(by 8 people)
Would you ...
Would You Like to Remove ChargeOffs, Judgements or Other Bad Credit Items From Your Credit Report?
Would You Like to Raise Your Credit Score 50, 100 or 200 points?
Would You Like to Experience the Feeling of Instant Approval for a Car, Credit Card or Home?
Yes, but how is that possible ... and is it legal?
The Law is on Your Side
Many consumers have the mistaken idea that credit bureaus are federally supported organizations backed by a vast array of laws meant to protect creditors. Nothing could be further from the truth. Aside from the government simply recognizing the need for credit reporting, credit bureaus have absolutely nothing to do with the government. Credit bureaus are simply huge bureaucratic companies which exist for the soul purpose of making money by selling information about you-information they never bothered to verify.
Because of the vast potential for error in the credit reporting system, the United States Congress has enacted laws to protect the consumer from being victimized by the credit bureaus. It is your right and responsibility to make use of these laws.The Law versus Practical Reality
As the credit bureaus computerized their processes and greatly expanded their reach and influence in the late 1960s and early 1970s, consumer complaints began to mount at the FTC and state attorney general offices. The credit reporting agencies quickly became huge bureaucracies second only in size to the federal government. The credit bureaus expressly served only the needs of their clients, the credit grantors. Many consumers were negatively affected by the credit bureaus, but they had no way to correct or change their credit information.
The American consumer lay completely at the mercy of the credit bureaus. The United States Congress enacted the Fair Credit Reporting Act (FCRA) in 1971 to insure that the credit bureaus investigate the credit items disputed by consumers. This federal law set procedural guidelines, which gave the consumer the right to challenge the accuracy, validity, and verifiability of the credit listings appearing in their consumer credit report. It also required that the credit bureau delete any credit listing if it was inaccurate or could not be verified. Learn More.
In theory, the FCRA charges the credit bureaus with responsibility to the consumer as well as the credit grantor. In reality, the credit bureaus resist, resent, and reject consumer disputes. The credit bureaus would rather be left alone to make a profit. And, each time a consumer challenges his credit, profit is lost.
The credit bureaus first defend their profits by erecting walls of stall tactics, including requests for more information, further clarification, and additional identification. The vast majority of consumers give up before they even receive copies of their credit reports. If a consumer manages to get a credit report, decipher the codified information, write a coherent dispute, and mail it, the bureaus may still find some reason to disregard the challenge. The entire dispute system is designed to frustrate and discourage the consumer.
Many consumers have the idea that the credit bureaus must complete their investigation within thirty days or be forced to remove all disputed information. They threaten to sue the credit bureaus if they don't conclude their investigation in time. In practice, such thinking is delusional. Nobody forces the credit bureaus to do anything. However, if you manage to submit a valid dispute letter, and the credit bureau investigates your dispute, the chances of success are good.
If a credit bureau cannot verify an item before completing its investigation, that item will be removed. Many creditor grantors are simply reluctant to take the time to verify the data. While the credit bureaus are in the business of reporting credit histories, creditor grantors are not. Click Here.
Contents at a Glance
- 37 Days to Clean Credit
- Sign Up for a FREE 17-Page Report - Understanding Credit and Credit Repair: A Consumer's Guide
- Credit Terminology Glossary
37 Days to Clean Credit
A Practical Guide for the Do-it-Yourself Type of Person
I was contacted by Chris Brisson, the author of 37 Days to Clean Credit and offered a review copy of his e-Book so that I could offer my own assessment and share it on this Squidoo lens.
After spending some time reviewing it and looking at Chris' DIY type of tactics, I was pleased to see very practical and down-to-earth advice that could save the do-it-yourself type the fees associated with hiring a Credit Repair Firm such as Lexington Law.
Chris provides this testimony:
"A couple of months ago I stumbled upon the secrets to eliminating debt, getting approved for car loans, home loans, business loans, and the secrets to easily boosting credit scores faster than ever before. I put these secrets to the test and was blown away with the results. In 37 days, I deleted 9 inquiries, 5 negative accounts, 4 default accounts, 1 judgment, and boosted my score 135 points."
