Kerry Hedden asked:




If you are like many consumers you have really done a number on your credit rating. You don’t even qualify for a bad credit rating, in fact people probably laugh when you want to obtain credit. Whether your credit is destroyed because of no fault of your own like a family illness or if you got in over your head and could no longer pay your bills, you can restore your credit rating by using credit cards to do it.

There are several things that you should know about using credit cards to fix your horrible credit. Read these tips carefully and follow them closely, the last thing that you need to do is make your credit problems even worse. You should also know that you may have destroyed your credit quickly but there is no quick fix to fixing horrible credit, if any one promises to do so RUN and save your money.

The first thing that you should know is many consumers make a huge mistake by just doing nothing with their credit report. They begin paying cash for everything and ignore it completely, waiting for seven years to pass so that things will automatically fall off. Well what happens after seven years when you have a clean report but no credit history?

Once your report is clean and you try to reestablish new credit any lender is going to question why there is no credit history and the likelihood of you receiving credit is going to be slim. So begin right away establishing good credit by using credit cards to fix your horrible credit.

First get one to three secured credit cards. Start with one card for $250 then as you save more money get another card with a higher credit limit. The key to doing this effectively is finding a secured credit card company that reports to all three credit bureaus. This way when you are using your credit cards and paying on time you are establishing a great credit history.

Many of the secured credit card companies will also increase your credit limits without requiring an additional deposit as you continuously make your payments on time. Once you have proven yourself for two or three years many of them will upgrade you to one of their unsecured credit cards and refund your initial deposit with interest.

What do you accomplish by doing this? Once all your old credit history is gone you will be left with a great credit history that has been established over several years. Then when you are going to apply for a home loan or financing for a car you will no longer be considered a high credit risk and you will reap the benefits of having excellent credit.

Remember when you are using credit cards to repair your horrible credit that you do not do anything to further damage your credit history. Start immediately to clean up your credit report, and establish a new credit history using secured credit cards to do it.

Sharon

Michael Saunders asked:




Regarding the ability to fix bad credit, consumers have a very important right found in The Fair Debt Practices Act. Namely, consumers have the right to have a collection account validated.

Outlined in the FDCPA, there is a process known as validation and it is significantly different from the common process of verification. Verification simply centers on the credit bureau asking a creditor to verify information present on a persons account. This is a very cursory process that can be dealt with in a rather short amount of time. The creditor will simply review records and then provide it to the agency. The agency will then decide whether or not the creditor has provided accurate information.

When a collection agency is asked to validate a debt, by contrast, the process can get pretty involved. The collector must prove that the debt is your responsibility, and also that they have the legal right to collect it from you. Furthermore, the collector has to cease all collection activity until they provide this evidence to you. If the agency can’t validate the debt, it must end its attempts to collect on the debt and stop reporting the collections account to the credit bureaus.

Note that your right to validation applies specifically to collection agencies, not to the original creditor. Collection agency records are presumed to be less reliable than those kept by the original creditors. Collectors are often guilty of going after the wrong people or misstating the amounts owed; the validation process is meant to protect consumers from those practices.

To validate a debt, the collector needs to present documentation – obtained from the original creditor – proving that you do indeed owe the money. Validation can be a powerful weapon in your fight to clean up collection actions on your credit report. Many times collectors don’t have the documentation required, especially if the debt has been passed around from one collection agency to another, as often happens. Frequently, they have little more than a computer printout to back up their claims, and the Federal Trade Commission has made it clear that such a “mere itemization” isn’t sufficient proof to constitute a validation of a debt.

The validation process can not only help you eliminate collection accounts that don’t belong to you, but it might help you get rid of some that actually do. That last statement might surprise you, particularly if you’ve heard the credit bureau company line that you can’t legally remove true, negative information from your credit report.

In rare instances, it is possible to use the validation process as a means of removing accurate information from your credit report. This is mostly the case with old collections information. Some may say this is not a fair method but it is a legitimate one. Basically, you request validation on an old debt and if the debtor cannot provide the needed information, then it may be removed due to lack of validation. Again, this is only successfully achieved in rare instances but it can be done.

Brenda

Irena Bocheva asked:




Clean credit history can only be achieved with the right amount of financial discipline, budget planning and dedication. At least that’s what the mainstream credit advisers preach. In reality there are easier and faster ways that can take you to a better credit. Here are 3 simple tips that will help you understand how fast credit repair methods work.

