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The 10 biggset myths about your credit. |
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1571748 |
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PA
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Here are the ten biggest myths about your credit!! Credit
repair isn't legal.
Not
only is credit repair legal, you are guaranteed
these rights by the Federal Fair Credit Reporting
Act. The credit bureaus try their best to undermine
the process, but it was their misdeeds that caused
the law to be passed in the first place. The Fair
Credit Reporting Act is your defense against them.
The
Federal Trade Commission receives more complaints
against credit bureaus than any other type of
business. Clearly, this situation evolved out of deep
consumer frustration with the uncooperative nature
of the credit repair process.
Not
surprisingly, the credit bureaus have declared
war against companies that help people repair
their credit. The bureaus criticize these companies
in the media and send anti-credit repair literature
to anyone who they suspect is getting help.
The credit bureaus do
everything in their power to discourage consumers
from making progress with their credit repair,
so you need to do whatever you can to protect
your interests.I
can easily fix my own credit.
The
is the biggest myth about credit repair. Credit
bureaus want you to believe this because they
know you cannot achieve the same results alone
as you can with professional guidance.
Disputing
the credit report is easy. Getting results (and
actually repairing bad credit) can be difficult,
complex, and infuriating. The truth is, you CAN
attempt credit repair without professional help.
You can also perform surgery on yourself, although
it probably wouldn't be wise. It's also not wise
to attempt to correct your own credit report without
the proper information and guidance.
Why
go it alone, when for less than a hundred bucks
you can benefit from the best credit repair program
in the country?Credit repair
doesn't work.
When you speak with
credit grantors, collection agencies, or credit
bureaus, their typically under-educated staff
may tell you all manner of pseudo-legal nonsense,
like all credit items must appear on your report
for seven years. The truth is that negative listings
cannot appear on your credit report for longer
than seven years (10 years for bankruptcies),
but the credit
grantor or the credit bureau can choose to delete
the negative credit listing whenever they see
fit.
The bureaus boldly deny that
information can be removed from a credit report,
when the truth is that it happens tens of thousands
of times a day. Don't believe the propaganda!
You have to hire
a credit repair service or lawyer to fix your credit.
It used to be that attorneys
were forbidden from advertising their services
because it was considered unprofessional. When
that law was repealed, lawyers found dozens of
new industries in which they could promote their
services. Credit repair companies often employ
attorneys to legitimize their efforts and to justify
their high fees.
All these services do
is send out a series of letters on your behalf
to the credit bureaus. They charge monthly for
this service because federal law forbids them
from charging an upfront fee. But by charging
monthly, they have zero incentive to speed up
the process. Therefore, they actually take more
time than necessary in order to rack up the fees.
It's not unusual for it to take several years
before you see results from these companies. By
that time, you've paid thousands of dollars for
results you could have acheived with Credit
Repair Magic in
a fraction of the time.
Also, because you have
to fill out so many forms and continually send
the attorneys your credit reports every time they
come in, it actually takes more of your personal
time than it will with Credit
Repair Magic's self-directed approach.
Negative items can be "fixed" just
by paying them off
Many people think that
paying off a collection or making a late payment
current will magically fix their credit report.
The truth is that simply
paying off a debt will not improve your credit
rating much, if at all.
Negative credit is allowed
to stay on the credit report for a maximum of
seven and one half years, except for bankruptcy
which may remain on the credit report for ten
years. Under the old Fair Credit Reporting Act
(FCRA), the seven year clock began ticking on
"the date of last activity" or, in other
words, when the last action took place on the
account. Under
the revised FCRA, the credit bureaus must start
the seven year clock on the first payment that
you missed that led to the collection or charge
off status. Now, creditors and collection agencies
aren't allowed to extend the reporting period
by passing the account back and forth between
collection agencies.
However, by paying an
outstanding, delinquent debt you will change the
account status to "paid collection,"
"paid was late," or "paid was charged
off" - which will still stand out as a very
negative listing.
Credit
Repair Magic contains instructions on how
to properly pay off collections and past due accounts.
Using our simple method, you can actually get
your account updated to positive status as a condition
of accepting your payment.
A couple of negative items on my credit report
won't make any difference if I have enough good
credit items.