He provides a clear roadmap along with letter templates that will make communication with the Credit Bureaus a breeze. He also provides 2 impressive audio interviews from credit experts.
All for the price of $47.00
After my review of Chris' e-Book, I would recommend this as an economical, first-line tactic for those who are willing to use a little bit of effort and follow his plan to communicate with creditors and the credit bureaus. His plan is clear and concise.
135 Points and 19 deletions in 37 days?
Sign Up for a FREE 17-Page Report - Understanding Credit and Credit Repair: A Consumer's Guide
I've written a report that I think you should find very useful. You can get it by visiting the following page:Get your Free Consumer's Guide Here
I will not share your information, "mums the word".
Credit Terminology Glossary
What does it all mean? Below you can find some of the definitions to common terminology used in the world of credit and credit repair.Charge Off - the creditor has decided to treat an account receivable (aka: debt) as a loss because payment is not likely. At this point, a creditor has given up on collecting debt. A creditor typically sells a charged off debt to a third-party collection agency for debt recovery. This results in both the original creditor and the collection agency reporting negative items on a person's credit report.
Default - the failure to pay a debt when due, or honor a contractual obligation.
Default Judgment - a judgment entered against a defendant who has failed to plead or otherwise defend himself against a creditor's lawsuit.
FCRA- Fair Credit Reporting Act. These laws govern credit reporting.
FDCPA - Fair Debt Collection Practices Act. These laws govern collection agencies in the collection of debt.
FICO Score - a credit scoring model developed by the Fair Isaac Corporation. This is used by banks and lenders to asses a person's overall credit worthiness.
Garnishment - a proceeding where a court orders a third party (e.g. bank or employer) to withhold a debtor's property in order to satisfy a debt. Garnishment can occur either before or after a creditor obtains a judgment.
Inquiry - An inquiry is an entry on your credit report showing that a business has requested your credit report for a "permissible purpose" e.g. for a loan, credit card, insurance, etc. "Hard" inquiries may lower your score, while "soft" inquiries have no effect on your score.
Judgment Lien - A judicial lien, or judgment lien, arises out of a proceeding in court. A judicial lien establishes a creditor's right in a debtor's property and allows the creditor to take a person's property to satisfy a debt.
Repossession or "Repo" is the act of retaking property, i.e. retaking goods when sold on credit. A repossession is usually associated with a bank's retaking an automobile when the buyer defaults on the auto loan.
Quick Credit Repair Option?
In the event you elect to have a credit repair company work for you, the Lexington Law Firm is top notch. Their attorneys specialize in eliminating all kinds of negative credit information including bankruptcy, foreclosure, judgments, charge offs, etc.
A single charge off on your credit reports can keep you from being approved for credit.
Creditors see a charge off as a glaring indication that you have not been responsible with your finances in the past and cannot be counted on to fulfill your financial obligations in the future.A creditor will typically charge off a debt if there has been no payment on the account for 180 days. For the consumer, however, this does not mean you are no longer responsible for the debt. The creditor can continue their collections efforts either in house or through a third-party collections company.
A charge off can find it's way on to the credit reports of even the most credit worthy individuals.
Whether you owe $100 or many thousands of dollars on a credit account, after the 180 day period has passed, your creditor can charge off the debt and report it to the credit bureaus.
Unfortunately, for many people it is surprisingly easy to have a charge off appear on their credit reports. For example, even the most responsible consumer can forget to tell a creditor their new address when they move. It is not until their credit score plummets because of a charge off that they realize they have not been receiving a bill they would have been happy to pay.
There are steps you can take to remove a charge off, Lexington Law
Just because you have a charge off on your credit reports does not mean you have to live with it for 7 years. Through creditor negotiations and credit bureau disputes, you may be able to improve the status of the charge off or completely remove it from your credit reports.
You can work directly with your creditors to negotiate the removal or revision of a charge off. In exchange for resolving the debt, your creditor may be willing to stop reporting the account or report it as "paid in full." In the event where a charge off is being erroneously reported on your credit reports, you can dispute it directly with the credit bureaus.
