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Dec
24
Credit Repair Software
Filed Under Personal Finance | Leave a Comment
Credit Repair Software
Some people believe that credit repair software is a great way to help a person get organized in a journey to a debt-free life. They might also believe that these computer programs offer ways to get organized with bill paying and valuable information for reaching financial goals. But in reality, only an experienced credit repair service can factually improve your credit score.
Selecting a credit repair company to help you improve your credit score is a big decision. A typical credit repair service will cost you a few hundred dollars and will take up to a year to complete their service. Choosing the wrong credit repair company can end up wasting money and perhaps more importantly, your time. Choosing the right credit repair company, however, may be one of the best things you can possibly do for your financial future.
What do you need a credit repair company to do for you?
A good place to start when determining which credit repair company is best for you is to figure out what needs to be done to improve your credit. The process of repairing your credit can involve much more than simply disputing your credit with the credit bureaus. You should make sure to use a credit repair company that can fulfill all of your credit needs.
When most people think of credit repair they think of a process that has become known as credit report repair. When working to repair your credit using credit report repair, a credit repair company is using your rights under the Fair Credit Reporting Act to dispute certain items in your credit reports directly with the credit bureaus. This element of credit repair has helped many people with erroneous, incomplete, or unverifiable information on their credit reports improve their credit scores.
While credit report repair is a good start, many people find that it is not enough. Many leading credit repair companies will also work directly with your creditors using a variety of tactics to get them to stop reporting the negative accounts to the credit bureaus. They may also work with collections agencies and others to get them to stop reporting negative accounts or change the way the accounts are reported. A credit repair company may even go so far as to challenge the legitimacy of a reported debt.
Depending on your current credit situation, you may be best served by a credit repair company specializing solely in credit report repair or one that can also provide a full catalog of credit repair services.
How can I tell if a credit repair company should be trusted?
Unfortunately, credit repair is an industry that has received a bad reputation because of the publicity afforded to credit repair scams. While fraudulent credit repair firms tend to be shut down quickly, it is still in your best interest to learn how to identify the differences between a legitimate credit repair service and a credit repair scam.
An easy way to do this is to know a few of the laws that govern credit repair companies. These laws as defined in the Credit Repair Organizations Act were designed to protect you from credit repair scams while also protecting your right to get help with repairing your credit reports.
Another way you can find out about a specific credit repair company is to look up their BBB (Better Business Bureau) reports. The BBB keeps notes on complaints made against companies. If the BBB report for a credit repair company lists multiple unresolved complaints or an overall low rating, you should be wary of the company. In addition, beware of any credit repair company that does not list credit repair services as one of their offerings in their BBB filing. The BBB has very strict standards for credit repair companies so many fraudulent companies will not report to the BBB that they offer credit repair.
Debt-free living is definitely the goal. A Christian must be wise in the choice he makes concerning his financial history and his ongoing financial dealings. Every financial decision needs to be a well-researched, well-thought-out decision. As Christians, we have additional resources for dealing with our bad spending habits. He can consult a local pastor or a trusted friend. Becoming debt free will not happen overnight so patience and perseverance are keys to success. Romans 15:5 says, “God of patience grant you be like-minded.” God will help us gain the patience and perseverance we need to follow through with our plans to be debt free, and that may entail credit repair software programs.
By: John Chase
About the Author:
Some people believe that credit repair software is a great way to help a person get organized in a journey to a debt-free life. They might also believe that these computer programs offer ways to get organized with bill paying and valuable information for reaching financial goals. But in reality, only an experienced credit repair service can factually improve your credit score.
Selecting a credit repair company to help you improve your credit score is a big decision. A typical credit repair service will cost you a few hundred dollars and will take up to a year to complete their service. Choosing the wrong credit repair company can end up wasting money and perhaps more importantly, your time. Choosing the right credit repair company, however, may be one of the best things you can possibly do for your financial future.
What do you need a credit repair company to do for you?
A good place to start when determining which credit repair company is best for you is to figure out what needs to be done to improve your credit. The process of repairing your credit can involve much more than simply disputing your credit with the credit bureaus. You should make sure to use a credit repair company that can fulfill all of your credit needs.
