Credit Repair - Raise Your Credit Score

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Credit Repair

Credit Repair - How To Repair Your Credit - Fix Your Credit - The Truth About Credit Repair - Credit Secrets Bible. Credit Repair Secrets. Raise Your Credit Score Up To 249 Points!

The TRUTH About Credit Repair

The TRUTH About Credit Repair...

Have you ever wondered what companies
send you when they claim you can erase
bad credit overnight? How about those
ads that say you can get any major
credit
card without a deposit or a credit
check?

Ads abound almost everywhere
these days (online and off) selling
books, systems and secrets to
help you fix your credit. Many
of these programs have claims
which read like the covers of
supermarket tabloids:

"In 3hrs my credit score jumped
from 580 to 676!"...

"Erase bad credit and smash your
debts with just 2 Magic Letters!".

Are these types of claims ALWAYS
too good to be true? The answer is
"Yes and... no".

While many people would love for
you to believe the only thing that
can fix bad credit is time; in
reality... nothing could be further
from the truth. The fact is, time
is only one factor which can fix
a credit report, but it's a far cry
from being the only factor. How
can I back this up? Easy.

Under a consumer protection law
known as the Fair Credit Reporting
Act (a.k.a. the FCRA) the only
negative information which can
remain on your credit report is
not what is accurate... but what
can be proved as accurate under
the FCRA. What's this mean
to you?

It means any negative item on
your credit report can only remain
there if it is accurate and CAN
BE PROVED AS SUCH under the
guidelines of the FCRA. This
undisputable fact presents
consumers with both good
news and bad news.

The good news is that through
the FCRA your credit score can
most likely be improved dramatically
in a very short period of time with
only a modest amount of effort on
your part.

The bad news is that while the
actual "work" will take very little
of your time, it is vital that you
have good information on "how"
to go about it. This is the bad
news; 9 out of 10 courses on
restoring your credit will do nothing
more than lead you into snake
pits because they will provide
you with what the industry refers
to as "Boiler Plate" dispute letters.
These are nothing more than form
letters and... quite frankly (more
bad news) the Credit Bureaus and
Creditors will laugh at you if you
try to use them.

Credit Repair Secrets

Credit Repair

Credit Repair Secrets

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Credit Repair Books

Credit Repair Kit For Dummies (For Dummies (Business & Personal Finance))

by: Steve Bucci

Amazon Price: $16.49 (as of 12/30/2009)

Credit Repair

by: Robin Leonard J.D., John Lamb Attorney

Amazon Price: $18.24 (as of 12/30/2009)

BestCredit: How to Win the Credit Game, 2nd Edition

by: Dana Neal

Amazon Price: $19.80 (as of 12/30/2009)

How to Repair Your Credit Score Now: Simple No Cost Methods You Can Put to Use Today

by: Jamaine Burrell

Amazon Price: $14.93 (as of 12/30/2009)

American Credit Repair: Everything U Need to Know About Raising Your Credit Score (American Real Estate)

by: Trevor Rhodes

Amazon Price: $16.47 (as of 12/30/2009)

Credit Repair - Essential Credit Score Facts

by Jim Kemish

Who are the credit bureaus?

I have managed a national credit repair business since 1989. We speak to people about their credit all day long. There is a common misconception that the credit bureaus are in some way connected to the government. It's not true - they are nothing but big business. There is no government charter or anything of the sort. And yet there may be nothing that has such a profound influence on your financial life.

There are three credit bureaus that matter. They are Experian, Equifax, and TransUnion. Their business is to gather credit data about you and sell it to potential creditors to determine your credit worthiness.

There is a fourth bureau called Innovis that you may hear of occasionally. Innovis is a major compiler of credit data which is used for pre-screening those unsolicited credit card offers we all get in the mail. Mortgage giants Fannie Mae and Freddie Mac contributed to the rise of Innovis in 2001 by demanding that all of their mortgage servicers report borrowers' pay histories to Innovis. I suspect that we will all hear more about Innovis in the future, but for the moment it has no direct impact on your life.

What is a credit score?

At the moment all three bureaus use a single scoring model called the FICO score. FICO is an acronym for the developer of the score, Fair Isaac and Co. The three bureaus have branded the FICO model for their own marketing so you may hear it called different names. Equifax calls it a BEACON score, TransUnion calls it an EMPIRICA score, and Experian (who seems to lack imagination) calls it the EXPERIAN/Fair Isaac Risk Model.

Why are your three scores different?

