Do Your Kids Understand Credit?

Teaching your kids to understand and respect credit could be one of the most valuable lessons you can impart. People all around you are buried in debt - you may even be buried in debt. If you can keep your children from falling into the same trap, you'll be doing them a great service.

You really need to start when they're very young - with savings accounts, or even a box at home where they can save up money to buy something special. As they get a bit older and proficient at math, they should learn about checking accounts and how to track expenditures. They should also learn how to balance the bank account.

Learning those things early on will make them much less apt to go crazy with spending the first time they hold a piece of plastic with their own name embossed on the front.

If you didn't start early, there's no better time than now. They need to understand the basics before they have access to plastic money. That said, when the time is right, you have choices in how you'll introduce him or her to the world of credit.

A simple way is to add your child's name as an authorized user on your own card. As long as your credit is good, it will help your child to build credit as well. But that might not be the best choice.

If you add your child's name to a card on which you carry a balance, the lesson may be lost. It's better if the card your child uses is used for nothing but his or her expenses. That way you can both see and track purchases, and your child can see clearly how many dollars it costs when that balance isn't paid in full each month. This is part of the lesson you want to teach.

If your teen has an "I can't live without this item" and wants to charge it, you should first sit down together and go over the real cost. If the item is $100 and he or she can only pay $10 per month - show him how much extra he'll pay in interest.

This is a good time to teach budgeting, so your child can see that if he runs up debt he'll have that much less to spend next month.

You also need to establish some clear rules about how the card will be used. Will he buy his lunch every day with the card and then pay it off in full at the end of the month? Is the card for clothing, music, or entertainment? If so, who pays the bill? And what are the consequences for not making the payment - or not making it on time?

A second method is to help your child get his or her own card. You will probably have to co-sign, however. That means you will still be liable for the debt and your own credit will suffer if bills aren't paid on time.

Both of these methods leave you open to "spoiling" the lessons. Because you won't want a late payment on your credit report, you will probably jump in and bail out your child if he or she gets in a mess. And as we know, being rescued from our mistakes isn't the way to learn lessons.

Stored-value cards are another option for helping kids learn how to handle money. These are actually pre-paid cards, so have no value in building a credit report. They're convenient, because in most cases, your teen can have their paycheck deposited directly into the card.

Stored value cards are really the same thing as a checking account - except plastic.

Several banks are offering stored value cards, but they come with a big drawback: Almost every action - such as an enrollment, a reloading deposit or a balance inquiry - comes with a fee. There's even a fee for inactivity if you don't use the card for a few months.

It might be safer to set up a checking account. But if you choose that route, take the time to explain the consequences of writing a check for more than your available balance.

Author: Mike Clover
CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and ground breaking credit news.

Beware of credit score quick fixes.

During challenging times like now, it can feel very frustrating when your debts have gone to collection due to job loss, or even the company you are working for files for bankruptcy. What ever your situation is there is no quick resolution to repairing your credit report. Lots of credit repair companies will sell you on quick fixes, but depending on how bad your credit report is littered with collections and how much money you have to work with, will determine how long the process will take. Don’t get trapped into quick credit repair schemes. There is no such thing. I assure you of that. I wanted to discuss the process in this article about how to repair you credit and the FACTS about the process.

Here are the proper steps………..

Step 1: Credit Education
The first step is to be aware of what will destroy your credit while you are trying to repair your credit. Collections and late payments are the ultimate death of good credit scores. If you are in the process of trying to figure out how to fix your credit, that would be a good start. Make sure you don’t have any late payments ever, and definitely make sure nothing goes to collection. It does no good to work on your credit if you continue to have obligations go to collections and / or late payments on stuff. This is the first step before you start any type of credit repair.

Step 2: Pull your credit report
Don’t be scared; pull a recent copy of your credit report to determine what you need to work on. Pulling your own credit report does not hurt your credit scores.

Step 3: Review your credit report
Determine what is accurate and inaccurate. If you find stuff on your credit report that is not yours, dispute it with CreditScoreQuick.com’s on-line dispute process. These are links that take you to each credit bureau so you can dispute inaccurate information.

Step 4: Negotiate collection accounts
After you have determined what collection accounts you have acquired, you will need to figure out what your budget is to pay off these collections. Most collection companies will take pennies on the dollar for debts owed. Phone numbers for these creditors will be on your credit report somewhere. You will need to look for the collection company’s number. The number is usually on towards the back of your report.
For example: If your credit report says you owed $300.00 to so and so collection company, you will offer them $150.00 dollars to settle. You may offer less, depending on what your budget is. You need to start with the most recent collections and the smallest collections on your report. Once you come to a agreement with a collection company whether its payment arrangements or settlement, make sure you follow through on the agreement.

Step 5: Get letters from Collection Company of agreement terms
Once you have paid a collection, the collection company is suppose to mail you a letter stating what you did, and report that to the credit bureaus. Make sure you get these letters from these collection companies. Put those letters in your file cabinet and remember where they are. You may need them if the credit bureaus don’t update properly. That is your proof to cover yourself.

Step 6: Re-Establish your credit
In order for your credit report to score you, your credit report needs credit reporting on that report. If all your obligations went to collection, you will need to re-establish credit. The quickest way to establish credit is to apply for a secured credit card. These types of cards usually require a deposit from you in the amount of $200.00 to $300.00 in an account of the banks choice. The terms and fees are usually not good, but it is what it will take to re-establish your credit. Make sure you are not late on any payments, and pay off the card as soon as possible, even though it was your money that secured the card. Ideally you need a couple of these cards, so get two. While you have this card, charge small purchases on these cards, and pay it in full every month. With good payment history these credit card companies will extend credit to you over time. You will need at least 3 lines of credit on your credit report. Get a couple of secured credit cards, and if you don’t have a third, apply for a small personal loan that reports to all 3 credit bureaus.

Step 7: Re-check your credit report
After you have paid off collections and/ or re-established your credit, pull a copy of your credit report to see the progress. This is not a quick process and can take up to a year or so. The timeline depends on how much negative information is on your credit report. Don’t get frustrated, this process that I have discussed will work. Eventually your credit report and credit scores will progress depending on how quick you pay off your obligations and re-establish new credit. If you see inaccuracies on your credit report, especially for those obligations you have paid, use our “Fix credit report errors” article.


Good luck.


CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and ground breaking credit news.

Beware of Credit Repair Scams

2009 may go down as the year when more Americans resolve to fix their credit than at any time in history – because high scores are now a requisite for getting any kind of decent interest rates.

In fact, without good scores, consumers might not get any loans at all!

Banks are running scared in the face of mass foreclosures and defaults on credit card debt, so want to feel very certain that you're going to pay them back before they let you have their money.

In response to this need to raise credit scores, bogus credit repair companies are popping up all over. You've probably already found them in your in-box or your postal mail box.

But don't bite.

Unless you're dealing with a non-profit credit-counseling company who will help you take control of your finances through various kinds of counseling, you're probably hearing from a scam artist.