1 Do you know your legal rights when it comes to credit repair?

A lot of people trying to fix credit overlook the importance of their legal rights. In accordance with FCRA( the Fair Credit Reporting Act) you have the right to dispute any outdated, erroneous, incomplete, ambiguous, questionable or biased info in your report. And credit bureaus have to cooperate. They are given 30 days (45 days if you used the service of annualreport.com) to conduct an investigation and come up with a decision on your case. You also have the right to dispute directly with the companies reporting to credit bureaus (the so called dispute 623). By law you can dispute the validity of the whole account (the debt is not mine; I paid on time etc) or separate listings within the account (wrong account balance, wrong credit line, wrong date the account was opened etc). Another powerful weapon is to ask for validation of debt. Credit bureaus, collection agencies and original creditors have to provide you with written proof of debt (proper documentation proving the validity of the debt) upon your request. Failure to provide such paperwork should result in the deletion of the negative item.

2 Learn to be the aggressor, not the victim.

Collection agencies and debt collectors utilize a variety of aggressive strategies in order to pressure you. Now is the time to change the roles-be the aggressor. Ask collection agencies for verification of debt. If they fail to do that and don’t erase the negative item, threaten to sue. If the original creditors did not notify you within 30 days that they placed a negative item on your report, they are in violation of the FCRA. Use this fact and pressure them to get the item deleted from your credit report. If credit bureaus fail to conduct an investigation and come up with a decision on your case within 30 days after you filed a dispute, remind them that they are violating the law. In certain cases you can sue collection agencies and credit bureaus. In a nutshell-learn to be the aggressor, not the victim.

3 If you don’t see it on paper…don’t believe it.

Dispute and negotiation -that’s the way to go if you want to raise credit score fast. However, if you don’t keep written proof of your efforts, you are probably wasting your time. Don’t assume that the deal you made with a collection agent is final…until you see it on paper. Don’t believe that a negative item will be removed from your report…until you see it on paper. Don’t believe that a creditor will delete a one time late payment from your record…until you see it on paper. Keep written proof of all your correspondence and you are on your way to success.

There are many shortcuts to clean credit history. Educate yourself on the inner workings of the credit system and the various loopholes in it. Once your gain enough credit knowledge, you’ll be surprised to find how easy credit repair actually is.

Alex

Tony Banks asked:




You have seen the commercials and all the ads, law firms promising you they can clean up your credit rating for a fee, usually a monthly fee. A lot of people wander how they are able to accomplish this task and I hope to reveal just that in this article.

The truth of the matter is that anyone can achieve the same results as credit lawyers with the right information, its all about information. Lawyers are in business to hold society accountable to the LAW! That’s exactly what they are doing in the world of credit repair.

You see there are laws that govern credit bureaus, creditors and collection agencies when it comes to your credit report and all of these parties must abide by these laws. Credit repair lawyers simply know and understand these laws and use them to your advantage in terms of what’s on your credit report.

It is really that simple. You can learn these laws yourself and apply them without the help of a credit lawyer. This is how millions of people have successfully cleaned up their own credit report, by learning step-by-step how to handle the bureaus.

I personally think this a good way to improve your credit for a number of reasons, first you are able to save a lot of money compared to giving your money to a lawyer on a monthly basis to do something you can do yourself.

And the season reason I prefer this method is the fact that you are able to learn how the credit system works which would be an asset to you in your future credit life.

Thelma

Ian Hollander asked:




In this article we are going to answer the proverbial question that many just starting out on the credit repair path ask: “can I fix my credit myself…or do I need to hire a credit repair company?”

The answer is actually quite simple, and actually conforms with what the Federal Trade Commission recommends you do if you have credit issues. (An UNLIKELY alliance for credit repair advice) So read on as take a quick look at why this is the preferred path for those in the know.

Filed Under: Self Help IS the Best

Simply stated, credit repair is a very straightforward process that simply requires you to know the law. The Fair Credit Reporting Act (FCRA) and it’s subsequent ammendments and revisions (it was recently renamed) are the lifeblood and foundation of fixing your file. This law provides for, grants, and expounds on a series of guidelines that credit bureaus must follow to conform with the proper maintenance of your file. This includes verifying ANY and all disputes you file that challenge the accuracy of this information.

