credit repair blog

Irena Bocheva asked:




Are you planning to apply for an auto or mortgage loan, but fear being turned down by creditors? Do you want to raise your FICO because a potential employer is conducting a mandatory credit check? Do you simply want to get rid of debt and start with a clean credit slate? Whatever your specific situation is, fixing credit score is always a good idea.

Here are 3 possible routes that will take you to the land of “better credit”.

1 The hard way.

This is the most popular and most laborious way to raise credit score. According to the mainstream credit advisers credit repair can only be achieved through careful budget planning, financial discipline and patience. In order to succeed you have to take a look at your income, track monthly expenditures, curb any unnecessary spending and and start paying off your debt. Slowly but surely you’ll work your way up to a better credit. There are various caveats associated with this long term approach to a better credit. For example, most of the people that need better credit score can’t wait years to see the positive results. They need that house or brand new car NOW, not later. Besides, people with outstanding credit debt have to spend literally decades of their lives paying off what they owe. Last, but not least-paying off your debt in full can sometimes harm your report and lower your score. For example, paying off a collection that is more than 2 years old will upgrade the account status to current. The bad debt (although now paid) will continue to influence your score adversely and will stay on your report for additional 7 years.

2 The expensive way.

A lot of people feel helpless and overwhelmed when it comes to credit repair. They turn to credit repair services and pay exorbitant fees hoping to see their score skyrocket soon. What are the problems associated with this type of credit repair? First, there are many scam services out there which prey on the huge crowd of misinformed people. Typical tell-tale signs that you are dealing with scam services is when they ask for the money upfront or when they don’t inform you of your legal rights. The second problem is that these companies simply do the things you can do yourself IF you had enough credit knowledge.

3 The smart way.

This is the fastest and most painless way to a better credit. The only requirement-knowledge about the credit system and the various loopholes in it. Do you know what’s the formula behind your FICO score? Which 2 credit factors account for more than 30% of your final credit score? How many points does each type of negative item take away from your credit report (bankruptcy, foreclosure, loan default, collection, legal judgment, late payment, credit inquiry etc)? Do you know how to get credit bureaus, collection agencies and original creditors to delete items from your record? Do you know how to file Rapid Rescore and remove mistakes on your report within 48 hours? Do you know how to bring your credit card balances to the “healthy zone” (30% balance to limit ratio) without paying off your balances? How to settle with collection agencies for less than 20 % of what you actually owe? In a nutshell-the more you know about the credit system, the faster you will see positive credit results.

Fixing credit score is not than hard. Knowledge about the credit system and the little known secrets in it will boost your credit in no time. Once you start thinking outside the credit box, you’ll be surprised to find how easy credit repair actually is.

Jose

DrewCan777 asked:

Waterfield Credit – America’s most trusted credit repair company, was on Channel 8 NBC in Tampa FL. Teaching people how to fix credit and repair their own credit reports. This is not a funny video. Millions of people are Ranking this video, The Top video on youtube because credit is very important! How do you fix your own credit? www.waterfieldcredit.com or www.eatmydebt.com check them out. Call Drew and his company today to get your life on track. Gayle is a very attractive woman. Understanding why souja boy and rihanna love waterfield credit is simple. There are so many benifits to understanding mtv music videos and how to get codes on guitar hero.

Carlos

lifelinecredit asked:

LifeLine’s founders referred clients to other repair companies for years before realizing that most did absolutely nothing to repair anyone’s credit. The LifeLine team looked at the market and knew they could do better by creating a company focussed on real results for the people who need them. LifeLine’s unique service allows clients 24/7 access to their credit information in a secure environment where clients can also monitor LifeLine’s activities and results on their behalf. LifeLine has created a level of transparency so clients can see the work & results as it progresses. Many of the low cost credit repair firms simply send out a round of challenge letters…and that’s it! A client might see something come off their credit….short-term…only to have it reappear back on their credit after 30 days. We call those soft-offs and it happens all the time….effective credit repair takes time, coordinated effort and a system for long term results. LifeLine has created that system and is here to help all we can get where they’d like to be. Many clients come to us because they have just been turned down for an apartment, a car or a job. Others have been divorced, filed for bankruptcy or suffered a foreclosure. LifeLine can offer options, counseling & an effective strategy for repairing and, in some cases, re-establishing a client’s credit under the right terms. Please visit us at www.tossmealifeline.com or call 678-996-3340 in metro Atlanta or 877-264-3454 nationwide to get …

Vanessa

James Hussher asked:




There are a lot of “credit repair” companies out there, and they promise a lot. How good are their promises, and what can they really do for you. We will take a look at the realities of the credit repair business in this article.