Some of the credit repair companies will do one thing for you: they'll help you remove errors from your credit report. But at a hefty price for something you can do yourself.

Others will take your money and give you no results at all, so your best move is to say "Thanks but no thanks." Many require payment up front, which is against the law. If you've dealt with a credit repair company and paid them before they showed you results, call the FTC at 877-FTC-HELP and report them.

Reading your report and taking action to remove incorrect information is important, and the chance of finding errors is high. In fact, one in four credit reports contain errors. These include data entry errors along with old information that should have been removed after 7 years.

To have incorrect information removed from your file, you must file a dispute with each of the credit bureaus that lists that information. They must then investigate and will report back to you in about 30 days. The business reporting the disputed information must also look into the claim. Then when a mistake is confirmed you can request the credit bureau send a corrected report to any prospective lenders.

Of course it is best to keep a close eye on your credit report so that you have any errors corrected long before you need to show your scores to a prospective lender. Be sure to get a credit report with scores, so you know where you stand.

The way bogus credit repair companies propose to repair your credit is to repeatedly file disputes with the credit reporting bureaus until they get tired of responding and remove the information from your file. Even if this worked, it would take many, many months of repeatedly filing the dispute.

The best plan is to steadily work at paying off that debt.

If you are struggling under a heavy debt load due to job layoffs or illness, do contact your creditors and try to negotiate better terms for repayment. Many will work with you on lowering your interest rate, removing late fees, etc.

If you don't feel capable of handling these negotiations on your own, check with the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies to find a reputable credit counselor. Often these services are free.

CreditScoreQuick.com your resource for free credit reports, credit cards, loans, and free credit repair advice.

Repair your free credit report for FREE.

With all the credit repair companies getting in trouble with the FTC, you might wonder why? The main reason is most credit repair companies sell a service they cannot deliver. The reason is you cannot delete an item on your credit report that is a valid debt you owe. Credit repair companies claim they can delete bankruptcies, foreclosures, late payments and charges off by flooding the bureaus with dispute letters. Under the Fair Credit Reporting Act the credit bureaus have 30 days once they have received a dispute to respond. If they don’t respond within the 30 day window it is suppose to be removed from your credit report. Let’s face it; the creditor that you owe will still report to the credit bureaus that you owe them money. So the collection will eventually show back up if this loop hole takes place. I would not be surprised if this loop hole eventually gets changed, because it causes unnecessary work for the credit bureaus, especially if it’s a frivolous dispute Now that I have got that out of the way, here is the steps to repair your own credit report without paying someone for a task you can do for FREE yourself.

1. Get free copy of your credit report.
There are several options here, you can go to www.annualcreditreport.com and get your free credit report with no credit scores. Also you get this credit report only once year for free with no credit scores. I always suggest getting your credit report with your score for each credit bureau. The reason is you need to be educated about where your credit scores currently stand. To get your credit scores you can go to a number of credit report sites that offer your credit scores on a free trial. Make sure you get all 3 credit scores with your credit report.

2. Review your credit report for collections and inaccurate information.
It is very common to have many mistakes on your credit report that will affect you overall credit score. So review your credit report and notate any incorrect information being reported. Typically most collections will report for 7 years from the collection date. Also review the actual collections that you owe. Write down the amount you owe along with getting the creditors name and number. The name and number will be on the credit report so you can start calling these creditors to make arrangements to settle on the debts you owe. If you thought disputing stuff you owe was a good practice you are wrong. You are wasting your time disputing stuff you actually owe.

3. Negotiate your collection balances
Everyone is selling the easy way to do things when there really is no easy way to repair your credit report. Once the damage is done you have to get a little dirty to fix your credit issues. The first step is to find all the collections you can take care of with in your budget. Determine how much money you have to either arrange payment arrangements or to settle on an account. I recommend settling on the accounts you owe for pennies on the dollar., For instance if you owe $300 dollars offer them $150, you will be surprised what these collection companies will settle for. While you are calling these creditors be sure to ask for a letter to delete the collection from each credit bureau. This applies to whether you paid your account in full or settled. Typically the creditors will not give you a letter to delete, but it does not hurt to pressure them for this letter. Normally they will mail you a letter either saying you settled on the account or you paid it in full. Regardless of what takes place make sure you get some sort of letter for your records. Once these updates start taking place with the credit bureaus your credit scores will increase. The reason for this is the balance owed now is $0. This has the tendency to increase your scores. Most will argue that this process does not help and they are dead wrong. Your credit scores will increase as your creditors report these accounts with zero balances owed
4. Dispute inaccurate information
It is very common to have inaccurate information reporting to your credit report. This can affect your credit scores and your financial life. Comb your credit report for information that is incorrect. Once you have determined what you are absolutely sure is wrong dispute it with the credit bureaus. Example, if the collection is reporting to one credit bureau and is over seven years old, then disputes that collection with that credit bureau. There are two ways to dispute an item on your credit report.
a. Dispute on line here
b. Dispute with a dispute letter select this link.
After you have disputed all inaccurate information and re-establish credit go to step 6.

5. Re-establish credit
If all your good credit went to collection and you have no good credit reporting to the credit bureaus you have to re-establish good credit. The quickest process is to get a couple of secured credit cards. I would recommend a couple secured cards. Most secured credit card companies usually require around $200 to $300 dollars put into a account of there choice. This process will secure credit in your name. Once you do this the secured credit card will report to all 3 credit bureaus. This process immediately starts the credit score rebuilding process. With good payment history you will start getting new credit card offers in the mail. Remember to make your payments on-time and to pay off the card as quick as possible. You dont want to keep high credit card balances even though its your money that secured the card. I know this sounds strange but its the quickest way to re-establising good credit history.

6. Re-Pull your credit report
Once you have paid or settled on most of your collections re-pull your credit report. Make sure the creditors have reported to the bureaus what has been done. If they have not call the creditors back and ask them why they have not updated with the credit bureaus. Also make sure each creditor or Collection Company you settle with sends you a letter stating what you have done. Usually after you have paid or settled on your accounts your credit report should be updated to bureaus by the collections company within 60 days maximum.

By paying off your collections and re-establishing your credit, your credit will increase a lot quicker than the desperate person depending on a credit repair company.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secure credit cards, student credit cards , and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

FTC Targets 33 credit repair companies.

I thought this was good information about credit repair companies selling something that they cannot deliver. Like I have wrote before credit repair companies prey on the desperate and with our current economic situation there are lots of desperate people. Dont let somone steal your money.

Read below what the FTC is saying and doing about credit repair companies.



The Federal Trade Commission and 24 state agencies today announced a crackdown on 33 operations that deceptively claim they can remove negative information from consumers' credit reports, even if that information is accurate and timely. In the seven FTC actions announced today the Commission seeks to halt the defendants' allegedly unlawful business practices, prohibit further violations, and make them pay consumer redress and give up their ill-gotten gains. In addition, the FTC announced three related credit repair cases earlier this year.