When most people think of credit repair they think of a process that has become known as credit report repair. When working to repair your credit using credit report repair, a credit repair company is using your rights under the Fair Credit Reporting Act to dispute certain items in your credit reports directly with the credit bureaus. This element of credit repair has helped many people with erroneous, incomplete, or unverifiable information on their credit reports improve their credit scores.
While credit report repair is a good start, many people find that it is not enough. Many leading credit repair companies will also work directly with your creditors using a variety of tactics to get them to stop reporting the negative accounts to the credit bureaus. They may also work with collections agencies and others to get them to stop reporting negative accounts or change the way the accounts are reported. A credit repair company may even go so far as to challenge the legitimacy of a reported debt.
Depending on your current credit situation, you may be best served by a credit repair company specializing solely in credit report repair or one that can also provide a full catalog of credit repair services.
How can I tell if a credit repair company should be trusted?
Unfortunately, credit repair is an industry that has received a bad reputation because of the publicity afforded to credit repair scams. While fraudulent credit repair firms tend to be shut down quickly, it is still in your best interest to learn how to identify the differences between a legitimate credit repair service and a credit repair scam.
An easy way to do this is to know a few of the laws that govern credit repair companies. These laws as defined in the Credit Repair Organizations Act were designed to protect you from credit repair scams while also protecting your right to get help with repairing your credit reports.
Another way you can find out about a specific credit repair company is to look up their BBB (Better Business Bureau) reports. The BBB keeps notes on complaints made against companies. If the BBB report for a credit repair company lists multiple unresolved complaints or an overall low rating, you should be wary of the company. In addition, beware of any credit repair company that does not list credit repair services as one of their offerings in their BBB filing. The BBB has very strict standards for credit repair companies so many fraudulent companies will not report to the BBB that they offer credit repair.
Debt-free living is definitely the goal. A Christian must be wise in the choice he makes concerning his financial history and his ongoing financial dealings. Every financial decision needs to be a well-researched, well-thought-out decision. As Christians, we have additional resources for dealing with our bad spending habits. He can consult a local pastor or a trusted friend. Becoming debt free will not happen overnight so patience and perseverance are keys to success. Romans 15:5 says, “God of patience grant you be like-minded.” God will help us gain the patience and perseverance we need to follow through with our plans to be debt free, and that may entail credit repair software programs.
By: John Chase
About the Author:
John is a DJ and radio producer by trade who has performed in the U.S., Russia, Turkey, Macedonia, Serbia & Kosovo. Through a strange twist of fate he found himself working in the debt consolidation and debt settlement field in Chicago. John has a great interest in charity work as well.
His other interests include fitness, science & technology, modern medicine, poltics, world events and pop culture.
Dec
7
Credit Repair in Changing Times
Credit repair has the power to transform your financial life and help you meet creditor guidelines. We are in a period of hard economic times. For the last three years lenders have tightened their requirements. Consumers everywhere are finding it difficult to get home loans, automobile financing, and even credit cards. Millions of credit cards holders have been contacted by their creditors and told that their credit limits have been reduced, and in many cases even informed that their cards have been cancelled.
Meeting the Challenge Head On
Yesterday, the Wall Street Journal noted that credit card issuers will be cutting credit card lines by two trillion dollars in 2009. Credit repair provides a means of restoring, rebuilding, and optimizing your credit reports and credit scores. An intelligent round of credit repair is exactly what these hard times call for. You do not have to sit back and watch passively while the availability of credit becomes a distant memory. Start your credit repair program today and regain the favor of lenders and access to the low cost financing you need.
A Complete Approach is Needed
There are three aspects to successful credit repair that you must address simultaneously. You must clean up the content of your credit report, rectify any credit deficiencies you have, and fine-tune your credit for credit score optimization. If you neglect any of these tasks your credit repair effort will struggle, or even fail in spite of your otherwise capable and hard work. Many credit repair programs focus on credit bureau disputes to the exclusion of everything else. And as exciting as it is to see derogatory information corrected, you are likely to face disappointment when the time comes to apply for a loan and you find that your credit scores have not improved and that the content of your report does not meet the lenders requirements. Here is an overview of the three pronged approach that will insure you end up with truly usable credit.
