Credit Repair services » Fico Score http://www.dvinfo.org Sat, 17 Dec 2011 09:36:02 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 The Credit Repair Myth http://www.dvinfo.org/the-credit-repair-myth http://www.dvinfo.org/the-credit-repair-myth#comments Mon, 22 Mar 2010 08:30:01 +0000 admin http://www.dvinfo.org/the-credit-repair-myth

You have seen it on television oh so many times. A company promises to completely wipe things off your credit report and have your credit score fully restored virtually overnight. Well, unfortunately, real life is nothing of the sort. So called “credit repair” companies have the same powers over your credit report as you do. The simple fact is that you cannot just remove a legitimate debt from your credit report, period. You have to pay the debt or settle with the debt collector for an agreed amount. There are ways, however, to remove debts that are not legitimate. You do not need anyone to assist you to accomplish these tasks.

If there are erroneous debts on your credit report, you have to write to them with a formal letter and explain the discrepancy in detail. Tell them why you believe the debt is not legitimate, and provide copies of any documents and receipts to strengthen your case. When the credit bureau receives your letter, either they will remove it immediately (unlikely), or they will start an investigation into your claim. It takes about 30 days for this process to complete, and even a lot earlier sometimes. If you have used the same name and address for years on end, then they will have no trouble locating records about you, thus it is easier for them to complete the investigation.

After they are done, they send you a letter of decision. That letter will tell you that they found the debt to be accurate (it stays on the credit report), or they cannot prove the validity of the debt and remove it from your credit report. This is just an example of one of the simpler scenarios in dealing with the credit bureaus. Sometimes, the process can get complicated; getting to know the ins and outs of the credit industry can go along way towards helping you beef up your FICO score.

By: J. Junior

]]> http://www.dvinfo.org/the-credit-repair-myth/feed 0 How To Clear Your Credit Report http://www.dvinfo.org/how-to-clear-your-credit-report http://www.dvinfo.org/how-to-clear-your-credit-report#comments Fri, 19 Mar 2010 02:51:00 +0000 admin http://www.dvinfo.org/how-to-clear-your-credit-report

If you’re being turned down for credit left and right by every mortgage broker, credit card company, and landlord, or you’re not even able to refinance your own house, that is an indication that you have some negative items on your credit report that are scaring away lenders. You have two choices: You can either walk away and decide to wait out the next seven years until those negative items drop off your credit report, or you can take control over the situation and learn how to delete negative items from your credit report.

You may have seen those advertisements where those law firms or credit counseling companies promise to fix your credit, raise your FICO score, and get you a fresh start. How do you delete negative items from your credit report? The answer is based on a law passed by Congress in the latter half of the twentieth century known as the Fair Credit Reporting Act. This law was passed to protect consumer’s rights to access their credit report and play an active role in ensuring that it does not contain any inaccuracies or misrepresentations of your true credit profile.

If you have derogatory information contained in any of the credit reports issued by the “big three” credit bureau, you simply need to write a letter to each respective creditor disputing the accuracy of that particular entry in your credit report. By law, then the bureau must contact the creditor to verify that specific item that is in dispute. And here is where the law works in your favor: If the bureau is unable to verify the accuracy of the information within 30 days, they are required to delete that item from your credit report altogether!

Here is an example of how you would do this: Let’s say that you were late for your mortgage payment in May of last year, you simply write a letter to the credit bureau that is reporting that late payment, detailing that entry, and including your name, address, and social security number, in which you state that in accordance with the Fair Credit Reporting Act, you are disputing such and such entry as you believe it may be inaccurate. And in this letter, you must state that, in accordance with the Act, if the agency does not verify this information within 30 days, then they are required to delete the information from your credit report.

