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Credit Repair, Is it a Scam?

December 29th, 2009 by admin | No Comments | Filed in credit
Credit Repair, Is it a Scam?

Many people will argue and tell you that all credit repair is a scam, but if you know your facts then you can see that honest, legitimate companies can assist you in doing credit repair.

Credit repair is not a way to change falsely change information on your credit report. No one can promise you a great credit score because Credit Repair does not work that way. Can you improve your credit score by doing credit repair? Generally, most people find that their credit score does improve with proper credit repair. So let’s start off by explaining what credit repair is and how you should go about it.

Everyone has a credit history report. This report is built upon information that is sent to the credit reporting agencies (Equifax, Experian and TransUnion). The information is then added to your credit history and works to build your credit score.

Most Americans have credit history reports that have inaccurate or misleading information on their reports. Approximately, 79% of all credit history reports have information that is inaccurate. Inaccurate information causes your credit score to be incorrect. Credit Repair is when you dispute the inaccurate information so that your credit report is as accurate as possible. When correcting the information that is inaccurate your credit score will change. Since you are disputing information that is being reported to your credit report that is negative, you will see changes in your credit score in a positive manner. This change in a positive manner will raise your credit score.

Information on your credit report should be reviewed very closely. Dates, balances, payment history can play a huge part in determining what effect that is having on your credit report. For example, if you opened an account in 2000 but it shows on your credit report that you opened that account in 2002, then your credit score will be lower because your score is based on credit history. The longer you have had an account, the more it helps your credit score. If you have an account that shows your balance as $1000 but it actually is $2000 then your available credit ratio is wrong and that will lower your credit score. This is why it is so important to review your credit history report very carefully.

If you have reviewed your credit report and found that you have inaccurate information on your report, then you have the right to dispute that information. The Fair Credit Reporting Act (FCRA) gives you that right. You can review the FCRA at www.ftc.gov website. This will help you to understand your rights. You should know that no one can remove information from your credit report that is accurate. Any company that guarantees they can is not a legitimate credit repair company.

You have the right to dispute any information without the assistance of anyone. You can take the time to review your report, go over what information is on that report and then determine if it is accurate or not. If you have never reviewed a credit report before then you might be in for a headache as they are extremely difficult to read and determine if the information is accurate or not.

Most legitimate credit repair companies will break down the information on the report and show you what is negative on your report. The best place to start is to review the negative information and determine what is inaccurate. This is where you should begin to dispute the inaccurate information. Again, you can do all of this yourself but it is very time consuming. Now once you have found the inaccurate information on your credit report and begun the dispute process, be prepared for resistance. Most companies don’t want to go back and take the time to review the information closely. This causes them to just verify the account. You might get a letter back from the credit bureau telling you that they verified the account. But you know that the information they verified is still wrong. Most people will stop disputing here and that is why there is still so much information being reported that is still wrong. Sometimes, you have to dispute information on your credit report several times before the company sees that you won’t stop disputing inaccurate information. Then the companies will take a good hard look and generally find the errors. Once they have found the errors, they will correct them.

Don’t dispute too many items at one time. Think of it this way, if someone walked up to you and gave you a pile of things that you were told to fix, you may be overwhelmed and not sure what to do next. Credit Bureaus will “flag” an account that gets too many disputes at one time and may not go forward with any dispute. It is best to dispute a few things at a time so that you don’t “flag” your account. Working at a slow steady pace generally will give you much better results than if you try to get everything cleaned up all at once.

If you dispute an item on Experian, it is best to dispute a different item to the other bureaus. This might help your process of Credit Repair to move more quickly. When a dispute goes to a company for review, if they find an error, they will report it to all three bureaus. So if you dispute one item at all three bureaus and the company reports the changes to all three bureaus, you did not work the system efficiently.

So remember this:

1. Take the time to review your credit report closely

2. Determine which items on your credit report are inaccurate.

3. Dispute the information that is inaccurate.

4. Don’t be discouraged if the bureau reports the information as verified.

5. Don’t dispute too many items at one time. Large disputes will trigger flags at the bureaus.

6. Dispute different things at different bureaus. This might speed up the process.

7. Determine if the problem is small and manageable. Get assistance if necessary.

A legitimate Credit Repair Company can help you by doing all of the day to day work. It could save you a lot in postage if you have huge amounts of disputes to handle. Ovation Credit Services can show you how they process your credit information and how you inform them as to what needs to be disputed. Then your responsibility is to update and simply monitor what disputes are being processed for you. To get the best credit score possible, you will need to start with the most accurate report possible. Then by paying your bills in full and on time, your credit score will get better each and every month.