The Credit Repair Clean Up
Cleaning up your credit report with credit repair requires patience and a proper understanding of all of your legal rights under the Fair Credit Reporting Act. And if you have accounts reported by collectors on your report you must have a working knowledge of the Fair Debt Collection Practices Act and all relevant state statutes of limitation. With the proper tools your job will be easy and rewarding. If you fail to learn the rules you may trigger unanticipated trouble in the form of new collection activity and lawsuits. If you don’t have the time to invest in the learning process don’t worry, just contact a legitimate credit repair service. They will insure that all of the necessary precautions are taken before sending dispute letters to the credit bureaus.
Removing Credit Deficiencies
Rectifying credit deficiencies as part of your credit repair program is every bit as important as cleaning up your credit report. This is necessary for anyone who does not have any open mainstream revolving accounts. Credit cards are the most powerful way of jumpstarting your credit scores. You should have a minimum of two credit cards. Given the state of the credit markets today there is a good chance that you will have to apply for secured credit cards. Secured credit cards are every bit as good for credit rebuilding as unsecured cards. Once you have your two credit cards you need to follow three simple rules to optimize your credit scores. Make your payments on time, don’t pay your balance down to zero, and keep your balance under twenty percent of the total credit line available on the card. As an example, if you have a card with a five hundred dollar limit, you should keep the balance under two hundred dollars.
Fine-Tune and Optimize
Fine-tuning the content of your credit report for credit score optimization requires some understanding of the FICO scoring model. There are certain types of debt that are favorable for your score and others that should be avoided at all costs. In addition, there is an optimal balance between different types of debt that you should work towards. You may need to open accounts, close others, pay down balances, and understand the pace at which these changes should take place depending on your own credit needs.
Picking Your Path
Do you need help? You can succeed at credit repair on your own, or you can hire a reputable credit repair service to manage the process for you. Credit repair is a unique task that requires a fair amount of knowledge if you want to produce the best possible results. If you are going to go it alone please take the time to educate yourself. If you are going to hire a credit repair service, pick up the phone and interview a few. Make a list of questions to ask and pick the company that you feel comfortable with. Good luck!
Copyright © 2009 James W. Kemish. All Content. All Rights Reserved.
By: Jim Kemish
About the Author:
Credit repair has the power to transform your financial life and help you meet creditor guidelines. We are in a period of hard economic times. For the last three years lenders have tightened their requirements. Consumers everywhere are finding it difficult to get home loans, automobile financing, and even credit cards. Millions of credit cards holders have been contacted by their creditors and told that their credit limits have been reduced, and in many cases even informed that their cards have been cancelled.
Meeting the Challenge Head On
Yesterday, the Wall Street Journal noted that credit card issuers will be cutting credit card lines by two trillion dollars in 2009. Credit repair provides a means of restoring, rebuilding, and optimizing your credit reports and credit scores. An intelligent round of credit repair is exactly what these hard times call for. You do not have to sit back and watch passively while the availability of credit becomes a distant memory. Start your credit repair program today and regain the favor of lenders and access to the low cost financing you need.
A Complete Approach is Needed
There are three aspects to successful credit repair that you must address simultaneously. You must clean up the content of your credit report, rectify any credit deficiencies you have, and fine-tune your credit for credit score optimization. If you neglect any of these tasks your credit repair effort will struggle, or even fail in spite of your otherwise capable and hard work. Many credit repair programs focus on credit bureau disputes to the exclusion of everything else. And as exciting as it is to see derogatory information corrected, you are likely to face disappointment when the time comes to apply for a loan and you find that your credit scores have not improved and that the content of your report does not meet the lenders requirements. Here is an overview of the three pronged approach that will insure you end up with truly usable credit.
