Categories for Repairing Credit

How to get licenced for a credit repairing company?

November 12, 2010 6:00 pm Published by

Question by jahnursing: How to get licenced for a credit repairing company?
jahnursi…
What are the requirements for credit repair licensing if you want to start your own business?
I live in Washington state, and I am starting a credit repairing besiness. I already have a regular business license, and I am filing to be incorperated (LLC) but I am wondering if there is any requirement for a Credit Repairing Agency to be licensed in any other way, or bonded, etc. Does anyone know where I would look to find this information???

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Best answer:

Answer by spifiman1
I really doubt that anyone that knows anything about credit is going to help you because we all understand that credit repair companies are a total rip off.

Know better? Leave your own answer in the comments!



How To Repair Credit? No Matter How Bad Your Credit Is, You Can Learn Simple Steps To Make It Better

November 6, 2010 5:00 am Published by

How To Repair Credit? No Matter How Bad Your Credit Is, You Can Learn Simple Steps To Make It Better

What is credit repair ? What does it mean ? In this article we are going to take an insightful look at credit repair, and see if we can shine a bright and insightful light on the industry overall. There are many other credit secrets that can help you boost your credit in no time. You will be surprised to find out how easy credit repair is once you start thinking outside the box. Curious to know more ? Great… continue reading as we take a closer look below.

Your credit is your financial identity. Your credit is one of the most important aspects of your life and can help you or hurt you during the course of your life. Credit affects many aspects of your life such as applying for a job, applying for a home or apartment, or applying for a personal loan or credit. Do not be discouraged if you have bad credit. You can restore your credit and still achieve your financial goals.

Many consumers find credit repair to be an intimidating task and as a result do not take a look at their credit reports until it is too late. However ignoring your potential problems will not make them go away. The best time to analyze your credit reports is before you decide that you want to apply for a mortgage or a car loan, not afterwards. Make special note of anything that is incorrect or questionable. Once you have reviewed your report it is time to develop a plan !

The law requires that the credit bureau should respond to your request within 30 days and make adjustments to your credit report as necessary. Still, it must be emphasized that only inaccuracies will be deleted and / or adjusted all correct information stays in the report.

The Fair Credit Reporting Act gives you the right to dispute anything in your credit that you believe is inaccurate. If a creditor fails to verify an account within 30 days, the credit bureaus must remove the account from your credit file.

If you dispute an error and the credit bureau or company that listed the error refuses to update the information on your credit report you can write the credit bureau reporting the error and request that a one hundred word statement be added to your credit report for that account. This help increase your chances for approval in the future.

While it is true that having an inaccurate account removed will ensure that it’s not hurting your score, simply disputing everything is probably going to create an even worse situation. If you know you owe money, be prepared to pay it off.

One of the quickest and easiest ways to improve your credit score is to pay off your revolving debt. Your credit utilization makes up 30 % of your credit score. By getting each of your account balances at down below 25 % of your available credit, you can raise your credit score by up to 50 points.

If you have bad credit due to the loss of a job, health issues, family issues or a disability let the creditor know right away. Call the creditor to setup a payment plan to pay back all debt owed. Determine the monthly amount you can afford, do not let the creditor determine the amount for you. You will thereafter need to come up with a good money management plan which will help you to control your expenses, reduce your debt and enable you to pay them on time.

Get a relative to add you as an authorized user. While FICO 08 does restrict who can add someone as an authorized user, it does not prevent a parent or spouse from helping your credit by adding you as an authorized user.

In order to add positive information to your credit report, you may request creditors to report your account information, as well as monthly payment history to a credit bureau which will help demonstrate stability in your credit file. Taking out secured credit cards will also help you build a solid credit history. However, do no make too many applications because the more the ” inquiries ” listed in your report, the lower your credit score becomes. Also remember to open a savings bank account to demonstrate to your creditors that you are working on saving money to repay your debts.

It would be wise to close out credit accounts that you do not use or need, and only remain with between 2 – 4 credit cards. However, take care not to damage your credit score in the process, by ensuring that you keep the ratio of your total revolving debt to 50 % of your total available credit.

If you are currently unable to pay your debts due to unemployment and financial problems request a financial hardship and request a reduced monthly payment and reduced interest rate for a period of one year. During this time you will not be charged late fees and you will be able to make your credit until your financial situation improves

Another option, one that may work better with more troubled accounts, is to ask to have older items ” re – aged ” or otherwise removed as part of a debt settlement. If it is a revolving account, like a credit card, and it is still active, asking to have old missed or late payments ” re-aged ” will serve as a reward if you manage to keep your account in good standing for a given period of time, usually about a year.

Protect your credit as your would your life, guard with care. ” Money can generate wealth or generate debt, you make the choice ” You need to constantly monitor your credit reports as well as your credit card balances. You should always be paying your bills on time, and more than the minimum payments when possible. If you are truly looking to boost your credit score for a loan or another line of credit, then be prepared to put in some time and effort.

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Educate yourself about credit report repair Becoming credit smart, the smart first step is to take when considering credit repair programs and services. The choice is up to you. We have helped countless people access the information they need to repair bad credit reports and regain control of their credit status

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