Any amount of bad credit
is devastating to your chances of being approved
by a credit grantor. Most credit grantors never
actually look at your credit report. A computer
pulls your credit report, rates your credit standing,
income, indebtedness, and stability, generates
a number (your credit score,) then spits out an
acceptance or denial.
Even one or two slow
payments will usually trigger a credit card or
personal loan denial. The slightest amount of
negative credit will cause the interest on an
auto loan to skyrocket. You will probably find
that even a little bad credit, regardless of how
much good credit you have, is an unacceptable
barrier to credit approval.
Creditors such as mortgage
companies, automobile lenders and credit card
companies reserve their best rates for those customers
with very high credit scores. The rates and terms
get worse as the credit score goes down.
Going from a 580 to
a 640 credit score can be the difference between
qualifying for a home loan or being turned down
flat. Even one negative item can bring your score
down enough to cost you a bundle of money.
According to the latest
figures, the average American has a credit score
of 677. If that same individual increased her
score to just 720, she would save on average $421
per month, or $5,052 per year. Wow!
The fewer negative items
on your credit report, the higher your credit
score. The higher your credit score, the more
money you will save. Period. There are some types of negative listings
that are impossible to remove from the credit
report. There is
no type of negative listing that hasn't been reparied
and removed from a credit report thousands of times.
Negative items, such as bankruptcy or unpaid debts,
are certainly more difficult to repair and remove
from the credit report, but this has more to do
with the operational systems of the credit bureaus
than with the severity of the bad credit item. For
example, judgments and tax liens are severely negative
listings, yet are, overall, easier to repair. Consumer Credit Counseling Service or some
other debt consolidation company can help me to
repair my credit.
Consumer Credit Counseling
Service or CCCS is a nonprofit debt counseling
service that assists consumers who are over their
heads in debt. It's important to know that CCCS
(and companies like them) are funded and controlled
by the credit grantors and the credit bureaus.
There are countless
other companies that call themselves debt counselors,
credit counselors, or debt consolidators. Many
of these companies are officially non-profit,
but don't let that fool you. Some of the wealthiest
people we've met in this industry run non-profit
debt consolidation companies.
Debt consolidators can
provide a beneficial service to the consumer.
They can freeze late penalties, lower the interest
rate, and consolidate all your credit card payments
into one monthly bill. If you make your payments
as scheduled, you can pay off all your debt in
a few years, saving thousands of dollars.
But these companies
make money from you (often, your first monthly
payment goes to them, as well as a monthly payment)
AND they make money from the creditors, who pay
them to "manage" the collection of your
account.
Because of the obvious
allegiance these companies have with the credit
bureaus, you cannot reasonably expect them to
do anything that the credit bureaus would frown
upon, such as help you repair your credit.
In fact, if you decide
to leave a debt consolidation program before you
have finished it, they can list your failure to
complete the process as a negative listing on
your credit report.
Also, when you are participating
in the debt consolidation, your creditors will
often note it on your credit report. If you have
perfect credit, and wish to keep it, you may not
want to use a credit counseling/debt consolidation
service. These services usually create negative
listings because their process will generally
make you late on your bills at least 30 days.
The fact that you resorted
to a debt counseling program alone is a red flag
for prospective credit grantors. Remember, paying
off your debts is a step in the right direction,
but it does not repair your credit. If I succeed in deleting a negative item,
it will just come right back on my credit report.
The credit bureaus have
cleverly spread this myth through the news media
and government agencies to discourage credit repair.
Under the new Fair Credit
Reporting Act (FCRA), the credit bureaus must
follow strict procedures to notify you if they
decide to re-report an entry on your credit report.
These new procedures have reduced the frequency
of the re-reporting of listings, and they have
increased the risk of lawsuit for the credit bureaus
when they do it. I can just get a new social security number
or file bankruptcy and start over.Using a new social security
number to establish credit is illegal and can land
you in jail. Don't believe anything else you hear
about this process. We've actually spoken to people
who were convicted and sentenced. Just
don't do it.
Many bankruptcy attorneys
do not adequately understand or explain the effects
of bankruptcy to their clients. Stated simply, bankruptcy
is to the credit rating what the atomic bomb is
to the battlefield.
When you file for bankruptcy,
every credit account that you decide to include
in bankruptcy will become an "included in bankruptcy"
item. 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.
If at all possible, you should avoid bankruptcy.If you really want to repair your credit click here , your future depends on it trust me.
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