Annual Credit Report – An Efficient Tool Against Identity Theft
Posted by in Consistent Income on August 26, 2010
Fix credit report errors. Average American credit report score
Posted by in Howto on August 24, 2010
oskieBoMajors asked:
Fix credit report errors. The average Aamerican credit report score. Debt to high credit ratio too high and too many revolving credit card accounts. 721 beacon score.
Manuel
Fix Credit: Dispute Negative Info on Your Credit Report
Posted by in United States Congress on August 22, 2010
Can You Remove A Bankruptcy From Your Credit Report?
Posted by in Finance on August 19, 2010
Ann Richter asked:
When a bankruptcy appears on your credit report, you feel as if you have to get used to being denied credit or a loan because of it. You have been told that this information will stay on your credit report for a maximum of seven years, too. For a while now, you have been interested in doing some type of credit repair. But, you have heard from friends that doing anything like this after a bankruptcy is difficult to do. You’d like to remove the bankruptcy from your credit report so that you can have a clean credit record, but you just aren’t sure how to go about how to do this.
You know that it’s not just the gas companies and department stores that are checking your credit when you apply for an account with them. When you applied for a new job last month, you were turned down because of your credit record. You’ve been told that the insurance company you use will be checking into your credit file when the time comes for you to renew your car insurance. Once they see that bankruptcy on your record, you are afraid that you will be hit with a huge rate increase.
It’s Not Always Your Fault
It’s enough to make you feel like a failure, and you’re not alone. Almost everyone who has been forced to file for bankruptcy feels this way, too. For some reason, people in the United States seem to look down on those who have bankruptcy on their record, and this just is not fair. You had no control over those medical treatments you had to go through after your car accident. You could not help that you missed so much work that you got way behind on your bills. And, neither could many other Americans suffering from the same problems as you.
You can’t even get a job anymore without having to answer questions about whether or not you have ever filed for bankruptcy. It’s listed right there on the job application, and you are required to fill out that section, too. What’s a person to do? People have told you that it isn’t possible to remove such a stigma as bankruptcy from your report.
Did you know that it is the law that you can dispute an item on your credit report that is wrong or listed in error? The credit bureau has to prove that the information contained in your file is true. You need to be the one who makes sure that the information in your credit file is accurate and up to date. Since a bankruptcy stays on your credit file for so many years, you should start trying to up your credit score so your credit can be restored as soon as is possible under the circumstances.
Roberta
When a bankruptcy appears on your credit report, you feel as if you have to get used to being denied credit or a loan because of it. You have been told that this information will stay on your credit report for a maximum of seven years, too. For a while now, you have been interested in doing some type of credit repair. But, you have heard from friends that doing anything like this after a bankruptcy is difficult to do. You’d like to remove the bankruptcy from your credit report so that you can have a clean credit record, but you just aren’t sure how to go about how to do this.
You know that it’s not just the gas companies and department stores that are checking your credit when you apply for an account with them. When you applied for a new job last month, you were turned down because of your credit record. You’ve been told that the insurance company you use will be checking into your credit file when the time comes for you to renew your car insurance. Once they see that bankruptcy on your record, you are afraid that you will be hit with a huge rate increase.
It’s Not Always Your Fault
It’s enough to make you feel like a failure, and you’re not alone. Almost everyone who has been forced to file for bankruptcy feels this way, too. For some reason, people in the United States seem to look down on those who have bankruptcy on their record, and this just is not fair. You had no control over those medical treatments you had to go through after your car accident. You could not help that you missed so much work that you got way behind on your bills. And, neither could many other Americans suffering from the same problems as you.
You can’t even get a job anymore without having to answer questions about whether or not you have ever filed for bankruptcy. It’s listed right there on the job application, and you are required to fill out that section, too. What’s a person to do? People have told you that it isn’t possible to remove such a stigma as bankruptcy from your report.
Did you know that it is the law that you can dispute an item on your credit report that is wrong or listed in error? The credit bureau has to prove that the information contained in your file is true. You need to be the one who makes sure that the information in your credit file is accurate and up to date. Since a bankruptcy stays on your credit file for so many years, you should start trying to up your credit score so your credit can be restored as soon as is possible under the circumstances.