By: Mel Jensen

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Tips for Repairing Bad Credit

December 18th, 2009 by admin | No Comments | Filed in credit
A strong credit history is important for a variety of reasons. If you want to buy a home, a good credit history enables you to get a lower interest rate and even put less money down. Many apartment rentals check credit history as a routine part of the application process. Even many job applicants have their credit history checked as a matter of routine. If you have poor credit, it may seem like there is little that you can do, but nothing is further from the truth. There is nothing mysterious about the credit process, and there are some basic steps that you can take to improve your credit score easily.

Before you begin the process of repairing your credit, it is important to make sure that you and your family members are serious about change. It does no good to improve your credit score only to find yourself in debt again and again. The most important first step to improving your credit score is committing to changes in the way that you live your life. No more buying things that you cannot afford or using credit to maintain a lifestyle. Instead, use credit wisely, and to your advantage. Don’t feel pressured to spend money you do not have on entertainment or shopping. Use the tips below to begin improving your credit today.



Check your credit history. If you know that you have poor credit, checking your credit history may seem redundant, you know what is there, right? But checking your credit history is just as important for those that have poor credit as it is for those with stellar credit. Mistakes can happen on anyone’s report. You are entitled to one free copy of your credit report each year from each of the credit reporting agencies. It makes sense to review your credit report annually, and, if you notice any errors, contact the credit reporting agency immediately and sort out the problem.

Make payments on time. There is little that you can do to erase previous black marks on your credit, but you can improve it from this point on. Make payments on time, taking into account mail time so that payments arrive at the payment office before they are due. If you consistently have trouble remembering to make payments on time, it makes sense to take the time to sit down and arrange for your payments to be automatically deducted from your checking account each month. This ensures that you never face a late payment penalty again. Each month that you make your credit card and utility payments on time improves your credit history.

Use credit. If you do not have a credit card, it may make sense to apply for one. If you believe that your credit is too poor to qualify for a credit card, look into a secured card. A secured credit card allows you to deposit a certain amount of money into a savings account. This money is then used as security for the credit card. You can use the credit card anywhere that you would normally use credit, to buy fuel, go shopping or order online, and you make payments, just like a traditional credit card. The credit card company reports to the credit agencies, so you are able to develop a history of prompt payment. Of course, it is important to properly utilize these credit cards, and not overspend, your goal is to use it just enough to build your credit worthiness.

Do not use all of your credit. Whether you have traditional credit cards or a secured card, pay down the balance. Credit agencies get nervous when an individual uses near the credit limit of their card. Aim to pay any credit cards down so that at least 50% of the balance is available, although 65% is even better. While you want to use your credit to improve your credit score, overusing is can cause problems as well, even if you are able to pay the minimum payment each month.

Be patient. Credit repair takes time. However, credit is a revolving process. Each month that you make timely payments your credit history improves. Each month that you bring your outstanding balances lower, your credit history improves. Commit to the time that it takes to improve your history, and you will be rewarded down the road.



How Long Does it Take to See Results?

Once you dedicate yourself to improving your credit, you should begin to see results soon. Problems such as foreclosures and bankruptcies take years to fully disappear from your credit history, but slow payments and collections accounts can disappear much quicker. Even if you have a major red flag on your credit report, such as a foreclosure, follow the steps above to repair your credit. That way, when the foreclosure is finally removed from your credit report, you will have a strong history of credit worthiness already in place.



By: Brian Jenkins

About the Author:

Brain Jenkins is a freelance writer who writes about topics pertaining to the mortgage industry such as a Mortgage Company.




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Experian questions and answers

December 16th, 2009 by admin | No Comments | Filed in experian
2 free annual credit reports in a year??

I know annualcreditreport.com offers free credit reports every year. I purely got one from Experian March 2008, but I next realized, after looking at my outmoded file, that I get one from Equifax on Oct 2007. Will they charge me for this?

A week ago I get my credit report from Experian UK…?

My rating on the report was 854 out 1000 I am on the electrol roll enjoy no defaults or CCJs. I applied for a credit card and today I received the note saying I be refused because of my credit ranking. I contacted the company and all they said be that I could appeal if feel they be wrong to refuse me. I own one other credit card which is always remunerated for on time respectively month and two other small credit (catalogues) which I always remunerated on time too.Can anybody distribute my any advice and what can I do to add to my credit rating?Thanks

Adding positive results to a credit report?

