Mar
31
Filed Under Credit | Leave a Comment
Aubrey Clark asked:
Credit scores are the determining factor on how good the deal is for most of the major purchases we make in life. Managing your credit wisely can save thousands of dollars over one’s lifetime and even contribute to a comfortable retirement. Think about this, improving your credit scores by 50 points can save around $33,000 over the life of the average mortgage. If you also consider the likelihood that you will also pay higher rates on car loans, and credit were talking about a huge sum of money. What if you were able to put all of that money into a retirement account, wow!
Before we get started, I would like to touch on the “companies” that advertise that they can magically clean your credit and have your scores up in a matter of days. In my opinion any company that makes such a claim is less than legitimate at best. The simple fact is that it’s ultimately the credit bureaus that will update your scores via the information they receive. By law, credit bureaus cannot treat you any differently than the people you hire to clean up your credit. This means that Know-how and hard work are the only differences between you and credit repair companies. So if you are willing to learn a little and roll up your sleeves you can save some money.
Don’t get me wrong, there are a lot of legitimate credit repair companies that perform great a services for their clients. Depending on how bad your credit is repairing your credit can be a lot of work. If you are unable to spend the time or you lack the “stomach” to deal with collection agents then I suggest that you look into hiring a legitimate credit repair company. The only downside is that it can be very expensive and the money you spend paying them to repair your credit can be used paying down debt.
3 Tips for Fast Credit Report Repair
1) Opt out of all credit bureau solicitations – Have you ever wondered how you get “pre-approved” credit card and mortgage offers? Credit bureaus actually sell your information to companies to solicit you. These leads are furnished to the solicitors by credit type and a credit score range. The credit bureaus then “ding” your credit score 3 – 10 points for the inquiries! The good news is that you can “opt out” from this practice and it will raise your credit score 3 – 10 points within a week. You can find the website here: www.optoutprescreen.com.
2) Validate all debts as real debts on your bureau – This action requires that you have a credit bureau in hand. If you are serious about cleaning your credit it is crucial that you have one it will be your blue-print. You will need to pony up about $40 bucks to get a credit report with all 3 bureaus and scores. Many companies offer “free” credit reports if you join their credit monitoring service that ironically cost around $40 bucks.
With Credit report in hand, you need to validate ALL debts with collection agencies that are reporting on your credit bureau. Look for debts that are older than 7 years old, (from the charge-off date) the credit bureaus have remove these by law. Dispute these debts with the credit bureaus NOT the collection agencies. Next, look for duplicate collections, many collection agencies will package and sell your debt to other companies and never remove their original report. Send a letter to the credit bureaus with an explanation asking that they remove the debt.
3) Dispute ALL debts with the credit bureaus – Dispute all late payments, collections and negative remarks that appear on all 3 credit bureaus, not the collection agencies. In the dispute letter simply state that you do not believe the debt is yours and ask them to have the reporting agency to prove that you owe the debt. In the event it is a late payment simply say that you weren’t late.You can find a good letter by following the link above.
Note: When I say dispute all items I mean all negative items whether they are a legitimate debt or not. By law the collection agencies have to prove that you owe the debt within a reasonable amount of time or remove the remark on your bureau. Many collection agencies are too busy or unable to respond to the credit bureau’s request. When this happens the credit bureaus have to remove the negative remarks regardless of their legitimacy.
10 Ground Rules for Dealing with Collection Agencies
1- To use an analogy, credit collection agents are the Devil incarnate and they are on commission.
2- Arguing with the Devil is fruitless; they hold the gold and will ultimately win the argument.
3- Speaking with the “supervisor” usually will not work; he got his position by being the meanest Devil.
4- The Devil will lie and cheat, it is his nature. Do not EVER give debit card numbers, checks numbers, credit card numbers, or bank accounts over the phone to a collection agency.
5- Make any and every payment you send to them with a money order or certified funds.
6- Send all correspondence via certified mail return receipt, leave a paper trail and make a file.
7- Do not accept a deal or negotiated payoff without having it in writing.
8- When negotiating a lower payoff take their first offer, they will almost always call back to sweeten their offer.