Roberta
Fix Bad Credit – 3 Amazing Insider Secrets That the Credit Bureaus Don’t Want You to See!
Posted by in Finance on August 18, 2010
Mark J Garcia asked:
The Credit Bureaus exist for one reason, and one reason only…to make money! Each and every one of the bureaus is a publicly traded company. They make most of their revenue by selling information to lending institutions, insurance companies, utility companies, credit card issuing banks, and employers.
They DO NOT make money by researching your disputes…in fact, it costs them time, money, and resources to investigate them. Is it any wonder then who the bureaus ultimately serve?
Bureau Secret #1 Credit Bureau Reports – Your 92 Scores
Reports and scores are created “on the fly” whenever they are requested by you, a creditor, or a lender. In fact, you can have up to 92 different scores…23 different scores for each Bureau: Trans Union, Experian, Equifax and don’t forget the little known “other” bureau named Innovis.
Remember your credit scores can vary drastically depending on who pulls the report and the particular profile applied to you. This Bureau process is especially problematic if you are thinking of getting a home loan or mortgage. The score you see if you request it from a major reporting bureau or an on-line service WILL be different – and probably much higher than the score you receive from a Mortgage Broker.
Why?
One reason is that when you pull a report from an online service 18 elements of identification have to match exactly. For example, all of the letters of your last name need to match. That means you are more likely to get accurate information.
When the bureaus pull reports for lenders, usually only 9 elements have to match, for example only 2 letters in your last name. So, more errors and erroneous information will appear on your score – lowering it. Why do the Bureaus provide different – and LOWER – scores to lenders?
Because they’ve decided that by reporting lower – more conservative scores to lenders, they would be less likely to be sued by lenders if the borrower defaults on the loan.
Do you think the major reporting bureaus care about showing lenders your true credit worthiness? I am here to tell you that they don’t! Matter of fact, if you would like to find out more information about how the bureaus are royally screwing over the American Consumer, I have created a newsletter that details shocking news about the 3 Major Bureaus
Bureau Secret #2 Credit Bureau Reports – Your Scores are NOT Accurate
Did you know that your score is probably inaccurate? According to a recent Public Interest Group Research study, more than 70% of Reports contain errors. Oh sure, the Bureaus say to the public that only 20% of reports contain errors, but that’s a bunch of Bureau bologna, because when they are in court under oath they admit that more than 50% of reports contain errors.
What kind of errors are probably on your report – and making you pay more for your home, auto loan, insurance, credit cards and student loans? The study found that 29% of reports contain serious errors that don’t belong including; false delinquencies that can kill your score.
41% of reports contain personal demographic information that was incorrect, outdated, or misspelled. 20% of credit reports – 1 in 5!!!! were missing major loan mortgage or other information to demonstrate the worthiness of the consumer. 26% of reports contained accounts that were in incorrectly listed as open (or) “closed by credit grantor.” When your account is “closed by grantor” it looks like you did something wrong and that’s bad for your scores.
Bureau Secret #3 What Is Your Real, Accurate, and True FICO Score?
Did you know that over 90% of the financial institutions in the world will use scores from one organization only? The name of that company is Fair Isaac Corporation or as they are more commonly known FICO.
The location where I recommend that you purchase your credit scores from is from the Fair Isaac Corporation at their main website. Now, I recommend going to a certain section of their website where you will get a true picture of why your scores are behaving the way they are
This website will not only give you the most current status of your reports, but it will also show you your FICO Scores from all 3 bureaus.
This is the only place you should ever get your scores, because your FICO scores are the ones from where most lenders will base their acceptance of your credit application.
I find it interesting that the major bureaus also have their own version of scores that they try to sell to you and I. However none of the people you are trying to get to extend you a loan will even look at those scores! It is just another example of the greedy bureaus trying to squeeze more and more money from us.