Lexington Law Firm
Can Bad Credit be Deleted?
A case study with Attornies from Lexington Law
Yes, it can. Despite the fervent proclamations of bureaucrats and credit bureaus everywhere, a simple fact remains: negative credit listings are deleted from peoples' credit reports by the thousands each and every day.A few years ago, an attorney from Lexington Law. visited with a regulatory agency for a casual conversation with two agents. The Agency's office, as a matter of course, believed the credit bureaus' claim that bad credit couldn't be deleted. The visiting Lexington attorney asked, "How many negative listings would you have to see deleted from consumer credit reports before you would believe that bad credit can be deleted: ten? fifty? a hundred? one thousand?" The agents responded with only blank stares.
"How about 50,000 deleted listings, would that convince you?" continued the Lexington attorney. From his briefcase he pulled a stack of papers six inches high.
"In these pages, we have listed the permanent deletion of over 50,000.. listings from our clients' files in the last two years alone," he explained. The agents pulled the stack across the conference table and began to pick through the pages, taking in the massive list.
"But have you deleted any bankruptcies?" shot back one of the agents, "we know that bankruptcies can't be deleted." The Lexington attorney leaned across the table and ran his finger down the first page.
"There's one deleted bankruptcy... and, there's another,... and another,... and another. Should I go on?" asked the Lexington attorney.
The agents sat back in their chairs. "You know," began the junior agent, "I have this one listing on my credit report that simply must belong to somebody else..."
How is credit repair possible?
The Fair Credit Reporting Act (FCRA) allows a consumer to challenge the information on his credit report on the basis of "completeness and accuracy." When a consumer files a dispute, the credit bureaus must contact the source of the credit information (the creditor) and confirm that the information is accurate, verifiable, and not obsolete. In some circumstances, the credit bureau is required to go beyond a simple verification of the creditor's own computer record. If, within 30 days, the credit bureau has not received verification from the creditor, then the credit bureau must promptly delete the credit listing. Learn More. Does bankruptcy wipe the slate clean for a second chance?
Many bankruptcy attorneys apparently do not adequately understand or explain the effects of bankruptcy to their clients. Stated simply, bankruptcy is to the credit rating what the nuclear bomb is to war.When you file for bankruptcy, every credit account that you decide to include in bankruptcy will become an "included in bankruptcy" account. Additionally, a bankruptcy filing and bankruptcy discharge listing will appear in the court records section of your credit report. Because so many negative items are attached to the bankruptcy, it becomes very difficult to remove all trace of the bad credit.
Read More about Bankruptcy
Can credit repair companies be trusted?
Many "credit repair" companies claim to remove negative credit with the flick of a wrist. Their advertisements make bold assertions and money-back guarantees: "Bankruptcy, tax liens, judgments... no problem!! One hundred percent guaranteed!! Credit report 100% cleared in 30 days!!" Can they really make such sweeping guarantees?While some credit repair companies are outright frauds, others are not fraudulent and they use the dispute process to obtain impressive results. In fact, they delete thousands of negative credit listings every day. There is a company called, Lexington Law who has been doing it for 15 years.
Click Here to learn more.
Unfortunately, it is risky to trust anyone to help you restore your credit. It is estimated that fraudulent credit repair companies have bilked Americans out of more than fifty million dollars. The majority of credit repair companies were started by entrepreneurs with a penchant for marketing. Consumers have flocked to these "credit doctors" only to discover that their advertisements proved far more impressive than their results. Hiring a credit repair company is like playing Russian roulette. Many of them are effective and legitimate, but it is difficult to tell a rip-off from the real article.
What are you doing to improve your credit.
Lexington Law is the trusted leader in credit repair. Having served over 200,000 clients since 1991, they have the experience necessary to make credit repair work for you.
The lawyers of Lexington Law will fight to remove negative items from your credit reports, so you can improve your credit score, and start living life without limitations. more
Along with outstanding client support, their service includes unlimited disputes and deletions. Lexington will not rest until you are satisfied with your credit report results. more
"My experience with the Lexington Law Firm has been wonderful from
beginning to end and the results you achieved are remarkable. It is also noteworthy, that the fee I paid for such superior professional service must be one of the truly great bargains of all time. My warmest best wishes to you all."