'Companies that promise they are able to scrub your credit reports of accurate, negative information for a fee are lying - plain and simple,' said Lydia Parnes, Director of the FTC's Bureau of Consumer Protection. 'Under federal law, accurate, negative information can be reported for up to seven years, and some bankruptcies can be reported for up to 10 years.'

In response to thousands of complaints from consumers throughout the nation, the FTC launched 'Operation Clean Sweep' with 24 state agencies in 22 states. In the cases announced today, the Commission charged seven operations with violating the FTC Act and the Credit Repair Organizations Act (CROA) by making false and misleading statements, such as claiming they can substantially improve consumers' credit reports by removing accurate, negative information from their credit reports. The agency also alleged that the defendants violated the CROA by charging an advance fee for credit repair services. The 26 state actions include alleged violations of state laws and the CROA.

According to complaints filed by the FTC:

Nationwide Credit Services, Inc. and James R. Dooley, based in Florida, advertise their credit repair services on www.ehappyhour.com and in the Yellow Pages, stating, for example, that bankruptcies, judgments, slow pay history, repossessions, and collection accounts 'CAN BE LEGALLY ERASED!' The defendants charge from $300 to $1,000, including an advance fee ranging from $75 to $150, and a monthly fee that they often debit from consumers' bank accounts. After paying the fees, consumers find that the defendants rarely, if ever, deliver the promised results. In many instances, they take consumers' money without providing any services. Consumers often find their cancellation requests ignored, and their refund requests are almost always denied.

The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Middle District of Florida.

Clean Credit Report Services, Inc., Ricardo A. Miranda, Daniel R. Miranda, and Ruthy Villabona, based in Florida, advertise on radio, television, and www.ccrstoday.com, which has testimonials, such as one purportedly from an Atlanta woman, stating, '. . . When I lost my job and simply didn't pay my credit cards and when I needed to get my car loan they said I needed at least a 600 credit score but I had a 480. I got into the CCRS club and did what they told me to do . . . When I pulled my report online I realized that I had a 621. I couldn't believe this really works.' Consumers who responded to the defendants' ads on syndicated radio talk shows were told that the defendants would help remove all the negative remarks that appear on their credit, and that even current debt could be removed.

Once consumers pay $400 in advance for services, the defendants often debit the money from their bank accounts before receiving a signed contract, and then do little, if anything, to fulfill their promises. When consumers reach them to complain, they're told a variety of excuses, and those who persist are sometimes hung up on, put on hold, or ignored.

The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Southern District of Florida, Miami Division. The FTC thanks the Better Business Bureau of Southeast Florida for its invaluable assistance.

Successful Credit Service Corporation, also doing business as Success Credit Services, and Tracy Ballard, also known as Tracy Ballard-Straughn, based in California, promote their credit repair services primarily through appearances at seminars offering real estate investment or other business opportunities. They also promote themselves via audio podcasts on third-party Web sites and through their Web sites, www.successcreditservices.com and www.successfulcreditservices.org. They claim to have special relationships 'with every creditor, collection company, public records provider and credit bureaus,' and that because of this, they can perform 'hard' or permanent deletions of all kinds of derogatory information from consumer's credit reports. Consumers typically must pay advance fees ranging from $3,000 to $4,000 per person.

The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Central District of California, Western Division. The FTC thanks the California Attorney General's office for its invaluable assistance.

Advantage Credit Repair LLC and Mark D. Solomon, based in Illinois, advertise on www.myadvantagecredit.com and Yellow Pages ads, stating, 'We would never charge a large fee up front, or make you wait a long period of time to refund your money if we do not get results. You WILL see results in 60 days, or your money will be refunded in full . . .' The defendants charge $495 per person and $665 for a couple, and they require $219 or $269, respectively, in advance. Refund requests are almost always denied.

The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Northern District of Illinois, Eastern Division

RCA Credit Services, LLC, Rick Lee Crosby, Jr., and Brady Wellington, based in Florida, advertise on www.RCACredit.com and www.RCAcreditservices.com. Their ads state, 'Boost Your Credit Score Into The 700s' in as little as 30 days' and claim that RCA can remove 'ANY or ALL Negative Accounts From Your Credit Report.' They state that a credit expert will 'coach you on ways to remove negative remarks and unpaid debts from your credit report while adding new positive reporting accounts to your credit file.' The defendants charge from $500 to more than $3,000, and they require at least partial payment in advance of providing any services. In many instances, the defendants allegedly provided consumers no services at all.

These defendants are also charged with violating the CROA by failing to provide, before contracts are signed, a written statement of 'Consumer Credit File Rights Under State and Federal Law;' failing to include in their consumer contracts conspicuous statements about consumers' right to cancel without penalty or obligation within three business days; and failing to provide a written 'Notice of Cancellation' form.

The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Middle District of Florida.

Latrese & Kevin Enterprises, Inc., also d/b/a Hargrave & Associates Financial Solutions, Latrese Hargrave, also known as Latrese V. Williams, and Kevin Hargrave, Sr., based in Florida, advertise on www.hargraveandassociates.com and www.helpmycreditnow.com, and on radio stations with rhythm & blues, hip-hop, and gospel formats. They charge $250 to $270 per person and $450 per couple, half or all of which they require in advance. In a radio script, the defendants state, 'They specialize in erasing bad credit! Hargrave & Associates covers all three major credit bureaus, slow pays, charge-offs, repossessions can be erased for two-hundred, fifty dollars.'

Also, on www.hargravecard.com and in radio ads, the defendants offer an advance-fee credit card, for $100 to $300, claiming that applicants will be approved for a guaranteed credit limit ranging from $500 to $10,000. These defendants are also charged with violating the Telemarketing Sales Rule by requesting or receiving a fee in advance of consumers obtaining a credit card when the defendants have guaranteed or represented a high likelihood of success in obtaining or arranging for the acquisition of a credit card. In addition, they are charged with violating the FTC Act by falsely representing that consumers will receive a credit card after paying a fee.

The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Middle District of Florida.

ACE Group, Inc., also d/b/a as American Credit Experts, Inc., The Ace Group, Inc., The Ace Group, and ACE; Legal Credit Repair Center, Inc., also d/b/a LCRC, Michael Singer, Melvin Kessler, and Gerald Roth, based in Florida, advertise on www.aceintake.com, www.foryourcredit.com, http://www.helpformycredit.com, www.helpmycredit.com, and pop-up Internet ads. One ad states, ' . . . ACE has developed a methodology which starts to show results in as little as 60 days.' In telephone calls responding to the ads, FTC investigators posing as consumers were told, '. . . everything surrounding your bankruptcy will be removed from your credit report . . .' and late payments 'are easy to remove.'

The defendants typically charge $39.95 to $59.95 initially, then $59.95 per month for their promised services, which they indicate may take up to six to eight months. They send the major credit reporting agencies repeated dispute letters on consumers' behalf, with vague statements about each disputed debt or bankruptcy record, but with no further explanation or documentation. The defendants dispute items repeatedly, even after the credit bureaus have verified them.