I have several loans reported to TransUnion but not Experian or Equifax. How can I bring these reported to Experian or Equifax. I contacted the bank and be told TransUnion should report to the other two. Is this true? If not how can I personally carry the info added. If needed, I’m willing to reimburse a small fee. Although, I’m guessing I can do it for free. Isn’t this considered undue reporting practices?

address changed /update on credit report?

I have a credit update thing. I am showing that eqifax and experian enjoy updated my address to an old address from years ago. How would they have gotten this information self that fact that my new address is on wallet, could someone else have my information?thanks surrounded by advance.

AFS ASSIGNEE OF GE CAPITAL CRE .. Can you enlighten me what this scheme ?

I am trying to repair my credit report and from all of the back I have received on here, I’m getting somewhere immediately. But on some quite mature accounts, like almost 7 years ancient, I want to find out where it comes from and what it is past I open it and I am on Experian and AFS ASSIGNEE OF GE CAPITAL CRE is adjectives it says going on for original creditor and the amount and I don’t endorse it. any help here ? I don’t want to amenable the dispute, just find out who this is ?

All my Derogs from cr report on experian hold be erased,(that be within a ch7) Will Trans, equif do impossible to tell apart?

Also what will a middle score of 690 receive me as far as mortgage rates?

American Express Student Card – HELP?

Will I get accepted?-I’m 19-Almost 6 months of credit history (hitting 6th month surrounded by a few days)-3 credit cards, got them all surrounded by the 1st and 2nd month(Chase, citibank, and capitalone)-I pay in full most of the time, never postponedthe only problem is that I have a LOT of inquiries. I’m guessing around 10-14 inquiries, most of which be denied for a credit card. Would it change now that I’m hitting the 6 month term? What are the chances that I’d get denied? I checked my credit win from experian and it said 718 but my transunion said 609. A few months ago, I tried applying for this card and I was denied

Anyone a object of the prime lend mess?

I work in collections, and I found $55,000 from 5th 3rd sandbank and no empl and no home phone, and experian (which is another credit bureau agency), did not even have bureau on wallet? How is this possible that ANYONE can get a secured loan minus any employment verification? Man, what a mess!

Anyone Familiar next to PORTFOLIO RECOVERY & AFFILIATES??

These guys are saying that I owe money and it have hit my credit. I have not have a thing surrounded by my name surrounded by about 2 years. My credit be clean. They give me no phone # on my experian account. Any guidance? I cant even buy a house now. They are out of Norfolk, VA.

Anyone know of a place where on earth i can monitor ALL THREE credit score??!?

i went to MyFico.com however, the scorewatch program they enjoy only monitors Equifax. Score monitor is not available for Transunion or Experian. Does anyone know a reliable true source where i can make a purchase of this?

Anyone own a correct and current fax number for Experian?

I need to fax them some papers and can’t get hold of their fax number. They won’t give it to you over the phone unless your a business, not to consumers.

Anyone pls explain why my credit score from freecreditreport.com is different from what my lender retrieved?

I recently prequalified for a home loan and i was surprised to swot up that my credit scores (from Experian, Trans, and Equifax) my lender retrieved was instrument lower than what freecreditreport.com gave me. The loan officer told me that when creditors get reports the score are usually lower than what consumers get. Is this true?

Anyone start getting anxious by older creditors after buying a credit report service?

My BF is getting all types of junk mail from collection agencies regarding bills from even 10 years ago. It seem to have started when he signed up to check experian and the other services.Do they supply your information?

Applied for motor loan and be denied due to Credco reporting 0 ranking. Is this endorsed? Experian win is 630.?

I hold be applying for credit not knowing that credco have me at 0 -factor. I don’t work out why. They also own me timetabled as a different birth date, but I know its me because the inquiry appears on my credit reports. When I check my gain w/ adjectives three bureaus I enjoy more than a 590. What can I do? . Is it endorsed for them to do this?

Are Dun & Bradstreet and Experian Business Credit historic to your business credit profile?

D&B (Dun & Bradstreet) has become a much-talked around credit reporting entity. But their antics are controversial, and it has be claimed that they often hold hostage small business credit reputations, for fees. Experian business credit is very soon on the scene and is actually a fully regulated credit reporting agency, unlike D&B. The difficulty is finding a lender who reports to Experian Business Credit.My answer to this problem is the Standard Deposit Loan offered at creditloader dot com. Please review and agree to me know your comments.

Asset Acceptance reported someone else’s debt on my credit report!?

