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The Collection Problem
Collections are one of the most onerous credit repair issues, more prone to reporting errors than any other type of account. And there is a good reason for this. Unlike most other types of accounts collections change hands, in some cases often and repeatedly. This fact alone increases the probability of error and the necessity for credit repair.
The Evolution of a Collection
Collections begin their life sometime after default occurs on an obligation. Defaulted credit cards, for example, are typically turned over to a collector 180 days after the original default date. The collector will attempt to collect for a period of time, and if they do not receive payment they may sell the account to another collector, who will then try his luck. This cycle may continue for many years spawning repeated collection efforts.
Credit Repair is Needed
Collectors are expected to make collection efforts and to report their accounts to the credit bureaus. The credit repair problem does not arise from the reporting process, but from the collector failing to withdraw their reporting. When a collector sells a debt to another collector they are required to cease reporting the account. This often does not happen. The end result is that multiple collections report for the same debt. Hence, credit repair is needed.
Old Account Removal
One of the essential first steps in any credit repair effort is the identification of these wayward collection accounts. This is not a difficult task, but it does require some attention to detail. The telltale signs of redundancy may include identical account numbers, original creditor name, if provided, and the dollar amount of the collection. Keep in mind, as you continue your credit repair project that any of these may change. This is true of the amount of the collection, as interest and fees may be added.
Reporting Period Limits
Given the potential for collections to change hands repeatedly, it is not uncommon for these errant accounts to report well beyond the reporting period limit. An understanding of reporting limits is the key to successful credit repair. Generally, derogatory information can report for seven years, but the Fair Credit Reporting Act provides a more precise way to calculate the limit on charged off accounts which may report for seven years plus 180 days from the date of original default.
Learning to Count
Also indispensable to your credit repair project is the understanding that reporting period limits are to be counted from the date of original default. This date is the first time that you missed a scheduled payment in the progression that led to the charge off or collection status. Collectors cannot reset the reporting period limit by buying or selling the debt. It is possible to reset the clock by entering into a repayment arrangement with a collector, which effectively creates a new contract.
Statute of Limitation
There is one other date that has bearing on your credit repair project, and which may guide the approach that you take when dealing with collectors. This is the statute of limitation (SOL). The SOL has nothing to do with the reporting period limits and is almost always considerably shorter. The SOL is the length of time that a collection can be enforced through the court system. Research the SOL as part of your credit repair effort. If the collector cannot sue you they should be more eager to negotiate should you decide to eliminate a debt by paying it. Good luck!
Copyright © 2009 Ian Webber. All Content. All Rights Reserved.
Ian Webber is an expert in consumer law and credit repair. Ian is a graduate of the London School of Economics and The University of Chicago where he earned his LLM. Ian consults with one of the leading online credit repair services and is currently based in Florida.
Article Source:http://www.articlesbase.com/credit-articles/the-credit-repair-answer-for-collections-1401968.html
Credit Repair Resistance
The credit bureaus have been known to resist the credit repair process. They have a variety of mechanisms in place which can only be interpreted as a clear attempt to quell and discourage the flow of dispute letters. These techniques include letters proclaiming the frivolity of the dispute, demands for identification, and the refusal to process a dispute on the basis of some undefined suspicious characteristics.
Significant Numbers
It is possible, based on some extensive first hand observation that a full twenty percent of all the credit repair dispute letters that are sent to the credit bureaus meet with one of these methods of refusal. Further, it is exceedingly clear that the majority of the letters that are turned away are done so on a random basis, with no substantiated grounds for doing so.
It Makes Sense
The benefits to the credit bureaus of a concerted campaign of resistance against the growing tide of credit repair effort can be significant and even measurable. If a credit bureau can avoid the detailed processing twenty percent of all credit repair letters they can save, IMHO, millions of dollars per year on their dispute processing budget.
Credit Bureaus and Disputes
To understand the almost inevitable nature of the problem it is worth recalling that the credit bureaus do not get paid for processing credit repair disputes. This is requirement of the Fair Credit Reporting Act, and one that they lobbied against prior to legislation, and which they now execute only begrudgingly.
