When you are trying to repair your credit, it may be best to try to fix it yourself. If you suffer from bad credit you will find that numerous firms will contact you claiming to be able to assist you in rebuilding your credit for a fee and once you hire them they will take care of everything. However, the truth of the matter is that fixing your credit on your own may be the best thing you could possibly do.
Fixing your own credit can be a difficult process but many who opt to fix their own credit do not find it that difficult to do. More and more people are beginning to repair their own credit. If you want to go this route you need to first contact one or all the three major credit reporting agencies, Equifax, TransUnion, and Experian. Ask them to send you a free credit report. The FACT act was passed in 2001 by Congress and the act lets every consumer obtain one free copy of their credit report annually. credit repair advice
Once you have obtained a copy of your credit report, you will need to take some time to check all the information for accuracy. You will most likely find some mistakes. These discrepancies may be due to the fact that that an old account that you had has been paid off but it is still being reflected on you current statement. credit repair advice
Once you have made a list of all of the mistakes on your credit report, mark them on the credit report or on a sheet of paper. Send a copy of the report to the agency you obtained your credit report from. You may want to contact them by telephone as well. When they receive your complaint they will ask for proof that what is on the report is indeed an error. This is why it is best to send a copy of your credit report to be on the safe side. When they check the error they will notify you saying that they have fixed the mistake or that they do not have enough proof to take the mistake off of your credit report. If you want to successfully improve your credit you need to be stringent when it comes to making sure that all the information on the credit report is correct and reflected on your statement.
A big part of beginning any type of credit repair plan, whether you are repairing your credit yourself or using a debt counselor, is making a long-term plan to keep control of your finances so that you will not make the same mistakes you made with your credit in the past. Credit repair counselors are there to assist you but what is the use of paying their fee if you later find out the firm is not reputable? credit repair advice
Repairing your credit is very time consuming and it will require that you take it very seriously. Over a period of time, you will see the positive and favorable results. You will soon know that these results came about through your own motivation and your own efforts. There is absolutely no better feeling.
Source......
Link Building Service
Tuesday, September 28, 2010
How Does a Credit Repair Advice Company Work? Are They Trust Worthy?
A lot of people are unaware that credit repair advice companies fall into 2 distinguish types. People believe that all the credit repair bureaus are exactly the same, but the difference between the two types is big. In this article, we will take a close look at the difference between the two types, and also try to find out if they are of any good use for you.
Firstly, let's get rid of the scammers. The first type of repair advice companies, is what I will call the scammers. These are the "con men", and "con women", that have ads, all over the Internet, claiming to be able to remove any negative credit information from your credit report, including bankruptcies. credit repair advice
Seriously, do you really think that is possible? As you already probably know, bankruptcy is a process of federal law. If it was possible to remove the information about them earlier than the statutory 10 years that the information has to stay on your credit report, don't you think the government would step in and close the loophole?
I mean, It is the US government that has decided that this kind of information has to be on your credit report for that period of time. And let us also consider that, by some amazing magical way, it was possible to withdraw bankruptcy or bad credit information from your file. What would happen next time when you applied for a credit or a loan?
I mean, when you are asked on the application; "have you ever been made bankrupt?", what will you answer? Will you lie to them? If you use your common sense here, you do understand that this is impossible. My advice for you is to stay away from companies who claim they can fix your credit report or credit score, this way. credit repair advice
The second type of credit repair companies, however, operates quite legally.
They make it absolutely clear that the only information, they can erase from your credit report is the incorrect kind of information. What that means is that if you find that someone has placed incorrect information on your credit file, you can get it removed under the Fair Credit Reporting Act, also known as the FCRA.
The thing is that you need to know what the information is which incorrect, and to find that out you need to get hold of an "up to date" copy of your credit report. Once you've done that and found the part in your report which requires changing, all you need to do is to raise a dispute with both the credit bureau and the company which placed it there, in the first place. In fact, the credit repair agencies only handle that dispute part on your behalf so the question is; why would you pay them to do something so simple, when you can easily do it yourself? credit repair advice
As you have read in this article, the only credit repair companies you should be involved with, is those who can provide you with the information you need to be "up to date" with in your credit file, not those who claim to resolve or remove something that by law not can be fixed. Start of with a new fresh up to date credit report, and take it from there.
Source......
Link Building Service
Firstly, let's get rid of the scammers. The first type of repair advice companies, is what I will call the scammers. These are the "con men", and "con women", that have ads, all over the Internet, claiming to be able to remove any negative credit information from your credit report, including bankruptcies. credit repair advice
Seriously, do you really think that is possible? As you already probably know, bankruptcy is a process of federal law. If it was possible to remove the information about them earlier than the statutory 10 years that the information has to stay on your credit report, don't you think the government would step in and close the loophole?
I mean, It is the US government that has decided that this kind of information has to be on your credit report for that period of time. And let us also consider that, by some amazing magical way, it was possible to withdraw bankruptcy or bad credit information from your file. What would happen next time when you applied for a credit or a loan?
I mean, when you are asked on the application; "have you ever been made bankrupt?", what will you answer? Will you lie to them? If you use your common sense here, you do understand that this is impossible. My advice for you is to stay away from companies who claim they can fix your credit report or credit score, this way. credit repair advice
The second type of credit repair companies, however, operates quite legally.