The Commission vote to authorize staff to file the complaint was 4-0. The complaint was filed in the U.S. District Court for the Southern District of Florida.

Operation Clean Sweep also includes three FTC cases announced earlier this year: Home Buyers Consulting Network, Inc., Payneless Credit Repair, LLC, and Lee Harrison Credit Restoration (see press releases dated May 22, July 17, and September 10).

State law enforcement efforts involved the attorney general offices in Arkansas, California, Colorado, Florida, Illinois, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, and West Virginia; the justice departments of North Carolina, Oregon, and Wisconsin; Idaho's Department of Finance; Louisiana's Office of Financial Institutions; Vermont's Department of Banking, Insurance, Securities & Health Care Administration; and Wisconsin's Department of Financial Institutions.

The FTC appreciates the participation of every state agency involved in this effort.

Advice for Consumers

How can you avoid turning credit repair into credit despair? Here are a few suggestions:

• Avoid any company that wants you to pay for credit repair services before they provide any services. It is against the law.

• Avoid any credit repair company that will not tell you your legal rights and what you can do, yourself, for free.

• Avoid any credit repair company that tells you not to contact a credit reporting company directly.

• Avoid any credit repair company that advises you to dispute all of the information in your credit report.

• Avoid any company that suggests creating a 'new' credit identity - and then, a new credit report - by applying for an Employer Identification Number to use instead of your Social Security number. That is against the law. If you follow illegal advice and commit fraud, you also may be subject to prosecution.

The FTC advises that only time, a conscious effort, and a personal debt repayment plan can improve your credit report. The first step is to learn what information is in your credit report. If you find errors or mistakes, federal law gives you the right to have them corrected - free of charge. Federal law requires that the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - provide you with a free copy of your credit report once every 12 months, if you ask for it. To order your free report, visit annualcreditreport.com, call 1-877-322-8228, or complete and mail the Annual Credit Report Request Form. Other credit repair information is available on the FTC's Web site, http://www.ftc.gov.

If you think you have been the victim of a credit repair scam, contact the FTC. You can file a complaint at www.ftc.gov or by calling 1-877-FTC-HELP. You can also ask for free information about recognizing credit repair scams and building a better credit record.

NOTE: The Commission files a complaint when it has 'reason to believe' that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendant has actually violated the law. The case will be decided by the court.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC's online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 1,500 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC's Web site provides free information on a variety of consumer topics.


CreditScoreQuick.com your resource for free credit reports, credit cards, and free credit repair advice.

Paid Collections Q & A

Q:
How long will it take for my credit score to come back up after paying 17 bad debts off my report? And why did my score drop much lower than go up after paying the debts off?

Shannon
Marietta, GA

A:
Hi Shannon,
Typically when you pay off debts your credit score will increase between 50 and 75 points with each credit bureau. You want to make sure that the collections you are paying off report to all 3 credit bureaus. The reason for this is you want the paid status to affect all three bureaus. I have personally found the reason for this is the amount owed status changes to a $0 balance with the reporting creditor. IN some cases your credit score will drop if you pay off very old collections. I typically recommend paying off only collections from the last 2 years. Nether less paying off collections will increase your credit score in the long term.

CreditScoreQuick.com your resource for free credit reports, credit scores, and free credit report repair.

Credit Management-I wish someone had told me.

Being a lender I see bad credit management all the time. The amount of credit reports I pull; you would be amazed how many people don’t know how to manage their money. I have come to the conclusion that most Americans don’t know the value of a dollar. I am 35 and know for a fact that my generation has been spoiled to the point of no return. My generation is called the generation X.

The newer generations are even worse. They have never gone with out. There parents just like mine always bought what there kids asked for. This is part of the problem. Our country is extremely rich and we have no idea what it is like to go with out. We have not had rough times since the “Great Depression.” If we want someone these days we just go out and charge it on our credit cards. You cannot turn on TV without someone enticing you with “no payment for 3 years.” Its kind of the “buy now pay later philosophy.”

I honestly think our kids and parents need to get back to the basics. Just because you have the money does not mean your kids need it. Buying your kids everything they want is a bad choice. All this teaches them is they can have just about anything they want.

The problem is once your kids get out on there own they will not know how to manage their money. This is because parents have bought there kids what ever they want most of there young lives.

Once your kids are gone off to college, they will have a rude awaking. Instead of saying no they will buy and get into debt to get what they want.

Most of this education starts at home by saying NO, you don’t need that Xbox. No you don’t need that etc……….

The next step is to have mandatory credit education classes in school and college. These classes should teach young people how to manage there credit, credit cards, money and overall credit report education. They also need to teach the affects of bad credit management and how it will affect your life for 7 years.

If this starts taking place I personally believe that there would be less bankruptcy, less credit card debt, because in the end its just stuff.

Author:Mike Clover

CreditScoreQuick.com is your resource for free credit score reports, fico scores, loans, credit cards, insurance , identity theft protection and credit repair advice.

Beware of Illegal Credit Repair Scams

When you want to buy a home or a car and your credit score causes would-be creditors to shake their heads and escort you to the door, it’s tempting to respond to those high-volume hucksters on TV who promise to repair your credit.
They all make the same claims:
• “Credit problems? No problem!”
• “We can erase your bad credit — 100% guaranteed.”
• “Create a new credit identity — legally.”
• “We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
The truth is, they can do none of that. They can’t erase bankruptcy, judgments, or overdue bills. The only thing they can do is help you get errors removed. Unless everything negative on your report is in error (such as when you’ve been a victim of identity theft), only time, a conscious effort, and a personal debt repayment plan will improve your credit report.

While there are free and low-cost services available to help you, you won’t see them advertising. The only reason a credit repair company spends the money to advertise is to get you as a customer – and to enrich their own bank accounts at your expense – sometimes by many thousands of dollars.

By using them, you’ll only make your financial situation worse by paying them to do something you can easily do yourself. But even worse than losing money is the fact that you could be subject to prosecution if you follow some bad advice. (See items 4 & 5 below.)

If you think you need help removing errors and do decide to respond to a credit repair offer, look for these tell-tale signs of a scam:
1. Companies that want you to pay for credit repair services before they provide any services. (This is a violation of the Credit Repair Organizations Act.)
2. Companies that do not tell you your legal rights and what you can do for yourself for free.
3. Companies that recommend that you not contact a credit reporting company directly.
4. Companies that suggest that you try to invent a “new” credit identity — and then, a new credit report — by applying for an Employer Identification Number to use instead of your Social Security number.
5. Companies that advise you to dispute all information in your credit report or take any action that seems illegal, like creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution.
You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It’s a federal crime to lie on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.
If anything a credit repair company suggests doesn’t feel right to you – just don’t do it.

