Is there anything you can do about credit report errors?

YES!  If you find errors, you can contact the three main credit reporting agencies:

• Equifax

• Transunion

• Experian

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Experian (714) 830-7000

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What do you need to dispute a Credit Report Error?

• A statement or settlement letter from the creditor showing that the account balance was paid or settled-as-agreed
• A copy of the canceled check proving payment was received

Follow up in about 2 weeks if you do not receive any confirmation that the error has been corrected.

BEWARE OF COMPANIES THAT CLAIM TO BE ABLE TO CORRECT ERRORS AND IMPROVE YOUR CREDIT SCORE! ! !

The Federal Trade commission (FTC) has good information on how to correct credit report errors.  CLICK HERE

For a FREE Credit Report, go to www.annualcreditreport.com.

If you need professional help, we have been helping clients for almost 10 years to settle debts for much less than they owe!

For mor information on fixing Credit Report Errors or to get help eliminating your debt, Give us a call!

1-877-492-4109

or Click on the link below

Many consumers are drowning in debt such as:

• Credit Cards

• Store Cards

• Personal Loans

• Medical Bills

One solution is Debt Settlement.

When an account becomes very delinquent, it is often charged off by the original creditor and the account is assigned or sometimes purchased by a collection agency.

The goal of the collection agency is to get as much money from the consumer as possible.  Of course, they use methods that are border-line illegal or out-right in violation of the Fair Debt Collection Practices Act (FDCPA).

I’m not going to get into the techniques and how to combat them now, but if you would like free information, CLICK HERE.

After several months, a collector should be willing to accept a reduced amount to settle the account.

Depending on various circumstances, the reduction could be anywhere from 35% -50% of the current balance.

If a collector agrees to a settlement, there are a few things that you must do to protect yourself:

1.  Get a written settlement agreement before authorizing any payment!  Never agree to a settlement just with a phone conversation!
2. Once you have the settlement agreement in hand, then you can mail a check (my favorite) or authorize a check-by-phone (my least favorite) according to the terms of the agreement.
3. After the payment has cleared, get a copy of the cleared check or details of the check-by-phone for future proof.

It is not common, but once in a while a settled debt my resurface at another collection agency or still be showing as an outstanding debt on your credit report.

Creditors are supposed to send you a letter after the settlement stating that the debt has been officially settled as well as notify the credit bureaus of the same.

But, very few do.

If you get a letter concerning a settled debt, you can easily prove the settlement by faxing:

• A copy of the settlement agreement
• A copy of the canceled check or proof of check-by-phone from your bank statement.

Correcting a mistake on your credit report takes a little more time and effort, but you can do it yourself.

Contact the agency and send them the same proof as above.  You will need to follow up as they tend to take a long time to remove an incorrect or settled account from your report. There is no need to pay a “credit repair” company.

Every day we get asked the same questions over and over again. Here are the answers to some of the questions we get asked most often. 

Here are 5 tips that you can use to improve your credit score:

1. Check the accuracy of your credit report

Did you know that by law, you have the right to obtain a FREE credit report from each of the three national credit reporting companies every 12 months?

To have the best credit score possible, you must make sure that your credit report does not contain errors.  This is your responsibility!

To get your Free Credit Report:

• Go to Annual Credit Report and follow the instructions.

• Or, you can call 1-877-322-8228 to request that your report be mailed to you.

• Or, you can also complete the Annual Credit Report Request form and mail in your request.

2. Pay your bills on time

Although there are several factors in determining a credit score, one of the most important is making regular, on-time montly payments.  Most banks have automatic online payment, so take advantage of the service!

3. Understand how your credit score is determined

Basically, your credit score is base on how you answer these five questions:

• Do you pay your bills on time? If you are consistently late paying your bills, your credit score will suffer.

• How much outstanding debt do you have? If you have too much outstanding debt compared to your ability to repay (based on income, debt limits, etc.) then your score will suffer.

