If you've done any searching on the Internet for information
pertaining to "
Credit Repair," you've no doubt found that
there's a great
deal available. Unfortunately, there's also a lot
of misinformation as well.
Debt Consolidation And Credit Let's take a look at some of the most common misstatements
you'll come across and examine them in detail.
Credit Builder is an optional service that is made available to you at no additional cost as part of the AccountNow bill payment service. Credit Builder is only a service that provides your payment history to credit reporting agencies. Credit Builder does not improve or repair your credit record, credit history or credit rating. It also does not provide advice or assistance for the improvement or repair of your credit record, credit history or credit rating. For rmation, see Credit Builder Terms and Conditions.
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MYTH #1
"Credit
repair doesn't work!"
Don't let your credit suffer needlessly from errors or outdated information With tools and tips for fixing a bad credit report A bad credit report can hurt your chances at qualifying for loans and credit cards, and it can even get in the way when you want to rent an apartment or land a job. Credit Repair Kit For Dummies is your essential guide to managing your credit — from fixing mistakes on your credit report, to improving your credit going forward, to establishing manageable payment plans with creditors.
Improve Credit Rating While it's true that credit repair is more "art" than "science"
that's not to say it doesn't work. If you undertake to repair your
bad credit score, there's never any guarantee you
can restore it to "perfect" status. But sometimes you can, and in
almost every case you can at least affect some improvement in your
credit score, and often major improvement at that!
- Have you been turned down for credit Are you having trouble qualifying for a loan Is your credit stopping you from achieving your dreams Let Consumer Credit Repair help you to consolidate your debt and establish your credit. Do you know what your credit score is Have you checked your credit rating lately Leasing a car requires a certain credit score. Before you apply, check your score. Equifax Credit Report
Credit Online Rating Report First of all, credit reports for the most part are filled with
errors. While there seems to be no general agreement, it's
estimated that anywhere from 1/3 (Attorney General of NY) to as
many as 90% (Charles Givens Organization) of credit reports contain
errors.
2. The information on your credit report 3. How credit reports have evolved a and the myths 4. How lenders use your report when you apply for credit 5. What happens when you shop around for credit 6. How joint finances affect your credit rating 7. Getting a copy of your credit report 8. How to correct mistakes on your credit report
Credit Score Rating Scale Removal of erroneous negative information alone will go a great
way toward improving your
credit score. But there's more to the story,
which brings us to myth #2.
Steve Baker, Director of the Federal Trade Commission in Chicago and a leading enforcer of the credit repair law, said a prevailing myth about credit repair is that there are loopholes in the federal law that allow poor credit to be erased. It doesn't exist.
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MYTH #2
"Negative information that can be verified cannot be removed"
Free Credit Rating Report This is one of those statements that are "almost" true, but
taken literally is misleading. As is often the case, the inclusion
(or exclusion) of one seemingly small word makes the difference in
a truthful statement, and one that's not (or not necessarily)
accurate.
Credit Rating Scale Let's take an analogy. Suppose it's the middle of summer, and
your grass has grown unusually high. Let's also suppose that you
own a lawn mower, it's in good working condition, and has plenty of
gasoline in the tank.
Bad Credit Rating Now let's say that you're sitting on your couch and say to
yourself "My grass will get cut today because I 'CAN' go outdoors
anytime and cut it."
Credit Rating Agency So will your grass get cut? Not necessarily! Just because you
"can" go outdoors and cut your grass doesn't mean it's going to get
done. You can repeat this statement to yourself all day long, but
your grass isn't going to get cut until you actually go outside and
DO it!
Credit Rating Canada Likewise, because a negative item on your credit report "can" be
verified doesn't mean it will be. According to the Fair Credit
Reporting Act, a credit bureau must investigate and verify "within
a reasonable period of time" any item in your credit report that
you dispute. If the "information is found to be inaccurate or can
no longer be verified, the consumer reporting agency shall promptly
delete such information."
Bad Credit Mortgage Rating Now in this context "can ... be verified" clearly means verified
by the credit bureau's investigation of the item, and the
"reasonable period of time" has been established (by subsequent
rulings) to be 30 days. So if the credit bureau doesn't complete
its investigation of the disputed information within 30 days, or if
for some reason the creditor fails to respond and verify the
information, by law the disputed data must be deleted from your
credit file.
