What Can Credit Repair Do for You?

What can credit repair do for you? The tightening in the credit markets over the last two years has raised the bar so high that millions of consumers are finding they no longer qualify for an auto loan, mortgage, or credit card. The recent focus on credit has also influenced employers and landlords. You can no longer afford to take your credit for granted. You must become pro-active about credit repair, starting today.

Getting the Ball Rolling

Start your credit repair project with a complete assessment of your situation. The starting point is your credit reports. There are three major credit bureaus, Experian, Equifax, and TransUnion. Each of the bureaus is an independent entity, and must be examined on its own. You may obtain your credit reports for free at AnnualCreditReport.com once every twelve months, and although the price is right, I would caution against using this free service to launch your credit repair project.

Starting With the Right Reports



First off, the website, which serves as a hub for the three credit bureaus and requires that you make your request in triplicate, is difficult to use. Many users report that, after a long struggle, they only manage to obtain two of the three reports. And second, when you finally get your reports you will find that they are each in a completely different format, and equally hard to decipher. Not a great way to start your credit repair effort.

Invest in Your Credit Repair Project



I suggest that you shop online for a tri-merged report. There are many available, and may even be purchased directly from any of the three bureau websites. These reports are typically well designed for easy reading and will be a help, rather than a hindrance, for your credit repair task. You can expect to spend about twenty dollars for this report, and if you shop carefully you should be able to get it without committing to a monthly service.

Proofread Your Reports



Once you have your three bureau report in hand it is time to proofread. As crucial as your credit is, it is imperative that you do not short change your credit repair potential by skimming your report. You must examine each and every line for potential errors. And if you find anything that is even slightly questionable, do yourself a favor and give yourself the benefit of the doubt. You should be aware that over half of all credit reports have errors serious to cause the victim to pay premium interest rates on loans. And not all of these errors are obvious derogatory items.

Every Little Thing Counts



Among the less obvious credit reporting errors that you should search for in your credit repair effort are underreported credit card limits. Your credit score is heavily influenced by the relationship between your revolving balances and your limits. If a creditor makes the error of underreporting a limit your credit score may take a significant hit. Just remember as you continue your credit repair task that every single point on your score can translate into real money in your pocket, so don’t neglect even the smallest issue.

More High Value Reporting Issues



Other reporting problems that might normally remain under the credit repair radar include duplicate accounts, paid accounts reporting with balances, closed accounts reporting as open, and accounts that are not yours. All of these events may seem completely harmless, especially if they are not reporting in a negative manner, and yet they may be costing you serious points. How many points depends on the overall content of your credit report, but it is common for errors like these to add up to over a hundred points. This is enough to get you denied for a loan, or to pay a significant premium. Your patient credit repair efforts will be well rewarded.

Sneaky Costly Collection Errors



One more category worth mentioning is collections. Collections may be the hardest items on your report to scrutinize. The information often seems vague and incomplete. Here is one thought you can bring to bear in your credit repair effort; if you see a debt reported by more than one collector, one of them should not be there. You should know that when a collector sells a debt to another collector they are supposed to withdraw their account from your credit report. Examine collections carefully. Your credit will thank you.

Take Action Today



In the final analysis, when it comes to your credit repair project, everything matters. Take your time and find every single suspect issue and dispute them with the credit bureaus. If you feel overwhelmed by the process you should consider hiring a reputable credit repair company to do the job on your behalf. Most legitimate credit repair services offer their services for a small monthly fee. Your credit is too important to ignore. Take action today, you will succeed.

Copyright © 2009 Ian Webber. All Content. All Rights Reserved.



By: Ian Webber

About the Author:

The Foundation of Credit Repair Success



It’s time to take stock. Where are you today? Are your finances stable enough to make timely payments on your obligations from this point forward? Credit repair can completely transform your credit and even put you on the path to long term wealth. But to be a good candidate for credit repair you must be able to keep up with your existing commitments. There is no point in making the effort if you are still slipping backward each month. If you can commit to timely payments from this point forward you are a candidate for genuine credit repair success!

