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Facts on Credit Repair that You Need to Know

Suzy Vanstrusen — Thu, 17 May 2012 01:51:29 +0000

If you want to know how to fix your credit, then you should take a look at the many credit repair services that are available to help you right away. Most people think that they are all alone when they run into credit problems because they do not realize that this is something that millions of people are dealing with on a daily basis. The best route to take right now is to face your credit problems and start trying to improve your overall credit score.

There are plenty of businesses that will want to help you out with your credit problems, but you need to make sure that you are picking out the right ones when you need help. Basically, you are going to find that there are two different types of businesses that work in the credit repair industry. One group of these businesses is just trying to get some money out of you, while the other group is actually interested in solving your credit troubles and getting you back on your feet.

While there may be plenty of credit repair services that seem to be good deals, you need to be careful about who you trust in the beginning. The FTC, or Federal Trade Commission, is able to pick out which companies in the credit repair market are scams, so you should take a look at their information on the topic before you make your decision. The main thing that you are going to find out from the FTC is that most of these companies are scams, but a few of them will actually be able to help you with your credit problems.

If you are trying to figure out how to fix your credit, then you should take a look at the list of perks that you get from working with various credit repair services. Here are just a few of the positive effects that you can reap from using one of these companies:

• Get your debt consolidated into one, easy to understand payment.

• Learn about various loopholes in the debt collection system that allows you to skip out on making certain payments.

• Make sure that you can start paying a lower amount on a monthly basis. This will help you make sure that you can still put food on the table and pay the rent while you are paying off your bills.

• Improve your credit score so you will be able to take out a loan in the future.

Once one of the credit repair services help you figure out how to fix your credit, you will be well on your way back to a normal lifestyle. Imagine a period of time in your lifetime where you will not have to worry about debt collectors calling you every day or getting all of those nasty letters in the mail. When you take care of your credit problems now, you can start living your life to the fullest once again.

About the Author:

Suzy Vanstrusen is a credit analyst and a writer on the website EZCreditRepairSolutions.com. She has been providing consumers with tips and wise information about credit repair as well as helping you out more with your bad credit loans. Copyright © 2012

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How to Find the Right Credit Repair Services

Suzy Vanstrusen — Fri, 30 Mar 2012 02:18:37 +0000

Every day, consumers feel overwhelmed by a low credit score and an increasingly negative credit report. Unable to qualify for affordable, low interest consumer loans, consumers yearn for assistance. Time constraints or limited financial knowledge prevents most consumers from performing credit repairs on their own. They see advertisements for many credit repair services that offer to fix credit reports and increase scores, but the claims and fees confuse consumers. With research and information, you can choose the best credit repair company for your credit situation.

Each credit repair company uses different methods to clear your bad credit and improve your credit score. Your credit past determines the credit repair services a company can offer you. A company may negotiate with the credit bureau to remove inaccurate information on your credit report, write credit dispute letters to creditors if wrong information exists on your credit report or negotiate lower interest rates on current debts. While they cannot magically erase your debt or make your monthly payments for you, credit repair services work with you to create a positive credit portfolio.

With many companies offering a quick fix to your credit problems, you must verify the company’s reputation before sending money or signing a contract. Obtain a physical address in addition to a phone number and email address. With this information, contact the Better Business Bureau. Look for an A rating before deciding to work with a company.

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After choosing a reputable company, fill out an application. In most cases, the company will obtain copies of your credit reports and prepare an outline of the credit repair plan they design specifically for you. After you approve the outline, you sign the contract, pay the fee and provide additional information as needed.

The best credit repair company educates their clients. Instead of seeking residual income from debt-ridden clients, they seek to create consumers who can maintain good credit scores and a positive credit report. You receive assistance in repairing your credit while learning how to maintain good credit in the future.

In addition to educating consumers, a good company fulfills their contract obligations. They serve as client advocates and communicate regularly with you. With confidence, you know the company will work hard and persevere until your credit issues are resolved.

Expect the entire process to last three and 12 months. If your credit history is complicated, the company may require additional time to improve your credit information. Find financial hope and receive financial benefits when you hire the best credit repair company for your financial situation and credit needs.

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Credit Repair – How Can It Help You

Suzy Vanstrusen — Mon, 19 Mar 2012 06:15:13 +0000

Many people today have lower credit scores than they would like to have. Low credit scores can prevent you from obtaining the best loan terms possible, and at times it can prevent you from being approved for a loan altogether. Many people view their credit scores as a separate issue from their financial situation, but in reality your credit scores reflect your current and previous financial situation. They show creditors if you have been able to pay your monthly obligations on time or if you have had challenges in this area.