The Credit Repair Clean Up
Cleaning up your credit report with credit repair requires patience and a proper understanding of all of your legal rights under the Fair Credit Reporting Act. And if you have accounts reported by collectors on your report you must have a working knowledge of the Fair Debt Collection Practices Act and all relevant state statutes of limitation. With the proper tools your job will be easy and rewarding. If you fail to learn the rules you may trigger unanticipated trouble in the form of new collection activity and lawsuits. If you don’t have the time to invest in the learning process don’t worry, just contact a legitimate credit repair service. They will insure that all of the necessary precautions are taken before sending dispute letters to the credit bureaus.
Removing Credit Deficiencies
Rectifying credit deficiencies as part of your credit repair program is every bit as important as cleaning up your credit report. This is necessary for anyone who does not have any open mainstream revolving accounts. Credit cards are the most powerful way of jumpstarting your credit scores. You should have a minimum of two credit cards. Given the state of the credit markets today there is a good chance that you will have to apply for secured credit cards. Secured credit cards are every bit as good for credit rebuilding as unsecured cards. Once you have your two credit cards you need to follow three simple rules to optimize your credit scores. Make your payments on time, don’t pay your balance down to zero, and keep your balance under twenty percent of the total credit line available on the card. As an example, if you have a card with a five hundred dollar limit, you should keep the balance under two hundred dollars.
Fine-Tune and Optimize
Fine-tuning the content of your credit report for credit score optimization requires some understanding of the FICO scoring model. There are certain types of debt that are favorable for your score and others that should be avoided at all costs. In addition, there is an optimal balance between different types of debt that you should work towards. You may need to open accounts, close others, pay down balances, and understand the pace at which these changes should take place depending on your own credit needs.
Picking Your Path
Do you need help? You can succeed at credit repair on your own, or you can hire a reputable credit repair service to manage the process for you. Credit repair is a unique task that requires a fair amount of knowledge if you want to produce the best possible results. If you are going to go it alone please take the time to educate yourself. If you are going to hire a credit repair service, pick up the phone and interview a few. Make a list of questions to ask and pick the company that you feel comfortable with. Good luck!
Copyright © 2009 James W. Kemish. All Content. All Rights Reserved.
By: Jim Kemish
About the Author:
Jim Kemish, a nationally recognized consumer advocate, is the president and founder of Sky Blue Credit Repair, a leading credit repair service since 1989. Jim is also a regular contributor to The Credit Repair Blog, a prominent consumer resource.
Nov
12
Credit Repair And The Recession
Filed Under Personal Finance | Leave a Comment
An Urgent Need for Credit Repair
Credit repair has become a necessity. Prior to the recession you could afford to have blemishes on your credit report; lenders didn’t really care. If your credit score was a little low you would simply pay a modestly higher interest rate. Not the end of the world. But along with the recession came the most dramatic credit crunch ever. It started with mortgage lenders as they scrambled to mitigate risk in their real estate portfolios. Over the following year every other creditor followed in step. One thing leads to another and now millions of people are finding that without some form of remedial credit repair effort they are unable to purchase anything on credit.
The Credit Crunch
The severity of the credit crunch has taken many by surprise. In mid-2006 money was flowing freely. The economic froth was beyond anything the world had seen since the roaring twenties. Even then credit repair paid dividends, it’s true, but there was no desperate need. You could purchase a home with credit scores in the low 500s. You might even get an interest rate as low as one percent, albeit an adjustable rate mortgage. But, oh, how times change. Now, for millions of people, the lack of an intelligent credit repair effort can mean no loan at all. And the non-availability of credit can mean real hardship. Just think of something as simple as automobile financing. Can you do without a car? Urban dwellers might get by with public transportation, but that is not the case for most of us.
Is Credit Repair for You?
Credit repair can change everything, and quicker than you may think. Credit repair can be done by you, but for most people it is worth considering employing the services of a professional credit repair service. A professional service will offer comprehensive clean up and restoration with a focus on credit score optimization. If you are shopping for the right credit repair company, make sure they offer more than just credit bureau disputes. Your goal is to improve your score and make your credit as lender-ready as possible. The right company will produce the right results. How about you, are you a candidate for credit repair? If you have examined your credit reports and imagine that there is little benefit to be had, I would like to share a little information that might inspire you to take a step towards credit repair today.