9- When negotiating a lower payoff always approach the collection agent from the position “this is all I can afford to pay” not “this is all I am going to pay you”. Refer to rule #2
10- Always have a copy of your credit report when repairing your credit!
Obviously, there is a lot more to know than we have mentioned in these three tips. However these three tips will almost always help you with fast credit report repair. NOTE: Executing these three tips you do not want to the collection agencies at this time. If collection agencies update the information on your bureau it can actually lower your credit scores. Do these three steps first before contacting the collection agencies and then you can dance with the devil later.
TREVOR
Credit scores are the determining factor on how good the deal is for most of the major purchases we make in life. Managing your credit wisely can save thousands of dollars over one’s lifetime and even contribute to a comfortable retirement. Think about this, improving your credit scores by 50 points can save around $33,000 over the life of the average mortgage. If you also consider the likelihood that you will also pay higher rates on car loans, and credit were talking about a huge sum of money. What if you were able to put all of that money into a retirement account, wow!
Before we get started, I would like to touch on the “companies” that advertise that they can magically clean your credit and have your scores up in a matter of days. In my opinion any company that makes such a claim is less than legitimate at best. The simple fact is that it’s ultimately the credit bureaus that will update your scores via the information they receive. By law, credit bureaus cannot treat you any differently than the people you hire to clean up your credit. This means that Know-how and hard work are the only differences between you and credit repair companies. So if you are willing to learn a little and roll up your sleeves you can save some money.
Don’t get me wrong, there are a lot of legitimate credit repair companies that perform great a services for their clients. Depending on how bad your credit is repairing your credit can be a lot of work. If you are unable to spend the time or you lack the “stomach” to deal with collection agents then I suggest that you look into hiring a legitimate credit repair company. The only downside is that it can be very expensive and the money you spend paying them to repair your credit can be used paying down debt.
3 Tips for Fast Credit Report Repair
1) Opt out of all credit bureau solicitations – Have you ever wondered how you get “pre-approved” credit card and mortgage offers? Credit bureaus actually sell your information to companies to solicit you. These leads are furnished to the solicitors by credit type and a credit score range. The credit bureaus then “ding” your credit score 3 – 10 points for the inquiries! The good news is that you can “opt out” from this practice and it will raise your credit score 3 – 10 points within a week. You can find the website here: www.optoutprescreen.com.
2) Validate all debts as real debts on your bureau – This action requires that you have a credit bureau in hand. If you are serious about cleaning your credit it is crucial that you have one it will be your blue-print. You will need to pony up about $40 bucks to get a credit report with all 3 bureaus and scores. Many companies offer “free” credit reports if you join their credit monitoring service that ironically cost around $40 bucks.
With Credit report in hand, you need to validate ALL debts with collection agencies that are reporting on your credit bureau. Look for debts that are older than 7 years old, (from the charge-off date) the credit bureaus have remove these by law. Dispute these debts with the credit bureaus NOT the collection agencies. Next, look for duplicate collections, many collection agencies will package and sell your debt to other companies and never remove their original report. Send a letter to the credit bureaus with an explanation asking that they remove the debt.
3) Dispute ALL debts with the credit bureaus – Dispute all late payments, collections and negative remarks that appear on all 3 credit bureaus, not the collection agencies. In the dispute letter simply state that you do not believe the debt is yours and ask them to have the reporting agency to prove that you owe the debt. In the event it is a late payment simply say that you weren’t late.You can find a good letter by following the link above.
Note: When I say dispute all items I mean all negative items whether they are a legitimate debt or not. By law the collection agencies have to prove that you owe the debt within a reasonable amount of time or remove the remark on your bureau. Many collection agencies are too busy or unable to respond to the credit bureau’s request. When this happens the credit bureaus have to remove the negative remarks regardless of their legitimacy.
10 Ground Rules for Dealing with Collection Agencies
1- To use an analogy, credit collection agents are the Devil incarnate and they are on commission.
2- Arguing with the Devil is fruitless; they hold the gold and will ultimately win the argument.
3- Speaking with the “supervisor” usually will not work; he got his position by being the meanest Devil.
4- The Devil will lie and cheat, it is his nature. Do not EVER give debit card numbers, checks numbers, credit card numbers, or bank accounts over the phone to a collection agency.