Your scores with each bureau are different because each bureau gathers information from a slightly different mix of creditors. If you were to look carefully at your three reports you will notice that some accounts are missing on each bureau. Timing also plays a roll. A recent change in your credit may be picked up sooner at one bureau than another.

What's included in your score?

As the manager of a Florida mortgage company serving the states of Florida, Georgia, Massachusetts and Virginia and a national credit repair company I spend a lot of time analyzing credit reports. Everyone wants to know what they should do to improve their credit scores. The exact method for calculating your credit score is a secret. But Fair Isaac offers a fair amount of information about the essentials. There is a lot of information on your report. And not all categories of information carry the same weight in the score calculation.

Your payment history is the big ingredient. This category includes the obvious installment and revolving debt payments. It also includes public records and collections. The age of any derogatory item in this category diminishes its impact on your score. Fair Isaac indicates that his category makes up 35% of your score.

The balances you owe make up the next category. Different weights are given to revolving versus installment balances. The relationship between the balance and the credit limit on your revolving accounts is a big factor. And the relationship between the current balance and the original balance on installment loans is taken into consideration as well. Fair Isaac indicates that this category makes up 30% of your score.

The length of your credit history is a factor as well. New credit will have a negative impact on your score, and those accounts that you have kept alive and healthy for years have a good impact. This category makes up 15% of your score.

Your new credit and your recent credit inquiries are a factor. If you have new credit or have had your credit run recently you have increased your debt load, or you are about to. Either way you will lose a few points on this one. Fair Isaac weighs this at 10% of your score.

The type of your credit is the last ingredient and the final 10% of the calculation. This is a bit more mysterious. There is some ideal mix of mortgage, installment, retail store cards, revolving accounts, and consumer debt that Fair Isaac will reward. Fair Isaac won't say exactly what the perfect mix is, but in our experience the key is to build and maintain a well managed balance of accounts, make your payments on time, and try to keep those revolving balances down.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

About the Author

Jim Kemish, a nationally recognized credit repair expert, is the president of Sky Blue Credit, a leading credit repair business since 1989. Jim is also the president of Power Mortgage, a Florida mortgage company.

How to Write a Credit Repair Letter

by Ann Richter

A credit repair letter is simple to write, and yet in this simplicity is quite a bit of leverage. If you have proof of an error that you find in your credit report, the ball is in your court. All you must do now is craft a letter that will let the credit bureau know that there is a mistake in your files, and that you would like it corrected.

Don't make your letter look or sound too "professional". You want the credit bureau to realize that an individual wrote this letter, and that it was not a computer generated letter such as one that might be supplied by a credit repair agency. You just want to give them the correct impression that you are a consumer who is quite peeved to find errors in a set of documents which, by law, are supposed to be error free. Its fine not to sound too "prim and proper", if that's your style.

Make sure to include all of your identifying information in the letter, such as:

* Full name and address * Telephone number(s) * Social Security number * Account number and name of the credit card/loan that has erroneous information listed. * A copy (not the original!) of any paperwork you have that will substantiate your claim.

Where Do I Send These Letters?

You should send a copy of your letter to all three credit bureaus. For example, let's say that the error was on a credit report sent to you by TransUnion. You should also get in touch with Experian and Equifax. Often, these three bureaus do not share information with each other, but cover your bases just in case the error has made its way into the files of all three.

Use Registered or Certified mail to send your letters. This way you have proof of the date of mailing, important if you don't hear back from anyone in the 45 day time frame.

The way you word your letter is totally up to you, but basically, you need to impress upon the credit bureaus that a mistake has been made, and you have the proof. Once the letters have been receives, the credit bureaus will set to work with lightening speed, as it's the law that all claims of error must be looked into. The credit card or loan company that you supposedly skipped a payment to, did not pay off in full, or whatever the error was, will be contacted and asked to prove the claim against you. Since you have your proof in hand, this is impossible.

Credit bureaus have up to 45 days to get in touch with you and let you know whether or not the errors have been removed from your file. Most will get right on it, and you will soon receive a letter in the mail letting you know that all is well again.

About the Author

Not sure what your credit score is? No problem obtain a Experian free credit report by visiting http://www.creditreportguideonline.com, a popular credit report site that provides advices, tips and resources including information on applying for a bad credit history loans quickly and easily.

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Raise Your Credit Score Up To 249 Points!

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Credit Repair - Raise Your Credit Score

Credit Repair

The TRUTH About Credit Repair

Credit Repair

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