- R.S., Lexington client
"Thank you for all the wonderful work your staff has done on my behalf. The creditors that I wanted removed are no longer there... I couldn't have done it without you, nor would I ever want to. You and your staff are truly professionals and I bow to you."
- C.F., Lexington client
The Fair Debt Collection Practices Act (FDCPA)
The federal Fair Debt Collection Practices Act or FDCPA prohibits certain debt collectors from engaging in abusive behavior. It covers debt collectors who work for collection agencies. It does not cover debt collectors that are employed by the original creditor (the business or person who first extended you credit or loaned you money). If a debt collector that works for a collection agency breaks the law, you can take steps to make sure it doesn't happen again.What Bills Collectors Can't Do
- Bills collectors from collection agencies cannot do any of the following
- Call you repeatedly or contact you at an unreasonable time (the law presumes that before 8 a.m. or after 9 p.m. is unreasonable).
- Place telephone calls to you without identifying themselves as bill collectors.
- Contact you at work if your employer prohibits it.
- Use obscene or profane language.
- Use or threaten to use violence
- Claim you owe more than you do
- Claim to be attorneys if they're not
- Claim that you'll be imprisoned or your property will be seized.
- Send you a paper that resembles a legal document.
- Add unauthorized interest, fees, or charges
- Contact third parties, other than your attorney, a credit reporting bureau, or the original creditor, except for the limited purpose of finding information about your whereabouts (collectors can also contact your spouse, your parents if you are
a minor and your co-debtors unless you have asked them in writing to stop contacting you).
Out of Work? How to Deal with Creditors
It's become an all-too-familiar headline and lead story - job cuts, dot.com failures, corporate restructuring and lay-offs.If you've recently lost your job, your first thoughts may be, "how will I make ends meet." Money matters are a source of stress and frustration for many people. The Federal Trade Commission (FTC) publishes free brochures spelling out your rights when it comes to fair debt collection and credit reporting practices.Fair Debt Collection
If you find that you can't pay your bills on time, contact your creditors immediately. Try to work out a modified payment plan that reduces your payments to a more manageable level. Don't wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you. The federal Fair Debt Collection Practices Act requires debt collectors to treat you fairly by prohibiting certain methods of debt collection. To learn more, call the FTC's Consumer Response Center for a free copy of Fair Debt Collection, or visit www.ftc.gov.
Fair Credit Reporting
Non-payment and late payments may affect your credit rating and your ability to get credit in the future. Although creditors usually consider a number of factors in deciding whether to grant credit, most creditors rely heavily on your credit history. That's one reason it's important to make sure your credit report is accurate. For example, if your file showed that you were once late in making payments, but didn't show that you are no longer delinquent, it would be inaccurate. The credit reporting agency must show that your payments now are current.
The Fair Credit Reporting Act protects you by requiring credit bureaus to furnish correct and complete information to businesses to use in evaluating your applications for credit, insurance or a job. For more information, request a free copy of Fair Credit Reporting.
The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP
Do you know your credit score?
Did you know that by law you are entitled to one free credit report annually?
Want a Free Annual Credit Report?
The Only Official Website is annualcreditreport.comThe Fair Credit Reporting Act requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months. The three companies have set up one central website, toll-free telephone number, and mailing address through which you can order your free credit report. The Federal Trade Commission (FTC), the nation's consumer protection agency, wants you to know that, if you want to order your free annual credit report online, there is only one authorized website:annualcreditreport.com.
Many other websites claim to offer "free credit reports," "free credit scores," or "free credit monitoring." But, be careful. These sites are not part of the official annual free credit report program. And in some cases, the "free" product comes with strings attached. For example, some sites sign you up for a supposedly "free" service that converts to one you have to pay for after a trial period ends. If you don't cancel during the trial period, you may be agreeing to let the company start charging fees to your credit card.
