Submitted by Naomi M on Mon, 09/24/2007 - 15:52.
Bad Credit and Debt Solutions
Tried and Proven Bad Credit and Debt Solutions Are Available
FYI: Did you know the best time of the year to dispute the credit bureaus is after Thanksgiving and before New Year’s Day? That's RIGHT NOW.
During these busy times there’s a better chance that the credit bureaus fall short on resources to comply with the time requirements of a consumer’s request and will either be forced to delete or correct the contested items!
Whether you are an individual, business owner or investor, you do not have to suffer with bad credit.
First Some Background Information
Credit score – what is it?
Some Ph.D.s at a company called Fair Isaac developed a system to “predict” who might go into credit failure from reviewing people’s credit history. This system gained more popularity in time and now each of the three main credit bureaus licenses Fair Isaac’s system for generating credit scores. Each credit bureau uses the Fair Isaac software to calculate their version of your score. Equifax calls the score based on this technology your FICO score, Experian calls it your BEACON score. TransUnion calls it your EMPIRICA score.
How do you find out your score?
There are three main credit bureaus, TransUnion, Experian and Equifax. By Federal Law, you have the right to obtain your credit reportfrom each of the bureaus, once a year for free. Here is the site I use to obtain my yearly report. Otherwise, you will have to pay a small fee to order your copy. You can do so online at
www.experian.com
www.myequifax.com
www.transunion.com
What’s considered a good credit score?
Credit scores normally range from 300 to 850. A score ranging from 300 to 600 is classified as a low credit score. You will have a hard time getting a loan with this score or will have to pay dearly for it.
What is a “middle score”?
Mortgage lenders use 3rd party credit reporting agencies that report information from all three credit bureaus, including your credit score. Lenders use the “middle” of the three scores to qualify you for your loan interest rate and terms. For example, TransUnion reports a 680 score, Equifax reports a 720 and Experian reports a 734. Therefore, Equifax is your middle score at 720.
A score ranging from 600 to720 is classified as an average credit score. You will qualify for a number of different loans, but may not be able to bargain for the lowest interest rate.
Credit scores above 720 are considered to be tops. You’ll get the best rate and terms with this credit score.
Credit bureaus – who are they?
The three major credit bureaus – Equifax, Experian and Transunion, act as “credit reporting agencies.”
Your creditors report your payment history to them and they compile the information into a credit profile or report available for sale to smaller 3rd party credit reporting agencies. Other information is included in your credit profile such as judgments, tax liens, and foreclosures because these events become part of the public record through the local county recorder's office. Now, these "Big Three" agencies rake in huge amounts of money reporting information about you – whether it’s accurate or not.
Can you really legally remove bad credit?
Can you force Equifax, Transunion and Experian to remove derogatory accounts and items?
Contrary to popular beliefs, you can legally delete “derogatory” items even if they do belong to you. These items include: late payments, collections, judgments, repos, tax liens, bankruptcies and foreclosures. It’s not easy and they do require following advanced methods.
Fortunately, they are subject to the Federal Fair Credit Reporting Act, which gives you, the consumer, certain rights. Rights, which will help you “dispute” inaccurately reported accounts or accounts that do not belong to you. Despite the laws, the bureaus are often stubborn to remove derogatory items, but it can be done. It will require following the proper steps to “dispute” derogatory items so they finally delete or remove them. And it will require persistence.
This section on Credit and Debt Solutions will provide articles and sample letters to help you.
In addition, you can review the suggested Expert Credit Repair Guides for more help.
|
Check
Out My Recommended
Credit
Repair Guides
|
| Legally
Remove Derogatory Accounts bankruptcies, slow pays, collections, tax liens, judgments, evictions, etc. Get a HUGE boost to your credit score See Credit Secrets Bible |
| Sample
Dispute or Deletion Letters that don’t get “red flagged” like 94% of what the credit bureaus get. Info not found on the web or taught by any other credit repair course See Credit Secrets Bible |
| Overwhelmed
with Debt Use 5 unique letters to pay off bills for 35-cents on the dollar. Avoid BK, avoid hiring a debt consolidation service See Credit Secrets Bible |
| Sue
Your Creditors Use the Law. Get even with stubborn creditors, collection agencies. Collect $1,000s in fines Good Credit Is Sexy |
| Get
Rid of Debt Collectors Stop them dead in their
tracts using the law See Credit Secrets Bible |
| Add
Seasoned Credit in 45 Days Get up to $20K of
unsecured credit and up to 20 years of credit history See Credit Secrets Bible |
| STOP
Foreclosure or recover a home after
foreclosure using special consumer protection laws. Get even with your mortgage company See Credit Secrets Bible |
During these busy times there’s a better chance that the credit bureaus fall short on resources to comply with the time requirements of a consumer’s request and will either be forced to delete or correct the contested items!