A Lot of Mistakes
Almost three-quarters of all credit reports contain errors. Not all of these errors are significant enough to cause major financial disruption, but a lot of them are. How many? According to a series of studies conducted by public interest research groups over the last decade about half of all credit reports include errors serious enough to cause consumers to pay premium interest rates or to be denied outright for loans. To put these statistics into perspective it helps to know that the three major credit bureaus each report on just over two hundred million Americans. Half of the total is one hundred million. That’s a lot of mistakes. Where do you stand? Here are some things for you to consider.
Your Credit Repair Opportunity
Credit reporting errors are not always easy to spot. You may have multiple errors which could use credit repair attention, and not even know that they are present on your credit reports. One of the most insidious forms of reporting errors is caused by the redundancy of illicit collection accounts. The cause is simple. Collectors buy and sell debt on a regular basis. By law, a collector is supposed to withdraw their reporting of a collection account immediately upon the sale of the debt to another collector. And yet this rarely happens for the simple reason that there is no punishment for compliance failure. Other common errors needing credit repair attention include duplicate accounts, accounts reported as open with balances that are closed and paid, underreported credit limits on revolving accounts, and file merger errors causing other peoples accounts to report on your credit.
Reach Out Today
It’s time to reach out for credit repair help. Shop the internet; call three or four credit repair services before making up your mind. Most legitimate companies offer a free consultation. I suggest that you take advantage of this. You should make a list of questions that you want to ask. Be organized. Think about the issues that are of concern to you. Make notes. It is important to feel comfortable with the company you hire. Take your time and do it right. Your credit repair project is bound to succeed. Good luck!
Copyright © 2009 Ian Webber. All Content. All Rights Reserved.
By: Ian Webber
About the Author:
Credit repair has become a necessity. Prior to the recession you could afford to have blemishes on your credit report; lenders didn’t really care. If your credit score was a little low you would simply pay a modestly higher interest rate. Not the end of the world. But along with the recession came the most dramatic credit crunch ever. It started with mortgage lenders as they scrambled to mitigate risk in their real estate portfolios. Over the following year every other creditor followed in step. One thing leads to another and now millions of people are finding that without some form of remedial credit repair effort they are unable to purchase anything on credit.
The Credit Crunch
The severity of the credit crunch has taken many by surprise. In mid-2006 money was flowing freely. The economic froth was beyond anything the world had seen since the roaring twenties. Even then credit repair paid dividends, it’s true, but there was no desperate need. You could purchase a home with credit scores in the low 500s. You might even get an interest rate as low as one percent, albeit an adjustable rate mortgage. But, oh, how times change. Now, for millions of people, the lack of an intelligent credit repair effort can mean no loan at all. And the non-availability of credit can mean real hardship. Just think of something as simple as automobile financing. Can you do without a car? Urban dwellers might get by with public transportation, but that is not the case for most of us.
Is Credit Repair for You?
Credit repair can change everything, and quicker than you may think. Credit repair can be done by you, but for most people it is worth considering employing the services of a professional credit repair service. A professional service will offer comprehensive clean up and restoration with a focus on credit score optimization. If you are shopping for the right credit repair company, make sure they offer more than just credit bureau disputes. Your goal is to improve your score and make your credit as lender-ready as possible. The right company will produce the right results. How about you, are you a candidate for credit repair? If you have examined your credit reports and imagine that there is little benefit to be had, I would like to share a little information that might inspire you to take a step towards credit repair today.
A Lot of Mistakes
Almost three-quarters of all credit reports contain errors. Not all of these errors are significant enough to cause major financial disruption, but a lot of them are. How many? According to a series of studies conducted by public interest research groups over the last decade about half of all credit reports include errors serious enough to cause consumers to pay premium interest rates or to be denied outright for loans. To put these statistics into perspective it helps to know that the three major credit bureaus each report on just over two hundred million Americans. Half of the total is one hundred million. That’s a lot of mistakes. Where do you stand? Here are some things for you to consider.