Resistance Pays
I also imagine that a good number of the credit repair dispute letters that are turned away are done so permanently, the majority of supplicants becoming instantly discouraged from any further action. The nature of the situation, however, which is clear upon examination, dictates exactly the opposite response. If the credit bureau resistance is largely random and unrelated to any reasons they state in their responses it makes more sense to send the credit repair dispute again.
Working The Odds
In summary, if one in five credit repair letters sent to one of the three major credit bureaus is turned away for no good cause, you would be well advised to send the letter once again. If the same odds apply to each attempt you make to correct an error on your credit report, then the odds of being turned away as suspicious or frivolous two times in a row are greatly diminished. And to carry the math just one step further, the odds of rejection after three credit repeated repair efforts falls to near zero.
It Will Not Change
It means sense that the credit bureaus do what they can to moderate their work load. The credit bureaus have no government charter, nor direct supervision. Decisions to stem their unwanted credit repair related workload are made behind closed doors, and would be very hard to prosecute. There is no reason that we should expect this behavior to end.
You Can Make it Work
Having said all of this, it is a fact that credit bureaus do a good job over all. They manage a breathtaking amount of data and it is understandable that errors occur. And even with their resistance to credit repair letter processing, they do find a way to administer disputes in a decent manner. It would be nice if the credit bureaus processed each and every letter accurately and immediately. But life is as it is. It is up to us to deal with life as it presents itself. Accept it as it is and work with it. Remain calm, understand the shortcomings of the system, and continue your credit repair. You will succeed!
Copyright © 2009 Ian Webber. All Content. All Rights Reserved.
Ian Webber is an expert in consumer law and credit repair. Ian is a graduate of the London School of Economics and The University of Chicago where he earned his LLM. Ian consults with one of the leading online credit repair services and is currently based in Florida.
Article Source:http://www.articlesbase.com/credit-articles/the-credit-repair-dispute-conundrum-1397998.html
Are you being held back on refinancing a mortgage due to a poor credit score? How about financing a car? Have you ever applied for credit and been turned down? Are you asking yourself “how do I fix my credit”?
There are some steps you can take and people that will help you Before you throw up your hands on credit repair, let’s investigate some options.
Your credit score is a numerical rating of your use of credit for the last seven to ten years. On your credit report, certain categories of issues can harm your credit score. These include having a high balance owed to total credit limit ratio – if you’re near your credit limits, it will harm your credit score. Each time you try to start a fresh account, your credit rating will fall. Even, making inquires about your credit scores may reduce it.
Other things can harm your credit score, like having a bankruptcy, or having a lot of bills go to collections. The road to improving one’s credit is to first take a look at your credit report. To fix my credit, you’ll need to get a copy of your credit report. Look over it for anything that’s fraudulent, or anything that’s wrong. Credit reports are compiled by people; people make mistakes. It is important to make sure everything is correct and anything not correct is removed.
Then, do the most difficult part of this – wait. Pay each of your current credit accounts on time, and pay more than the minimum if possible. Your credit score increases proportionally, every time you pay an account on time. You must make each and every payment on time, which is why some people get credit repair with debt consolidation loans. If all of your payments are consolidated into one it is much simpler to remain on top of things.
Once you’ve done that for six months, open a new credit account, and use it Be sure to be responsible with your credit. That means paying each month, on time, and in the full amount. This will also teach you a bit of fiscal discipline, which is the key to using credit Keeping track of your financial dealings. Be sure to be responsible with your credit.
How long did it take to fix my credit? I spent a year trying to improve my credit score before I could think of applying for a car loan. I opened a unique account to auto-pay the monthly bills, and periodically transferred money into it to cover everything that was coming due.
(the account was also interest bearing, which helped a bit). About once every three months, I’d go in and make double payments, which demonstrates intent to pay, and helps run the balances down faster.
It may surprise you, as it did me, that a credit account which is never used does nothing to improve your score. It initially counts as a negative You put a financial credit away, but until you make a regular history of payments, it doesn’t help you.
It is possible to repair your credit provided you are smart about your time and money.