Whether you are an individual, business owner or investor, you do not have to suffer with bad credit.
This section will guide you to solutions and answer frequently asked questions on credit repair.
Overview
Questions Answered
What is a credit score?
How do you find out your credit score?
What is a middle score?
What is a middle FICO score?
Who are the credit bureaus?
Can you legally delete bad credit, derogatory accounts and negative items from your credit report?
Like it or not, in our society, we have been reduced to a number, namely a three-digit credit score.
Your credit score determines the interest rate and terms for your home loan
Your credit score determines whether or not you can get an insurance policy
Your credit score determines wheter or not you get the job you want...and so on
Since your credit score is so important, I'm going to share with you some effective ways to boost your credit score or re-build it from scratch if you have suffered from negative credit items on your credit profile - whether or not it's accurate or omitted information.
This would include having another person's information and accounts on your profile or the direct result of your own actions such as late payments, collection accounts or repossessions.
I'm going to break up this information for you into short articles in this section.
First Some Background Information
Credit score – what is it?
Some Ph.D.s at a company called Fair Isaac developed a system to “predict” who might go into credit failure from reviewing people’s credit history. This system gained more popularity in time and now each of the three main credit bureaus licenses Fair Isaac’s system for generating credit scores. Each credit bureau uses the Fair Isaac software to calculate their version of your score. Equifax calls the score based on this technology your FICO score, Experian calls it your BEACON score. TransUnion calls it your EMPIRICA score.
How do you find out your score?
There are three main credit bureaus, TransUnion, Experian and Equifax. By Federal Law, you have the right to obtain your credit reportfrom each of the bureaus, once a year for free. Here is the site I use to obtain my yearly report. Otherwise, you will have to pay a small fee to order your copy. You can do so online at
www.experian.com
www.myequifax.com
www.transunion.com
What’s considered a good credit score?
Credit scores normally range from 300 to 850. A score ranging from 300 to 600 is classified as a low credit score. You will have a hard time getting a loan with this score or will have to pay dearly for it.
What is a “middle score”?
Mortgage lenders use 3rd party credit reporting agencies that report information from all three credit bureaus, including your credit score. Lenders use the “middle” of the three scores to qualify you for your loan interest rate and terms. For example, TransUnion reports a 680 score, Equifax reports a 720 and Experian reports a 734. Therefore, Equifax is your middle score at 720.
A score ranging from 600 to720 is classified as an average credit score. You will qualify for a number of different loans, but may not be able to bargain for the lowest interest rate.
Credit scores above 720 are considered to be tops. You’ll get the best rate and terms with this credit score.
Credit bureaus – who are they?
The three major credit bureaus – Equifax, Experian and Transunion, act as “credit reporting agencies.”
Your creditors report your payment history to them and they compile the information into a credit profile or report available for sale to smaller 3rd party credit reporting agencies. Other information is included in your credit profile such as judgments, tax liens, and foreclosures because these events become part of the public record through the local county recorder's office. Now, these "Big Three" agencies rake in huge amounts of money reporting information about you – whether it’s accurate or not.
Can you really legally remove bad credit?
Can you force Equifax, Transunion and Experian to remove derogatory accounts and items?
Contrary to popular beliefs, you can legally delete “derogatory” items even if they do belong to you. These items include: late payments, collections, judgments, repos, tax liens, bankruptcies and foreclosures. It’s not easy and they do require following advanced methods.
Fortunately, they are subject to the Federal Fair Credit Reporting Act, which gives you, the consumer, certain rights. Rights, which will help you “dispute” inaccurately reported accounts or accounts that do not belong to you. Despite the laws, the bureaus are often stubborn to remove derogatory items, but it can be done. It will require following the proper steps to “dispute” derogatory items so they finally delete or remove them. And it will require persistence.
This section on Credit and Debt Solutions will provide articles and sample letters to help you.
In addition, you can review the suggested Expert Credit Repair Guides for more help.
Real Estate Investing Guides