Your Credit Repair Opportunity
Credit reporting errors are not always easy to spot. You may have multiple errors which could use credit repair attention, and not even know that they are present on your credit reports. One of the most insidious forms of reporting errors is caused by the redundancy of illicit collection accounts. The cause is simple. Collectors buy and sell debt on a regular basis. By law, a collector is supposed to withdraw their reporting of a collection account immediately upon the sale of the debt to another collector. And yet this rarely happens for the simple reason that there is no punishment for compliance failure. Other common errors needing credit repair attention include duplicate accounts, accounts reported as open with balances that are closed and paid, underreported credit limits on revolving accounts, and file merger errors causing other peoples accounts to report on your credit.
Reach Out Today
It’s time to reach out for credit repair help. Shop the internet; call three or four credit repair services before making up your mind. Most legitimate companies offer a free consultation. I suggest that you take advantage of this. You should make a list of questions that you want to ask. Be organized. Think about the issues that are of concern to you. Make notes. It is important to feel comfortable with the company you hire. Take your time and do it right. Your credit repair project is bound to succeed. Good luck!
Copyright © 2009 Ian Webber. All Content. All Rights Reserved.
By: Ian Webber
About the Author:
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.
Oct
28
Credit Repair Done Right
If you want your credit repair effort to succeed you need the right credit scores and credit reports. The wrong approach can put you on the path to lower credit scores and frustration. The information you are about to read may shock and amaze you. But if you do it right you will have a great advantage and avoid some serious frustration.
The Scores You Need
Do you know what your credit scores are? Are you sure? If you are going to begin a credit repair effort and want to benchmark your starting point you should do it right. Here’s the problem. The credit scores sold by the credit bureaus are not the same scores lenders use. Huh? That’s right; the credit bureaus created their own credit scores to cash in on the market opportunity. If you muddle through the fine print at the credit bureau websites you will discover the disclaimer.
Avoid Those Imitation Scores
This unfortunate fact applies to the army of credit resellers on the web as well. There is another problem with bureau scores. You may think that even an imitation score will serve your credit repair purposes, believing that your progress should be reflected in some way. I’m sorry to say that these scores do not behave the same as your real lender scores and are almost sure to result in disappointment.
MyFICO, the Right Score for Credit Repair
If you want your real scores you have to go to MyFICO.com the website of Fair Isaac Corp, the creator of the FICO score. The current cost of scores is about $50 for all three combined. A bit pricy, but it’s the only game in town. And for those intrepid credit repair warriors that want more detail, Equifax does in fact sell a FICO score. Unfortunately, they only make it available for your Equifax report, and you definitely want all three scores for your credit repair effort. Also, they use an older release of the formula, so the results will vary.
But Nix on their Credit Reports
So, head on over to MyFICO and get your scores right from the source. It’s the right credit repair choice. But there is another twist. Although MyFICO is the only way to get your scores, the credit reports they provide are the pits. For some strange reason MyFICO blocks out virtually all of the account numbers and offers only about half of the information that your credit repair effort will need. So get your wallet out again because you will have to buy your reports elsewhere. It takes few bucks to get your credit repair underway, but it’s worth doing it right.
The Right Reports
Although the credit bureaus peddle poor credit score products, they offer excellent tri-merged reports, full of all of the detail you need for your credit repair project, and when it comes to credit repair every detail matters. I’ve taken you down a twisty road so far, and I’m sorry to say that there is one more twist on this journey before we arrive at our goal.
Credit Repair and the Right Deal
Here is the final twist. The credit bureaus want to sign you up for monthly membership, hence the offers of free credit reports in exchange for joining this or that service. If you are not careful your free credit report will end up costing you hundreds of dollars. If you want to join a monthly service, that’s another story. There are benefits. But if you just want to get your credit repair underway and want a good cheap tri-merged report you have to look very carefully.
Hiding in Plain Sight
TrueCredit.com offers the best cheap one shot tri-merged report on the web. But it’s not easy to find, so don’t just run off to TrueCredit and think you’re going to find it clearly advertised. In fact, it’s about the last thing that they want you to buy. But it’s there, hiding in plain sight. Well, almost. Scroll down the home page. Look under the main picture for small print in light gray that says that coverage is not available for residents of New York.
