Small Balances
If you can’t pay off — or even just pay down — credit card debt right now, Ulzheimer suggested another option. “If you’re able to eliminate the lower ‘nuisance’ balances, then your scores will also improve even if you still have other cards with balances.”
For example, perhaps you opened retail credit cards during the holidays to get discounts on purchases. If so, you might have multiple accounts with fairly small balances. “The more you have, the more problematic it is for your scores,” Ulzheimer said.
So, you can make paying down small balances a priority while paying the minimum on cards with bigger balances. Start with the smallest balance by paying as much as you can toward it each month until it’s paid off. Then, move to the card with the next highest balance and keep repeating the pattern.
5. Pay Credit Card Bills Early in the Month
Even if you start paying your credit card balance in full each month in 2017, your score might not rise as much as you expect. That’s because making payments at the end of the month might work against you.
“Most issuers report balances when the billing cycle ends before you make your payment,” Detweiler said. “That means the reported balance may be higher than the balance you end up with after you’ve made your payment.”
In particular, this can impact consumers who use their credit cards for everyday purchases to earn rewards points and carry higher balances as a result. So rather than wait until your bill is due, Detweiler recommends paying earlier.
“You can make an extra payment before the billing cycle closes to reduce the balance that will be reported to the credit reporting agencies,” she said.
6. Don’t Close Accounts After They’re Paid Off
It’s a mistake to close credit card accounts after you’ve paid off balances — even if you don’t plan to use those cards again. “There’s really never a good reason to close a credit card account because of the possible damage you can cause to your scores,” Ulzheimer said.
Having cards with zero balances strengthens your credit utilization ratio because you haven’t used any of your available credit on those cards. If you close those accounts, you lower the total amount of your available credit. Such a move can lower your credit score if you carry balances on other cards.
For example, let’s say you owe $500 and have a total credit limit of $2,000 across all cards. Then, you close a few accounts, and your available credit drops to $1,000. Now, you’re using 50 percent of your available credit instead of 25 percent.
“Once your cards have been paid off, it’s a good idea to leave them open and even use them sparingly from time to time so the issuer doesn’t close them due to inactivity,” Ulzheimer said. “Having unused and open credit cards on your credit reports is helpful to your scores.”
7. Use a Personal Loan to Consolidate High-Interest Debt
You might be able to improve your credit score by taking on new debt to pay down existing debt. “If you can’t afford to pay down your high credit card balances, another way to boost your scores can be to use a personal loan to consolidate,” Detweiler said.
Opening a new line of credit can lower your score, according to myFICO.com. However, a personal loan for a fixed amount is typically reported as an installment loan and is not included when calculating the credit utilization ratio, Detweiler said. Transferring debt to a personal loan often can improve the credit utilization ratio — and improve your credit score.
Of course, you need a very good credit score to get the best personal loan rates. But even if you can’t get the top rate, you still might get a personal loan rate that’s lower than the rates on the credits cards you want to pay off.
8. Get Tax Liens Off Your Credit Report
Fail to pay your taxes, and the federal government will file a tax lien against you. “Tax liens are one of the most seriously negative types of information on credit reports,” Detweiler said. “Normally, they stay on credit reports for seven years once paid, and indefinitely if unpaid.”
Paying your tax bill in full is the best way to get rid of a tax lien, according to the IRS. However, if you can’t afford to pay all of what you owe, take advantage of the IRS Fresh Start program, Detweiler said. If you meet the qualifications, you might be able to get the lien removed from your credit report even before your tax bill is paid off, she said.
“This can raise your credit scores by 50 to 75 points or more,” Detweiler said. “Some taxpayers have found this to be a relatively fast process — a month or so — while others have reported it took a few months.”
CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers in Marketing Credit Scores and Credit Products
Credit Reporting Companies Misstated the Cost and Usefulness of the Credit Scores and Products They Sold, Lured Consumers into Costly Recurring Payments
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Equifax, Inc., TransUnion, and their subsidiaries for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The companies also lured consumers into costly recurring payments for credit-related products with false promises. The CFPB ordered TransUnion and Equifax to truthfully represent the value of the credit scores they provide and the cost of obtaining those credit scores and other services. Between them, TransUnion and Equifax must pay a total of more than $17.6 million in restitution to consumers, and fines totaling $5.5 million to the CFPB.