Do you want facts about how to fix my credit in today’s market and get the maximum information regarding easy and fast credit repair, you may contact the credit counseling center or learn the Fast Credit Repair Tips
here: <a rel=”nofollow” target=”_blank” href=” http://www.fixmycreditcentral.com “> http://www.fixmycreditcentral.com
Article Source:http://www.articlesbase.com/credit-articles/easy-and-fast-steps-to-credit-repair-1395880.html
Credit Repair Really Matters
Never before has your credit score been so important. And never has credit repair offered such dramatic financial benefits. There was a time, not long ago, when it was enough to pay your bills on time. Lenders would glance at your credit report, and if it looked okay you would be approved. And the interest rate you would receive would be the same as all of the other candidates that were approved.
Changing Times
Credit repair may have made your report look good, but unless there were dramatic problems with your reports you may have gotten little, if any financial benefit. This is no longer the case. Even a small credit repair tune up will pay noticeable financial dividends. The credit markets have changed dramatically, largely as a result of the stress of the post-2006 real estate and mortgage market failures. Lenders now consider every single point on your credit score when evaluating your loan application.
Optimizing Your Scores
To make a credit repair tune up all the more important, the credit scoring model is trickier and less logical that you might think. Once upon a time you would have great credit simply by making your payments on time. This is now far from the truth. You can make all of your payments right on time and still have dismal credit scores. A credit repair tune up will insure that all of the components of your credit report are in proper balance.
Subtle Issues Can Add Up
Your credit repair tune up will include a thorough examination of all three credit bureau reports. Given the importance of each and every point on your credit score not a single item can be ignored. There are a number of reporting issues that many people miss when they proofread their reports. These are compliance issues which should not be on your report as a matter of law, and which can have a significant influence on your scores. All of these subtle little items must be spotted and removed. Included in this category are revolving accounts with underreported account limits, paid accounts reporting a balance, closed accounts reporting as open, and duplicate accounts.
Dispute For Success
The next step in your credit repair tune up is the dispute process. In addition to the tricky compliance issues already mentioned, all questionable issues should be examined. If they cannot be made sense of, they should be disputed. It is important to keep in mind as you continue the project that the credit reporting system is error prone. And it is not self-correcting. Unchallenged errors can easily linger on your report for years pulling your valuable scores down and costing you money. The credit bureaus do an important job, but given the volume of data, and the number of participants in the process, errors are to be expected. If you do not take action, no one else will. Credit repair is about looking out for you.
Persistence Pays!
The final and essential ingredient in a successful credit repair tune up is persistence. The credit bureaus are large cumbersome bureaucracies. They are not the enemy, but it is helpful to see them just as they are, potentially difficult. You may not get a satisfactory response the first time you send a dispute letter. This does not means that you should give up. Credit repair requires a can-do attitude. If you believe there is a mistake on your report do not take no for an answer. Be organized, remain focused, and you will succeed.
Copyright © 2009 James W. Kemish. All Content. All Rights Reserved.
Jim Kemish is the president and founder of Sky Blue Credit Repair, a leading credit repair service. Sky Blue Credit has been dedicated to providing intelligent customized credit solutions since 1989. Jim is a graduate of New York University and holds a degree in economics.
Article Source:http://www.articlesbase.com/credit-articles/credit-repair-tune-up-for-everyone-1392649.html
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.
Jim Kemish is the president and founder of Sky Blue Credit Repair, a leading credit repair service. Sky Blue Credit has been dedicated to providing intelligent customized credit solutions since 1989. Jim is a graduate of New York University and holds a degree in economics.
Article Source:http://www.articlesbase.com/credit-articles/credit-repair-power-techniques-1388333.html
There is an unfortunate stroke of luck and you have engrossed yourself neck-deep in bad credit. Credit repair seems to be the need of the hour. You need a dolphin-jump to free yourself from the shackles of bankruptcy and you are out of ideas. You are loaded with bank notices and warnings. How do you handle this stressful bad credit? You are just a layman and bankruptcy can dig up nightmares for you. This is really getting on your nerves. Well, the very sensation seems stinky. It feels miserable if you are glued with bad credit and you need a quick guide to credit repair.
A few handy tips, well imbibed can raise your eyebrows and get you exercising your jaw. These can give you a reason to smile and can set you back on your track. But self help may be the best help. You don’t need to be depressed. Bad credit can be repaired through a few systematic steps and make you credit- worthy in some time.