Credit Repair Treasure Hunt Success
Right under that line you will find another line that says that you can also get your 3-bureau credit report without the free score. Click on the words, without the free score. It’s a credit repair treasure hunt. How hard can they make it? Wow. Make sure to uncheck the two boxes where they try to sell you two other ridiculous items that have no use for your life, not to mention your credit repair efforts. Now you have the tools you need to get started. Good luck!
Copyright © 2008 Ian Webber. All Content. All Rights Reserved.
By: Ian Webber
About the Author:
If you want your credit repair effort to succeed you need the right credit scores and credit reports. The wrong approach can put you on the path to lower credit scores and frustration. The information you are about to read may shock and amaze you. But if you do it right you will have a great advantage and avoid some serious frustration.
The Scores You Need
Do you know what your credit scores are? Are you sure? If you are going to begin a credit repair effort and want to benchmark your starting point you should do it right. Here’s the problem. The credit scores sold by the credit bureaus are not the same scores lenders use. Huh? That’s right; the credit bureaus created their own credit scores to cash in on the market opportunity. If you muddle through the fine print at the credit bureau websites you will discover the disclaimer.
Avoid Those Imitation Scores
This unfortunate fact applies to the army of credit resellers on the web as well. There is another problem with bureau scores. You may think that even an imitation score will serve your credit repair purposes, believing that your progress should be reflected in some way. I’m sorry to say that these scores do not behave the same as your real lender scores and are almost sure to result in disappointment.
MyFICO, the Right Score for Credit Repair
If you want your real scores you have to go to MyFICO.com the website of Fair Isaac Corp, the creator of the FICO score. The current cost of scores is about $50 for all three combined. A bit pricy, but it’s the only game in town. And for those intrepid credit repair warriors that want more detail, Equifax does in fact sell a FICO score. Unfortunately, they only make it available for your Equifax report, and you definitely want all three scores for your credit repair effort. Also, they use an older release of the formula, so the results will vary.
But Nix on their Credit Reports
So, head on over to MyFICO and get your scores right from the source. It’s the right credit repair choice. But there is another twist. Although MyFICO is the only way to get your scores, the credit reports they provide are the pits. For some strange reason MyFICO blocks out virtually all of the account numbers and offers only about half of the information that your credit repair effort will need. So get your wallet out again because you will have to buy your reports elsewhere. It takes few bucks to get your credit repair underway, but it’s worth doing it right.
The Right Reports
Although the credit bureaus peddle poor credit score products, they offer excellent tri-merged reports, full of all of the detail you need for your credit repair project, and when it comes to credit repair every detail matters. I’ve taken you down a twisty road so far, and I’m sorry to say that there is one more twist on this journey before we arrive at our goal.
Credit Repair and the Right Deal
Here is the final twist. The credit bureaus want to sign you up for monthly membership, hence the offers of free credit reports in exchange for joining this or that service. If you are not careful your free credit report will end up costing you hundreds of dollars. If you want to join a monthly service, that’s another story. There are benefits. But if you just want to get your credit repair underway and want a good cheap tri-merged report you have to look very carefully.
Hiding in Plain Sight
TrueCredit.com offers the best cheap one shot tri-merged report on the web. But it’s not easy to find, so don’t just run off to TrueCredit and think you’re going to find it clearly advertised. In fact, it’s about the last thing that they want you to buy. But it’s there, hiding in plain sight. Well, almost. Scroll down the home page. Look under the main picture for small print in light gray that says that coverage is not available for residents of New York.
Credit Repair Treasure Hunt Success
Right under that line you will find another line that says that you can also get your 3-bureau credit report without the free score. Click on the words, without the free score. It’s a credit repair treasure hunt. How hard can they make it? Wow. Make sure to uncheck the two boxes where they try to sell you two other ridiculous items that have no use for your life, not to mention your credit repair efforts. Now you have the tools you need to get started. Good luck!
Copyright © 2008 Ian Webber. All Content. All Rights Reserved.
By: Ian Webber
About the Author:
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.