Let’s Wrap This Up…
So as you can see, there are many myths disguised as truths when it comes to credit and credit repair. There are also hidden secrets that the credit bureaus don’t want you to know. I hope that since you are now armed with this knowledge, you won’t fall victim to false information that exists out there.
Your Credit Score Insider, Mark J. Garcia
Amber
The Credit Bureaus exist for one reason, and one reason only…to make money! Each and every one of the bureaus is a publicly traded company. They make most of their revenue by selling information to lending institutions, insurance companies, utility companies, credit card issuing banks, and employers.
They DO NOT make money by researching your disputes…in fact, it costs them time, money, and resources to investigate them. Is it any wonder then who the bureaus ultimately serve?
Bureau Secret #1 Credit Bureau Reports – Your 92 Scores
Reports and scores are created “on the fly” whenever they are requested by you, a creditor, or a lender. In fact, you can have up to 92 different scores…23 different scores for each Bureau: Trans Union, Experian, Equifax and don’t forget the little known “other” bureau named Innovis.
Remember your credit scores can vary drastically depending on who pulls the report and the particular profile applied to you. This Bureau process is especially problematic if you are thinking of getting a home loan or mortgage. The score you see if you request it from a major reporting bureau or an on-line service WILL be different – and probably much higher than the score you receive from a Mortgage Broker.
Why?
One reason is that when you pull a report from an online service 18 elements of identification have to match exactly. For example, all of the letters of your last name need to match. That means you are more likely to get accurate information.
When the bureaus pull reports for lenders, usually only 9 elements have to match, for example only 2 letters in your last name. So, more errors and erroneous information will appear on your score – lowering it. Why do the Bureaus provide different – and LOWER – scores to lenders?
Because they’ve decided that by reporting lower – more conservative scores to lenders, they would be less likely to be sued by lenders if the borrower defaults on the loan.
Do you think the major reporting bureaus care about showing lenders your true credit worthiness? I am here to tell you that they don’t! Matter of fact, if you would like to find out more information about how the bureaus are royally screwing over the American Consumer, I have created a newsletter that details shocking news about the 3 Major Bureaus
Bureau Secret #2 Credit Bureau Reports – Your Scores are NOT Accurate
Did you know that your score is probably inaccurate? According to a recent Public Interest Group Research study, more than 70% of Reports contain errors. Oh sure, the Bureaus say to the public that only 20% of reports contain errors, but that’s a bunch of Bureau bologna, because when they are in court under oath they admit that more than 50% of reports contain errors.
What kind of errors are probably on your report – and making you pay more for your home, auto loan, insurance, credit cards and student loans? The study found that 29% of reports contain serious errors that don’t belong including; false delinquencies that can kill your score.
41% of reports contain personal demographic information that was incorrect, outdated, or misspelled. 20% of credit reports – 1 in 5!!!! were missing major loan mortgage or other information to demonstrate the worthiness of the consumer. 26% of reports contained accounts that were in incorrectly listed as open (or) “closed by credit grantor.” When your account is “closed by grantor” it looks like you did something wrong and that’s bad for your scores.
Bureau Secret #3 What Is Your Real, Accurate, and True FICO Score?
Did you know that over 90% of the financial institutions in the world will use scores from one organization only? The name of that company is Fair Isaac Corporation or as they are more commonly known FICO.
The location where I recommend that you purchase your credit scores from is from the Fair Isaac Corporation at their main website. Now, I recommend going to a certain section of their website where you will get a true picture of why your scores are behaving the way they are
This website will not only give you the most current status of your reports, but it will also show you your FICO Scores from all 3 bureaus.
This is the only place you should ever get your scores, because your FICO scores are the ones from where most lenders will base their acceptance of your credit application.
I find it interesting that the major bureaus also have their own version of scores that they try to sell to you and I. However none of the people you are trying to get to extend you a loan will even look at those scores! It is just another example of the greedy bureaus trying to squeeze more and more money from us.
Let’s Wrap This Up…
So as you can see, there are many myths disguised as truths when it comes to credit and credit repair. There are also hidden secrets that the credit bureaus don’t want you to know. I hope that since you are now armed with this knowledge, you won’t fall victim to false information that exists out there.