Because credit scores are so important today for so many different aspects of life today, it is important to take time to fix credit issues and improve your credit rating. Free credit repair can help you to fix credit issues and boost credit scores. This service can guide you through the process of improving your credit rating. While some services simply offer basic guidance on how to review a credit report and how to find information that is being reported erroneously, others offer you far more significant guidance and advice.

A reputable credit repair service will help you to review your current financial situation. By using this service, you can more easily identify the issues that led to the late payments, slow payments, and other derogatory credit items on your report. It does little good to attempt to improve a credit rating if your financial struggles are creating new late payments, so this step is critical. Free credit repair services can educate you about budgeting and can offer guidance for cutting back expenses. This can help you learn to live within or even below your means. They can also offer education and tips for reducing your overall debt, restructuring debts so that the payments are more manageable, and establishing a savings account. When you establish a savings account, you will have funds available that can be used to pay bills when necessary. This way, payments never need to be late.

Once you have taken these basic steps to improve your financial situation, the next step involves developing a credit repair strategy that helps you to fix credit scores in the fastest way possible. There is no way to remove late payments and other items on a credit report that are being correctly reported. However, there are steps you can take to better structure debt so that credit scores can be improved. Credit reports take into account a variety of factors such as how close you are to maxing out credit cards, the overall amount of available credit, and more. In some cases, something as simple as consolidating your credit cards into one account may seem favorable, but it may have negative effects on a credit rating. A skilled credit repair specialist can provide you with expert guidance so you can improve credit scores quickly.

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Steps To Know For Repairing Your Own Credit

Suzy Vanstrusen — Wed, 14 Mar 2012 07:37:32 +0000

Ordering your credit score and discovering a low number can delay any plans to purchase a house or finance an automobile. Credit scores range from 300 to 850. A good credit score is 680 or higher according to some lenders. Having a score less than this number is problematic, but fortunately, there are several ways to repair your bad credit. Before you can fix your credit, it’s important that you recognize actions that can lower your score.

Check Your Credit Report

Ignoring the contents of your credit report can play a role in bad credit. Bad credit repair involves checking your report and ensuring that all information listed on your report is accurate. You have three credit reports—one from each of the reporting bureaus. Go to Annual Credit Report online and order your free copies at least once a year. This gives you the opportunity to examine your personal record and determine areas that need improving.

Your credit report may include wrong information that might stop a loan approval, or force you to apply for bad credit loans, which usually feature high interest rates.

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Dispute Credit Report Errors

Discovering credit report mistakes is only the first step in bad credit repair. Removing these error is key to improving your bad credit score. Make a note of each wrong entry on your report and then draft a dispute letter to your creditors. Be specific and explain why you’re disputing an entry. Did you pay off the account? Was the account reported in error? Have you been a victim of identity theft? Mail your credit dispute letter to the credit bureaus via certified mail. The credit bureaus will investigate your complaint upon receiving the letter.

Paying Off Debts

Bad credit loans allow people with less than stellar credit to get financing, but the terms and conditions are less than desirable. By paying down your existing debts, as well as paying off charge-offs and any old judgments, you can possibly negotiate a loan approval and acquire a better rate. Understand, however, paying off a delinquent account won’t necessarily remove the entry from your credit report. In this case, lenders and creditors typically update credit reports and include the words “paid or “satisfied” next to a charge-off or judgment—which works to your advantage when applying for loans.

Credit Repair Services

Some people contact credit repair services for help. Many of these companies are reputable and provide a useful service. However, credit repair isn’t free and these services charge a monthly fee. Rather than work with a credit repair agency, you can save your money and improve your score on your own. There’s no easy fix for bad credit, and using a company will not necessarily speed your progress.

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Choosing the Right Credit Card in 2012

Suzy Vanstrusen — Mon, 20 Feb 2012 01:50:35 +0000

The abundance of credit cards in the market can make choosing the right one a tricky task. After all, the advertisements are equally enticing and each credit card seems to promise the best rates, features and services for cardholders. So which one is best for you?

The perfect credit card for one person may not necessarily be the right choice for another. We all have individual lifestyles and our needs vary from one person to the next. Thus, it’s important to be aware of your own spending habits and lifestyle and look for credit card offers that complements those needs.

Evaluating credit cards may require time and effort. True, it’s not easy to check out each card and to do comparison. Nevertheless, researching and comparing are both crucial steps to make sure that you will get the right credit card, without having any regrets later on.

