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Mar 29, 2009

Credit Repair During a Recession

With the credit market dwindling, only the people with the very highest credit scores are likely to remain unaffected. For the vast majority of Americans, buying a car, getting a mortgage, or even qualifying for a credit card with a reasonable interest rate has become more and more difficult. Now, more than ever, it is important to realize that errors in your credit report can cause significant financial difficulty down the line. Should you be considering a credit repair service? If you fall into any of the following categories, credit repair may help you attain your financial goals:

You are Looking for a Job:

If you’re in the job market, having a clean credit record will put you a step ahead of other candidates with similar skills and experience. Employers now, more than in recent years, are scrutinizing potential hires more closely in an effort to make certain that any potential employee will be of the best benefit to the company. Leaving your credit report to chance could leave you out of the running for your next position. Having a good credit score will reflect well on how you will handle the responsibilities of a new job, and allows potential employers to feel confident that you can handle your position effectively if hired. Conversely, people who have problem credit may find it more difficult to get a job as employers look to hire only those who seem to be a ’safe’ investment.

You Want to Buy a Home:

The market for subprime mortgages is virtually nonexistent now, but buying a home in the current conditions could be ideal if you have a strong credit score. Low interest rates, coupled with the current drop in housing prices could mean that the home you want is finally affordable. However, if your credit isn’t in the best condition, this favorable market could pass you by. Removing negative information that is too old, incorrect or incomplete could help you to qualify for the home of your dreams sooner than you realized.

You Need to Buy Insurance:

Believe it or not, insurers also look at your credit score, and a better credit history will net you lower premiums than someone who looks like a credit risk. The savings you receive as a result of a good credit score could allow you to afford more coverage at a higher tier. Having adequate insurance is essential in a troubled economy, whether that insurance is for you, your house, or your car. Keeping the premiums affordable is just another added benefit to a clean credit report.

These are just a few of the main reasons you might want to look at getting your credit repaired sooner, rather than later in the current economic climate. Now, more than ever, a good credit score can help you to reap the benefits that can be found while companies are tightening their lending policies. A good credit repair company can help you get rid of errors, or debts that should have been removed due to age. By taking advantage of a reputable credit repair service, you can open the doors to financial opportunity even in a troubled economy.

Posted in credit, credit repair, credit repair services, credit report errors, credit scores, subprime mortgage | No Comments »



Dec 7, 2008

Three Reasons to Clean Up Your Problem Credit Now

With the current financial crisis blanketing the United States, many people are wisely trimming down their spending and holding off on unnecessary purchases. If you’re one of the millions of people looking more closely at your bottom line and you also have problem credit, you may wonder if credit repair services are worth your hard-earned dollar. While everyone’s situation is unique, there are three good reasons that you might want to consider credit repair a necessary expense rather than a costly luxury.

Reason Number One: You are Moving or Plan to Move in the Near Future

If you’re planning on moving into a new apartment, problem credit can often cause unforeseen difficulties and increased expenses. Most apartment managers now run credit reports when you fill out an application for a new apartment. This can mean that you’ll be turned down for rent in more reputable apartment complexes, leaving your options for suitable living arrangements limited at best. If you are accepted into the apartment complex, be prepared to pay a higher deposit than most renters – and you may or may not get your deposit returned at the end of the lease period, depending on the terms.

Poor credit scores can also cause difficulties with your utilities. Electric companies, gas companies and phone companies almost always check your credit history, and a poor credit score can mean deposits upwards of $200 or more. This can quickly add up to an unaffordable expense if you’re trying to move for financial or budgetary reasons. If you don’t have the cash on hand to pay the exorbitant amount charged for deposits and connection fees, you may find you can’t afford to move at all, since utilities are a large part of what makes any residence livable. And if you do manage to pay the deposits, don’t expect a refund; some companies will apply the deposit to your balance after several months of payment. Others will hold the deposit as security against your final bill. But rarely will a utility company issue a refund check for a deposit, unless you are turning off the service and have a positive balance.

Reason Number Two: You Plan to Look for a New Job

Unemployment is at an all-time high, and new jobs with decent benefits are becoming more scarce throughout the country. If you are one of the many recently unemployed due to company layoffs and closings, a poor credit score may put you at the bottom of the pile when it comes to job applicants.