They make it absolutely clear that the only information, they can erase from your credit report is the incorrect kind of information. What that means is that if you find that someone has placed incorrect information on your credit file, you can get it removed under the Fair Credit Reporting Act, also known as the FCRA.
The thing is that you need to know what the information is which incorrect, and to find that out you need to get hold of an "up to date" copy of your credit report. Once you've done that and found the part in your report which requires changing, all you need to do is to raise a dispute with both the credit bureau and the company which placed it there, in the first place. In fact, the credit repair agencies only handle that dispute part on your behalf so the question is; why would you pay them to do something so simple, when you can easily do it yourself? credit repair advice
As you have read in this article, the only credit repair companies you should be involved with, is those who can provide you with the information you need to be "up to date" with in your credit file, not those who claim to resolve or remove something that by law not can be fixed. Start of with a new fresh up to date credit report, and take it from there.
Source......
Link Building Service
Friday, September 17, 2010
Start Your Recovery From Bad Credit NOW
Credit has a very important place in most people's lives today. A good credit rating is essential for many of the things we do everyday, such as, use a credit card, rent an apartment, qualify for financing for large purchase department store items, or buy a car, just to name a few.
If, for whatever reason, you don't make timely payments to a creditor or miss a payment, your creditor reports this to the credit bureau, and it is added to your credit report. credit repair services If you do this too often, or default on a loan, you will have a bad credit rating and a low credit score. Once you have a bad credit rating, many doors will be closed to you: you will be unable to obtain most kinds of loans, and without a credit card you won't be able to shop online, or rent a car or do many of the other things you have grown accustomed to doing.
For these reasons it is important that you protect your good credit rating. However, if misfortune causes a change in your circumstances and your credit worthiness becomes an issue, you should begin your credit repair as soon as possible.
How to Repair Your Credit Rating
Credit repair is usually a slow process requiring you to build your credit rating little by little over a long period of time. Although you might consider going to a reputable company offering credit repair services, you can effectively repair your own credit.
A good place to start repairing your credit is to get your credit report from the credit bureau, and examine it carefully for errors. If there are no apparent errors, you can then begin your credit repair.
First, obtain a secured credit card and use it regularly but sensibly. Pay your monthly installment amounts in full and on time. Secured credit cards are issued by companies that usually cater to people who have bad credit. These types of credit cards usually require that you give an initial deposit equal to the card's credit limit. For example, you give the company $500 for a card with a $500 credit limit. They have the right to use that deposit against any balance you have that remains outstanding for too long.
Using this formula, the credit card company assumes no risk because you will never owe more money than they are holding as your deposit. Secured cards also require annual fees that regular credit cards do not.
Using secured credit cards and paying the bills on time is one of the best ways to improve your credit rating. You develop a history that shows lenders that you take your debts seriously, and that is what lenders want from you -- to be paid in full and on time.
To your advantage, paying bills on time not only helps in establishing a good history for you, it eliminates late fees and other financial penalties that make paying your bills so difficult.
Credit Score Monitoring: Worth the Price Tag?
If you're currently in the midst of credit repair, one thing you've probably come across on your journey to relief from credit card debt is the option to monitor your credit score on a monthly basis. All three credit bureaus offer this service for about $15 a month on average. They promise to keep you up-to-date on every account on your report and inform you of any changes, good or bad, that your score goes through.
While this may sound like a great way to keep you informed of all the changes your credit report goes through on a monthly basis (and it actually is a good idea for anyone who wants to stay involved with as little effort as possible), there are also some clear disadvantages to this service as well that could actually do more harm than good for your finances in the long run. credit repair services
* You're only adding to your bills. As I pointed out earlier, each of these services will run you up about $15 a month to monitor your score, which they charge automatically to your credit card. Luckily, each bureau offers a 3-in-1 deal so you'll know what's going on with all 3 reports without having to sign up for all 3 services. Still, when you're trying to achieve total debt relief, you're money would probably be best spent elsewhere each month.
* That's not the information you're looking for. If you sign up for one of these services thinking you'll be getting a complete, detailed credit report each month, you've got another thing comin'. Instead of a complete rundown of each of your credit accounts, the most you'll be treated to is a quick note on what your credit score is that month and whether or not it looks good on paper. That's all you get. More information may be available upon request, but it won't be as exact as you might hope.
* You have [400] new emails! Hope you enjoy spam in your inbox, because once you sign up for a credit monitoring service, your inbox will be overloaded with junk almost as quickly as that one time you "accidently" clicked that "I'm Over 18" button. The next time you go to check your email, you'll find a flood of requests to join other credit monitoring services, as well as offers for all kinds of credit cards and, ironically enough, debt settlement options. If you'd rather keep your spending habits to yourself, consider navigating away from the "Join Today!" link button.
* "One of us! One of us!" Say you've already signed up for one of these services and, upon reading this blog (or looking over your financial records), have decided that you'd rather cancel the service than keep paying for it each month. Yeah, good luck with that. Like every company facing a cancellation from a consumer, they'll try everything they can to keep you hooked, often going so far as to try and tack on MORE services to what you already signed up for.
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