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Dec 29, 2007

Visit the Credit Repair Forum!

Have you been to the credit repair forum yet? If not, you’re missing out! You can find tons of free information and meet a lot of great people who have experienced the same situations as you. AAACreditGuide.com has one of the best credit repair forums on the net! We discuss pretty much everything having to do with credit and personal finance. Some of the topics are:

  • Credit Repair – Here we discuss late payments, charge-offs, repossessions and inquiries on your credit report. We also talk about issues with the credit bureaus.
  • Collection Agencies – An excellent place to ask questions and get answers about collection accounts and debt collectors.
  • Public Records – The public records area is for discussion about foreclosures, judgments, tax liens and other records that can damage your credit reports.
  • Mortgage – Everything having to do with mortgages, refinancing, interest rates, adjustable rates, etc. gets discussed here.
  • Auto Financing – Learn about buying and leasing cars, motorcycles, trucks and every other kind of automobile financing at the auto financing forum.
  • Bankruptcy – At the bankruptcy forum, everything from bankruptcy alternatives to how to repair your credit after bankruptcy can be found here.
  • Student Loans – Lots of great questions and answers about Stafford Loans, scholarships, grants, student loan consolidation and so on.
  • Money Management – Personal finance, setting up a budget, debt elimination and all that good stuff you can find in the money management area.
  • Off-Topic Lounge – When you get sick of discussing finances or have something else on your mind, take a break in the off-topic lounge.

You can really get some great advice at the Credit Repair Forum. Feel free to jump right in and don’t be afraid to ask questions! See you there!

Posted in auto financing forum, bankrutpcy forum, collection agencies forum, credit, credit forum, credit repair forum, money management forum, mortgage forum, public records forum, student loan forum | No Comments »



Dec 19, 2007

Choosing a Credit Repair Company

Finding the right credit repair company can be a big decision for anyone with bad credit. Choosing the right one could end up being one of the best things you can do for your financial future. Repairing your credit scores can help you qualify for lower interest rates and increase your financial options.

A typical credit repair service usually charges a few hundred dollars and takes about 6 months to repair your credit. It usually depends on how bad your credit is. Some clients can be finished within a month or two and will pay considerably less. Others can take over a year and cost more than a thousand dollars. Most credit repair companies have a one-time set up fee and then low monthly payments. It is in violation of the Credit Repair Organizations Act to charge the full amount before they provide any services.

Unfortunately, the credit repair industry has received a bad reputation because of the publicity given to credit repair scams. While fraudulent credit repair firms tend to be shut down quickly, it is still in your best interest to learn how to identify the differences between a legitimate credit repair service and a credit repair scam.

Some warning signs to look out for:

  • The company wants you to pay for credit repair services before they provide any services.
  • They don’t tell you your legal rights and what you can do for yourself for free.
  • They suggest that you try to invent a “new” credit identity and a new credit report by applying for an Employer Identification Number to use instead of your Social Security number. This is highly illegal. If you follow illegal advice and commit fraud, you may be subject to prosecution.

You should also research a credit repair company at the BBB (Better Business Bureau). The BBB keeps notes on complaints made against companies. If the BBB report for a credit repair company lists multiple unresolved complaints or an overall low rating, you should be wary of the company.

Check out the Top Credit Repair Companies online.

Posted in credit, credit repair company, credit repair firm, credit repair service, credit report repair | No Comments »



Dec 15, 2007

How to Raise Your Credit Scores

You can raise your credit scores by taking a close look at your credit reports and creating a plan of action to improve them. Most increases to your credit scores take place over time and require a continuing effort from you. The only quick-fixes of raising your credit scores are to pay down debt and to successfully dispute negative information on a credit report.

At the same time, you want to always pay your bills on time – that should be obvious. Late payments play a major role in driving down your credit scores. You will also want to keep your debt-to-credit-limit (or available credit) ratio as low as possible. Never let it get above 40%. If you don’t have many positive accounts reporting, you may want to open some new accounts to raise your debt to available. Try to get an unsecured credit card from your local credit union or a secured card from a legitimate site online.

Don’t close unused accounts, especially if they are old and reporting positive, because zero balances can help your score. Also, don’t open several new accounts in a short period, especially if your credit history is less than three years old. Too many inquiries in a short period of time can really be hurtful to your credit scores. Apply for credit wisely.

It should be mentioned though, that pulling your own credit does not harm your scores. In fact, many people think it’s wise to use a monthly credit monitoring service online to monitor your progress and make sure there are no unauthorized inquiries or new accounts showing up on your reports.

As mentioned, disputing negative accounts on your credit reports is an excellent way to raise your credit scores. All negative accounts on your credit report should be disputed to make sure they are accurate. If they are not, they must be removed. You don’t have to be dishonest when disputing accounts; the burden of proof is on the credit bureaus and the lenders. If you know that an account is yours, do not dispute it as “not mine”.

It’s their obligation by law to verify the account and show proof that every little thing they are reporting is 100% accurate. If it’s an old account and the lender no longer has the records to verify an account, guess what? It must be removed. Just remember to always be careful and honest when disputing. Unintended consequences happen quite frequently with credit bureaus. They know how to play the game and they are NOT happy about having to verify your accounts, so be smart about it or you will find yourself with even worse credit.

If you don’t have time to repair your credit, why not let the professionals at Lexington Law Firm take care of it for you? Lexington deletes all kinds of negative credit including bankruptcies, foreclosures, repossessions, charge offs, judgments, tax liens, collections, and more.

Posted in credit, credit bureaus, dispute bad credit, raise credit scores, raise your credit | No Comments »



Dec 1, 2007

Free Credit Repair Letters

The best way to repair your credit is to write letters to the credit bureaus and collection agencies. These letters are commonly referred to as “Credit Repair Letters“. There are many different credit repair letters for many different situations. The most popular credit repair letters are dispute letters, debt validation letters, pay for delete letters and cease and desist letters.

Dispute Letters

Dispute letters are written to the credit bureaus to dispute an account, public record or personal information. Dispute letters are incredibly effective. There are many sample letters available on the internet; unfortunately most sites offer letters that state much more than they really need to. They quote the Fair Credit Reporting Act and other laws in hopes of “scaring the credit bureaus” into removing negative accounts. Some of the letters even make threats of litigation. All of this is unnecessary and will usually end up hurting your case more than it helps. Keep your dispute letters simple and to the point.

Debt Validation Letters

Debt Validation Letters are written to collection agencies to ask a collection agency to validate a debt. Debt validation is simply a consumer’s right to challenge a debt and/or receive written verification of a debt from a debt collector under the Federal Fair Debt Collection Practices Act (FDCPA).

Pay for Delete Letters

A pay for delete letter is usually written to a debt collector in hopes of negotiating to pay on an existing account in hopes of having the account removed or updated as positive on your credit report.

Cease & Desist Letters

A cease & desist letter can be sent to anyone, usually a debt collector, to request that they immediately stop contacting you. These letters should be sent certified, return receipt so that you have proof that it was received by the collector should you ever have to provide the evidence in court if they violate your federal rights.

Posted in cease and desist letter, credit, credit repair letter, dispute letter, pay for delete letter, validation letters | No Comments »