When I pulled my annual credit report last month, Asset Acceptance was programmed under “Potentially Negative” items. They reported that I owe money to XCEL.I called them and they told me they enjoy that account for someone with a different given name and address. She doesn’t have a name similar to mine and she lives far away from me. I don’t know how her debt completed up on my report.They said they would send me a packet to help me obtain this cleared up. When I received the packet, it was addressed to the personality who actually owes the debt, but with my address. Basically, it a moment ago said they need a fraud/id theft affidavit. I printed the ID Theft Affidavit from the FTC website but it doesn’t come across to apply. I don’t think that other person stole my identity. I judge Asset or Experian just made a mistake.I disputed Experian’s entry and it is still under investigation. I don’t want my credit blemished. What else can I do? Thank you!

At experian i hold a credit ranking of 601 and i variety rather over 30,000 dollars a year.?

Can i get an auto loan around 25,000

auto loan question?

I am 20 years old and I have a mark of 678 on transunion, 672 on experian, and 622 on equifax (im not sure why equifax is so low because all my reports are identical??) I own a good amount of credit for someone my age because I have have multiple credit cards with no late payments and low balance since i was 18 and have already bought and compensated one car loan in full beside no late payments. I currently have a saloon loan now and need a second motor for my fiancee. I owe for nothing but this one car, how difficult would it be for me to nouns a second vehicle? I make nearly 2700 a month and the car donation i have currently is 398 a month.Thanks for the help within advance!

Bad credit cross-question – USA?

I may return to the USA after 11 years but I had some fee to shop cards (JC Penney) and one telephone charge that I did not recompense. The amount I owedcards JC penney + telephone is around $1700. I also have a bounced check. I left US surrounded by 1996.I had other cards that I rewarded and closed all other accounts.I checked couple of days support my credit report through Experian and I did not have any denial points. Instead, the records that I closed some of mycredit cards short being tardy is however mentioned as good standing. Butat hand was no mention of my closed edge account.Would this niggardly that the previous money that I owed is dropped ? My question is: 1. If I come rear legs to the US, any problems in space a bankarticle ?2. Obtaining credit cards – will there be any issue ?3. Is Experian a reputed agency ?5. If I lived within a particular state during my stay contained by US, would Experiannot capture the entire history ?Please agree to me know.ThanksSuk

Bad credit motorcycle financing comfort?

My experian credit score is 515. I simply got a auto loan for $16,000 and a unsecured mastercard. I enjoy been trying to restore my credit. Is there any destiny I can get a loan for $2000-$3000 for a used motorcycle? And could I draw from financed through suzuki or kawasaki?

Bad Credit Report?

I have recently recieved from Experian my credit report.I own in the past get into debt,mainly with catalogues and a assets one card.I noticed it shows every missed payment.How long if I rate on a regular basis will it take to reorganize my credit rating.

Bankruptcy contained by 2000 be to come sour credit surrounded by 2007. Law changed not long to 10. Shouldn’t pertain to us, right?

Ours was file in June 2000, discharged contained by Sept. 2000. The laws at that time be seven years to stay on our credit. Just in recent years, it have changed to 10 years. Should we not be “grandfathered” into the laws of when we file? The new statute does not apply to our bankruptcy 7 years ago. It should enjoy still come off Sept of ending year. Experian, etc is being jerk about it and won’t purloin it off. I have need of to know if I must hire an attorney just to achieve off what should enjoy come off anyway. Thanks. :-)

Best process to repair credit?

I established a credit history starting 7 years ago, and for the most part, it was other in good standing. However, I would utter that I have one blemish, and it happens to be a big one, a credit card charge past its sell-by date, yikes. Not sure how I let this happen, but it did ensue. I am going to pay this in full ASAP, and not settle. What are the likelihood that the company would erase it from my credit report, I know they have the power, but are stating otherwise. I just pulled my credit chalk up, and on an Experian scale 330-830, I scored 530, which is awful, I know. What is a natural time frame to bring it up to 700? 1,2 years. In the next few months, I am going to pay the charge past its sell-by date in full, and pay past its sell-by date all my other credit cards. Thanks for your help. The suitable thing is that I am not looking to buy a car, or house anytime soon. How much did the charge sour hurt? I swear, last summer, my score be over 725.

Best route to make higher credit gain surrounded by 6 months?

Ok, my husband and I was d/c out of ruin in Jan 07, we enjoy only 1 credit card respectively that we just get and paid our first payment(we compensated more than the minimum). We just get our credit scores from Experian and both score are about 550. We don’t want to procure too much credit and over extend ourselves. We have a free&clear saloon, an apt, and I have a couple of student loans contained by deferment. So, we want a house in Fall of 2008, how do we gain our score up surrounded by six months? I’d like to see our win up to 650? Is that too much in a 6 mos time of year?