5 step guide to credit repair
1. Getting your credit reports
There are three chief credit government departments that regulate these credit functions. TransUnion, Experian and Equifax. You need to research up and get to know their opinions about your case in specific. There is every chance of diverse viewpoints amongst all three. Those in bankruptcy hunting for credit repair need to report to only one particular bureau to whom they subscribe. Thus people with bad credit don’t need to report to all three. You can get reports from all three for $9 each and can get them free if you have been denied insurance, employment or credit due to bad credit. You can obtain them in 60 days after your rejection. The most considerable report can be considered by you as an option.
2. Examine the reports
Once you obtain the reports check them in every nook and corner for any kind of mistakes. The reports may be erroneous as these bureaus do not cross check the information provided by the credit companies to them. Be sure to look for any obsolete information and erroneous account records. Be painstaking enough while organizing and preparing points of dispute. If there are any false points there you can look to rectify them through your good habits and timely billings and fight bankruptcy.
3. Dispute reporting
Report the points of dispute to the credit bureau after thoroughly preparing a list of errors and their proper justification. Remember to keep the supporting documents, letters, identity proofs, address proofs and other important documents that can get your errors rectified. You must then send them to the credit authority to rectify the errors.
4. Dissolve bad credit and escape bankruptcy
You can use various consolidation techniques and also recommend the bank to lower your installments. You can also take various credit cards and diversify risks.
5. Show your credit worthiness
You can approach petrol pumps, banks, companies, shops, etc that have your previous proofs of purchase and liquidity. You can forward these to the bureau, gain their trust and repair credit.
Visit http://www.lawcreditreport.com and learn 3 simple things you can do in the next 5 minutes to keep your credit in good standing, no matter what happens! Also get news letters about credit reports.
Article Source:http://www.articlesbase.com/credit-articles/credit-repair-5-easy-steps-1378870.html
In the wake of the financial crisis and the collapse of the housing market, bankruptcy filings have risen dramatically. Despite the fact that bankruptcy was made considerably more difficult by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, by late 2008 bankruptcy rates had returned to pre-2005 levels. This means that there are many people in the United States that now have bankruptcies on their credit reports.
Though a bankruptcy has a devastating effect on a person’s credit scores, these effects are not permanent and the savvy consumer can even begin rebuilding their credit immediately after the bankruptcy. Generally speaking, a bankruptcy stays on an individual’s credit report for ten years; however, it is possible to have a good credit rating even before the bankruptcy is removed.
The first step after the bankruptcy is concluded is to get a copy of the credit reports from each of the three major credit reporting agencies: Equifax, Experian, and TransUnion. By law all U.S. residents are entitled to one free report from each company every year, but a person can also simply apply for a loan that they know they will be denied due to the credit report. If a person is declined for a loan based on their credit report, the relevant credit reporting agency has to provide the person with a free copy of their report.
Learn More About Repairing Credit Rating Here…
The reason for getting copies of the credit reports is that after a person’s debt has been discharged by the bankruptcy court, it is frequently not removed by the credit reporting agencies. This means it is up to the individual to have all their discharged debts removed from their credit report. Failing to do this will mean that these debts will continue to show as valid on their credit reports even though they were discharged by the bankruptcy courts.
After cleaning up the credit reports to accurately reflect the bankruptcy, the next step is to obtain a secured, or prepaid, credit card. These basically work like debit cards and are available to people with bad credit since there is nothing for the issuer to lose. Further, many of these cards charge outrageous fees, so they are quite profitable for the issuers. However, if the customer begins charging, making regular and timely payments and carries a very low balance, these cards directly contribute to improving the person’s credit score.
Within a few years, even after a bankruptcy, it is entirely possible to have a decent credit rating and to be deemed worthy of receiving real credit again. Many people find this surprising, but it is true nevertheless.
Wendy Polisi is the founder of Credit Repair College. Credit Repair College empowers people to fix credit fast by educating them on all aspects of credit repair. Please visit them on the web to learn how to fix bad credit and take control of your financial future.