Now what if the bureau is able to contact the creditor and verify the information within the 30-day timeframe? Well, then the information stays on your credit report. What if the creditor is a little slow but gets back to the bureau within 45 days? Then yes, even though the bureau deleted the item after 30 days, the information can be added back in the subsequent month. But through patience and persistence, if you follow this method, you will eventually be able to improve your credit score. There is no 100% guarantee, however, which is why shouldn’t pay anyone to fix your credit for you, unless they offer a money back-guarantee if your credit score doesn’t improve within a specific period of time.

A couple of bits of advice: Write one separate letter to each bureau for each disputed item. For example, if you have five derogatory items on your report, that were reported to all three bureaus, then you should write fifteen letters. This way you can track the progress of each dispute, plus it guarantees that the credit agency will pay individual attention to each one. Give them more paperwork to process and they will be that much more backlogged to meet their thirty-day deadline.

And one final bit of advice: The Fair Credit Reporting Act also allows the bureaus to disregard your dispute if it s frivolous in nature. In other words, if you do something to cause them to suspect that you are just filing disputes that you know are more than likely to be accurate, just for the sake of flooding them with requests, then they can disregard your inquiry and not take it seriously. Therefore, be careful not to do things like repeatedly dispute the same item over and over again if it keeps on getting verified. The law was passed to protect the legitimate needs of consumers against credit fraud or data entry errors.

By: Hyder Khan

]]> http://www.dvinfo.org/how-to-clear-your-credit-report/feed 0 Is Self Credit Repair Possible? http://www.dvinfo.org/is-self-credit-repair-possible http://www.dvinfo.org/is-self-credit-repair-possible#comments Fri, 19 Mar 2010 02:18:19 +0000 admin http://www.dvinfo.org/is-self-credit-repair-possible

Bad credit repair takes a little effort, but with our credit repair program, your credit score a/k/a your FICO score will greatly improve. We use a credit report dispute system to get your FICO score up. Please avoid a payday loan or debt consolidation when you say “fix my report”.
Ready to say “Fix My Report”? Bad credit repair is basically a play by the numbers system, you just have to keep playing. First, obtain your credit report and your credit score (as we said previously, this is also known as your FICO score).

Once you have your FICO and credit report you begin the process of credit repair. Remember, payday loans and debt consolidation companies are a “no no”. If you want to keep getting in debt and messing up your credit report, go ahead and start visiting these companies.

The secret to sound debt consolidation and a higher credit score is to find the bad credit repair items on your credit report and disputing them using our techniques. In this way, your FICO score will go up, short of you having to take out the dreaded payday loan. When you tell us “fix my report”, we respond with the tools for solid bad credit repair!

There is nothing a credit repair agency will do that you cannot do yourself with some time and patience. There some credit repair tips and tricks for you.

One way to remove negative information from your credit file is to contact the credit bureau and dispute the information. Each item on your report must be proven or it must be deleted. If the credit bureau cannot verify the item when investigated, it cannot remain in the report – it must be deleted. The credit bureaus delete negative notations from credit reports every day. By law they are required to do so whenever a particular item reaches a certain age. If you dispute an item on your report, they must investigate and delete information that cannot be reverified.

There are more ways on credit repair at ebookslife.com/credit

By: Ray Lei

]]> http://www.dvinfo.org/is-self-credit-repair-possible/feed 0 Credit Score Chart http://www.dvinfo.org/credit-score-chart http://www.dvinfo.org/credit-score-chart#comments Mon, 15 Mar 2010 23:56:10 +0000 admin http://www.dvinfo.org/credit-score-chart

A credit score chart is what creditors look at to see if you are in good standing or not. This helps them decide whether or not to lend you money that you need to buy a car, a house or pay for tuition.

Because it does not take into account gender, race, religion, martial status or national origin, it is fair. What they use as basis is your behavior over the past few years. They will look into your credit history to see if you have any debts or outstanding loans, lines of credit and how long have you been given credit.

There is a certain percentage on each of them so if you don’t do well in one, there is a chance that you could improve on this in the others.

The one that is used by credit agencies is the FICO score and this information is available to you and to the lender.