Better bad paying or departing be a foil for?

I found that Experian shows a small balance for a collections side from years ago. I have no problem paying it in a minute but the credit report shows the past due details will be on record until December 2007.But I’m afraid of paying it sour because it might be updated by the collections agency and then be on my report an additonal seven years from today.Does anyone know if this can surface? Am I better off not paying to avoid more years of doomed to failure credit? Thanks!

More Experian questions please visit : Credit12345.com



By: creditfaq

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Credit12345.com




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Fico Scores: How Your Credit Report is Assessed

December 15th, 2009 by admin | No Comments | Filed in credit
Lenders use a credit scoring system created by the Fair Isaac Corporation in order to assess a potential borrower’s FICO score.  Every borrower falls into this range, with the lowest possible score at 300 and the highest at 850.  Borrowers with lower scores have to pay higher interest rates and loan origination fees because these borrowers are deemed as having more risk associated with lending money to them.  This general rule is based on research from the Federal Housing Association – also called the FHA.  These studies showed that borrowers with a score of less than 620 were more likely to default on loans in the future.  These well known tendencies are the reason that FICO scores are so important when applying for a home loan.

Your FICO score is based solely on your credit report.  So, as your credit report changes, so does your FICO score.  However, it usually takes several months from the time you make changes to your credit report to see the actual changes in the FICO score.  This delay shows how crucial it is for borrowers to talk to a lender well before it’s time to buy a home – especially if they think they may run into some credit issues. 

It’s certainly possible to improve your credit enough to buy a home in six or eight months – depending on your individual situation.  But, know that these changes don’t happen overnight.  In fact, this time frame is the minimum amount of time you can expect to see changes in your credit report and FICO scores.

If you’re a newer credit borrower, know that you won’t even have a FICO score for the first six months of getting your first account.  In other words, you have to have an account that has been opened for at least six months in order for FICO to give you a score.

If you’re a borrower who’s an old timer, this idea applies to you, too.  In the past six months, one of your accounts must be updated (meaning that you’ve made a payment, etc.).  FICO has this six month rule in order to make sure that the score reflects recent information. 

Because your FICO score uses only information from your credit report, lenders also consider other aspects showing your ability to make payments in the future.  For example, lenders look at income to ensure that you make enough money to make the payments.  They also look at your job history to see if you’ve kept a steady job the past few years.



By: Lee Keadle

About the Author:

You can search all James Island homes for sale on Lee’s website, as well as Mount Pleasant SC real estate and Summerville South Carolina real estate.




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How to Achieve a Good Credit Score

December 14th, 2009 by admin | No Comments | Filed in credit
Have you ever tried to apply for a credit card or a loan and been turned down? The reason was probably because the lender didn’t think your credit score was high enough. These days, lenders will only give credit to those who have what they consider is a good credit score. If you need or want a loan you’ll have to make sure your credit score is favorable in the eyes of the credit companies.

Creditors make the decision on whether to lend money to a borrower based on the Three C’s: character, capacity, and credit. Character refers to how long you’ve lived in a particular place and worked in a company. Lenders want to see stability, and they look at where you’ve lived and worked. Capacity refers to how much loan you can afford based on your current income. Lenders will look at your expenditures and financial obligations, and check to see whether you can afford to pay the loan you’re applying for. Credit means how well you manage your credit accounts such as credit cards, loans, and mortgages. Lenders will look at how much credit limit you’re allowed on each account, how much of it you’ve used, and whether you’ve made your payments on time.

What is a good credit score? It’s the score a person gets when he always pays his debts on time, uses credit wisely and doesn’t max out his cards, and has little or no negative information on his credit report. Generally, a good credit score is 700 and above. If you haven’t reached that rank yet, you’ll have to work extra harder on managing your finances and cleaning up your credit report.

Here are a few things you can do to achieve what is considered a good credit score:

1. Check your credit report. There may be information there that is incorrect or outdated, such as a name that sounds like yours, wrong employer or SSS number, or a wrong address. Statistics show that more than 70% of credit reports have an error, either due to an oversight or confusion by the credit agency or identity theft. If you do find incorrect or outdated data, dispute the information and have it corrected on all your three annual credit reports.

2. Add positive information to your report. Some lenders don’t report information to the credit bureaus, so you just might have an unreported credit account which could help to boost your credit score. You can ask the credit bureaus to add this information and provide proof.