Understanding the Nature of Credit



Credit repair success can be measured by the changes in your credit scores. Cleaning up all of the erroneous reporting issues from your credit report is essential, but in the final analysis it is your credit scores that will tell the tale. Credit scores are the result of everything on your report. As important as eliminating negative items may be, the presence of positive credit is even more important. In short, good credit scores require the presence of open and properly managed accounts. Managing your accounts for credit repair success is easy if you know how.

Your Accounts and Credit Score Optimization

As odd as it seems, you may make all of your payments right on time, for years on end, and still have awful credit scores. The good news is that a bit of knowledge can turn things around on a dime and lift your scores dramatically. There are two parts to this credit repair secret; type of credit, and account balances. When it comes to your credit scores not all credit is created equal. It is simple; mainstream credit cards, such as MasterCard, Visa, American Express, and Discover are good. Store cards and consumer credit, such as furniture store loans, are bad. If you have store cards or consumer debt you should work on paying it off. Now, let’s chat about managing those good mainstream credit cards for credit repair success.

Revolving Account Management

If you don’t have any good open credit cards, open them now. If you can’t get approved for unsecured credit, just get a couple of secured cards. They are easy to get and you won’t be denied. Once you have your credit cards you are in a position to really get your credit scores moving in the right direction. All you need to do is get the balances under twenty percent of the cards capacity. If you have a five hundred dollar card get the balance under one hundred dollars and watch your scores take off. Conversely, you need to know that a balance near the card’s limit can knock as much as one hundred and fifty points off your score. If you have high balances, don’t worry. As soon as you pay the balances down your scores will pop right back up (just allow time for the creditor to report the new balance to the credit bureau).

Whipping Your Credit Report into Shape



Credit repair rule number one: Give yourself the benefit of the doubt! Don’t believe everything on your credit report just because it is in writing. If there is any chance a derogatory item is erroneous, dispute it! For goodness sake, it’s your credit and it’s important, so get pro-active, or hire a professional credit repair service to manage the process for you. There is plenty of evidence to support an aggressive approach to credit repair. Over seventy five percent of all credit reports contain errors. The majority of these errors cause consumers to pay premium interest rates on the money they borrow. Don’t be victimized.

Two Handy Credit Repair Tips

Once you get into the task of cleaning up your credit report here are two handy credit repair pointers that can help you out. First, legally, collectors are supposed to withdraw their reporting of an account as soon as they sell the account or return it to the original creditor, but they rarely do. Challenge all questionable collections. And, second, credit card issuers have been known to underreport credit card limits. This underreporting has the same impact on your scores as if you had run up your balance. Proofread your reports carefully for accurate credit limits.

Don’t be Afraid to Ask for Credit Repair Help



Reach out! If you don’t have the time to manage the job of credit repair on your own call a pro. A credit repair professional will review every single detail on your report. They will be able to identify your credit score optimization options, find deficiencies in your credit, and dispute all of the questionable derogatory issues in an experienced and efficient manner. Good luck with your credit repair project!

Copyright © 2008 James W. Kemish. All Content. All Rights Reserved.



By: Jim Kemish

About the Author:

Maria Gallercia asked:


Also, how do you start a business repairing other people’s credit and restructuring their debt so they can be approved and get the best rates they can for mortgages and car loans. What about helping them with ChexSystems and to get a better hold on their credit and finances. I know the income potential is $100K a year, and also you’re helping people rebuild their lives from financial disaster so they don’t have to resort to predatory lending such as cash advances, payday loans, title loans, rent-to-own, and sub-prime mortgages (to name a few). I understand with that said its very rewarding financially and personally. Thank you for all your help.

sandi asked:


I need help as were to start off…… I am looking to open a credit repair business (Texas)
However I dont know what the law is regarding this type of business
, Is there any special training or licensing required?
any education (classes)?
Is this regulated by a specific office?

thecreditguru asked:

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