5- Make any and every payment you send to them with a money order or certified funds.
6- Send all correspondence via certified mail return receipt, leave a paper trail and make a file.
7- Do not accept a deal or negotiated payoff without having it in writing.
8- When negotiating a lower payoff take their first offer, they will almost always call back to sweeten their offer.
9- When negotiating a lower payoff always approach the collection agent from the position “this is all I can afford to pay” not “this is all I am going to pay you”. Refer to rule #2
10- Always have a copy of your credit report when repairing your credit!
Obviously, there is a lot more to know than we have mentioned in these three tips. However these three tips will almost always help you with fast credit report repair. NOTE: Executing these three tips you do not want to the collection agencies at this time. If collection agencies update the information on your bureau it can actually lower your credit scores. Do these three steps first before contacting the collection agencies and then you can dance with the devil later.
TREVOR
Mar
31
♥♦Pinches People’s Butts♦♥ asked:
I thought I had a lot more debts than what is listed on my credit report. I only have two things on there other than student loans and I am wondering do those delinquencies go away after a while? If they do what does that do for your credit? If they don’t how can I find out what they are and how to take care of them to boost my credit score?
ROBIN
I thought I had a lot more debts than what is listed on my credit report. I only have two things on there other than student loans and I am wondering do those delinquencies go away after a while? If they do what does that do for your credit? If they don’t how can I find out what they are and how to take care of them to boost my credit score?
ROBIN
Mar
30
Filed Under Credit | Leave a Comment
Stephen Lawson asked:
A credit report plays a crucial role in approval and denial of your loan application. As before approving your loan applications lenders analyze and verify your credit report to judge your credit worthiness. If they find your scores and credit satisfactory only then your application is approved and otherwise it is rejected. So it is important for you to access your credit report if you are willing to apply for loans. The good thing is that it is available free of cost and anyone can apply for it.
Credit reports are issued by three agencies namely Equifax, Transunion and Experian. The information provided may differ from each other. 3 in 1 credit report is therefore prepared to make it more transparent and error free. Also it enables lenders and borrowers to access all the three report in one.
The credit report not only serves borrowers but also acts as a guide for lenders to know the financial and credit standing of borrowers. And borrowers can know their credit scores and improve them if necessary. The 3 in 1 credit report classifies a borrower a good or bad creditors.
The 3 in 1 credit report gives lenders a detailed account of your past credit and payment patterns. It shows bad credit like arrears, late payments, CCJs, IVA, bankruptcy and repayment defaults made by borrowers. Such defaults are considered unfavorable. If you have such defaults in your report then they will show up negative and affect your credit scores. The 3 in 1 report enables you to cross check and analyze all the three reports so that you can check the missing facts. This will allow you to improve your credit records.
3 in 1 credit report can be applied online also. You can easily register yourself by filling a simple form. Most importantly you will not be charged any fee because these reports are available for free. Now what are you waiting for just apply immediately and know your credit worthiness!
GERALD
A credit report plays a crucial role in approval and denial of your loan application. As before approving your loan applications lenders analyze and verify your credit report to judge your credit worthiness. If they find your scores and credit satisfactory only then your application is approved and otherwise it is rejected. So it is important for you to access your credit report if you are willing to apply for loans. The good thing is that it is available free of cost and anyone can apply for it.
Credit reports are issued by three agencies namely Equifax, Transunion and Experian. The information provided may differ from each other. 3 in 1 credit report is therefore prepared to make it more transparent and error free. Also it enables lenders and borrowers to access all the three report in one.
The credit report not only serves borrowers but also acts as a guide for lenders to know the financial and credit standing of borrowers. And borrowers can know their credit scores and improve them if necessary. The 3 in 1 credit report classifies a borrower a good or bad creditors.
The 3 in 1 credit report gives lenders a detailed account of your past credit and payment patterns. It shows bad credit like arrears, late payments, CCJs, IVA, bankruptcy and repayment defaults made by borrowers. Such defaults are considered unfavorable. If you have such defaults in your report then they will show up negative and affect your credit scores. The 3 in 1 report enables you to cross check and analyze all the three reports so that you can check the missing facts. This will allow you to improve your credit records.