Credit Repair involves a company contacting the three major credit bureaus for you, on your behalf, and disputing derogatory items on your credit report.

Understand this, first of all: the purpose of the three major credit bureaus, Equifax, Transunion and Experian, is to accurately report a client’s credit and payment history to potential lenders.

They generally do a very good job of fulfilling this mission. If items are true, you really have no right to expect those items to be removed before seven years have passed, or, in the case of bankruptcy, ten years have gone by.

That being said, the credit repair companies basically exploit a part of the law, under the federal Fair Credit Reporting Act, which states that a consumer has the right to dispute any item they feel or believe to be inaccurate on their credit report. A disputed item can be presented to the merchant who granted the credit, and that merchant has 30 days to validate that that debt is correct. If the merchant fails, for any reason, to verify that debt as accurate within a 30 day period from the time the dispute is filed, then, by law, that derogatory item must be removed from your credit report!

In the real world, especially during the Christmas holiday season, merchants often do not have a chance to respond within the required 30 days and verify legitimate debts, so the credit repair company will then be able to have that derogatory item removed. Other merchants may have gone out of business, etc., so it is not necessary to wait a full 7 years to have that item drop off your credit report.

You as a credit consumer can dispute any item on your own credit report. Are you able to do that? Are you a good letter writer? Do you know how to navigate the complexities of obtaining and updating your reports? Some people can, some people cannot. The credit repair companies will do all this work for you. And they are good at it, they do it every day, all day long.

There are a lot of credit repair companies, however, that promise too much, and charge too much up front. Some companies want you to pay hundreds of dollars up front before they go to work for you.

A good credit repair company will charge you by the month. The first month may involve a small set-up fee in addition to the monthly fee. You are not committed to a contract, you use their services for as many months as they need to get your credit scores improved sufficiently. For example, $75 to set up and $49 a month, no contract.

Under the law, a credit repair company cannot usually obtain your credit reports for you, they will advise you as to how to obtain them, whether for a fee or free. You need to provide them with your credit reports that they can work from to begin the repair process.

Everyone has a right, under federal law, to a free annual credit report. Google this and you will find the site for this.

I am a mortgage broker and I deal every day with clients whose credit is not up to snuff, and I do have a credit repair company I refer clients to, and, 3 or 6 months down the road, they are in better shape and I can then help them get the loan they seek.

As always, seek the advice of a certified financial planner or mortgage planner when you begin the credit repair process, so you can steer clear of the scammers and get aligned with a good credit repair company.

Miguel

Chris Kennelly asked:




Unfortunately many of us have gotten used to the lifestyle that is almost dictated by debt, credit cards and loans; sometimes leading to a vicious circle of borrowing from Peter to Paul, as the saying goes. In the event that you have declared bankruptcy, and you are now beginning your process of credit repair, if nothing else consider the lessons that you could have learned from the process that led you to eventually declare bankruptcy.

Don’t fall into the same traps that you originally fell into, in terms of the credit cards, loans and so forth. These instruments are easy to come by and the companies that offer them are obviously there to turn a profit, regardless of whether or not you or other customers can afford to make the repayments or not. They will attempt to offer the greatest rates and best services to entice you into making more debt and getting back into a situation you previously found yourself in, before your credit repair efforts.

Strict discipline, commitment and motivation are all part of the required mindset of your credit repair efforts, as this will not occur overnight, but will take time and patience to get to your goals of cleaning up your credit name. If you have any accounts outstanding, then strict management in terms of repayments must be adhered to, even if it means that you forego some or other luxury item to meet your scheduled account payments. This will surely help you in not getting back into bad habits of late account payments which could well have led to the bankruptcy option.

You will further encounter the fact that due to your credit record being somewhat tarnished, that many lenders will offer you a loan but with a higher interest rate, due to the inherent risk that you pose for these financiers. You should by no means take this personally, after all these people are running a business. A better option for you may be to elect for a secured loan, whereby some sort of security is ceded to the bank or lending institution, which in turn offsets the risk, and they may consider reducing the interest rate.

If you can avoid any of the lending practices during your credit repair and even after that, then this would be ideal. Although as many of us are aware it is not that easy, especially with the rising cost of living, and once you become accustomed to a certain standard of living its difficult to change.

Leroy

scoremore1 asked:

www.ScoreMoreCredit.com – Credit expert, Brian Diez, reveals why it’s so difficult to remove inaccuracies from your credit report.

