Credit Repair

How to Remove Accounts in “Collection” Status from Your Credit Report?

If your credit report shows debt accounts that are in collection status, it is going to make your financial life very difficult. You won’t be able to get more loans or credit cards. Even if you manage to get one, it will charge you a very high rate of interest. Not only that, it will also restrict your employment prospects; prospective employers may hesitate in hiring you and your current employer may deny you promotions even when you deserve one – all because of your poor FICO score, mainly resulting from the negative entries related to the accounts in collection status. Therefore, it is important for you to do something to remove those entries as early as possible. Following are some of the possible strategies that you may like to try. ...Read more>>

Fixing Credit After A Student Loan Default

When it comes to fixing credit after a student loan default, there is a step-by-step process that you have to follow. It won’t happen overnight. Therefore, if you are looking out for quick fixes, you are at the wrong place. It is very important for you to understand that a FICO score does not get damaged within a day or two. So, how can you recover the damage within such a short period of time? You must keep some patience and follow these strategies thoroughly. ...Read more>>

3 Most Common False Assumptions About Bad Credit Repair

There are several false assumptions about bad credit repair because of which many people never manage to make any serious attempt in the right direction to improve their credit score and they just keep wondering why they are having a low score. Following is a brief rundown on three such false assumptions. ...Read more>>

How To Write And Follow Up Credit Repair Dispute Letters?

You need to be very careful when you write credit repair dispute letters. There is a set procedure that you need to follow in this regard. Make sure that you are well aware of the laws that regulate this type of cases. The laws have provided you certain legal rights. Though you have an option to file your disputes online through web forum, but FTC recommends that you should do it in writing manually. Written disputes allow you to provide everything in good detail. Besides that, you also get a chance to attach documents in support of your claim. This way, written disputes actually accelerate the process and you have a better chance of success with this. Following is a step by step guide on how to write and then follow up with such letters. ...Read more>>

Challenging Negative Credit Report Items

There are certain legal provisions that provide the right to consumers to challenge the negative credit report items if they think those items are not correct or complete in all respect. There are three major credit bureaus in the United States of America that maintain this report that explain how well you are handling your credit. They collect information from all those parties that you are having a financial transaction with, such as your lenders, your credit card company, your landlords, and even the utility serviuce providers. Positive entries on this report means you have been financially very disciplined in handling your debts, such as making timely payments toward your debts and utility bills. If you find in your review of the report that certain negative items are not correct, you have the right to file a dispute with the credit bureaus. There is a set procedure that you need to follow in this regard. ...Read more>>

Repair Your Credit Profile To Ensure Better Rates And Easier Approvals For Loans

If you are having difficulty in qualifying for various loan or insurance programs and whatever offers are coming your way are expensive ones (such as with very high rates), this is probably the time to repair your credit profile. A low or bad credit score is the topmost reason why loan and insurance applications are rejected straightaway. And, even if they are accepted, you are charged high rates. Once you improve your credit worthiness by fixing the details in your credit report, you can put yourself in a better position and easily qualify for better offers. Following is a step by step guide on how to go about it. ...Read more>>

An Easy Way To Fix Bad Credit Score

If you are looking out for an easy way to fix bad credit score, you will be glad to know there definitely are some simple ways available out there that can help you improve your credit situation significantly within a relatively very short period of time. Using a secured credit card is one of the most proven ways to repair credit. Just because your FICO score is quite low at this particular moment, it does not mean that it is always going to be like that. However, things will not improve until you start putting in some serious efforts toward the same. Though it is difficult for a person with bad or poor credit to obtain an unsecured credit card, such people can easily qualify for a secured credit card, that too, at a very low rate. This secured credit card can prove to be a great tool for you that will pave the path for you to strengthen your credit worthiness. ...Read more>>

Repairing Credit After Late Mortgage Payments

Considering the very fact that just one late payment on any loan account (including mortgage) can result in a significant decline in your credit score, it is very important for you to know how to go ahead with the task of repairing credit after late mortgage payments. Depending upon your credit worthiness, every single late payment can deduct as much as 50 points, or sometimes even more, from your credit score. The most unfortunate thing here is that sometimes you are always in time with your payments but an entry appears in your report that says otherwise. ...Read more>>

Correcting Mistakes On Your Credit Report – Some Useful Tips And Suggestions

There is a set procedure that you need to follow when it comes to correcting mistakes on your credit report. If you notice that there are some errors on your report, it is your legal right to file a dispute with the three major credit bureaus regarding the erroneous entries. The term dispute here only means that you are informing the bureaus about the wrong entries and that you are requesting them to correct the same. Many people never realize that the reason why they have a low credit score is that there are several entries on their credit report that are misleading or inaccurate or are just not something that belong to them. Therefore, it is very important for you to review your credit reports for mistakes at least once every year. As per the Fair Credit Reporting Act, you have the right to have a correct credit report. ...Read more>>

Writing A Credit Dispute Letter – A Step-By-Step Guide

When it comes to writing a credit dispute letter, there are several things that you need to take into your careful consideration. There are three major credit bureau agencies that prepare your credit report; these three agencies are – Experian, Equinox, and TransUnion. Your creditors, employers, landlords, and other parties that you are having some financial transactions with, especially related to credit, report to these bureaus how efficiently you are handling your debts. The bureaus make entries on your report on the basis of the information provided to them by your creditors. But, sometimes, the entries made by them may not be complete or accurate. It can happen because of an array of reasons, such as typo errors done by the credit bureaus, wrong or incomplete information supplied by your creditors, and other such things. Therefore, it is very important for you to review your credit report at least once every year. As per the laws, you are entitled to obtain a free credit report once every year from each credit bureau. If you notice some mistakes over there, you will have to follow a set procedure to file a dispute with the bureau to rectify those errors. ...Read more>>

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How Changes To Payday Loan Law Can Save Consumers From Debt Traps
Payday lending laws have changed over the last few years to protect consumers from payday loan debt. Payday lenders have received much bad press recently. Often they are called loan sharks. Public hostility ag... Read more

What are the pros and cons of debt consolidation?