3. Add information showing stability to your report. This could be your current or previous employer, current or previous address, your date of birth, or your phone number if it is unlisted.

4. If you have reported the wrong or outdated information on your report to the credit bureau but it wasn’t solved to your satisfaction, add an explanatory statement and ask the credit bureaus to attach it to your report.



Monitoring your credit report and score is important because should you need a loan or additional funding in the future, you want to make sure you have a good credit score. Find out more about what a good credit score is and how you can have one at HowToEstablishGoodCredit.com, where you’ll also find other helpful articles on credit scores and credit report.



By: Jeremy Englewood

About the Author:

Jeremy Englewood is a credit manager and writer with over fifteen years experience in the banking industry. His advice on personal finance topics have provided inspiration to people who want to repair their credit. Read more of his articles at HowToEstablishGoodCredit.com.




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Credit Repair and the Statute of Limitation Advantage

December 14th, 2009 by admin | No Comments | Filed in credit
Whoa Nellie – Don’t Pay that Bill

Hold your horses. So you got a collection letter in the mail. You are distraught and already figuring out how to pay the collector. Shockingly, a majority of collections are paid needlessly. Resist the impulse to pick up your checkbook. Just slow it down. Credit repair requires patience – and a bit of knowledge comes in handy too.

Don’t Believe Your Eyes

When it comes to collection letters, don’t believe your eyes. Don’t write a check. Don’t call the collector. There are four essential credit repair tests you must apply before doing anything. First, do you recognize the debt? Second, is it possible it was satisfied with a previous collector or the original creditor? Third, is it beyond the statute of limitation for collection through the court system? And fourth, is it beyond the reporting period limit for your credit report?

Do You Recognize the Debt?

If you have attempted credit repair you already know that the collection industry is far from perfect. Collectors buy and sell collection accounts on a regular basis. The level of quality control at collection businesses is notoriously lax. There is every possibility that you are getting a collection notice for a debt that has nothing to do with you. Be sure.

Have You Paid the Debt?

Because collectors buy and sell debt regularly it is common for a new collector to send you a dunning letter for a debt that you satisfied with a prior collector. Original creditors often have in-house collection departments that are as lax in their record keeping as any collector. Oftentimes debts are bundled for sale at the same time that consumers are sending their payment. Your money may have gone in one door while your account was being sold out another door.

Credit Repair Statute of Limitation Shockers

Here is the credit repair fact that most people are not aware of. I can’t tell you how many otherwise well-informed people have drawn a blank on this one. The statute of limitation (SOL) for collection through the courts has nothing whatsoever to do with the seven-year reporting limit for derogatory information imposed by the Fair Credit Reporting Act (FCRA) on the credit bureaus. This can be credit repair magic. The SOL is almost always far less than seven years, and may be as little as two years. Each debt type has its own SOL which depends on the type of debt, the state in which you incurred the debt, and the state you currently live – more about this in a second.

The Reporting Period Limit

Most people in credit repair programs are aware of reporting period limits. Generally speaking the credit bureaus are directed by the FCRA to report derogatory credit events for no longer than seven years. There is a slightly more complicated method of measuring reporting period limits for charge-offs and collections which may continue to report for seven years plus 180 days from the date of original default – being the first time a scheduled payment was missed in the sequence that led to collection.

What are the Credit Repair Consequences?

If you don’t recognize the debt, it may not be yours and you should not pay it. If you paid the original collector you certainly don’t want to pay it a second time. If the debt is beyond the SOL the collector has no way to enforce the collection. This means you can send the collector a cease communication letter and he will vanish forever from your life, and you don’t have to worry about a judgment. Or, if you want to pay the debt, it is usually very negotiable once past the SOL. And if the debt is beyond the reporting period limit it is almost certainly beyond the SOL, so all of the above benefits should apply, plus you should not have to worry about the appearance of the collection on your credit report. It’s the ultimate credit repair outcome.

Credit Repair and the SOL

The SOL is not hard to check and it is central to any credit repair effort. Just get on the Internet and search for statute of limitations. You should be able to find an easy-to-read chart listing SOL by debt type and by state. Don’t forget to check your state of residence and the state in which you entered into the original agreement. The longer period applies to your case. Remember to measure the time period properly. The SOL clock always starts with the date of original default. Collectors do not reset the date when they start and restart the collection process.

Call in the Credit Repair Troops

If all of this is too much to bear, pick up the phone and call a credit repair expert. It’s your money and should not be taken lightly. If you do not have the time to cope with the process a professional credit repair company will insure that every step is taken in the proper order and that you are not paying needlessly throwing money away. When it comes to credit repair, the right way is the best way. You can do it!

