Many people will find their poor credit history to be overwhelming, and will be tempted by one of the many companies online that offer to “fix bad credit” for a fee. Although there are some situations where these companies may of use, for most people they are not necessary, and should be avoided.
The reason credit repair companies arent useful for most people are because they rarely do anything that you cant do yourself. These companies will give the impression that they are doing things you wouldnt normally be able to do on your behalf, but it most cases they are not. Continue reading “Be Cautious When Considering A Credit Repair Company”
Once inaccurate or outdated entries are discovered, the dispute process begins with the dispute letter being created. To get the best results a separate dispute letter should be created for each negative or outdated entry; this helps ensure that each entry is fully investigated. The dispute letter is the consumers legal means of correcting their credit file, so as with anything legal, there are guidelines that need to be followed. The letter should contain:
? Consumers Name ? Social Security Number ? Current Address ? Contact Phone Number ? Disputed Account Number ? Reason For Dispute ? Any Supporting Documentation Continue reading “Proper Use Of The Credit Dispute Letter”
Lets say you owe Mike (original creditor) $100.00 and a Guy named Steve (collection agent) comes up stating he wants $100.00 on behalf of Mike. Would you just hand him your money, or ask for proof of who he is and that he has the right to collect the $100.00?
This is called Debt Validation and is a very powerful tool for credit repair. Let me explain.
You can write Steve and ask for the following and he must provide it all or he cannot collect the $100.00, nor can he report it to the credit bureaus.
- A contract between him and Mike proving he owns the debt or was hired to collect it. Think about it. If he cannot provide that contract, he is just some guy named Steve asking for $100.00 Continue reading “Credit Repair has a secret weapon”
Once you have your credit report in your hands your first question should be “What is a good credit score and what is my credit score?” Each credit bureau has its own method of computing the credit scores and by themselves they dont really mean much. When the score is combined with your credit history, creditors can see at a glance how much money you owe and whether or not you have a good score. The scores range from 350 to 650, so if you are in the lower end of the score, then you will probably start to wonder “how can I raise my credit score?” Continue reading “What Is a Good Credit Score - How Can I Raise Mine?”
Anyone who has read any newspaper articles on credit card debt would already know what credit card debt consolidation is. However, just for the benefit of others, credit card debt consolidation, in simple terms, is the process of consolidating debt which you hold on various high APR credit cards onto just one low APR credit card.
The biggest benefit from consolidation usually results from the lower interest that you will pay. This can save you a lot of money, especially if you have a big balance and will need to pay it off over a few years. There are some other benefits to consolidation too. Continue reading “Should You Consolidate Your Credit Card Debt?”