Your Credit Score Insider, Mark J. Garcia
Amber
How To Fix Your Bad Credit History With A Credit Card
Posted by in Pay Bills on August 13, 2010
Removing Settled Debts from Your Credit Report
Posted by in Finance on August 13, 2010
Chane Steiner asked:
I believe that once you’ve paid a debt, it should be removed from your credit reports. However, the credit bureaus disagree. In fact, by law they are able to report it for up to 7 years from the date it was paid. But, here’s the good news: Also by law, you are permitted to dispute any account on your credit report that you choose.
Once you dispute an account on your credit report, the credit bureau contacts the creditor to verify the item. The creditor has 30 days to verify the account. More often than not, if the account is paid, the creditor will not bother verifying it and if the account is old, lots of times they don’t keep the records and are unable to verify it. If that happens, it must be removed from your credit reports immediately.
If the investigation results come back as “verified”, you have the right to request the credit bureau’s and collector’s method of verification. You should immediately send them a letter requesting verification. There is no limit to how many times you can dispute the account with the credit bureaus. Usually, if they are going to remove the account, they will do it with in the first couple disputes, but I’ve seen accounts be removed after up to 15 disputes. Sometimes you just have to keep on them.
You can also contact the creditor directly and ask them to remove the account. This should always be done BEFORE you pay the account. Offer to pay the account if they will promise to delete it from your credit report. Get the agreement in writing; especially if you’re dealing with a collection agency.
If you’ve already paid the account, you won’t have much negotiating power. But, it won’t hurt to ask the debt collector to properly validate the debt. Writing a debt validation letter is a great way to put pressure on the debt collector to remove an account from your credit report. Just because you’ve paid an account does not mean that you agree that the account is yours. And many times, if you have paid the debt, the debt collector will remove it from your report. All they wanted was their money. They really have no reason to leave it on your credit report and risk being sued.
Ronald
I believe that once you’ve paid a debt, it should be removed from your credit reports. However, the credit bureaus disagree. In fact, by law they are able to report it for up to 7 years from the date it was paid. But, here’s the good news: Also by law, you are permitted to dispute any account on your credit report that you choose.
Once you dispute an account on your credit report, the credit bureau contacts the creditor to verify the item. The creditor has 30 days to verify the account. More often than not, if the account is paid, the creditor will not bother verifying it and if the account is old, lots of times they don’t keep the records and are unable to verify it. If that happens, it must be removed from your credit reports immediately.
If the investigation results come back as “verified”, you have the right to request the credit bureau’s and collector’s method of verification. You should immediately send them a letter requesting verification. There is no limit to how many times you can dispute the account with the credit bureaus. Usually, if they are going to remove the account, they will do it with in the first couple disputes, but I’ve seen accounts be removed after up to 15 disputes. Sometimes you just have to keep on them.
You can also contact the creditor directly and ask them to remove the account. This should always be done BEFORE you pay the account. Offer to pay the account if they will promise to delete it from your credit report. Get the agreement in writing; especially if you’re dealing with a collection agency.
If you’ve already paid the account, you won’t have much negotiating power. But, it won’t hurt to ask the debt collector to properly validate the debt. Writing a debt validation letter is a great way to put pressure on the debt collector to remove an account from your credit report. Just because you’ve paid an account does not mean that you agree that the account is yours. And many times, if you have paid the debt, the debt collector will remove it from your report. All they wanted was their money. They really have no reason to leave it on your credit report and risk being sued.
Ronald
Raise Credit Fast – 3 Things You Are Doing Wrong When Trying to Fix Credit
Posted by in Finance on August 12, 2010
Irena Bocheva asked:
Do you want to raise credit fast? Do you want to qualify for a favorable mortgage or auto loan, but fear that your FICO score is too low? Are you worried that the job you want to get requires a mandatory credit check? Whatever your case is, you are not alone. More than 35 million Americans are dealing with issues related bad credit score.
Contrary to the popular beliefs, fast credit repair is possible. The only requirement is knowledge about the inner workings of the credit system and the various loopholes in it.