Listed below are the most important aspects you should consider when conducting research and comparison:

Interest Rate. Of course, everybody wants a credit card with a low rate. However, a variable interest rate is bound to change or is more likely to increase when the Prime Rate rises. Thus, instead of merely looking at the interest rate, dig deeper and understand how the rate is calculated.

Some of good credit cards carry more than just one interest rate, which varies depending on the type of transaction. For instance, the APR for balance transfers might be low, while the rate that applies to new purchases and cash advances is high.

You might also come across credit cards that offer zero interest rate or a low introductory rate. It might be tempting to sign up right away but keep in mind that the initial APR is only good for the next few months. Typically, the introductory period lasts for 6 months before the regular rate applies. Hence, you need to be aware of the true interest rate when the promotional period ends.

Fees. Aside from the interest rate, you should also check out all the costs associated with a credit card such as late fee, over-the-limit fee, balance transfer fee, annual fee, and more. The exact fees may vary depending on the type of credit card and the issuer.

You can check out credit card review websites to compare the costs but in order to see all the fees; it is recommended that you read the fine print as well. Some fees may not be explicitly included on the advertisements or even on the reviews.

Features. Of course, the features for each credit card will be different as well. You should make sure that the most important functions and services such as online account access, fraud liability protection, credit card replacement, reliable customer assistance are all part of the deal. Other features can make a credit card look attractive but consider carefully if you will benefit from them, especially if the card carries an expensive interest rate and high fees.

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What to DO When You Need a Personal Loan for Bad Credit

Suzy Vanstrusen — Mon, 13 Feb 2012 03:12:48 +0000

Many people today turn to lenders for help when confronted with financial crises and emergencies. To cater to this growing number of requests for funds, lending companies today offer various types of loans to match the specific needs and preferences of individuals.

For instance, people with bad credit now have the chance to get approved for a personal loan more easily. What are some of the things you should do when you need a bad credit personal loan? Let’s find out.

Know your exact score. Order the latest copy of your annual credit report from the three major credit bureaus. This way, you will know what exactly your credit score is. At the same time, you will be armed with the right information that you can use when negotiating with a prospective lender.

We also advise you to take the time to examine your report and to try to catch as many errors or outdated information as you can, which could pull your credit score down. If you stumble upon unauthorized charges and outdated credit accounts, you should ask the credit bureau for correction by sending a credit dispute letter via registered mail. Upon receiving your letter, the credit reporting agency will conduct its own investigation and should it discover that your dispute is valid then; the necessary corrections will be made on your credit file. Keep in mind that cleaning up errors from your credit report can boost your score so that you can eventually qualify for a loan with a lower interest rate.

Check out a credit union. It’s a good idea to check out personal loans offered by your local credit union. After all, loans provided by credit unions often have lower interest rates and flexible terms of repayment as compared to loans offered by commercial lenders.

Compare and investigate. Check out the interest rate, fees, and payment options offered by each lender. Take note that not all bad credit loans in the market are legitimate. Loans scams are prevalent and scammers often target people with bad credit because they cannot qualify for regular loans. Be sure to check a prospective lender’s background before making inquiries or requesting for quotes. Visit the Better Business Bureau’s website to know about the company’s rating and track record.

Borrow only the amount you need. Bad credit loan lenders usually charge higher interest rates to make up for the risk of extending financing to a borrower who is considered a “credit risk”. For this reason, you should only borrow the exact amount needed. Once approved for a bad credit loan, spend the loan proceeds wisely and if you borrow more than what you needed, immediately apply those funds to your loan so that you can reduce the principal.

Be cautious when applying for a payday loan. A payday loan is a short term loan that, in most cases, is payable by the borrower’s next pay check. Anyone can easily get approved for a payday loan regardless of credit history. However, obtaining a payday loan can be risky. Rollover or carrying a balance is allowed but the interest rate can prove to be very steep. If you fail to pay off your payday loan on time, you could make your financial situation much worse due to the interest and fees you would need to pay for failing to pay it off on time. This is why you should only take out a payday loan in emergency situations. Payday loans should not be used to finance something like a vacation or to purchase non-essential items.

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Resolve to Repair Bad Credit in 2012

Suzy Vanstrusen — Mon, 06 Feb 2012 02:30:57 +0000

Offers for different types of credit repair services are prevalent in the market. IF you need to repair your personal credit, should you sign up for these offers? Although there are trusted non-profit credit counseling organizations that provide free counseling to consumers, there are a lot of agencies that are only after one thing – make profit.

These agencies may present themselves as non-profit and may use outrageous promises to attract people. They may claim to instantly fix your bad credit or to have the power to remove derogatory marks such as bankruptcy, tax liens, and court judgments from your credit report. In reality, these agencies are fraudulent and consumers need to be aware of them to avoid being a victim.