Article Source: http://EzineArticles.com/?expert=Wendy_Polisi
Article Source:http://www.articlesbase.com/credit-articles/post-bankruptcy-credit-repair-1375328.html
Credit Repair is Not Hard
Credit repair can be shockingly effective. And it is not difficult. In fact the biggest barrier people face is not in the technical detail of credit repair, it is in their attitude. A small attitude adjustment can make the difference between mediocre results and a life changing outcome. You must approach your credit repair project with an attitude that combines a skeptical view of the accuracy of credit reporting with faith in your own ability to prevail against the corporate machinery of the credit bureaus.
The Shocking Truth
More than three quarters of all credit reports contain errors. This may not make much of an impression, but combined with the following fact you may start to perceive the importance of credit repair in a new light. Errors are not only tolerated by regulators, they are overtly accepted. A close reading of the Fair Credit Reporting Act will reveal that Congress values the viability and the ongoing profitability of the credit bureaus over the absolute accuracy of the reporting system.
The Scope of the Problem
This means that the credit bureaus will only go so far in their quest to eliminate the errors that appear on the credit reports of over one hundred and fifty million Americans. In other words, you must look out for yourself. Credit repair is the answer. Without active intervention on your part the mistakes on your reports are most likely to linger for years, and depending on the severity of the error, this may cost you both money and opportunity.
The Necessity for Credit Repair
Once your attitude about the power, and even necessity, of credit repair in your own life is aligned with reality it is time to confront your credit reports. Let your new perspective light your way. As you examine your reports you should expect to find mistakes. Give yourself the benefit of the doubt. If something does not ring true you should make plans to dispute it. The importance of this cannot be overstated. Every error may be causing you harm.
It is Your Money!
Do not overlook anything, regardless of size or age. Credit repair should be employed liberally. Most lenders utilize some form of score based pricing when determining what interest rate you will pay on any loan you apply for. Even a small difference in your score can make a difference in the cost of the money you borrow. To ignore even a small innocuous looking item today may translate onto an increase in the monthly payments you will make tomorrow. A little attention to detail in your credit repair effort will pay dividends for years to come.
Success is Yours
Lastly, it is essential that you embark on your credit repair project with self-confidence. You can do it! The importance of a can-do attitude will become clear as the process continues. You will find that the credit bureaus are stubborn and cantankerous in their handling of your disputes. You cannot let this stop you. Be resolute in your determination and you will prevail. Expect resistance and do not take it personally. The credit bureaus do not get paid to read your credit repair letters, much less to act on them. But stick with it and you will find that you have more control over your credit life than you ever thought possible.
Copyright © 2009 James W. Kemish. All Content. All Rights Reserved.
Jim Kemish is the president and founder of Sky Blue Credit Repair, a leading credit repair service. Sky Blue Credit has been dedicated to providing intelligent customized credit solutions since 1989. Jim is a graduate of New York University and holds a degree in economics.
Article Source:http://www.articlesbase.com/credit-articles/a-credit-repair-attitude-adjustment-1373200.html
Credit card debt is a much discussed topic in both financial and public circles. A large section of the population has has gotten itself into trouble with credit card debt.
The main reason for so many credit card related casualties is that many people don’t understand the idea of credit cards properly. They treat credit cards as free money. So all the control, which would otherwise have been exercised when spending hard-earned money, goes by the by.
Which means that people overspend and get into credit card debt. They keep spending till they arrive at the credit limit on their credit card. Some people treat it like a game and consider it a defeat (or consider their credit card under utilised) if they don’t hit the credit limit quick enough. These unnecessary spends result in a state where they are not able to pay back their credit card debts and end up paying interest on the amount they owe.
This keeps increasing their credit card debt and they soon discover that the interest component has become a normal element in their monthly expenses and it is present even if they spend nothing on their credit card. That is credit card debt at its worst. Soon they find that their present credit card can no longer handle their needs and they commence looking around to get another credit card. With the new credit, they let themselves go again and follow a shopping schedule. In a little while the credit limit of the new credit card is reached too and they again shirk on payments. This is how credit card debt builds.
After a while, they might hear about credit card debt consolidation and other credit card debt elimination methods. They are quick to grab such credit card debt reduction methods, but that’s not because they are serious about reducing their credit card debt but because of the appealing low APR offers. As if it were treasure, they again go back to building up their credit card debt. All the while they are spoiling their credit card status and they soon come to understand that no one is prepared to lend them any money because of their credit history.
