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Jan 25, 2008

Top 5 Credit Repair Tips to Increase Your Credit Scores

Having good credit is very important in today’s culture. We now live in a world where credit determines how much interest you’ll pay on your house, car, boat etc. Your credit scores are used by landlords, employers and insurance companies to determine whether or not you get an apartment, a job and what your insurance rates will be. It can also mean the difference between having to pay no deposit for a cell phone (or other utility) and having to deposit $500 or more.

Which side of the fence do you want to be on? Do you want to go through life with good credit or bad credit? The decision really is up to you. Below are some top credit repair tips for consumers with credit problems.

1. Become familiar with the Fair Credit Reporting Act.

Right off the bat, let’s start with one of the best tips I could ever give you. It doesn’t sound like much fun especially when you see it on paper, but it really is very important and it won’t take that long. I’m not saying you need to read all of the technical legalese from top to bottom, but get familiar with what the FCRA is all about.

2. Any information can be disputed on your credit report.

I don’t know how else to put this: ANYTHING on your credit report can be disputed – personal information, public records, accounts, inquiries…ANYTHING!

3. Credit repair is a process.

If you have 20 negative accounts reporting on each credit report, do NOT dispute every single account. Credit repair is a process, not a one time deal. The credit bureaus are more likely to label your dispute as frivolous if you trying disputing that many items. Dispute no more than 3-5 accounts at a time.

4. Keep your dispute letters simple.

Unfortunately, many amateurs on the net are giving people long, drawn out, unnecessary “sample letters”. Sample letters are fine, but it’s unnecessary to mention laws, procedures, court rulings, or threaten law suits, etc. The credit bureaus know the law. There is no need to be condescending or act like you are a professional. That won’t get you very far.

Simply dispute the accounts you would like to have removed or updated. If your letter is confusing, it will more than likely get returned or thrown away. There is also no need to tell them your life story or why you were late or why it should be removed. They do NOT care. Keep it short and simple!

5. Procedural Request – Ask for Method of Verification.

So, after you’re first dispute you got a few accounts deleted – that’s great! But, what about the ones that came back as “verified”?

Send them a procedural request. If you request it, the credit bureaus are obligated by law to provide you with the method the creditors used to verify the information that they are reporting on your credit report. By requesting this information, you are forcing the credit bureaus to actually provide you with what they received from the creditor as valid proof. If the creditor replied to your dispute stating that the account should remain on your credit report, they need to have proof. The creditor rarely provides the credit bureaus with this information. So, when you do this you are putting pressure on them to either “prove it or remove it”.

Keep records of everything the credit bureaus and your creditors send you in case you should ever after to sue them for violating your federal rights.

Posted in FCRA, bad credit repair, credit, credit repair tips, credit report repair, dispute credit reports, dispute letters, method of verification, procedural request | No Comments »



Jan 10, 2008

Credit Report Repair

Credit report repair is typically referred to as the process of disputing credit history items disclosed in a credit report. Under the Fair Credit Reporting Act, consumers have the right to request an investigation with the credit bureaus for any item on their credit report. The credit bureaus and the original furnisher of the information must investigate the claim within 30 days and report their results back to consumers.

Consumers may also submit statements explaining why they received certain negative credit marks. Congress passed amendments to the FCRA that went into effect in October of 1997 which improved consumers’ privacy rights and further protected the accuracy of credit report information. For example, the revision made it a civil law violation for someone to obtain a consumer report without a permissible purpose. The amendments also state that when a consumer disputes information, the consumer reporting agency and the original furnisher of the information must investigate the claim.

The FCRA also states that a consumer can make a legal claim against, and sue the credit bureaus, creditors and debt collectors who report erroneous information. The Fair Credit Reporting Act offers specific consumer protections for people that are victims of identity theft. The law also allows you to request a reinvestigation of information in your file that you dispute as inaccurate or incomplete.

Everything on a credit report can be disputed, including bankruptcies, charge-offs, collections, foreclosures, judgments, late payments, repossessions and tax liens. Consumers should also look for incorrect personal information such as incorrect names, birth dates, addresses, former addresses, social security numbers, aliases, spouses name, etc.

Even though the FCRA is enforced by the Federal Trade Commission, the credit bureaus and some exploitative creditors still try to make credit report repair complicated and difficult. The process of credit report repair can be a difficult and frustrating experience for many consumers. If you decide to dispute items on your credit report please take the time to learn the relevant consumer protection statutes.

I strongly recommend that every consumer thoroughly read over and get a basic understanding of the Fair Credit Reporting Act (FCRA), the Fair and Accurate Credit Transaction Act of 2003 (FACTA) and the Fair Debt Collection Practices Act. You should also get familiar with your state’s collection laws.

Posted in Fair Credit Reporting Act, credit, credit report repair, dispute credit reports | No Comments »



Jan 5, 2008

Credit Repair After Bankruptcy

Many consumers believe that after filing bankruptcy their financial lives are ruined. One of the biggest myths about bankruptcy is that you can’t get credit for 10 years. The truth is the bankruptcy will generally stay on your credit report for 10 years (unless you are able to get it removed) but you will still be able to start rebuilding your credit immediately.

You can dispute a bankruptcy on your credit report the same way you can any other listing. If you are fortunate enough to get the bankruptcy removed, you will be able to start repairing your credit much easier. However, if you don’t change your spending habits and make some lifestyle changes, removing your bankruptcy will only delay your financial misery and you will be back where you started.

Learning from your mistakes and living below your means is the only way you will ever attain financial peace. Learn how to make a budget and stick with it. You should probably only get a couple credit cards strictly to rebuild credit. Discipline yourself to use them for nothing but credit rebuilding.

When you are ready to start rebuilding your credit (which should be immediately) you will need to start small. Don’t expect lenders to give your high credit limits right away. You may have to start off with unsecured credit cards with high interest rates. That’s why I suggest keeping a balance of only $50-$100 and ONLY using these credit cards to rebuild your credit.

While you are adding positive trade lines, it is important to also try to remove bad credit from your credit report. If you use both methods correctly, you should have respectable credit scores within 6 months to a year. At that time, you will be able to get better interest rates and should consider transferring any balances from the high interest cards to the new lower interest cards. Just remember, the best thing you can do for your financial future is learn how and why you got yourself into this situation and how you’re going to avoid it from happening again.

Posted in after bankruptcy, bankrutpcy, budgeting, credit, credit report repair, dispute bankruptcy, improve credit scores, rebuild credit, remove bad credit, unsecured credit cards | No Comments »