Mike Clover:
CreditScoreQuick.comYour Resource for free credit score reports, fico scores, loans, credit cards, insurance and identity theft protection and credit repair advice.

Parents! You Must Home School Your Children

No, I don’t mean you need to teach them grammar, math and geography. You can leave those subjects up to the school system and hopefully they’ll learn what they need to know with just a little help from you at homework time.

I’m talking about a subject that will have far more impact on their lives than knowing the capital of Montana, or the proper conjugation of a verb. I’m talking about money management. This is a subject schools should, but don’t address.

Start when your kids are old enough to start asking for a quarter to put in a candy machine. Show them how to budget and save for special toys, and teach them that we all have to make choices, because you can’t spend the same dollar twice.

When they’re a little older, teach them about bank accounts. Get them a savings account and let them make the deposits and watch the balance grow. And while you’re at it, explain to them how that nest egg will benefit them later. But don’t stop there – teach them about checking accounts and the necessity to keep careful accounting.

Show them how money melts away as a result of an overdraft. Once, while working in a grocery store, I met a young woman who hadn’t learned this lesson. At that time, the bank was charging about $20 for each overdraft, and this girl wrote three NSF (non-sufficient funds) checks at our store in just two days. The sad part was, none of those checks was for over $10. So while she thought she was spending about $25, she created an $85 obligation at the bank.

By high school kids should be learning about credit reports and credit scores. Hopefully yours looks good and you won’t be ashamed to show it to them. But if it’s bad you can use the opportunity to show them how that is affecting your life in negative ways.

The first step is to get your free credit report. Then make sure you understand how to read it before you start explaining it to the kids. Show them how every loan and every credit card shows up there as a part of your financial history – and how all those things are combined to give you a credit score. Let them know that while your finances used to be a private matter, now your credit score can be accessed by almost anyone.

Above all, remember to make this education an ongoing process. Help them make sound money management a part of their daily lives so that when they get out on their own, all doors of opportunity will be open to them.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Remove collections from credit report Q & A

Q:
Hi Mike,
I disputed my credit report through your site. I had some collections on my credit report that are over 7 years old. My question is how long does it normally take to remove the collection that is incorrect? This collection on my credit report is 9 years old, and is still reporting with Equifax credit bureau. This is very aggravating to me and I feel like the credit bureaus don’t stay on top of this stuff like they should. I just want it removed; I believe it is dragging down my credit score.

Shawn Matters

A:
Hi Shawn,
This is a common issue with the credit bureaus. Yes, if there is a collection reporting on your credit report it is dragging down your credit score. Typically after you dispute the inaccuracy, the credit bureaus will remove it in about 30 days. Make sure you only dispute it once, because if you dispute it twice the credit bureaus will put you back in the 30 day window again from the date of dispute. So in essence it could take 60 days to resolve by disputing it twice.

Mike Clover
CreditScoreQuick.com
Your Resource for free credit score reports, fico scores, loans, credit cards, insurance and identity theft protection and credit repair advice.

CreditScoreQuick.com Now Offers Free Information on Consumer Credit Repair and Assistance

As part of a continuing credit education program, CreditScoreQuick.com offers consumers tips on how to minimize credit risk and repair credit history in their online blog.

(PRWEB) July 24, 2008 -- CreditScoreQuick.com, created by a professional lender, recently introduced a series of articles dedicated to helping consumers learn how to repair their credit histories and lower credit risk, absolutely free of charge, through an online blog at CreditScoreQuick.com/blogger.htm. Recent topics in the blog include:
* Rental and foreclosure collections and what it means in today’s housing market.
* How consumers can determine their credit score at no cost and what it means for their financial planning.
* How to avoid, or recover from, financial identity theft.

Before the recent housing crunch and increasing foreclosure rates, many consumers were unconcerned about their negative credit history, and banks were eager to get loans approved for customers. In order to receive quick loan approval, customers with negative credit histories were ripe for credit repair company’s assistance. According to CreditScoreQuick.com owner, Mike Clover, “During the real estate boom, credit repair companies were beating down my door for clients that needed credit restoration. We tried all kinds of companies who stated that they could help our clients out.”

Over time, Clover realized these companies were not doing anything except taking clients money. The fees these so-called credit repair companies charged consumers averaged $1,000 or more. “Being lenders during this extremely busy time, we did not have the time to repair our client’s credit reports, so we outsourced it. After exhausting just about every credit repair company in town, we decided to start directly helping clients repair their credit through our new company, CreditScoreQuick.com,” says Clover.

“We knew what needed to be done to help out individuals and families who were facing financial trouble so we started posting how to repair your credit articles on our Web site blog,” continues Clover. “Since we had first-hand experience in how to really fix credit reports, we decided to post our first hand experience on the web for free.”

When it comes to learning about credit and making sound financial decisions, may consumers find themselves buried in confusing information that doesn’t make sense, or even contradicts information from other sources. “We found that most people had fallen prey to credit repair scams because they were desperate for help,” Clover says. “Credit repair is just better money management education, and education on what affects your credit worthiness.”

According to CreditScoreQuick.com, no one can completely remove a debt they owe from their credit report. Many people have heard the “100 percent removal” sales pitch from credit repair companies so many times, that they truly believe it. But then they find out it is just a sales pitch designed to get them to register and spend anywhere from $1,000 to $2,000.

The results have been documented all over the Web announcing credit repair companies facing investigation and possible fines by the FTC and the Better Business Bureaus for not delivering what they promised.

So CreditScoreQuick.com took the liberty to show people what it takes to repair their credit report themselves. As part of their ongoing credit repair education series, CreditScoreQuick.com has begun posting better credit management education articles in a series of daily blogs. “Our top priority is to show the American people how important it is to mange your credit so you don’t get in financial trouble. If you have found yourself in trouble with your credit, you can repair your credit report through our site absolutely free, with no strings attached,” states Clover.

For additional information on repairing credit, e-mail CreditScoreQuick.com and they will respond to questions within 24 hours with a post on their company blog. CreditScoreQuick.com offers a full range of credit tools for consumers who wish to lower their credit risk including personal loan and mortgage applications, free credit reports, credit monitoring and identity theft protection.

Credit Score Testimonial

Hi Mike,
I just wanted to write a testimonial about your wonderful site. I had credit issues before I came to CreditScoreQuick.com and started reading your self help credit repair articles. My credit score was a 540 when I first starting reading your entire how to get your credit score up articles. I found myself doing exactly what you wrote about. About 6 months later my credit score is a 660. I am completely amazed as to how easy it was to do this. I think most people are just not educated about what to do. I found that your site is so valuable I am telling anyone that needs credit repair to use your site.

Thanks for the free information. I know that there are companies out there that charge big money to do what I did for free on your site.

Thanks Again,

Wilma Rogers

Wilma,
Thanks for the testimonial. This means a lot to our company. We are striving extremely hard to keep the latest information about your credit on our blog . As we all know your credit score is the single most important number you will ever encounter in life. We cannot afford to go through life not managing our credit.