• Have you applied for several new accounts recently? Filling out several store card applications or trying to establish new credit with several charge cards in looked on as a negative for your credit report.

• How long is your credit history? Even thought you may never have had bad credit because you have never really had a loan or credit card, this is considered a negative on your credit report.  Try to establish one or at the most, two accounts and pay them on time and possibly pay them off in a few months.

•  What types of credit accounts do you have? Too many finance companies or high interest credit cards may hurt your score. On the other hand, a mix of installment loans (auto, home, etc.) and a credit card or two is much better for your score.

For more information, check out the Federal Trade Commission's website at Facts for Consumers.

4. Take the time and effort to legally improve your credit score

It is well worth the effort to improve your credit report and score!

Click on this link for step-by-step instructions on how to repair your credit report.

5. BEWARE OF CREDIT REPAIR SCAMS!

There might be a few legitimate credit repair companies, but I haven't ever found one!

You can find all you need to know about how to legally correct or repair your credit report at the FTC's site "Credit Repair: How to Help Yourself"

If you have some questions or need some more information, our Solutions Specialists are here to help.  Give us a call!

1-877-492-4109

OR, Click on the link below for a FREE PERONALIZED DEBT ANALYSIS!

photo by: kanonn

What You Need to Know About Credit Card Debt Repair

Many people call in asking us about credit card debt repair.There are many companies who call themselves "credit repair" companies.  They claim to be able to remove negative items from you credit report in order to improve your credit score. 

It is a big mistake in thinking that any company has the ability to remove a negative item on a credit report without adequate proof of erroneous information. Any item that is removed with fraudulent proof will most likely be placed back on the report.  This could produce a legal issue, so be careful.

The real question is, "Can I do this myself?"  The answer is YES!

You can contest and correct legitimate errors on your credit report by contacting the three major credit reporting bureaus yourself.  You can use the forms provided on their websites or you can write a simple letter stating the item that you are disputing. Make sure to include proof that your dispute request is legitimate such as:

• A statement from the credit company showing payment
• A letter from the credit company showing settlement
• A canceled check showing payment was received and proccessed

Mistakes on your credit report can significantly reduce your credit score, so make sure to review your credit report and dispute any errors as soon as you find them.  Here is the contact information for each of the three bureaus.

*You may be required to submit an additional form to TransUnion.  This form can be found at http://bit.ly/ctNrKE

Do you want to raise your credit score? Of course, we all do, but most of us simply don't know where to start.  Every situation is different and there is not one magic solution.  However, If you follow these 3 top credit score tips, you will be suprised at how quickly you can significantly increase your credit score. It's as easy as 1, 2, 3!

Tip #1: Pay your credit card and other debt payments on time every month! Late payments have the greatest negative effect on your credit score.  You absolutley must get organized and create a bill paying system that works for you. Try setting reminder alarms in your phone or computer for a few days before each bill is due.  Or you may want to write each bill's due date down on a big calendar that you see every day.  Whatever system you chose, get yourself organized and pay them on time EVERY month. No Exceptions!

Tip #2: Review your credit report at least once per year and correct any erros you find. There are three major credit reporting agencies. (TransUnion, Experian, & Equifax) You can get a free credit report each year atwww.annualcreditreport.com.  Once you have these reports, review them carefully for any mistakes such as collection items, incorrect credit limits, and late payments. These incorrect items lower your credit score. Getting them corrected doesn't take much time or effort and will start to raise your credit score immediately.

Tip #3: Don't close unused credit accounts. Few people realize that closing credit accounts will actually lower your credit score.  The length of your credit history makes up about a third of your credit score.  By keeping old accounts open, you credit history goes back further and thus helps your credit score.  Some credit accounts will automatically close if they go unused for long periods of time.  It is a good idea to use those old zero balance accounts from time to time as long as you pay them off immediately.

Following these three simple steps will help you to increase your credit score quickly and without too much effort or time on your part.  Good Luck!