“TransUnion and Equifax deceived consumers about the usefulness of the credit scores they marketed, and lured consumers into expensive recurring payments with false promises,” said CFPB Director Richard Cordray. “Credit scores are central to a consumer’s financial life and people deserve honest and accurate information about them.”
Chicago-based TransUnion and Atlanta-based Equifax are two of the nation’s three largest credit reporting agencies. TransUnion and Equifax collect credit information, including a borrower's payment history, debt load, maximum credit limits, names and addresses of current creditors, and other elements of their credit relationships. These generate credit reports and scores that are provided to businesses. Through their subsidiaries, TransUnion Interactive and Equifax Consumer Services, the companies also market, sell, or provide credit-related products directly to consumers, such as credit scores, credit reports, and credit monitoring.
Credit scores are numerical summaries designed to predict consumer payment behavior in using credit. Many lenders and other commercial users rely in part on these scores when deciding whether to extend credit. No single credit score or credit score model is used by every lender. Lenders use an array of credit scores, which vary by score provider and scoring model. The scores that TransUnion sells to consumers are based on a model from VantageScore Solutions, LLC. Although TransUnion has marketed VantageScores to lenders and other commercial users, VantageScores are not typically used for credit decisions. Scores Equifax sold to consumers were based on Equifax’s proprietary model, the Equifax Credit Score, which is an “educational” credit score that also is typically not used by lenders to make credit decisions.
TransUnion, since at least July 2011, and Equifax, between July 2011 and March 2014, violated the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act by:
Enforcement ActionUnder the Dodd-Frank Act, the CFPB is authorized to take action against institutions engaged in unfair, deceptive, or abusive acts or practices, or that otherwise violate federal consumer financial laws. Under the consent orders, TransUnion and Equifax must:
The full text of the CFPB’s Consent Order against TransUnion is here:http://files.consumerfinance.gov/f/documents/201701_cfpb_Transunion-consent-order.pdf
More information about credit scores can be found here: http://www.consumerfinance.gov/about-us/blog/what-you-need-know-understanding-why-offers-your-credit-score-are-not-all-same/
copied from: http://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-transunion-and-equifax-pay-deceiving-consumers-marketing-credit-scores-and-credit-products/
Do you have a bad credit? If you do, this might be the right time to consult a credit repair counselor, with Guardian Credit Repair in Portland Oregon, regarding your bad credit. A credit repair counselor is an expert in handling credit repair; they may be the one to help you have a better understanding of your credit report and assist you in finding out your credit score. And as your counselor, they may also point out the areas that you may want to focus on to help you have a better credit rating.
Because of the growing complexity of your credit scores, many people have sought the help of credit repair counselors and other professionals to assist them as they face their debts. In America, more than 90 million have at least a 20 thousand in debt, that is not even including their mortgages. A great portion of this can be attributed to improper credit card usage. In future blogs we will talk about credit utilization.
A professional credit repair counselor will work hand in hand with your creditors to lend a hand to you as you perform your obligation. At Guardian Credit Repair we can arrange for a debt consolidation loan from a debt management company so that you may pay your debts easier. Guardian Credit Repair will work for your favor so that you can get better and lower interest rates, and we will work hard to lessen the amount that you are paying off as of the moment. It would be their tough job to form a bond with your creditors so that you may get better terms for payment.
You have to visit your counselor monthly so that you may discuss with him all matters relating to your finances. And, even after you have paid your debts, your counselor will stay with you to put your finances in order. Your counselor will continuously guide you to the right path in managing your finances. At Guardian Credit Repair we offer 13 different products to help in your finances it is called the Financial Education Services Protection Plan and it is only $87 per month
We want to make sure that you stay out of incurring problems, which you may not be able to handle. Guardian Credit will make a financial plan with you, and it will involve inquiring into your finances, taking into consideration your resources, and finally a budget is made to be followed from then on.
As you decide to work with a counselor, you should be certain that you have made a careful research before you sign any contracts presented to you. You may want to visit the Chamber of Commerce just to check the reputation of the debt counselor that you are eyeing to work with. Guardian Credit Repair works with Financial Education Service they have been in business for over 12 years and are certified with the Better Business Bureau with an A+ rating.