Peggy

37days asked:

www.37daystocleancredit.com We are know that credit repair agencies are scams. Now, let’s look at their business model and why it’s flawed and their best interest is NOT to help repair your credit, but to put money in their pocket.

Deborah

Patrick Zanders asked:




The federal government now backs the removal of everything negative on a credit file and the awesome thing is, they always have! I will use the term credit repair lightly as I do not think that is is appropriate because in order to repair something, something must be broken and that is just not the case. If you will forget the letter writing, new identity scams and credit privacy numbers (cpns), I will show you how to look at this the correct way and get things done once and for all.

The beauty of our legal system is that laws were put in place to protect you, the consumer. You see, credit repair as it is normally practiced, is wrong. If you use the court system , you will not even deal with the three credit reporting agencies (credit bureaus) until you show them what legally needs to be removed via court order. The credit bureaus are simply reporting what is given them and when you have the proper documentation, they will remove that as well. Get something straight right from the start, your credit file with the three credit reporting agencies are not incorrect. Sure, there may be a few items, if any, that are truly incorrect, but that is not the basis of what you will be doing. Where the illegal part comes in is when the creditors, even original creditors, report your actions to the bureaus themselves. You have a big issue with the creditors. What I am saying is that it is illegal for the creditors to report derogatory items and make them accessible to the general public.

There are 320 laws that every creditor has to follow in order to put one single item on your report. They know this and even after knowing this, they fail to follow the law at all and unless you call them out. Once you do call them out, it will either be removed immediately or you settle it in court (hint..they will not show up as they cannot document what is needed). Negatives off, good credit!

Nothing is quite as simple as it sounds, but the basics for this is behind each and every person I have seen have their files wiped clean of all negatives. So is credit repair a scam? If the companies write letters, give you a new file or identity, or go about it any other way than through the legal system, using the laws set up to protect us, then yes Doing it the proper way, through the court system and not only will work each and every time, but be backed by the government 100%.

Louis

Jim Eastman asked:




You’re probably familiar with professional credit repair software and its ability to simplify the credit repair business processes. So the question arises in regard to whether using credit repair software will enable the user to fix credit equally as well as a credit repair agency could. Is there the possibility that in the future anyone could use this software to restore their credit on their own, without third party help?

Disadvantages of Using The Credit Software

1. Expensive – the first matter to reflect on when you think of using this professional credit software is the price tag.

Most of the time the professional version is not cheap. Added to the expense there are the resources – money and time – needed to train in using the software to optimal benefit. Everything considered, this necessitates a large outlay for most any credit repair company.

2. Full customization not possible – computers are still not as intelligent as people, nor are they as adaptable.

What takes a fraction of a second for a human being to understand, even the most advanced credit software would require many long hours of careful programming to do the same. Plus, the customization of the software for a specific instance is reliant on the versatility of the person who uses it.

3. Task oriented – your job is credit restoration. However, the credit repair software is programmed to perform specific task, without regard for results. It will fall to you – the credit repair agent – to make sure the final goal is accomplished.

The degree to which the outcome is successful depends upon how well you have set up the tasks in the program. Hence, unless you are skilled in the matter of repairing credit, you will be unable to put the software to optimal use.

Now the Advantages

1. Single payment – even though the software is often pricey, this is in some – but not all – cases a one time payment. Once you’ve bought it, you’ll never have to make additional payments. When you master the use of the software, this should make a powerful tool for your credit repair company. With practice you’ll be using it to even better advantage, which will pay for itself over time.

2. Simplify your job – as we’ve said, the credit repair software is task oriented. Therefore it will break your overall procedure of credit report repair into smaller and more manageable tasks. And it will also tally each task as it is completed, so that you’ll know which task remained to be done. In essence, it will work as an electronic assistant for you, and takes care of organization, not to mention speeding up and simplifying the entire process

3. Boosts productivity – utilizing the credit software will go a long way toward helping you stay organized and reduces follow-up time, thereby bolstering efficiency. This being the case it will enable you to take on more customers and manage them faster and often times with better results. This means you can complete more tasks over a given time period, which in turn translates into higher profits! So it’s clear that using credit repair software has its advantages and disadvantages.

Now that you have weighed the pros and cons of using this type of software, your next step is to research some various programs to find the best value.

Lance

alexandergrape asked:

www.credit-mechanic.blogspot.com Shawn Reed discusses how to organize your debt to settle for pennies on the dollar. This information is 100% Free. This is Part 1 of a series of videos that will help you repair your credit yourself.

Ethel