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Jul 31, 2009

Hidden Credit Builders: Adding Positive Information to Your Report

Most people focus on removing negative items from their credit reports in order to improve credit scores. While this is an effective means of improving scores by clearing up items that cause credit scores to drop, it is also sometimes possible to improve your credit by adding to your credit report. Just as negative information can be inaccurately reported, positive information may also have been left off, or misreported on your credit report. In some instances, it may be possible to add this positive information and give your credit scores a natural boost.

Some common mistakes with regards to positive information on your credit report include the length of time the account has been open, the credit limit on the account, and any accounts where you may be a joint account holder but the account isn’t listed on your credit report. When it comes to these types of mistakes, adding the positive information to your credit report can usually be accomplished one of two ways:

Contact the creditor. If it’s a case of not having a joint account listed on your credit report, you’ll want to contact the creditor directly. In many instances, your creditor will be able to add the account to your report for you. This is especially true if the account is listed for the other joint account holder already.

Contact the credit bureaus. After you’ve contacted your creditor, you’ll want to confirm that the information has been changed within the credit bureaus. Wait a couple of weeks, and then check your report – if you still see errors, send a letter to the credit bureau asking them to correct the information, or use the online contact form.

For accounts that are in your own name, but that aren’t listed on your credit report, you should verify with your creditor that they report to the three national credit bureaus. Not every creditor chooses to report to the bureaus, and without their voluntary reporting, the credit bureau won’t be able to help you. If you do confirm that the creditor typically reports and just hasn’t reported your account, you can take the same steps above in order to have the situation resolved.

For creditors that do not choose to report your credit to the agencies, you can still help your chances of obtaining credit if you can get a certified copy of your payment history. If possible, request a copy of the payment history on company letterhead, and signed by a manager or someone else in charge. By having this documentation on hand to bolster your credit report, you may be able to convince some lenders.

Adding positive information can be a helpful step when it comes to repairing your own credit. Listing accurate, positive information can counteract some negative marks on your report. Additionally, by verifying these positive items, you will can be more vigilant to potential errors in the reporting process overall. Don’t just look at your negative items – always look at your credit report as a whole to attain the best results.

Posted in building credit, credit bureaus, credit report, remove bad credit | No Comments »



Jul 6, 2009

Credit Card Agreements – Understanding the Fine Print

With the passage of the Credit Card Holders’ Bill of Rights, credit card companies will be required to make some changes in their disclosure practices when it comes to credit card agreements. Until these changes go into effect, if you are shopping for a credit card, it’s important to understand the terms and conditions included in the fine print of your credit card. Otherwise, you could find yourself owing hundreds more in unexpected fees and interest, which in turn, may damage your credit scores. Below is a list sampling the most common terminology found in credit card agreements, and what these terms actually mean to you, as a consumer:

  • “Any disputes related to this credit card account are subject to binding arbitration…” Binding arbitration means you are not allowed to file suit in a court of law over any disagreement that you may have with the credit card company. It eliminates the possibility of class action law suits, and any number of legal rights. There is no way around this – if you use the card, you are agreeing to the binding arbitration clause. Be aware that your credit card company will most likely be the one who chooses the arbitrator as well, and your usual options for legal relief will be severely limited should you decide to pursue legal action.
  • One to watch out for if you are taking advantage of a balance transfer to a lower-interest card: “Balance transfer fees are added to the purchase balance and are subject to the APR for purchases…” This basically means that any fees associated to your balance transfer will be treated as if you made a purchase, and will be added to your credit card balance. In addition, you will pay interest on that balance transfer fee. Something to keep in mind if you are close to your limit with the balance that you are transferring – the balance transfer fee may push you over, and cause over limit fees, just as a purchase would.
  • Here’s the phraseology that indicates your credit card is subject to universal default laws: “If the cardholder is reported as delinquent on an account with any other creditor, we may increase the APRs on your account up to the maximum default APR…” Universal default is one of the many terms that will be modified under the new Credit Card Holders’ Bill of Rights, but until that goes into effect, you may be charged a default rate on all credit cards which have this phraseology, even if you’ve only missed a payment with one of those creditors.

The terms and conditions that accompany any new credit card are often lengthy and complex – one of the reasons that many consumers don’t bother to read them. However, this strategy can cost you money and hurt your credit in the long run. Understanding the fine print will help you to make a more informed choice when it comes to your credit, and will help you choose the best credit cards for your overall financial health.

Posted in Credit Card Holders' Bill of Rights, balance transfer, credit card companies, credit cards, credit repair | No Comments »



Jul 1, 2009

Recognizing Credit Repair Scams

As the economic slump continues, more and more people are looking to credit repair in order to improve their credit scores. Creditors are requiring higher scores in order to qualify for loans that in the past could be obtained with mediocre or even marginal credit. Individuals who have lost their jobs and missed payments on credit accounts depend on credit repair in some cases to improve their scores to levels that will allow them to qualify for these increasingly strict credit requirements that lenders have imposed. Scam artists recognize the increased market, so any consumer looking for credit repair help should be prepared to go the extra mile before signing on with any credit repair company. In particular, be wary of any company that falls into one or more of the following categories – chances are good that you may be looking at a scam:

  • Guaranteed Score – any credit repair company that guarantees you a particular credit score is almost always a scam. There is no way to know for certain how high your credit score will be, even if the credit repair is successful. Creditors advertising a 700 or better in 30 days are just out to take advantage of desperate consumers.
  • Minimal Contact Information – be wary of a credit repair company that operates solely from a website. If there is no phone number, and no physical address, it is very difficult to be certain of a company’s legitimacy.
  • Just Opened – don’t trust your credit repair needs to a company that just opened. Scam artists often start fake companies only to fold months later, after taking hundreds of thousands of dollars from unwary consumers.
  • High Pressure Sales – reputable credit repair agencies don’t need to resort to high pressure sales tactics to convince you to hire them. If the company’s experience, history, and level of service aren’t enough to impress you with their ability to help, don’t let a flashy sales presentation convince you otherwise.

Credit repair companies provide a valuable service to consumers looking to get a fresh financial start, but it’s important to be certain you’re working with a professional. Check references, the Better Business Bureau, and even online complaint boards before you make a decision, and be prepared to shop around in order to avoid being taken in by scam artists. By doing the research before you commit, you’ll have a better chance of avoiding scam artists and actually getting the credit repair services you need.

Posted in credit repair, credit repair companies, credit repair company, credit repair scams | No Comments »