Filed Under: Key Takeaways

As my space here is limited, I’m going to give you the key point you need to understand if you want to fix your credit by yourself. There are something like 400 MILLION credit files on adults living in the United States. But, of course…there aren’t even close to that number of AMERICANS even in the USA! The bureaus are fraught with errors. Duplicate reporting, merged files (i.e. – a father and a son), and many more examples of flaws that are costing all of us money. With this in mind, YOUR report has things wrong on it, right now.

Even if you have been less than STELLAR in paying your bills on time, you are still afforded a CORRECT credit report and that means even on those accounts where you fell behind. A wrong balance….improper dates, you name it, these are all grounds for a dispute! And you DON’T need to lie, or be dishonest to do it, simply understand the law, learn the techniques, and you are OFF to the races, baby! A new financial future is in your horizon..:-)

Raymond

Vincent Polisi asked:




If you want to learn how to fix credit fast, then you will want to read this article. Specifically, we will be discussing the first thing you need to do and what options you have to raise your score. When you are finished reading this article, you should be prepared to begin credit restoration.

Review Your Report

The first thing in any credit repair plan is to carefully review your file. You can get a copy of each of your three credit reports once a year at annualcreditreport.com. If you have already received your free report this year, or you want to get a copy of your credit score, you will need to pay a small fee for your report. There are companies that will give you your score for free up front, but this involves a trial membership in a monitoring service. These services can be a good idea if you are attempting credit repair, but just make sure you understand the associated costs.

Decide Which Strategies Will Work Best for You

Once you have your report, you will want to review your file carefully. It is a good idea to make an extra copy so that you can highlight all of the items that you feel need attention. Make special note of anything that is incorrect or questionable. Once you have reviewed your report it is time to develop a plan!

o Pay Off Revolving Debt

One of the quickest and easiest ways to improve your credit score is to pay off your revolving debt. Your credit utilization makes up 30% of your credit score. By getting each of your account balances at down below 25% of your available credit, you can raise your credit score by up to 50 points.

o Dispute Derogatory Credit and Errors

The Fair Credit Reporting Act gives you the right to dispute anything in your credit that you believe is inaccurate. If a creditor fails to verify an account within 30 days, the credit bureaus must remove the account from your credit file.

o Get a Relative to Add You as an Authorized User

Many people think that due to FICO 08 that becoming an authorized user can no longer help your credit score. This is actually not true. While FICO 08 does restrict who can add someone as an authorized user, it does not prevent a parent or spouse from helping your credit by adding you as an authorized user.

Daniel

Luciano O asked:




Most people do not recognize the importance of a high credit score until they are forced to use their credit scores to gain loans from creditors. Interest rates also tend to hike up if you have a poor credit score, or worse, your application for a credit card or a loan can get denied. Why wait until you get rejected for a job that you know you are very much capable of doing just because of your poor credit history?

“How to fix my credit report quickly?” may be a question that you are asking yourself at this very moment. Well, let me share to you my personal experience with a credit repair company that taught me how to fix my credit report quickly:

o They initially requested for my credit report from all credit reporting agencies. Apparently, you are entitled to one free credit report every year. Although the three credit bureaus obtain information pretty much in the same manner and from the same companies or financial institutions, there is a possibility that not all of them are keeping the same information. If you are to file for a dispute with one of them, you might as well make sure that you don’t need to file disputes with the others, too.

o The credit repair company asked me to authorize their representative to access my information with my creditor. They said that how to fix my credit report quickly greatly relies on the payment history and spending habit that was reported by my creditor. The representative called up my creditor to inform them of the inaccurate information that was sent to the credit bureaus. He asked the creditor to send a written confirmation of my good credit history just in case the credit bureaus fail to correct the error in time.

o It was explained to me that reporting the error to the Federal Trade Commission may become necessary on how to fix my credit report quickly. They gathered as much evidence as they could to prove my stance. Informing the credit bureaus of your intent to make your dispute known to the proper authorities may help in expediting the resolution of your issue.

o The credit repair company that I hired to help me correct my credit report sent two copies of my written dispute to about three people in each credit bureau. All of these letters were sent via registered mailed. If you were to think about it, this may be the key on how to fix my credit report quickly. The registered mails and multiple recipients provided us the leverage to demand action. The credit bureaus have at least 30 days to ask the creditor to prove the veracity of their report. If no proof was given within that time frame, the credit bureaus should remove the negative information.