Here are 3 simple tips that will help you understand how fast credit repair works:
1 You are not the victim…learn your rights.
Harassing collection phone calls, tons of unwanted mail, refusals to get financed on your mortgage or auto purchase-a lot of factors can leave you with the impression that you are a helpless victim of the credit system. In reality, however, you have numerous rights and you are far from being powerless. For example, under the Fair Credit Reporting Act you can dispute any incorrect, outdated, incomplete, questionable or unverifiable information on your report. The disputes can be filed on multiple levels -credit bureaus, companies reporting to credit bureaus, collection agencies and original collectors (623 Dispute). You can dispute the validity of the whole negative account (the account is not mine) as well as separate listings within the account (wrong balance, wrong account limit, you did not make a late payment that month etc). Under the protection of FCRA you can sue credit bureaus if they fail to conduct investigation on your case within 30 days. You can also sue original creditors if you dispute a debt and they fail to report it as disputed to collection bureaus or if they pull your credit report without your authorization. Collection agencies can also be held accountable if they can’t validate a debt (provide proper documentation that the debt is yours), but continue to pursue collection activity. The Fair Credit Reporting Act and the Fair Debt Collection Practices specify numerous rights for the consumer and limitations for the practices of the credit agencies and debt collectors. The more you know about these rights, the better your chances to raise credit score fast.
2 Are you taking advantage of the loopholes in the system?
The credit system is rife with loopholes. However, you have to be knowledgeable in order to take advantage of them. A simple example-the so called Dispute 623 allows you to dispute a listing ( within a negative account ) with the original creditor. Only a small percentage of creditors keep a decent records. The rest preserve records for 13-18 months the most. The reason is simple-it takes a lot of money to keep huge database updated or to input data from one system to another (in the case of acquisition). If your debt is more that 18 months old, file 623 dispute. More than likely the creditor will not have the proper documentation to verify the debt. Under these circumstances, creditors are required to remove the whole item ( even though you disputed a separate listing) from you credit record. Nice, isn’t it…
3 No written proof…no guarantee
Another thing you have to keep in mind is that fast credit repair requires keeping proof of every piece of paperwork you ever exchange with credit institutions. If you attempt to engage in credit repair over the phone or e-mail, you mind end up on the losing side. Use certified mail and fax instead.
If you want to raise credit fast, you have to gain knowledge about the credit system and the various loopholes in it. You don’t have to reinvent the wheel here-simply use strategies and little known secrets that worked for others.
Stephanie
Do you want to raise credit fast? Do you want to qualify for a favorable mortgage or auto loan, but fear that your FICO score is too low? Are you worried that the job you want to get requires a mandatory credit check? Whatever your case is, you are not alone. More than 35 million Americans are dealing with issues related bad credit score.
Contrary to the popular beliefs, fast credit repair is possible. The only requirement is knowledge about the inner workings of the credit system and the various loopholes in it.
Here are 3 simple tips that will help you understand how fast credit repair works:
1 You are not the victim…learn your rights.
Harassing collection phone calls, tons of unwanted mail, refusals to get financed on your mortgage or auto purchase-a lot of factors can leave you with the impression that you are a helpless victim of the credit system. In reality, however, you have numerous rights and you are far from being powerless. For example, under the Fair Credit Reporting Act you can dispute any incorrect, outdated, incomplete, questionable or unverifiable information on your report. The disputes can be filed on multiple levels -credit bureaus, companies reporting to credit bureaus, collection agencies and original collectors (623 Dispute). You can dispute the validity of the whole negative account (the account is not mine) as well as separate listings within the account (wrong balance, wrong account limit, you did not make a late payment that month etc). Under the protection of FCRA you can sue credit bureaus if they fail to conduct investigation on your case within 30 days. You can also sue original creditors if you dispute a debt and they fail to report it as disputed to collection bureaus or if they pull your credit report without your authorization. Collection agencies can also be held accountable if they can’t validate a debt (provide proper documentation that the debt is yours), but continue to pursue collection activity. The Fair Credit Reporting Act and the Fair Debt Collection Practices specify numerous rights for the consumer and limitations for the practices of the credit agencies and debt collectors. The more you know about these rights, the better your chances to raise credit score fast.