Copyright © 2008 Ian Webber. All Content. All Rights Reserved.



By: Ian Webber

About the Author:

Ian Webber is a financial consultant and expert in consumer law and credit repair. Ian is a graduate of the London School of Economics and The University of Chicago where he earned his LLM, Master of Laws. Ian consults with one of the leading online credit repair services and is currently based in Florida.




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Credit Repair Professional Tips

December 13th, 2009 by admin | No Comments | Filed in credit
Pay Your Bills on Time

Credit repair means timely payments. Does this go without saying? If you want to repair your credit and improve your credit scores you cannot afford new late payments on your credit report. New late payments will have a major impact on your scores, as much as 100 points. The initial impact of a late payment will fade over time, so get those late payments behind you forever.

Open New Accounts

If you don’t have any open and active accounts on your credit report you cannot expect your credit repair effort to succeed. Credit scores are based on two broad categories of data, the good and the bad.  Removing the bad stuff will get you halfway to your goal, but in the world of credit halfway doesn’t count for much. You need to build the good as well. It’s time to open new accounts, and credit cards are the perfect credit repair tool.

Try Secured Credit Cards

If you are trying to build new credit but can’t get approved for a credit card, try a secured card. It’s easy! Secured credit cards require a small saving account which will usually secure the entire credit line on your new card. Most secure cards require a minimum deposit of two to three hundred dollars. Don’t be embarrassed by the small amount, these little cards carry big credit repair power.

Manage Your Revolving Balances

The key to optimizing your credit scores with credit cards – aside from making your payments on time – is prudent balance management. The lower the better, but there are specific targets you should know. The current credit scoring model in use by lenders recognizes 20, 40, 60, 80, and 100 percent usage. 20 and 40 are good, 60 is neutral, while 80 and 100 percent usage will reduce your scores, and if you want credit repair success, don’t even think of going over the limit.

Credit Repair and Authorized User Cards

Authorized user accounts have been the subject of much debate. Some credit repair companies, operating in a gray area of the law, have sold authorized card status for years to people who wanted a quick credit score boost. On July 31, 2008 Fair Isaac announced a software fix which blocks the benefit of these brokered accounts while leaving intact the benefit of legitimate spouse and family member cards. So if you have a relative with awesome credit that wants to help your credit repair project, have them add you as an authorized user and watch your score pop.

Credit Repair and Your Student Loans

If you have student loan problems you should pick up the phone right now (really, right now) and explore the many options that are available to get you back on track. Student loans are unique amongst all forms of debt; they have no statute of limitation for collection. The longer you ignore them the worse it gets. As tough as it sounds, there are many great resolutions available. The Student Loan Ombudsman Office has been set up to help you understand your rights. Call them at (877) 557-2575.

Clean Up Your Reports

Don’t believe everything you read, especially if it is on your credit report. Credit reports are typically loaded with errors, many of which can devastate your credit scores. Order all three of your reports, one from each bureau and plan to spend an hour proof reading each one. Credit repair can be the best time you ever invested. Check every detail including the neutral looking information like credit limits and reporting dates. Once you have identified the errors dispute them with the credit bureaus.

Need Help? Hire a Credit Repair Pro

If you are not comfortable reading your credit reports, or if you don’t have the time, hire a pro. A credit repair professional will insure that the job is done right. They will check statute of limitation dates and reporting period limits, identify compliance issues that may otherwise be hard to spot, write the dispute letters for you, manage re-disputes, and counsel you to insure the optimal outcome. Credit repair is important, take action today.

Copyright © 2008 James W. Kemish. All Content. All Rights Reserved.



By: Jim Kemish

About the Author:

Jim Kemish, a nationally recognized credit repair and restoration expert, is the president and founder of Sky Blue Credit, a leading credit repair service since 1989. Jim is also the president of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida.




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Why Credit Repair is Important

December 12th, 2009 by admin | No Comments | Filed in credit
If you have poor credit, you are not looked at in a favorable light. When you have screwed over your credit and finances, it is time for you to make a change. Your finances become limited because you are robbing Peter to pay Paul. This is not good because you are constantly juggling funds from here to there and getting frustrated in the process. Credit repair would come in handy and you could use the services of a credit repair services professional.

In addition to juggling your funds, you would try to use your credit card to advance yourself some money. Then you can’t use your credit card because it’s up to the limit. In this case, credit repair for you is inevitable. A credit repair services professional will be able to assist you.