3 in 1 credit report can be applied online also. You can easily register yourself by filling a simple form. Most importantly you will not be charged any fee because these reports are available for free. Now what are you waiting for just apply immediately and know your credit worthiness!
GERALD
Mar
27
We are able to receive 3 credit reports each year free,how do you go about doing this?
Filed Under Credit | 4 Comments
Bob A’a Facilities asked:
What is the process to obtain your 3 free credit reports?
EDWIN
What is the process to obtain your 3 free credit reports?
EDWIN
Mar
26
expat999 asked:
Just curious. My fico is 744. I have a high credit balance and a student loan. I have 37% left of my max on my credit card. Just got back to the USA and looking for work. Also I noticed my employer was only listed as the university I attended when I worked for other companies. Please help me out, Im new to this employer consumer report thing. Thank you
what would be a score that disqualify you?
ALEXANDER
Just curious. My fico is 744. I have a high credit balance and a student loan. I have 37% left of my max on my credit card. Just got back to the USA and looking for work. Also I noticed my employer was only listed as the university I attended when I worked for other companies. Please help me out, Im new to this employer consumer report thing. Thank you
what would be a score that disqualify you?
ALEXANDER
Mar
25
Filed Under Credit | Leave a Comment
Sophie Wilson asked:
Your credit report holds importance when it comes to applying for loans. For getting a loan and prior to loan approval your credit worthiness is verified by your lender. So the credit report has a very crucial role to play in loan approval. Therefore the free annual credit report is offered so that both borrowers and lenders can get the desired credit information that too free of cost.
There are three agencies that provide credit report- Equifax, Transunion and Experian. To get free annual credit report you are not required to pay anything. These reports are made to you available totally free of cost. The credit report issued by the different bureaus is almost similar, but different bureaus use different parameters for evaluation. Different agencies have different viewpoints however; it would be beneficial for you to acquire all the three report.
Free annual credit report gives you an opportunity to maintain a good credit record. With the help of this report, you analyze your credit scores and things that require your attention so that you can improve your scores. With these report you can easily get to know your credit worthiness and can find whether you can qualify for regular loans or not. It is beneficial if you apply for such report prior to applying for any loan.
For lenders this free annual credit report acts as a basis for approving or rejecting your loan application. It provides them with detailed information about your previous credit records. It is a detailed account showing defaults, late payments, arrears, CCJs, IVA and bankruptcy. This credit report enables lenders to assess your credit worthiness and in case of denial he should present valid reason of application rejection.
Online medium is the easiest way to apply for free annual credit report. Before choosing any service provider it would be highly beneficial to do a proper research and then select any one. You can apply from anywhere and anytime as per your convenience.
JARROD
Your credit report holds importance when it comes to applying for loans. For getting a loan and prior to loan approval your credit worthiness is verified by your lender. So the credit report has a very crucial role to play in loan approval. Therefore the free annual credit report is offered so that both borrowers and lenders can get the desired credit information that too free of cost.
There are three agencies that provide credit report- Equifax, Transunion and Experian. To get free annual credit report you are not required to pay anything. These reports are made to you available totally free of cost. The credit report issued by the different bureaus is almost similar, but different bureaus use different parameters for evaluation. Different agencies have different viewpoints however; it would be beneficial for you to acquire all the three report.
Free annual credit report gives you an opportunity to maintain a good credit record. With the help of this report, you analyze your credit scores and things that require your attention so that you can improve your scores. With these report you can easily get to know your credit worthiness and can find whether you can qualify for regular loans or not. It is beneficial if you apply for such report prior to applying for any loan.
For lenders this free annual credit report acts as a basis for approving or rejecting your loan application. It provides them with detailed information about your previous credit records. It is a detailed account showing defaults, late payments, arrears, CCJs, IVA and bankruptcy. This credit report enables lenders to assess your credit worthiness and in case of denial he should present valid reason of application rejection.
Online medium is the easiest way to apply for free annual credit report. Before choosing any service provider it would be highly beneficial to do a proper research and then select any one. You can apply from anywhere and anytime as per your convenience.
JARROD