Categories for How to Fix Credit

Fix Credit Report – Improve Credit Score

August 20, 2010 5:00 pm Published by

Fix Credit Report – Improve Credit Score

Correcting credit errors such as charge offs and collections is not usually performed overnight. However, it is a quicker process if you dispute items in the proper order.

If your credit is a mess, chances are you have a variety of bad credit listings such as charge offs and collections. Some items are more damaging than others.

Ordered below is the list of negative items as they correspond to their severity.

Public Records/Bankruptcy are the most severe. Public records include tax liens and court judgments. These items are allowed to remain on your credit report for 10 years – as opposed to the seven years limitation rule that applies to other items.

When you file bankruptcy, you will have multiple negative credit items. You will have the bankruptcy itself as well as any items that were included in the bankruptcy case. All these notations are equally severe.

A single collection item can lower your score by as much as 100 points overnight. You should dispute any collection error as well as negotiate with the agency for a removal.

Foreclosure/Repossession are likewise very severe. These listings are severely damaging to your score and can keep you from getting the next mortgage or car loan.

A charge off is very severe. You may even have multiple listings on your report for a single charge off since it is bought and reported by third-party collection agencies.

A recent late payment surprisingly is equally bad as a charge off. The more recent a black mark is on your credit report, the more it lowers your credit score. Multiple late payments only make matters worse. The credit bureaus interpret multiple late payments as signs that you are having a financial meltdown.

Moderately severe items include a 30,60,90, or 120 day late payment. These items can either be disputed with the credit bureaus or negotiated with the creditor.

The credit scoring formula is biased more towards recent late payments. Older late payments should be given a low priority in your dispute process.

Incorrect Personal Information such as a wrong address or employer is not important. The credit scoring formula does not use this information to generate your score so it is less important compared to the items above.

In order to quickly clean up your credit report, you must challenge the most severe items first. It does no good to focus your time and effort on insignificant items like your employer or address.

To learn more about credit repair or a free credit repair letter to dispute negative listings visit us. To learn about lexington law a professional credit repair firm visit us.

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How to Fix Credit in 3 Easy Steps

August 18, 2010 5:00 am Published by

How to Fix Credit in 3 Easy Steps

In this rough time in our economy when credit is more important than ever, it’s crucial to know how to fix your credit the easy way. Fixing your credit doesn’t have to be a long process if you consider the easy changes that you can make instantly to increase your credit score.

Here are 3 easy steps to take to begin the process of fixing your credit.

1. Pay Your Bills On Time

For some reason, people always underestimate the power of paying on time. Human nature always draws us to complicate simple tasks, and this is the case when you are working towards fixing your credit score. The easiest thing to do to accomplish a high credit score is to develop a habit of paying your bills on time.

If you do, then you never have to worry about having late payments on your credit report or dealing with collections. The reason is simple, you are already paying your bills on time so there’s nothing to correct. Besides, 35% of your credit score is driven by your payment habits.

2. Have A Good Mix Of Credit

Your credit is your ability to pay your debts and expenses per the terms and conditions, as well as in a timely fashion. So, with that said, lenders are more impressed by borrowers who have shown proof of being able to handle different types of credit, not just one type.

What that means is that credit scores can be higher for someone who has paid credit cards, a mortgage, a car loan, and other types of loans like student loans (or other types of installment loans) compared to someone who has only managed credit card debt.

Again, lenders look at how you handle different types of credit. Having a variety of credit allows you to boost your credit score when you are looking to fix your credit.

3. Use Good Judgment When Applying For New Credit

If you are looking to fix your credit, then it may or may not be a good idea to apply for more credit. There are things to consider before applying for credit while you are trying to fix your credit scores. Some of those things include the length of time you’ve had your existing credit for, how many accounts you currently have opened and how much do you owe in total balances.

Using wisdom and not just looking for a discount at your local department score can make all the difference in you being able to obtain a better credit score or not.

If you are looking for a new credit account simply to spend more then don’t do it. However, if you are applying for a new credit card to spread out your balances over several card, then it may be a good thing. The point is to look at your credit overall and make decisions that will not hurt you in the end.