More and more, employers are looking at the credit of potential employees when making hiring decisions. Poor credit may put you out of the running for a new job, even if you are highly qualified in other ways. Of particular concern, if you work in management or finance, a poor credit score may be seen as a direct reflection of how well you would manage company funds.

If your current position requires a security clearance, you may find yourself suddenly out of job if your credit scores fall too low and you are classed as a security risk.

Job seekers can give themselves an extra advantage with a clean credit history and strong credit score. Whether accurate or not, your credit history is seen as a gauge of how trustworthy, responsible, and reliable you will be in your new position. If you take the time to clean up your credit score before you start your job search, you may find more opportunities for employment.

Reason Number Three: You Plan to Buy a House/Refinance Your Mortgage

While the banks are not doling out home loans at the levels seen earlier in the year, home buying could prove an attractive option for those who could not afford home prices seen just a few months ago. With the housing markets weakening, many first-time buyers could be in for an attractive first mortgage if they have good credit scores. Interest rates are low, and with foreclosures on the rise, a couple with an average income for their area may be able to afford a larger or nicer home than they would have when the housing market was booming.

If you’re currently a homeowner and thinking of refinancing, having a good credit score can see your mortgage payments drop dramatically, saving you thousands of dollars over the life of the loan. While not everyone can qualify for refinancing, having a good credit score means that you’ll have more options than most people who are looking to downsize their mortgage payments in the long-term.

Those who have problem credit are not likely to find a home loan available for any price in the current market. With so many lending companies burned with the so-called ’sub-prime’ lending spree, the market for loans available to buyers with less than perfect credit has diminished dramatically. So even if you have the income for a new home, a poor credit history may prove to be an insurmountable barrier to the American dream.

There are many reasons to consider credit repair as a solution to your current credit score problems, but if you fall into one of the above categories, you may want to take a closer look at procuring credit repair sooner, rather than later. With the amount of money you save in reduced deposits, increased job security, and lower interest rates, the amount you spend on credit repair services will be a drop in the bucket, comparatively.

Posted in credit, credit history, credit repair services, credit scores, refinancing, sub-prime | No Comments »



Nov 24, 2008

Three Common Credit Myths and How They Can Harm Your Credit Score

With the current state of the economy, having a strong credit score is more important than ever. Unfortunately, common misconceptions about credit and how your credit score can be improved ultimately do more harm than good. With a sea of credit repair companies promising flawless credit, it can be easy to succumb to misinformation. Here are three common credit myths that could potentially damage your credit score:

Myth: Once a Debt is Charged-Off, I Don’t Have to Pay It

Charge-offs may seem like a positive at first, namely because the term sounds very similar to a “discharged” debt, which is one that has been cleared. Charged-off debts, despite the similar-sounding name, do not clear you of the obligation to pay the debt. Instead, it is an indication that the company does not believe you will pay the debt and therefore it has been removed from their accounts receivable. It essentially makes your debt an expense on the record books of the company, but that does not relieve you of responsibility. Charged-off debt classifies you as a ‘high-risk’ to many credit issuing companies, and can severely impact your ability to get future credit.

One Caveat: if the debt is past the time allowed by your state to collect, you don’t have to repay the debt, whether it’s been charged-off or not. Typically, the age of the debt has to be anywhere from 4-6 years before this is the case, but because these regulations vary by state, it’s best to check your local laws to be sure you’re in the clear.

Myth: Credit Repair Services Can Erase All Negative Credit Information, Even if it’s Legitimate

Reputable companies won’t promise to erase legitimate debts. Under the Fair Credit Reporting Act, you are allowed to challenge debts that you believe to be erroneous or questionable. That does not mean that you should challenge any and all debts. In fact, doing so may result in collection agencies and bill collectors ignoring any legitimate requests you may make to have truly erroneous information removed. This is because if the company feels that your dispute is ‘frivolous’ they can ignore it, and leave the debt on your credit report.

There are numerous ways to have negative items on your credit report removed. Disputing them is not the only way. If the debt is legitimate and being reported correctly, you may want to try to negotiate a pay for delete. When using this method, remember to always get the terms in writing.

