Credit Repair in the Fast Lane
Credit repair does not have to take forever! Yes, it is true that there are some issues that only time will cure, but you will be surprised at the amount of control you can exercise over your credit in a very short amount of time. These powerful credit repair techniques require some self-discipline and a little hard work, but done right you will see absolutely amazing results.
The Big Clean Up
Start the credit repair process by getting a good tri-merged credit report. It is a small investment that will make your job a lot easier. Tri-merged reports are more user friendly than individual reports provided by the bureaus. Once you have your reports in hand it is time to get to work. Keep in mind that just because it is on your credit report does not mean that it is accurate. Do not give any undue credibility to the credit bureaus. It is up to you to decide if an item is accurate. If it looks at all questionable to you it should be disputed.
Powerful Dispute Candidates
There are a number of items that frequently escape notice as people get their credit repair program underway. These items may not look like errors at all, but should not be present on your reports as a matter of law. These issues include underreported revolving limits, paid accounts reporting with balances, closed accounts reporting as open, and duplicate accounts that artificially inflate your total debt. Dispute all of these sneaky little issues for a big credit score boost.
Collections and Credit Repair
One of the most valuable credit repair techniques is cleaning up erroneous collection accounts. When a collector purchases or is assigned an account they are allowed to report it to the credit bureaus. But when they sell the debt or return it to the original creditor they are supposed to withdraw the account from your credit report entirely. Regrettably, the system does not provide an incentive for them to comply, nor a punishment when they do not. Take matters into your own hands and dispute any questionable collections.
New Revolving Accounts
If you do not have any open credit cards you are missing a great credit repair opportunity. The FICO credit scoring model puts great weight on revolving debt, and if you manage it properly two little credit cards can increase your scores by over 100 points within six months. If you cannot get regular credit cards, get two secured cards. Just be aware that not all forms of revolving debt are equally beneficial. Stay away from store cards and consumer debt such as furniture store loans. And to get the big results keep the balances low. Ideally you should only utilize 20 percent of the card limit.
The Rapid Rescore Technique
If you have high balance credit cards, and the ability to reduce your balances significantly, this credit repair technique might be for you. Rapid Rescore is a tool offered only by mortgage originators, so if you are planning to make a mortgage application you should have easy access to this method. If you do not plan to make mortgage application, maybe you can find a friendly mortgage broker to help out. Here is how it works. Pay your credit card balances down, get letters from the creditors stating your new balances, provide the letters to your mortgage originator and ask them to order a Rapid Rescore. Within three days your credit scores will be updated to reflect the new balances.
Big Guns
If you have recognized the amazing potential of taking credit repair, but just do not have the time to manage the job on your own, hire a professional. Credit repair services are very affordable, usually about fifty dollars per month and a small setup fee. They will take care of everything from the initial analysis, to sending your dispute letters. Do it yourself or hire someone else, but take action today. You will succeed!
Copyright © 2009 James W. Kemish. All Content. All Rights Reserved.
By: Jim Kemish
Posts Tagged ‘Creditor’
Credit Repair Power Techniques
February 16th, 2010Negative Credit Repair Help
February 4th, 2010
There are many people in our country today with bad credit that don’t even know it. In fact, most of these people won’t even find out until they apply for credit and are denied.
Will you be next?
Whether you know you have bad credit or not, there are steps you can take to make sure your credit is moving in the right direction.
Order a copy of your credit report. By law, you are allowed one free copy of your credit report from each of the three major credit bureaus per year. Make sure you that advantage of this. Either order all three at once to get a complete picture of your credit or stagger them throughout the year to keep an up to date picture. Review your reports with a fine tooth comb. Make sure to take your time and pay attention to every detail. Check your personal information for misspelling and wrong numbers or addresses. Review your credit accounts for proper dates and amounts. Make sure you recognize all the accounts listed on your report. Identity theft is a growing problem, don’t be a victim. And take a look at who else has been looking at your credit report. Dispute information that doesn’t belong there. While going through your reports, make a detailed list of all the information that is wrong or items that should no longer be there. Keep a copy of this list for yourself and send a copy of it, along with your credit report, to the corresponding credit bureau. Then all you can do is wait. A credit bureau is required by law to investigate all disputes and reply within thirty days. If any changes are made, they should send you an updated copy of your credit report. File a dispute with the creditor. If you know the information is wrong and the credit bureau investigation did not change anything, file a dispute with the creditor that listed the item. The process should be similar to filing a dispute with the credit bureau.
Remember, it’s your credit. It’s up to you to fix it.
By: K.M. Aguglia