Fixing your credit doesn’t have to be as difficult as most make it to be. Start with the small steps like paying your bills on time, having different types of credit, and thinking about your credit profile before opening up new accounts. Once you take these 3 steps to fixing your credit, you will notice your credit score going higher and higher over time, and it didn’t cost you any money to achieve those results.

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Fix Credit: Dispute Negative Info on Your Credit Report

August 16, 2010 5:00 am Published by

Fix Credit: Dispute Negative Info on Your Credit Report

You as a consumer have rights under the Fair Debt Reporting Act to dispute negative information contained in your credit report. You can dispute negative or falsified information on your credit report by writing a dispute letter to the credit bureau that contains the negative blemish. This can usually be done online as well, while youre reviewing your credit report. Free credit reports are available through sites like annualcreditreport.com and disputes are enabled through a simple click through feature per each entry on the report. Once a dispute letter has been mailed or submitted online the law then requires the credit reporting agencies to take action for the consumer by conducting an investigation of said issue.

With these easy to follow steps you can easily write an effective dispute letter to the credit bureau.

Obtain your credit report: You can obtain a free credit report once a year or if you have been recently declined credit. Annualcreditreport.com provides a truly free credit report that can accelerate the process of sending snail mail. I mean, it is 2009…Order a copy from all three major credit bureaus. Experian, Equifax, TransUnion.

Become Sherlock Holmes: Read through your report with a fine tooth comb…or a slow scrolling mouse…Look for falsified information that may indicate you have been a victim of identity theft. Check the history of revolving accounts for false details, negative statuses, and outdated remarks that may be eligible to be removed.

Specify the items in dispute. Be very specific as to what item youre referencing and as detailed as possible as to what the dispute involves. If you have to use snail mail, send a copy of the credit report along with your dispute, circling which mark is being referenced. Online users can take a screenshot of the online credit report.

Separate the masses: If youre disputing several items youll want to send the disputes individually. As tricky as credit can be you have to imagine the men behind the curtain arent over willing to make that extra effort and sift through pages of email gripes or a manila folder as thick as a bible pointing out mistakes their organization has posted. Make it easy on the credit bureau to review each dispute individually. This is more to your benefit than theirs, trust.

Play nice: CAPPING every word isnt going to come off as cordial. As upset as you may be that you have erroneous marks on youre credit its best not to express yourself as a demanding impatient tyrant. Make your dispute personal and professional. Be polite. They can –read- your smile, lol.

Just the facts maam: Were not writing novels here. These are dispute letters. A definitive, professional, polite, one to two liner dispute per item. You have your goal, stick to it and lay out the facts. Point out the errors and request corrections and confirmations.

This is America! Keep in mind that you have the right to dispute marks on your credit report. Credit bureaus are required to investigate your dispute and can take up to 30 days to research and reply with the outcome of the investigation.

Follow up: Upon completion, you will receive a letter or copy of your credit report that shows their findings from the review. Should you not receive a response after 30 days send another letter reminding them of their obligation to respond and satisfy your submitted dispute. If you do not receive a reply thereafter your next step is to contact the FTC and file a formal complaint against the credit bureau. In the few cases where it escalates to contacting the FTC the disputed items are usually removed immediately for negligence and lack of evidence to support the negative mark.

More Help: If youre credit report looks like gibberish a non-profit credit counseling agency will usually review your report with you for free over the phone, via email, or in person should the service be local. Contact our certified credit counselors at our BBB Rated A+ non-profit credit counseling agency for a free review of your credit report and more helpful information to get your credit back on track. We help people fix credit scores and reduce debt through free financial information and debt elimination programs. Get on the road to financial freedom with Freedom Debt Management, 800-905-1563.

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Top 5 Fix Credit Report

August 14, 2010 5:00 pm Published by

Top 5 Fix Credit Report

Top 5 Fix Credit Report

Credit once applied as being a financial term, used in this kind of terms as credit card, refers to the giving way of the loan and also the formation of debt. Any movement of financial capital is in general very reliant on credit, which in turn is dependent on the reputation or creditworthiness on the entity that takes responsibility to your funds. An identical treatment is in commercial trade, wherever credit rating is employed to refer towards the approval for overdue payments for solutions purchased. From time to time if a person has financial instability or difficulty, credit rating isn’t granted.

Consumer affairs manager at credit rating company Experian, said: All the applications you have made for credit by the past 12 months will show up on your credit report.