Thanks again,
CreditScoreQuick.com

Before You Contract With a Credit Repair Company…

You know that the best plan is to protect your credit and keep your credit score high from the start of your financial life, but perhaps it’s too late for that. Perhaps your credit is already in sad shape, and you’re trying to come up with a good plan to repair it.

You can do it yourself, but you may be thinking that it will be faster and easier if you let an expert do it – an expert such as a Credit Repair Company. You may be right, simply because they know the process. But before you choose one, you should realize that not all such companies are honest. So talk to a few and ask questions before you choose.

The first red flag that should send you running the other direction is a promise to remove all negative information from your credit file. This cannot be done, and anyone who promises to do it is telling an outright lie.

What they, or you, actually can do is remove any inaccurate information found on your credit report. The first step, of course, is to get a copy of that credit report and read it thoroughly. Then each credit reporting company must be contacted with a formal request to reinvestigate and correct the mistakes.

Another red flag is a request for money up front. The Credit Repair Organizations Act says that Credit Repair Organizations are not allowed to ask you for any money until everything they promised has been done. In other words, they only get paid for results, not promises.

Some unethical Credit Repair Companies will actually advise you not to contact the reporting agencies themselves. This is a scare tactic designed to push you into using their service, and is completely unethical.

Before you begin interviewing Credit Repair Companies, familiarize yourself with the Credit Repair Organizations Act. Until you do, here’s a brief rundown on what those companies must do:

· Provide you with payment terms for their services
· Inform you of all fees and a final total amount due
· Give you a detailed description in writing of everything they plan to do
· Give you a timeline in which the process will be completed
· Provide all guarantees in writing
· Provide their company name and address in the Contract.
· Provide you with a copy of the Consumer Credit file Rights Under State and Federal Law
· Wait 3 days after you have signed a contract before working on your credit – during which time you may cancel the contract, owing nothing.

Before you sign that contract, read it thoroughly and make sure you understand and agree to each of its provisions. Only then should you take the next step.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Can you repair your credit report with credit repair companies?

Lately credit repair companies around the country are getting hammered by the FTC and the Better Business Bureau. These companies are claiming that they can increase your credit score and remove collections from your credit report. The funny thing is they charge you up front before any services are rendered. The FTC states that credit repair companies are not suppose to collect money from you until the services have been rendered. This is not what is going on, along with the promises they make to remove stuff that you owe. So the question is what exactly does a credit repair company do? In this article I will discuss the facts and get through all the smoking mirrors that credit repair companies sell.

Can you remove collections?
The answer is you can only remove collections that are not yours by proof and collections that have been on your credit report for more than 7 years. No one can remove a collection on your credit report that you owe, unless it’s been over 7 years. Some collectins report longer, but the standard is 7 years.

Can credit repair companies increase your credit score?
Credit repair companies can help you increase your credit score by requesting you do get a secured credit card. Most credit repair companies will require you to do this if you don’t have any good credit reporting. It was not the credit repair company that increased your credit score; it was the new secured credit card that starting reporting on your credit.

Can credit repair companies remove bankruptcies, judgments, and tax liens?
Credit repair companies cannot remove any of this, unless the bankruptcy has expired. Depending on what type of bankruptcy it was, it could be on your credit report up to 10 years. Judgments will stay on your credit report for 7 years from date of entry. Tax liens can remain on your credit report until paid.

By disputing collections you owe, does it remove them?
If you dispute a collection you owe, you are wasting your time. You are to only dispute inaccuracies on your credit report, disputing items you owe does nothing for you.

So the question is what exactly does credit repair companies do? I believe most of them are in business to just take your money. Some of these companies do provide good credit repair education, but if they tell you they can remove stuff you owe, they are lying to you. I have yet to meet someone that has gone to a so called credit repair company and have had success in getting there credit repaired. If you have credit issues on your credit report, you can repair your credit for free. The how to repair your own credit involves money management and the establishment of new credit if you have none. How to do this for free is on the web. You can go to the FTC and also our site blog as well.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Best way to increase credit scores Q & A

Q:
Hello,
I am really working on increasing my credit scores. I have not pulled a credit report lately, but did about 4 months ago. My credit scores were a little low. I am trying to get my credit scores up above 740, due to this current market being really tough to get any type of loan. What ways do you recommend getting my credit report cleaned up so my scores will increase? I have some old medical collections and some slow pays. I was told to dispute these items and they will drop off.

Judy Mantle

A:
Hi Judy,
There are all kinds of experts out there when it comes to improving credit reports and credit scores. Here are some bullet points of items that will improve you scores and some points that will lower your fico score.

Increase your credit score
· Keep credit card balances low, preferably below 30% of allowed credit limit
· Keep your credit limits high
· Be responsible with credit cards
· Pay everything on-time
· Don’t over extend yourself
· Have a mix of credit, mortgage loans, auto loans, credit cards, and installment loans
· Keep good accounts open for a long time.
· Dispute inaccuracies on credit report


How to lower your credit scores
· Pay late
· Close out good credit
· Reduce your credit limits
· Having high credit card balances
· Applying for too much credit too often

Some of these changes could be bad depending on your situation. The best advice I would give is to pull a recent copy of your free credit score report to see where you are at. If there is information that is inaccurate in your report, you should get it removed as soon as possible. This should get you in the right direction.
Weight Loss and this site is listed under Credit and Collection.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Credit Repair Q & A

Q:
Thanks Mike! Appreciate your reply. Are you familiar with the types of deals homeowners are making with lenders these days? Our next step will probably be to meet with a local RE attorney, but am curious what you've seen in your experience. Oh, and I would prefer to work with a for-profit repair specialist. I've read derogatory things about free agencies that actually represent creditors rather than those being counseled. What are your thoughts on that as well?

Appreciate your time!


A:
Sometimes the banks will make a payment plan you can afford. I would call them and find out what your options are. For credit repair, our blog gives FREE credit repair advice. There is not need to pay anyone for credit repair. Being that I am a experience lender and help people all the time, I have put my experience based on FACTS within my Blog. There are all kinds of tips and Faqs on how to repair your credit. Let me know if you have anymore questions.

Mike Clover
CreditScoreQuick.com
Your resource for free credit score reports and free credit repair advice.

Remove collections from my credit report Q & A

Q:
Hi Mike,
I have some collections on my credit report that I would like to remove. I have been told you can remove collections from your credit report by disputing it. Is this true, and if so how long does it take? I really want to get my credit scores higher soon. The company that I will be applying with requires good credit to be hired. Most of my credit issues are old and the result of college.

Julie Wang

A:
Hi Julie,
Collections are typically on your credit report for 7 years from collection date. Just disputing a collection that has not expired is a waste of time. Collections don’t come off your credit report unless it was a mistake on the creditor’s part. If the collection was valid it will remain on your credit report for typically 7 years. Here is good article on how to repair your credit report for free.
CreditScoreQuick.com

Paying off Collections Q & A

Q:
Hello Mike,
I have some questions about collections. I have not pulled my free credit report yet, but I know that I have collections on there. I have had some financial problems in the past due to medical issues. I have read that you should not pay off your collections; it will drop your credit score. The collections I have are about 2 years old. Do you recommend I pay them off, or leave them be? I plan on buying a home within the next year or so.