These sites often look like the official site at annualcreditreport.com. Some use terms like "free report" in their names; others have website names that purposely misspell annualcreditreport.com in the hope that you will mistype the name of the official site. Some of these "imposter" sites direct you to other sites that try to sell you something or collect your personal information.
If you want your free, annual credit report, do any of the following:
* Visit annualcreditreport.com.
* Call toll-free: 1-877-322-8228
* Mail your completed Annual Credit Report Request Form to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
Could your credit score use a boost
41 Hot & Juicy tips to make your credit score rise!
CPR for your credit score the legal way - click here!
Below are some hot and juicy tips that will help you work towards raising your credit score. Implement two, twenty, or all of them and watch your score rise like the mercury on a hot summer day.
1. Use your 3 free credit report checks Order your reports and check them for any errors that could be spoiling your score. Look for late payments, delinquencies and misspellings that may mean someone else's report is mixed up with yours.
2. Dispute every report error. Protest to the credit bureau that is reporting the error. Send the bureau copies of your evidence that the information is wrong
3. Don't open any new credit accounts to keep your credit inquiries at zero.
4. Do not close any accounts even if you no longer use them (your combined credit limits can help minimize your credit utilization ratio).
5. Pay every bill on time, every time. This is the biggest thing you can do to instantly begin transforming your credit score. You'll see a lift within 6 months.
6. Add a consumer statement to your credit report to offset any big negatives like bankruptcies or liens. The statement gives your side of the story. Contact customer service at the credit bureau for assistance. A lender may read it and decide to take a chance on you, which offsets a lower score.
7. Reconfigure your credit utilization ratio. This measures how much of your available credit you are using. Pay down your debt to get it below 30% of your total credit limits (all cards combined) and your score will rise. Don't ever go over that threshold of debt or your score will plummet.
8. Ask for Rapid Rescoring from your lender. This new process allows a new credit score to be generated within a few days after you complete some credit-improving task such as reducing your debt.
9. Only use your lowest interest rate credit card. Put the others away while you pay them off. Every bit of interest reduced helps when you're trying to turn your credit around.
10. Do not get arrested, or sued. Both can show up on your report.
If you want to see the other 31 great tips, visit my blog at: Credit Repair 9-1-1
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COMMON WAYS ID THEFT HAPPENS: Skilled identity thieves use a variety of methods to steal your personal information, ... - When given a choice to repair your credit - choose a law firm!
- When given a choice to repair your credit - choose a law firm that can do the work for you. In this blog I compare both Lexington Law and Ovation Law so that you, the consumer, can make a more informed decision about how you choose to work through the credit repair process and WHO you choose to represent you.
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If you enjoy the contents of this lens, you will enjoy my newsletter. I have a very full and useful e-mail series in place for anyone who would like to sign up. You'll receive tips and tricks in your email box (things worth doing and saving):
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Should consumers try credit repair on their own?
This really depends on you and the amount of time you're willing to allocate toward repairing your credit.Disputing the credit report is easy. Getting results, however, can often be difficult, complex, and infuriating. Remember that creditors routinely charge higher rates of interest to those with negative credit histories, so sloppy credit reporting may serve to maximize their profits, a circumstance that can make the process of credit repair a difficult and frustrating experience for many consumers.
Moreover, restoring your own credit is like repairing your own transmission or representing yourself in court; you can certainly do it (and you have the right), but you must decide if you are willing to take the time and endure the possible frustration of doing it yourself. In fact, according to a 2004 survey of 2,106 clients, 38.6% of Lexington clients attempted to repair their own credit before retaining the firm.
Credit Repair Resources on Amazon
The Complete Guide To Credit Repair
Amazon Price: $9.95 (as of 07/04/2008)
The Guerrilla Guide to Credit Repair: How to Find out What's Wrong with Your Credit Rating and How to Fix It
Amazon Price: $10.76 (as of 07/04/2008)
Credit Repair (Book with CD-Rom)
Amazon Price: (as of 07/04/2008)
The Insider's Guide to Credit Repair
Amazon Price: $12.91 (as of 07/04/2008)
Credit Repair Kit For Dummies
Amazon Price: $16.49 (as of 07/04/2008)
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