If you’re facing severe or complicated credit problems, thereupon you’ll probably want to enlist the help of a professional credit repair agency. Before you do, be sure to familiarize yourself with the FTC’s regulations on credit repair. With over 1100 credit repair companies to select from, it’s beneficial to be certain you are dealing with a reputable firm. Inspect the FTC’s infoon fraudulent practices to avoid falling victim to credit repair scams.

Credit scores are the equivalent of a financial report card. There is no way to avoid having credit scores since the Big Three consumer reporting agencies – Equifax, Trans Union, and Experian – hold tabs on your credit situation daily. These agencies then report your scores to any lending institution who requests it.

So how do you raise your credit score? Well, the first thing to do is to order a copy of your credit rating report with the score included from each of the three credit bureaus. Compare your reports and note any discrepancies. Correcting blatant errors is the first step to repairing your credit, and changes must take up to three months to be recorded.

Credit scores are calculated in the same way, more or less, on the other hand rather than using test scores and book report scores it takes into account the Factsthat is on your credit reports.

The answer, of course, is that it didn’t and that comparisons between the old technique and also the new one are like comparing apples with oranges. The new technique is entirely different and will use a new set of criteria to create the new score inside the ground up. A score inside the 800 variety under the old program will probably come to be a score inside the 900 variety under the new one. Clients have no reason to become alarmed, and in time, the new system are going to be much better and much more quickly understood than the old one. Right after all, practically nothing tells you that you just have done well far better than being told that you have received an “A”.

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How To Fix Credit After A Foreclosure

August 13, 2010 5:00 pm Published by

How To Fix Credit After A Foreclosure

Not only is foreclosure a traumatic experience, but it can also be devastating to your credit profile.  However it is possible to repair your credit in the aftermath of a foreclosure if you are willing to put in the time and effort it’s going to take.

Know in advance that this is not going to be a speedy recovery, nor is it going to come about without significant changes to your financial outlook.  Most foreclosures are a result of poor spending habits and living beyond your means.  If you’re not willing to change these routines than the results will never change.

Pay Your Bills on Time

This should really go without saying, but many consumers feel that their credit is already ruined so this won’t make any difference.  They’re wrong!  The older your foreclosure gets, the less impact it will have on your credit scores.  However, continue to demonstrate that you are unable to keep up with the bills that you do have and lenders will never be willing to offer you a loan or a line of credit.

As time goes on, picture a clock in your head that is showing the time that you have been responsible ticking away.  Every time you are late with a payment you reset the clock back down to zero.  The longer your credit reports show that you have been making payments on time, the less past mistakes will hurt you and the more your credit score will increase.

Implement a Budget

If your foreclosure was a result of not being able to live within your means, then you need to address that problem.  Budgeting is a surefire way to focus on where your finances are being utilized as well as cut down on frivolous expenditures.  If you stick to your budget it will force you spend your money in a much more organized fashion, while decreasing the dreaded impulse purchases.

Adhering to your budget is usually harder than sitting down to plan it out, but if you don’t, then the time you spent arranging your finances will be useless.  Use online tools or banking services to make sure that you stay on the ball.

Use New Credit Wisely

New credit is going to show lenders that you have turned over a new leaf and can comfortably repay the money that you’re borrowing.  Only if you are able to show that you are using it sparingly though.  Try to keep your credit card balances low and make more than just the minimum payments.  Not only will this boost your credit score but it will also let lenders know that you’re not applying for more money because you’ve already borrowed as much as you can and need more.

Learn to Be Patient

The foreclosure has damaged you for right now, but if you know how to fix credit mistakes then it won’t haunt you forever.  This is obviously not an overnight fix, but if you’re patient you can have the credit score you enjoyed before the foreclosure.  After a year or two, if you have been diligent with your credit repair process, you should be able show that this was just a bump in the road.  A foreclosure is not the end of the world, with a little effort, you will be back on the road to financial security.

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Japhet Cantos is a Client Advisor with industry experience in Credit Repair Services and Debt Settlement Solutions with My Credit Group Inc. – A nationally recognized authority on credit repair, helping people improve their credit scores legally and effectively for over a decade.  Consultations are free and credit repair is backed with a risk-free guarantee.