Your best bet is to choose a credit repair service that has a reputation for success, and that uses ethical and legal methods to improve your credit score. You may not be able to get rid of all negative information, but the removal of even a few items could see your credit score improve dramatically.

Paying Off Old Debts Will Improve My Credit Score

Surprisingly, paying off old debts will not always improve your credit score, and may actually worsen it. This is because paying on an old debt can sometimes make the debt appear to be new. If the amount you owe is substantial, this can make it seem as though you’ve just taken on a lot of new debt. While the credit bureaus are working on finding ways to eliminate this setback, currently there is still a chance you could see your credit score fall as a result of old debts being paid. Be particularly vigilant when it comes to knowing when your debt’s statute of limitations for collections has run out – you don’t want to pay on a debt that is no longer enforceable by law unless there are very special circumstances.

Keeping the truth behind these three myths in mind can help you to avoid unnecessary declines in your credit score. If you need help improving your credit score, always deal with a reputable agency, and be sure to check the facts to be certain the law is on your side in your quest for better credit.

Posted in FCRA, charge offs, charged off debt, credit, credit repair services, credit report dispute, credit scores, paying off debt | No Comments »



Oct 5, 2008

Identity Theft, the Elderly, and Credit Concerns

Older Americans are often the target of many identity theft and financial scams. Sadly, the consequences for this particularly vulnerable group of Americans is just as severe as those for younger generations, if not more so. However, there are actions that older Americans can take in order to prevent identity theft and minimize the dangers of financial abuse and scams designed to take advantage of a senior’s good credit. Keep these tips in mind and your credit score is less likely to be damaged due to scams or fraud.

Avoid Giving Out Personal Information over the Phone

It seems like a simple rule to follow, but in the reality is that many times it can be difficult to know whether or not a business is reputable or not. Con artists sound just as sincere as customer service representatives, and it can be impossible to ascertain a company’s legitimacy over the phone. For this reason, unless the call is initiated by the elderly individual, and he or she knows exactly who she is calling and why, no personal information should be given out over the phone. This includes phone calls from supposed charities, banks, churches, and other ‘good-will’ organizations. If you really want to do business with the company or charity involved, look up the phone number yourself and initiate the telephone call – the offer will still be available, and you won’t have to worry about giving information to an unscrupulous caller.

Do Not Trust Links in Email

For those senior citizens who are tech-savvy, the web brings a whole new host of potential problems. Banks, investment groups, online merchants and other businesses frequently send out emails to those who have an account with them. However, many scam artists take advantage of this fact and use ‘phishing’ techniques to mimic company emails in an attempt to trick users into entering account or credit card information. The best safeguard against such practices? Don’t trust the links in email. If you receive a notice from a company that needs you to verify a credit card number or account information, call the company to confirm – almost always, these types of emails are a scam. Never use the links in an email; always type the address into the browser rather than following the emailed link.

Pay Careful Attention to Financial Managers

Sadly, most cases of financial abuse and identity theft are often perpetrated by close friends or family members. So pay careful attention to any business investments, new accounts, or other activities that are initiated on your behalf. Keep a copy of all transactions and pay attention to your credit report – if you notice accounts opened in your name that you do not recognize, take steps to protect yourself immediately.

Credit Repair Services Can Help

Elderly individuals are often at a disadvantage when it comes to damage to their credit score. This is because seniors often do not have the luxury of waiting 7 to 10 years for negative items on their credit report to be removed. Also, because of the fact that many seniors live on a fixed income, the need to have access to affordable credit lines is an important one. Credit repair services can help to undo the damages caused by identity theft and fraud, while giving back control to the victim.

Credit repair programs are especially helpful in those situations where the elderly individual needs guidance and assistance in order to understand the credit repair process, or in those cases where the elderly individual cannot act on his or her own behalf. Finding a reputable company that cares for its clients can go a long way to undoing the damage caused by financial fraud. Fortunately, there are many such companies available – so the elderly do not have to suffer in silence due to the fraudulent actions of others.

Posted in credit, credit repair services, email scams, financial scams, identity theft, phishing | No Comments »