The quick resolution of my dispute led to the timely approval of my home loan. But I realized, had I known these simple steps on how to fix my credit report quickly, I could have saved myself the unnecessary expense of hiring a credit repair company.

Manuel

Darin Sewell asked:




Contrary to popular belief now is a great time to buy a home in America. Interest rates are still low and prices are falling fast. The only thing holding many people back is tighter mortgage lending guidelines.

So if you have been denied a mortgage and said to yourself I need to fix my credit to buy a home keep reading because there are some useful tips below that can help you fix your credit and buy the home you want.

Why Were You Declined?

First you have to establish why you were turned down for your loan. Was it lack of credit or just bad or low credit scores? Your mortgage broker should be able to tell you why the lender declined you.

Denied For Bad Credit

If you were denied your loan do to bad credit and negatives on your credit report you are going to have to perform some credit repair.This is a straight forward process and involves going to the credit bureaus websites and disputing the negative information that on your credit report.

Your mortgage broker should be able to provide you with a copy of your credit report that you can use for this process. He or she should should also be able to help you with credit repair if you are having trouble with it. Any good mortgage broker should be more then happy to help you with this as long as you stay with them for financing.

Denied For No Credit

If you were denied for having no credit there are a few things you can do quickly to get some accounts reporting on your credit report.

The first is to apply for a secured credit card. With these types of cards you give the credit card company cash to cover the account in the even you default. Generally this amount is between $250 and $500. because it is secured by money approval is almost guaranteed as long as you are employed. Just use it wisely and do not max it out or be late with any payments.

You can also try and open a small account at a rent to own center. These types of business’s will basically let you buy a product on credit and it is a great way to add a trade line to your credit report. Just do not borrow so much that it increase your debt to income ratio to much. If in doubt double check with your mortgage broker about how much you can safely pay every month.

The only drawback being denied a loan because of credit is it may take a few months to see the effects of adding trade lines or cleaning up your credit report and the house you want to buy may not be for sale at that time, but it does set you up for a better future and will make buying a home easier in the long run.

Tammy

imperiallev asked:

www.ImperialCreditRepair.com Legal Fico Score Credit Repair – In this video I share with you what the credit bureaus & banks don’t want you to know. Legal Fico Score Credit Repair. The banks are legally bilking innocent people such as yourself. Don’t let them get away with it. Legal…

Maureen

Paul Sarwana asked:




Many people find themselves trapped in bad credit due to various reasons, some due to misfortune while others suffer from this problem because of mismanagement of finances. No matter what may be the reason for bad credit, it is important for every individual to rebuild their credit rating.

As many people have successfully repaired their credit themselves you can effectively repair your credit yourself — without the help of a professional — even if you have a nasty bad credit. However, as bad credit repair takes times, you will need some patience and strong will power to get yourself out of your problems.

As you may already know there are three top credit bureaus, they are TransUnion, Experian, and Equifax. First, start out by getting credit reports and see what the various bureaus have to say about you. These credit reports shall be able to give you a somewhat clear picture of your credit history.

Once you have your credit reports, it is crucial for you to go through them thoroughly and pay attention to every intricate detail. In most cases, every consumer has at least one error on one credit report if not more; some may even have multiple errors on all three credit reports. This situation arises because the reports are created using the information provided by various creditors and the bureaus do not verify each piece of information provided to them.

There are several errors that are most commonly found on credit reports like old information, typing errors etc. Identify such errors in your report if any and make sure to report to the bureau, also have it removed at the earliest. Doing this can work wonders for your credit.

Taking informed decisions will no doubt help you turn your bad credit into good credit. For this, you would need to stop the habit of late payments. Ensure that you repay on time if not before scheduled time. By making sure that your repayments are smooth and without any flaws, your bad credit would soon convert to good credit.

Also, it is a good idea to keep your credit accounts to a maximum of 2 or 3. A huge number of accounts would get difficult to handle. Once you close all the additional accounts over a period of several months, make sure to report these accounts “closed” to the credit reporting agencies.

Martha