At this point, they can only get a secured credit card (ie where you first deposit money into your credit card account and then only do you get the privilege of spending it (50-100% of it) using a credit card. Credit card debt collection agencies, the auction of their goods and bankruptcy is the next thing that awaits them and their dream is blown away in a flash.
Don’t get caught up with credit card debt. You cannot win, unless you die.
Have you ever heard of an indoor bug zapper? If not, or if you are interested in getting an indoor bug zapper, just click one of the hyperlinks to our web site.
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Eliminate Bad Credit.
Eliminating your bad credit from Reporting Agencies involves a process that must be followed step-by-step.
You DO NOT want to Restore your credit or Improve your credit as most companies advertise they will do.
You must ELIMINATE your bad credit.
The most important part of any persons credit is the FICO Score. (Fair, Isaac & Co.)
Lenders use a number of facts to make credit decisions, including your FICO® score. Lenders look at information such as the amount of debt you can reasonably handle given your income, your employment history, and your credit history.
Whether you’re buying a home, a car or applying for a credit card – lenders want to know the risk they’re taking by lending your money. Your FICO credit scores (you have 1 score from each of the 3 major credit bureaus) can affect how much money a lender will lend you and at what terms (interest rate). So, taking steps to improve your FICO scores can often help you qualify for better rates from lenders – which can save you money!
Call all 3 credit reporting agencies and order your credit report—it is free.
Your order will be automated.
Transunion: 1-877-322-8228
Equifax: 1-877-322-8228
Experian: 1-877-322-8228
When you get your reports make a copy (front and back) of each report.
- You will notice that all of the creditors are in long strings across the long part of the page.
- The ‘good’ reports are usually the first ones reported (but not always, you will have to scrutinize each report).
- Do not do anything with the good reports.
- When you come to the ‘bad’ reports you will want to do one of the following:
a) If it is for late payments it will show 30, 60 or 90 days late…..if it shows 30 days late you will take your black permanent marker and write across the entry “NEVER 30 DAYS LATE” or enter the number of days that it states payment has been late.
b) If it shows that you are in default of payments you will write across the entry “NOT MINE”.
c) If it is a notice of federal tax lien, write “NOT MINE”.
- By writing this across the entry forces the reporting agency to verify that it is yours or that it was late.
- If you have several ‘bad’ entries, do not do all of them at once, pick 3-5 for each mailing.
- (This will prove to be an important step as it will let you know what you have already done.)
- You only need to enclose the page(s) of the corrections you have made for mailing back to the reporting agency, no cover letter or cover page is necessary.
- The reporting agency will send you an updated report within 30 days and either strike it altogether, or they will state that it is verified to be correct.
- If they say it is verified do the same thing that you did the first time and send it back.
- Understand that they cannot verify since they have no first hand knowledge of who you are.
- There may be other names on your report, make sure that you write through them “NOT ME”.
- You may have to take some time with this, but it will eventually clean up your entire report.
- Be diligent and even if you find you must send in for the same ones several times, they will eventually take it off.
A typical situation is that your creditor automatically sends a form letter to the credit bureau stating: This account is accurate.
At this point, the process starts all over again. You must send the letters to the credit bureaus and to the creditors again.
Expect every process to take between 30 and 90 days.
This process must be done for every bad credit item on your credit report. As each bad credit item is removed, your FICO score will raise a few points.
This Author is aware of only one company that can assist you properly to eliminate all bad debt. This can usually be completed in 45 to 60 days.
Feel free to contact this Author with questions.
The Author of this page is Lee Selders of: http://businessonastring.com/crushadebt.html
Lee is recognized as a Certified Debt Consultant.
Lee Selders has been involved in the Internet for over 10 years and has achieved extremely high ratings with all associated aspects. Feel free to contact with questions at: lwsel@msn.com
Lee Selders produces success. Always consult a person with this type of vast experience before you attempt to Eliminate Debt.
Article Source:http://www.articlesbase.com/credit-articles/credit-repairtips-to-diy-1355586.html
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