Leslie Lerner
Denver, Colorado

A:
Hi Leslie,
This is a great question. Collections can be tricky; usually credit repair companies will tell you not to pay off collections. The reason for this is they are obviously in sales, would be my opinion. I have helped people get there credit scores up for years so I could finance them, by having them pay off the most recent collections. When you pay off collections on a credit report it could go two ways. Your credit scores could temporally drop, but most of the time your credit scores will increase. For long term credit repair I recommend always to pay off collections. It is important to ask the collection agency to give you a letter to delete from all 3 credit bureaus. This will remove the collection from your credit record as if it were never there. Some collection agencies will only give you a letter showing paid or settled. It does not hurt to ask though, because sometimes they will give you a letter to delete the history from the credit bureaus.

Mike Clover
CreditScoreQuick.com

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Fast Free Credit Report Repair

Credit Report Repair is a huge business currently. There are credit repair companies opening up all over the U.S. With all of the credit issues our country faces as a result of foreclosures, high credit card debt, loss of jobs and an economy going into a recession, credit repairs companies are having a field day. According the FTC most credit repair companies prey on the desperate in hopes of a miracle. The FTC claims that self help is best.

Check your Credit Report
Don’t worry checking your free credit score report does not affect your credit score. The first step after you have had some issues in the past is to pull a copy of your credit report with all 3 credit scores. This type of report will show you what is on there. That way you can start the negotiating process. Contrary to popular belief, you cannot get collections; charge offs, judgments, foreclosures, or slow pays removed from your report. Alls of these types of derogatory matters stay on your report between 7 to 10 yrs.

How to negotiate
Once you have pulled a copy of your credit report with scores, now you can determine which collections to pay off. Always start with the small collections. If you have a collection that says you owe $450.00 to OSI, which is a medical collection company, offer them $150.00. Make sure if you offer them a amount you can afford you follow through with the agreement. After you have come to an agreement, ask for a letter to delete from the Bureaus. If you are able to get a letter to delete from the bureaus, then you can send this letter to all 3 credit bureaus to delete the collection. This is top priority. If you cannot get the collection company to give you a letter to delete, then make sure you get the letter they provide. Sometimes these collection companies will not update the bureaus like they are required by law. Typically what they will provide depending on the agreed upon negotiations, is a letter that says either paid in full or settled.

Check for inaccurate information
Along with paying off debt you owe, you also need to check for information that is not correct. Like collections or obligations that are not yours. This is very common on credit reports. If there is information on your credit report that is incorrect, disputes it on line. Here is a good place to do this. www.creditscorequick.com/sitemap. Some professionals recommend disputing via certified mail, but we have got the same results via on-line dispute, plus it’s faster. Now if you need to send in a letter to the credit bureaus, then you have to send the letter along with the dispute via certified mail. The disputing process depends on the situation of the collections. For example: if you filed a Chapter 7 Bankruptcy, and it’s been on your credit report for more than 10 yrs, you can dispute this on line. This is because Chapter 7 Bankruptcies are only suppose to be on your report for 10 years from original file date. You don’t need letter to dispute this because the credit bureau can call and verify original file date.

Revisit your Credit Report
Once you have knocked out a bunch of collections and charge offs re-pull your report. Don’t pull it until at least 90 days after you have paid a bunch of collections. The reason for doing this is you want to make sure these companies are updating the credit bureaus. If is very common for collections companies not update information like they are required to do. You also want to give the collection companies time to update as well. Usually they will take 30 to 60 days to send in the necessary information to update your credit report. Give it some time, and with a little hard work you will be able to revive your bad credit.

Re-establish credit
While you are taking care of old debts, you need to be establishing new ones. Yes, you heard me correct, in order for your credit scores to increase you need some good credit reporting as well. The quickest way to get this going is to get a secured credit card. Orchard Bank has one of the best credit cards, which will allow you to establish credit, even after a bankruptcy. The reason this is so important is because you began the process of good credit reporting to all 3 credit bureaus. It will not hurt to get a couple of secured credit cards. Once you have some good payment history on these cards you will get offers from other credit card companies. The one thing you want to remember is don’t make the same mistake twice. Use your credit cards with care, and make sure you are never late on them. If you are late then you defeat this entire process.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secure credit cards, student credit cards , and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Rebuilding your Credit Report

You cannot erase the past credit report issues for usually 7-10 years. With a little work you can rebuild your credit report before all negative information is set to expire. Here is five easy steps to rebuild your credit report.

Step 1: Examine the Damage
The first step in fixing past mistakes is to get a current coy of your free credit score report. Don’t be scared, got ahead and take the plunge order all three credit reports with all 3 credit scores. Ordering your credit report is actually easy and secure on-line. Contrary to popular belief ordering your own credit report does not affect your credit score.
Once you have pulled your report print it out and highlight all information that is incorrect. Make sure you understand everything on it.

Step 2: Check the expiration dates
The current law states that negative information will stay on your credit report for 7-10 years from collection date. The expiration date will vary depending on the type of collection. When you pay off a collection that does not mean it will be removed from your report.
Examine your report and determine when each collection is set to expire. Once these collections are set to expire you will see major improvement to your score.

Step 3: Dispute errors
If you find inaccurate information such as, fraudulent information, collections that expired still reporting, you have the right to dispute. You will have to dispute each of the 3 credit bureaus separately, Equifax, Experian and TransUnion. Read more about disputing on-line here. Once you the bureaus have received your dispute they have 30 days to determine whether they will update information requested.

Don’t dispute good credit on your report, accurate information cannot be removed from your credit report and is a waste of time. Disputing accurate information could harm your credit.

Step 4: Add positive credit
Now that you have disputed information that is not correct and have hopefully got it removed or update you can begin to add positive credit to your report. The quickest way to do this is to get a Applied Bank Secured Credit Card. This credit card is designed to rebuild credit even for people that just got out of a bankruptcy. Make sure you use this card responsibly. Also avoid going applying for to lots of credit, you really need a couple of secured credit cards to start establishing good credit.

Step 5: Monitor your progress
It is very simple to monitor your progress of increasing your creditworthiness these days with credit report monitoring services. You can sign up for credit reporting monitoring services that will allow you to monitor your credit score, get key changes e-mailed to you, along with access to your credit report. Your credit score will improve over time as you add positive information to your report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secure credit cards, student credit cards , and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness

Check my Credit Report – How often should I?