The truth is, you can do certain steps to improve bad credit by yourself. You do not need to pay an agency to help you resolve your bad credit problem. Consider the following steps that you can do to repair bad credit in 2012.

Check your credit report. You are entitled to receive free credit report from each of three major credit bureaus (Experian, Equifax, TransUnion) annually. Order your free annual credit report at www.annualcreditreport.com to make sure that all information and charges in your file are accurate.

In case you find errors, send a credit dispute letter to the bureau that issued your report. In your letter, point out the specific error that needs to be corrected. Enclose photocopies of documents that support your claim and a photocopy of your latest credit report, with the incorrect items clearly marked.

Upon receiving your letter the credit bureau must conduct an investigation which can take up to 30 days. If your dispute is valid, the errors will be corrected and you will receive an updated copy of your report for free. This step can instantly improve your credit score by a few points.

Know the truth. Consumers must understand that no person or company can remove any negative information from a credit report, unless the detail is incorrect. Thus, if a certain credit counseling agency or debt consolidation agency claims to erase negative details from your file, it is a clear sign of a fraudulent agency. If the charges in your account are correct, then it is your obligation to pay back your creditors. However, you can try to negotiate with a creditor and request for modification of the terms to make repayment easier.

Seek free credit counseling. Check out the NFCC’s (National Foundation for Credit Counseling) website for a list of credit counseling agencies that offer free or affordable service. Keep in mind that an agency should not require you to submit any upfront fee before rendering service.

A trusted counselor should spend time evaluating your financial situation. Initial counseling typically lasts for an hour, but follow-up session may be necessary. A genuine counselor should help you devise a suitable debt repayment plan and monthly budget plan. He/she must help you recognize the root of the problem to make sure that you can repair bad credit and avoiding being stuck in the same situation again.

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Understanding How the Fair Credit Reporting Act Helps You

Suzy Vanstrusen — Mon, 23 Jan 2012 01:54:10 +0000

The Fair Credit Reporting Act (FCRA) has been created to protect the rights of consumers. Are you aware of the stipulations of the FCRA? Understanding your privileges and limits can help you avoid bad credit or improve your personal credit. In this article, let’s take a closer look at some of these stipulations.

Free Annual Credit Report

Under the FCRA, all consumers are entitled to receive one free credit report from each credit reporting agency annually. The three major credit bureaus (Experian, Equifax, TransUnion) has set up an official website where consumers can request for their free annual credit report. You can get all your three reports at once or order one copy at a time throughout the year.

To get your free report, visit www.annualcreditreport.com or print out the Annual Credit Report Request Service form from the FTC’s website (ftc.gov/credit) and send it via post mail to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. You can also request through telephone by calling this toll-free number, 1-877-322-8228.

You will be asked to provide personal information such as your name, address, Social Security number, and date of birth. Hence, it is very important to make sure that you are on the official website when requesting for your free online credit report. Instead of clicking on a link, it is recommended that you manually type the URL (http://www.annualcreditreport.com) in the address bar of your browser.

Take note that annualcreditreport.com is the only website authorized by the government to distribute free consumer credit reports. You might come across other websites that offer free credit reports but these sites might be owned by unscrupulous lenders or identity thieves who are trying to victimize people.

Free Credit Reports

There are also other circumstances that entitle consumers to a free credit report. For example, if you think you have been a victim of identity theft, or if you have been denied by a creditor on account of your credit history, you can request for a free report. You can also ask for your free credit report if you are unemployed and plans to look for a job within the next 60 days.

The Right to Dispute

According to the FCRA, consumers have the right to dispute errors and unauthorized charges in their credit reports. You can also request the bureau to remove outdated information from your file particularly when they are derogatory. Examples of negative remarks that should not remain in your file for more than seven years are bankruptcy, tax liens and court judgments.

If you discovered errors in your credit report, you can send a credit dispute letter to the bureau that issued your report. In your letter, you should clearly identity the items in your file that needs to be corrected. If applicable, enclose copies of documents that support your claim.

The Right to Free or Affordable Credit Repair Service

Under the law, a legitimate credit repair agency must provide a customer with a copy of the “Consumer Credit File Rights under State and Federal Law” before signing a contract. This document stipulates your consumer rights and obligations to make sure that you will not be scammed or ripped-off by fraudulent credit repair agencies.