Good Credit Rating
MYTH #3
"Credit repair agencies are all scams"
Credit Score Rating Chart It's true that there ARE a good many unscrupulous
credit
repair agencies. But there are also some corrupt police
officers, lawyers, and politicians. Yet we don't label all members
of these professions as "corrupt."
Credit Mortgage Rating Poor If you're looking for help to repair your bad credit you do need
to be careful and do your "homework" when selecting an agency.
There are many honest credit repair companies that are not "scams."
But beware of any who make promises as to results!
Good Credit Rating Score As stated above, it's not always possible to restore your bad
credit history to perfect status, and no one should be making any
promises to that effect. Beware of any company that does! And while
an agency will in all likelihood be able to improve your credit
score, if any agency makes this promise, be sure it's accompanied
by a money back guarantee. Otherwise, look elsewhere. And don't
forget to ask for references and follow up on them.
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MYTH #4
"You have to hire a credit repair agency or lawyer to fix your
credit"
Bank Credit Rating Going back to the analogy above, you can always hire someone
else to cut your grass (or to do just about anything else) for
your. And if fixing your own credit seems an intimidating task, you
might prefer to hire a credit repair company to do it.
Credit Card For Poor Credit But it's not really necessary that you do. First of all, credit
repair agencies aren't cheap. You can expect to pay anywhere from
$2,500 to $5,000 or more. Plus, you'll be paying a high fee for
something you can just as well do for yourself, which brings us to
myth #5.
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MYTH #5
"It's too difficult or complicated to fix your own credit"
Moodys Credit Rating A credit repair company isn't going to do anything for you that
you can't do for yourself! Credit repair isn't rocket science. It
involves writing letters to credit bureaus and to creditors. If
you're able to write a letter, put a stamp on it and mail it,
you're able to repair your own credit.
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"Given the proper knowledge, you can fix your own credit"
Personal Credit Rating This statement IS true! You're entirely able to repair your own
credit, given the proper knowledge. And given the proper knowledge,
you can fix your own car, repair your own plumbing, or for that
matter perform brain surgery.
Unsecured Loan For Bad Credit While fixing your own credit is relatively simple and
straightforward, you do have to know how to go about it.
Essentially it involves getting a copy of your credit report and
writing letters to the 3 major credit bureaus disputing negative
information in your file.
Credit Rating Company But there's a right way and a wrong way to do it. In fact even
some of the high priced credit repair agencies get it wrong, which
brings us to myth #6.
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MYTH #6
"You improve your credit score by getting all the negative items
on your credit report removed"
Credit Union Rating It's possible to get all the negative items on your credit
report removed and actually see you credit score go DOWN as a
result! The reason? Your credit score depends on a number of
factors, one of which is the length of your credit history. In some
cases, you're better off to NOT remove some negative items on your
report, especially if they involve a few late payments in the
distant past, but show timely payments during recent years.
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While the "nuts and bolts" of credit repair is beyond the scope of
this report, there are a number of sources of good information
online. If you have bad credit, there are 3 major points you should
keep in mind:
- If you have a bad credit history, it can (and probably will)
cost you many tens of thousands of dollars in higher loan interest
over the years, as you'll be charged much higher rates than you
would be with good credit. If your credit is really bad, you may
not be able to get a loan at all!
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2. The situation isn't hopeless! In almost every case you CAN
improve your credit score. You can easily do it yourself or find a
reputable agency to do it for you. But in any case, GET IT
DONE!
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3. If you choose to repair your own credit (recommended) there are
good books and eBooks available that can walk through the process.
Get hold of one and get started NOW!
Credit How Improve Quickly
© 2005 by eBusiness Power
This article may be freely distributed, but may not be altered
Fico Credit Rating Jim Eastman is the support contact for
http://www.ErasingBadCredit.com. People wanting
to repair their credit can visit the site to sign up for a free
mini-course on Credit Repair
Improving Credit Rating Jim Eastman is support contact for eBusiness Power who has a
number of web sites. Those wanting more information can visit
www.DynamiteInfoProducts.com
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