The credit score chart is from 300 to 850. Majority of Americans score above 700, which is good and makes it easy for them to get credit and even waive a deposit. A small number don’t do well and they have to work hard to improve it.

Keep in mind that the credit score chart is just numbers. They don’t tell you how to improve your score or maintain it. So, to help you along the way, here are a few things you can do.

First, pay your bills on time. This comes monthly and you are given time to pay for them so make sure to deposit the amount before the due date to avoid paying penalties.

Second, decrease your debt. Surely, apart from your monthly credit card bills and utilities, you have may a few loans. Since you applied for these, it is only right that you live up to your end of the bargain by paying these at the agreed upon date.

Third, if you think having multiple lines of credit is good, think again. Studies have shown that this backfires on the person since they are more at risk of non payment which in the end has a negative effect on your credit score. So, if you don’t need it, don’t even bother and if you do have, get rid of them.

Fourth, review your credit report. If you have paid your bills and loans on time but your score is not that high, check for errors. Most of the time, you may find one or two things there that are not true. If this is the case, call the crediting agency and send them the supporting documents to prove your case.

The standard protocol here is for the crediting agency to conduct an investigation. If your creditor cannot dispute what you have claimed, then they have to change and a revised copy of the credit report will be sent to you for free.

If you want to get a credit score report for free, look at the different agencies that provide this service and compare them. Some will give you a copy for free while others will ask you to pay a certain amount monthly. You can also find a credit score chart by going online since this is posted which saves you the trouble of looking at different sites.

By: Carlos Montenegro

]]> http://www.dvinfo.org/credit-score-chart/feed 0 Understanding What is a Fico Score and Tips on Hiring the Best Credit Repair Service http://www.dvinfo.org/understanding-what-is-a-fico-score-and-tips-on-hiring-the-best-credit-repair-service http://www.dvinfo.org/understanding-what-is-a-fico-score-and-tips-on-hiring-the-best-credit-repair-service#comments Mon, 08 Mar 2010 22:27:55 +0000 admin http://www.dvinfo.org/?p=133 FICO score is a credit scoring system that was developed in the1950s by Fair Isaac & Co. Today, the three major credit reporting bureaus Experian, Equifax and Trans Union all use FICO scores to evaluate the credit worthiness of almost 90% of the adult Americans. FICO scores can range from 300-850 and these scores are calculated on the basis of scoring models and mathematical calculations that are not revealed to the public. The higher the FICO score, the lower the risk to the creditor and hence if your FICO score is high, you end up with lower interest rates, faster loan approval time, lower insurance premiums and better employment prospects. If your score is low, you may be in need of the services of the best credit repair firm that can help you take repair action via a personalized credit repair program.

A FICO score of a person is determined by studying a person’s credit history. Late payments, charge offs, judgments/liens, bankruptcies, foreclosures, the total amount of credit used and the total credit that is currently available, credit cards issued, employment history, the amount secured as loans, their repayment history are all considered while determining a person’s FICO score. It is a snap shot of the credit worthiness of a person that is used by creditors when they evaluate any credit application. Persons with a FICO score of less than 500 are said to have a bad credit record and this qualifies them to seek the help of one of the firms offering best credit repair services. There are several genuine firms that operate online offering credit repair service for a nominal fee. The legally trained and experienced credit repair specialist will make it easy for those who wish to remove negative or inaccurate information from their credit reports in a hassle free manner.

The three main credit reporting agencies use three distinct types of FICO scores. The FICO score used by Equifax is referred to as BEACON, the one used by Experian is referred to as Experian/Fair Isaac Risk Model and the one used by Trans Union is referred to as FICO Risk Score, Classic. Each of them is compiled taking into account the data currently available at the individual credit reporting agencies. With credit repair support from a team of professionally qualified experts, people will have little difficulty in erasing erroneous reports and inaccurate information while the personalized repair plan of action ensures that they make improvements to their FICO score steadily. You can improve your FICO score and repair your credit report by hiring the best credit repair firm.

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