There are several reasons why credit repair is important. For one, with your poor credit, it is extremely unlikely that you will be able to get another credit card or a loan. Besides, that would not help you because your credit situation is already moot. Just having that would add more trouble to your credit and financial situation. Credit repair for you would be extremely important in order for you to turn your credit around. Using a professional that is skilled in credit repair services would help you to make the difference.

Credit repair is also important because you need to implement discipline in your situation. It is obvious that your credit has taken a nosedive. In addition to not being able to get more credit, you could be looked at as an outcast. Everywhere you try to get credit from will turn you down. Creditors will quickly write you off because you were not responsible enough to pay your bills and debts in a timely manner. However, using a credit repair professional can help to change that situation.

A credit repair services professional will sit down with you and look at your credit report. They will show you where you went wrong and what you can do to correct the problem. Credit repair is the first step to getting back on track with your finances and your credit. If you want to be able to get credit cards and loans again, then this is the way you should do it.

When you start your credit repair program, part of the reason that you have a bad credit report may be because there are errors that need to be removed. If the credit bureaus refuse, the credit repair services professional can help to solve the problem. They will work with the credit bureaus to see about getting the errors removed. There are some times when credit bureaus are in error. Of course, they don’t always want to own up to it.

Once the credit repair services professional implements a repayment plan for you, It’s up to you to fulfill your part of the deal. The plan will not work for you if you don’t implement discipline and focus into turning your bad credit into good credit. This is why credit repair is so important for you to start as soon as possible.



By: Joseph Feross

About the Author:
This has been brought to you by Joseph FeRoss and the credit repair team at MSI Credit Solutions. For more information on credit repair services please visit http://www.msicredit.com




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How to Raise your Credit Score

December 11th, 2009 by admin | No Comments | Filed in credit
Have you ever wondered what exactly is up with”credit score”? This informative report can give you an insight into everything you’ve ever wanteto know about “credit score”.

Having a good credit score is very important in today’s society. It is something that many people should have. By having a good credit score,

applying for loans and unsecured credit cards is much easier.

If you already have a good credit score, you will want to raise it in order to obtain the best loan and credit card deals possible. If you have a credit score of 688 and the loan company will reduce interest rates if you get a credit score of 690. The two points can mean thousands of dollars in savings.

This is why it is very important for you toimprove your credit score even if you already have a good credit score. It will mean lower interest rates and also more chances of getting the loans you need.

There are several ways you can improve your credit score. Some ways take time to achieve and some take only a few weeks or even a few days to do. If you start working on it as soon as possible, you will see that it will be worth all the effort.

So, here are some of the ways you can raise your credit score.

The first method for raising your credit score is to check credit reports for errors. Even minor errors can hurt your credit rating.

Now that we’ve covered those aspects of “credit score”, let’s turn to some of the other factors that need to be considered.

If you ever suspect that your low credit score is caused by an error, you should contact the credit reporting agencies and challenge them about the report. It is part of the law that the reporting agency should investigate and correct the errors within thirty days if there is any.

The next step on how you can raise your credit score is to pay off your balances every month. This can keep you out of debt and save a lot of

money on interest rate. Also, this will demonstrate that you can manage your debt effectively and increase your credit score.

By having only a few credit cards, two at most, will boost your credit score. Having five or more credit cards will in fact, lower your credit score. This is why it is important for you to have only two credit cards.

If you borrowed money before, it is important for you to pay it on time. This will have a positive impact on your credit score because it will show credit reporting agencies and also creditors that you can manage your debt effectively. However, if you have borrowed money before and is long overdue, you should pay it immediately. In time,

these old late payments will be deemed unimportant and it will expire.

Another way to raise your credit score is by managing your credit cards effectively. Don’t use your entire credit limit on each of the credit

cards you own. For example, if you have credit cards with a credit limit of 2000, 2500 and 3000 dollars, it is better to use 600 dollars on each card rather than 1800 dollars in one card. Always keep one thing in mind; it is best for your credit score if you only use less than 50% of your credit card limit.

These are some of the methods you can use to raise your credit score.

Following all these will ensure you that your credit score will increase and will result in better opportunities in the future.

Now might be a good time to write down the main points covered above.

The act of putting it down on paper will help you remember what’s important about “credit score”.



By: Floyd Dorrance

About the Author:

The author, Floyd Dorrance is a professional researcher of a vriety of articles.

For a Completely FR*EE Turnkey Business:
http://my-info-hut.info




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Get the Real Truth About Credit Repair

December 4th, 2009 by admin | No Comments | Filed in credit