Jul
22
carriezmail@sbcglobal.net wrote:
I want to request some non traditional credit information be added to my credit file? I have two orthodontic contracts totalling over $10,000.00 and have been making payments on them for the last two years. I want this to show on my credit file because I need to increase my positive credit accounts. How do I do this?
How to Lose Weight
I want to request some non traditional credit information be added to my credit file? I have two orthodontic contracts totalling over $10,000.00 and have been making payments on them for the last two years. I want this to show on my credit file because I need to increase my positive credit accounts. How do I do this?
How to Lose Weight
Jul
21
what is the best way to pay your credit cards to maximize your credit score?
Filed Under Personal Finance | 5 Comments
wilber wrote:
Is it better to pay off your credit card statement in full each month or should you leave a small balance each month, like $5? I’ve heard conflicting things. For example, paying each bill in full is better for your credit score versus leaving a $5 dollar balance. I’ve heard leaving a (small) balance is supposed to show that you know how to pay off a debt and help your credit score even more. I don’t know what to believe. Your thoughts?
Is it better to pay off your credit card statement in full each month or should you leave a small balance each month, like $5? I’ve heard conflicting things. For example, paying each bill in full is better for your credit score versus leaving a $5 dollar balance. I’ve heard leaving a (small) balance is supposed to show that you know how to pay off a debt and help your credit score even more. I don’t know what to believe. Your thoughts?
Jul
14
How does a temporary visa holder get a credit card in the US?
Filed Under Personal Finance | 3 Comments
Suhrud B wrote:
I’m a temporary work visa holder in the United States. No one wants to give me a credit card because i don’t have a credit history. How can I get a credit history if I don’t have a credit card. What are the options available to me?
Trading Advice
I’m a temporary work visa holder in the United States. No one wants to give me a credit card because i don’t have a credit history. How can I get a credit history if I don’t have a credit card. What are the options available to me?
Trading Advice
Jul
8
What are some ways to build credit history without a credit card?
Filed Under Personal Finance | 2 Comments
Julie wrote:
I am 20 with no credit cards or credit history. I am currently paying back my school loans. Does that work? I want to know what some other ways are to help build my credit WITHOUT credit cards. I am trying to stay out of debt as much as possible. All I have to pay is my car insurance, school loans, and cell phone bills. Any tips/advice? Thanks in advance!
Insurance Questions
I am 20 with no credit cards or credit history. I am currently paying back my school loans. Does that work? I want to know what some other ways are to help build my credit WITHOUT credit cards. I am trying to stay out of debt as much as possible. All I have to pay is my car insurance, school loans, and cell phone bills. Any tips/advice? Thanks in advance!
Insurance Questions
Jul
4
How bad does your credit have to be to prevent you from getting a job?
Filed Under Personal Finance | 1 Comment
Sarpasta wrote:
How bad does your credit have to excused from a job? I have 11 derogator accounts; all of these accounts are medical bills. I didn’t have health insurance for a while. I paid off over 4000 dollars in medical bills last year and have yet to begin making payments on the bills on my credit report. I figured pay current bills to prevent anymore from going on my report.
Find Your Niche
How bad does your credit have to excused from a job? I have 11 derogator accounts; all of these accounts are medical bills. I didn’t have health insurance for a while. I paid off over 4000 dollars in medical bills last year and have yet to begin making payments on the bills on my credit report. I figured pay current bills to prevent anymore from going on my report.
Find Your Niche
Jun
29
What would happen if I canceled my only credit card account I’ve had for the past 10 years with good credit?
Filed Under Personal Finance | 6 Comments
changd089 wrote:
There’s has been some family and financial trouble lately and I am considering canceling my only credit card I’ve had for the past 10 years with good credit. I was wondering what would happen to my credit score if I closed it? Also, what are other possible repercussions if I do?
Would my credit score go down if I lowered the amount of credit I have available?
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There’s has been some family and financial trouble lately and I am considering canceling my only credit card I’ve had for the past 10 years with good credit. I was wondering what would happen to my credit score if I closed it? Also, what are other possible repercussions if I do?
Would my credit score go down if I lowered the amount of credit I have available?
Get a Mortgage