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Get Your Free Credit Report in 2012

Suzy Vanstrusen — Mon, 16 Jan 2012 06:03:18 +0000

All consumers in the US are entitled to receive one free credit report each year from each of the three credit reporting bureaus – Equifax, Experian, and TransUnion. You can request a report from one bureau at a time or get all your three credit reports at once. This is clearly stipulated in the Fair Credit Reporting Act (FCRA) and the three major bureaus must comply.

This 2012, you can start the year right by checking your free credit report. Why is it important to check your personal credit report? Checking your file will give you the opportunity to ensure that all the details are accurate and up-to-date. It is also a great precautionary measure against the threat of identity theft, as you can be immediately alerted in case someone might be using your personal information to open new accounts or commit fraud.

If you plan to apply for a loan such as a car loan or a housing loan next, checking your credit report is a crucial step. Errors in your report can badly pull down your credit score so if you notice anything that needs to be corrected, you can immediately notify the credit bureau. Fixing an error in your report can instantly boost your score. Consequently, a higher credit report score will enable you to access better loan deals and get approved more easily.

Where you can you request for your free report? The three major bureaus set up an official website for free consumer credit reports – www.annualcreditreport.com. Keep in mind that if you will order directly from a credit bureau, there is fee of $9 to $12 for each report.

To order your free online credit report, you can visit the website or call the toll-free number at 1-877-322-8228. You can also print out the Annual Credit Report Request Service form from the FTC’s website (ftc.gov/credit) and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

What information do you need to provide when your order for your free credit report? You must provide your name, address, Social Security number, and date of birth. When you request online from annualcreditreport.com, you will be able to instantly access your report. On the other hand, if you requested via telephone or post mail, you can expect to receive the copy of your free credit report within 15 days.

However, consumers must watch out against fraudulent websites that offer free credit reports as these might be operated by illegal companies or identity thieves. The personal information you provide on these websites to order your free report might be used against you to commit crime. In some cases, unscrupulous lending companies may also offer free credit reports from their website but once you sign up, you might discover that the service is not entirely free at all. You might be forced to sign up for another service that comes with a fee.

Aside from the annual credit report, you may also be eligible to request for a free report if you suspect to be a victim of ID theft, if you have been denied credit by a creditor or insurer because of your personal credit, or if you are unemployed and plans to seek a job within the next 60 days.

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How to Rebuild Your Personal Credit for Free

Suzy Vanstrusen — Mon, 09 Jan 2012 05:46:42 +0000

Is it possible to rebuild your own credit? If you have a poor credit score or bad credit history, what can you do to repair it? The good news is that there are steps you can by yourself to improve bad credit. However, it’s important to remember that repairing bad credit takes time. Complete credit rehabilitation cannot be done overnight.

How long will it take for you to get out of bad credit? The length of time it will take to repair bad credit depends on the situation. Needless to say, if you currently have a credit score way below average, you might need a little more time to work for improvement. It can take anywhere from six months to a year or a few years to achieve an excellent status, depending on the steps you take to improve your credit.

The earlier you start rebuilding bad credit, the sooner you can regain good credit as well. So, don’t feel disheartened if your current credit is not perfect. Check out these tips on how you can repair your personal credit for free.

Evaluate your credit report. All consumers are entitled to receive one free credit report each year from the three major credit bureaus (Experian, Equifax, TransUnion). You can request for your free report at www.annualcreditreport.com. It’s a good idea to get your annual free report at the start of 2012, especially if you need to repair your personal credit.

Clean up errors. By checking your credit report, you will be able to see whether all the information and charges in your report are correct. Take note that errors can badly pull down your credit score. You can instantly improve your score by a few significant points by correcting these errors.

Send a credit dispute letter to the bureau that issued your report via registered post mail. In your letter, point out the exact items in your report that needs to be correct. You should also enclose photocopies of documents that support your claim and a photocopy of the report with the errors clearly marked.

This process can take up to 30 days. From the date of receipt of your letter, the bureau will conduct an investigation and if your dispute is valid, the necessary corrections will be applied and the bureau will send you an updated copy of your report.

Speak with your creditors. Some people think that they always need the help of a debt consolidation company to negotiate their debts. However, you can personally speak with your creditor to negotiate a new repayment term that will work for you.

Before approaching a creditor, carefully assess your situation and create a repayment plan. Explain to your creditor the reason why you are struggling with repayment and request if your current repayment terms can be modified. You can even ask a creditor to lower your interest rate or waive the penalty fees to make it easier for you to catch up with repayment. Most creditors are willing to modify their terms if they can see your willingness to stand by your obligations.

Seek free counseling. You can acquire professional advice from a non-profit credit counseling organization accredited by the government. Check out the NFCC’s (National Foundation for Credit Counseling) website for a list of agencies that offer free credit counseling service.

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