Be sure to choose the right and the best credit counselor for you. One with good references will help you evaluate the ability of the counselor and his power to help you with your credit repair. The good ones will inform you professionally of their fees, and he will put into writing all of your transactions with him. Right away, they will give you an idea of what to expect from their work and all other details that concern their services.
Your credit score is what banks and other institutions use to check if they should approve your purchase, loan or job application. Of course, this could mean the difference between getting approved or denied. If you have been denied because of bad credit than getting your credit repaired is important.
If your credit score is below 600 then Credit repair is necessary. To give you an idea how this is calculated, everyone starts out with a good score but the moment you are late on a payment or a mortgage, the affect on your credit scorec an be bad.
If your credit score is bad, does this always mean you will not be able to get a loan? In some cases no but you will get rates which are much higher compared to someone who has a good credit score.
To fix your credit rating you need to start paying off old debts and making sure that it does not happen again. It does not get fixed overnight, because the amount of money you owe might be too big and most of us did not get into this situation overnight. You can fix your credit by yourself or have Guardian Credit Repair do it for you.
Fixing your credit is like fixing your car if you don’t know what is wrong you can’t fix it. To find out what is wrong with your credit score, you need to get a copy of your credit report you can get the reports from one of the three credit agencies namely Equifax, Experian, and Trans Union.
When you have the credit report in your hands, look what is on it. If you know that certain items have already been resolved, send a letter to that credit agency together with the supporting documents so your credit report can be corrected. If you have many items Guardian Credit Repair can help you fix them fast and it is only $87 per month.
For those who have outstanding balance, you need to pay for it before you can get a settlement letter which should also be given to the credit agency for filing. In some cases you can negotiate a lower pay off.
Surprisingly, credit repair may be as simple as borrowing money since your credit score may not improve unless you apply for a loan. You don’t have to borrow a lot since a small amount like $500 is enough to get the ball rolling. Again, just make sure this is paid in the agreed upon time and in full.
Credit repair may be simple or complex and if you can’t do it alone don’t be afraid to ask help from a credit counselor. It does not take long to start improving your score. You need to keep up on the process. As mentioned previously if you feel overwhelmed ask for help.
Are you wondering whether your credit needs fixing or not? Last time you checked your credit you did not know if anything was wrong, but now a few years later you are not sure. Maybe, you know that you need credit repair but you’re unsure whether to do it yourself or pay for the services of a credit repair company? Or perhaps, you’re about to get a promotion and you’re not sure what your credit score looks like.
Did you know 80% of credit reports mistakes or outdated accounts. Your credit score is a major factor in any of your large financial investments: credit and loan approval, interest rates, the amount of down payment or mortgage type on your home, your premium on you auto and homeowners insurances, your ability to lease or purchase a vehicle and now it has even become a deciding factor in job qualification! There is no room for error, yet 8 out of 10 people are losing out on their hard earned money because of these mistakes!
If you have decided that you could use some credit repair here is some simple tips.
If you’re going to do it yourself, get prepared by reading credit repair books, searching the Internet for advice from experts, purchasing a do-it-yourself credit repair kit and so on.
As you read, what you will notice is all the experts advise you to get a copy of your credit report. If you think that only finance companies, banks and merchants can ask for a credit report, you’re wrong.If you are asking for your own credit report, then certainly you can get one. You can get a free report here https://www.annualcreditreport.com/ We advise you get your credit reports from the following credit bureaus: TransUnion, Experian and Equifax because most financial institutions usually base their decisions one of the big 3 credit bureaus.
Now you have your Credit Reports take your time and go through your reports line by line to see if there is any mistakes or outdated or erroneous items now check your personal records because you’re certainly not the only Lisa Smith in Washington, D.C. and who knows if the other Ms. Smith has really bad debts that were somehow mistakenly listed under your record? It pays to be cautious, okay. You’ll be surprised to know that approximately thirty percent of credit reports contain items. So who knows if you’re one of that thirty percent? If you just can not do it it yourself you can get a Professional Credit Repair Service, but remember to check them out very good because there are many scams out there. We are Guardian Credit Repair, and we Protect - Repair - Educate