2 Are you taking advantage of the loopholes in the system?
The credit system is rife with loopholes. However, you have to be knowledgeable in order to take advantage of them. A simple example-the so called Dispute 623 allows you to dispute a listing ( within a negative account ) with the original creditor. Only a small percentage of creditors keep a decent records. The rest preserve records for 13-18 months the most. The reason is simple-it takes a lot of money to keep huge database updated or to input data from one system to another (in the case of acquisition). If your debt is more that 18 months old, file 623 dispute. More than likely the creditor will not have the proper documentation to verify the debt. Under these circumstances, creditors are required to remove the whole item ( even though you disputed a separate listing) from you credit record. Nice, isn’t it…
3 No written proof…no guarantee
Another thing you have to keep in mind is that fast credit repair requires keeping proof of every piece of paperwork you ever exchange with credit institutions. If you attempt to engage in credit repair over the phone or e-mail, you mind end up on the losing side. Use certified mail and fax instead.
If you want to raise credit fast, you have to gain knowledge about the credit system and the various loopholes in it. You don’t have to reinvent the wheel here-simply use strategies and little known secrets that worked for others.
Stephanie
Fix Your Credit Report Score in 7 Minutes
Posted by in Finance on August 9, 2010
Ryan J. Taylor asked:
If you are planning to get a loan or apply for credit, you’ll want to boost your score before applying for credit. There are a number of things you can do to immediately increase your rating, which means you’ll get approved for more money or a nicer car.
One strategy to do this may be one of the most overlooked strategies for fast credit repair. It involves improving your credit to debt ratio.
Your credit to debt ratio is simply the amount of money that has been extended to you as it compares to the amount that you have used. In other words, it looks at how close you are to maxing out your credit cards.
If you have a $20,000 credit card and have a $10,000 outstanding balance, your current credit to debt ratio is 50 percent. Lenders like to see a ratio below 35 percent, and the better you manage that ratio, the better your credit score.
Most people immediately think that in order to improve this ratio that they have to pay off their credit cards, but there’s a much simpler way to achieve this goal. Simply call your credit card companies and ask them to increase your limit.
They may hesitate, but there are a few things you can do to make sure they do this for you. Ultimately these companies want to keep your business and make you happy. When you use particular strategies that may threaten your relationship as a customer that makes them money, credit card companies are much more likely to comply.
As a result of boosting your spending limit, you’ll instantly improve your credit to debt ratio. This will be reflected in your credit file and your score will also improve. All in all, it should take no longer then 5-7 minutes to figure out your current ratio, how much you need to increase your spending limit, and negotiate with your credit card companies.
Sandra
If you are planning to get a loan or apply for credit, you’ll want to boost your score before applying for credit. There are a number of things you can do to immediately increase your rating, which means you’ll get approved for more money or a nicer car.
One strategy to do this may be one of the most overlooked strategies for fast credit repair. It involves improving your credit to debt ratio.
Your credit to debt ratio is simply the amount of money that has been extended to you as it compares to the amount that you have used. In other words, it looks at how close you are to maxing out your credit cards.
If you have a $20,000 credit card and have a $10,000 outstanding balance, your current credit to debt ratio is 50 percent. Lenders like to see a ratio below 35 percent, and the better you manage that ratio, the better your credit score.
Most people immediately think that in order to improve this ratio that they have to pay off their credit cards, but there’s a much simpler way to achieve this goal. Simply call your credit card companies and ask them to increase your limit.
They may hesitate, but there are a few things you can do to make sure they do this for you. Ultimately these companies want to keep your business and make you happy. When you use particular strategies that may threaten your relationship as a customer that makes them money, credit card companies are much more likely to comply.
As a result of boosting your spending limit, you’ll instantly improve your credit to debt ratio. This will be reflected in your credit file and your score will also improve. All in all, it should take no longer then 5-7 minutes to figure out your current ratio, how much you need to increase your spending limit, and negotiate with your credit card companies.
Sandra