Checking your free credit score report is probably one of the hottest topics these days. With the average American not being rich, and at times in need of a loan, they need to keep there credit score healthy. There will be situations where someone will need to pull your credit report. If you have bad credit, it may not be a good experience for you. There is lots of talk about annualcreditreport, but there is not much talk about not getting your credit score there. Annualcreditreport does provide you with a free credit report from all 3 credit bureaus, but you don’t get your scores. You can get this report once a year for free. A lot can happen to your credit report during a year’s time. Here are some examples.

Inaccurate credit report

Studies show that inaccuracies are common in credit reports and can harm your ability to get loans. Inaccurate information on your credit will cause harm to your credit rating. When your credit rating is jeopardized, so is the ability to get loans, good interest rates, or even that new “Dream Job.” Often there is human error involved in the reporting process. Creditors pay someone to report information about you. At times this information may have been keyed in incorrectly, and as a result your credit score drops.

Identity Theft Protection

Someone’s identity is stolen every 3 seconds. If you think about that, someone could be stealing your identity as you read this article. That is pretty scary. If an identity thief has got your information currently and is out using your credit, how would you ever find out without pulling your credit report? Maybe someone is out opening credit in your name, and charging up stuff. What ever the thief is doing, you are probably not going to find out about it until it’s too late. If you get credit report monitoring services set up, you would get e-mail alerts when critical changes take place to your credit report. Critical changes like someone opening credit in your name and out having a field day with your credit.


Conclusion:
Checking your credit report should not be a scary thing, it should be a positive thing. If you are managing your credit properly, then you will pull your credit in confidence. You will be able to go to creditors and get good interest rate loans with ease. Since a lot can happen to your credit in such a short time, you should get a copy of your free credit score report every 60 to 90 days. Checking your credit report once a year is asking for a disaster, and is total disregard for what is really going on out there Protect yourself by staying on top of your report. I would not wait for it to happen to you, check your free credit score report today.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Medical Collection

Question: ?
I'm recently pull my credit report and now is bad than last year. I see the changes, appeared a new medical collections. In 2003 I had a car accident and after that I been receiving the medical bills, and the insurance company never responded for this bills. Now I have a different medical bills and the insurance company close the doors. So, I have a big problem with this collections companies because they duplicate the bills for example: Commercial Trade CTBPH96333957178 $640 on 11/06 and then other collection CTB PH96333957196 COLLECTION $640 on 11/06, the big question here is how can to clear one of this collections? Because is affecting my credit report twice. I want to make a agreement to pay but I'm understanding this duplication is affecting more my credit score. Please, give a good news. I will appreciate your advise.

Answer:
Hi Carlos,
It looks like to me without looking at your credit report that the collection in question is getting sold to different collections companies. Therefore it re-reports as a new collection. Every time it reports as a new collection it will drive down your credit score. My recommendation would be to settle on the debt. Offer them $250.00 dollars; I am sure they have added all kinds of fees to the original balance. Not sure why you would have two different collections for the same balance reporting with different account numbers. Sometimes the Credit Bureaus will report a collection on one line with two Bureaus, and put other Bureau for the same collection on the line below. Once you have settled on the debt, make sure you get a letter stating debt is settled as agreed, and send letter to all 3 bureaus via certified mail. Here is the process on doing that. Go here: This should resolve your problem of duplication. The link I gave you will allow you to dispute online with a few key strokes as well.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Bad Credit Report affects your Children – Learn Why.

Bad Credit Reports will affect your children in many ways. First let’s start out with the fact that most Americans are blue collar workers. You are working for the system, which is greedy Corporate America. Corporate America does not allow financial freedom. So you are subject to the 3% salary increase every year if you are lucky. In other words you don’t have the money to pay cash for everything that you might want to buy. In this article I wanted to discuss with you in another light, about the fact that your credit report not only affects you, but your children as well. For instance, one of your kids, really need braces. I am not sure if you have checked lately, but braces are very expensive. Current insurance with greedy corporate America does not cover all your cost involved with getting braces these days. So your only choice is to finance part of the cost. The doctor says lets run your credit to see if we can finance the braces for little Johnny. Deep down inside you know you have credit issues, and you just have that feeling they are going to say that bad word NO. The doctor comes back and does exactly what you thought, we cannot find anyone that is willing to finance little Johnny’s braces. But here is a number to call so you can find out why. You know why, your credit report is in bad shape because of past mistakes and maybe some recent ones as well. You knew this all along, and did nothing about it. I will tell you this; bad credit does not go away. It will stay on your credit report for 7 years. Bad Credit destroys lives, and opportunity for people to move forward. Maybe little Johnny needs a car, and you don’t have the cash to buy a car, so you have to finance it for him, maybe little Johnny would love a backyard of his own to play in. Now you decide to buy a home, but to your surprise you can’t because your credit will not allow anyone to take the risk with your past credit history. I can keep going on and on and on. I could write a book of reasons how you’re “bad credit report could affect your children “, but let’s talk about how to fix a problem like this. Your first step is to admit you don’t have the credit to get a loan anywhere. I would not go around hoping there is a miracle that someone will lend you money, until you have pulled a current copy of your free credit score report. This will take the guessing game out of the equation, and will give you a peace of mind where you stand with your credit. Once you have determines your credit score, and what is on your report, the next step is to start fixing what is on it. Here is a link with how to fix bad credit reports, go here: Once you have gone through this process, you will soon have good credit, and will be able to finance what every little Johnny needs. Your credit is important, especially if you are not independently wealthy. Most American have to borrow money to get some of the items to live in today’s society. My recommendation would be don’t let your bad credit report affect little Johnny.

http://www.blogcatalog.com/directory/finance

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Is Bad Credit a Turnoff?

I figured bad credit is always a good subject matter since it is so common in the U.S. I have read that the average credit score in the U.S. is 650. I would be curious to see what the average credit score is right now after all these foreclosures and credit card debt issues. I would be willing to bet the average credit score currently well below 650. Let’s get back to the subject, about “Bad Credit” being a turnoff. Let’s assume your name is Sherry, and you meet the coolest guy you have ever met in your life. All the sudden you are in love with each other. Well, obviously the next step would be to get married. But of course you have never requested copies of you’re soon to be mate’s credit report. You have been dating this individual for 2 years now, and decide a house, would be a great idea. But to your surprise you soon learn that you’re soon to be husband has bad credit. Uh oh, now you cannot get a mortgage, because you don’t qualify for the home you would prefer on your income alone. Now you start questioning your fiancé about why his credit is bad. Your fiancé now starts letting out all the skeletons that were never discussed before. You can now see how bad credit can be a real turn off quick.


How credit reports can say a lot about a person:

A Credit Report will tell a story about an individual. You can look at someone credit report and determine if they are a responsible person or not. If you pull your finances credit report, and their report is littered with collections, charge offs, bankruptcies and foreclosures, you might think twice about proceeding with the marriage. What would be hard to swallow would be the fact you have excellent credit, and if you marry this individual you inherit their bad credit debt and problems as well. Let’s come down to reality; your credit can start to creep into all aspects of your life. So now you cannot buy house, but need to rent something until you figure out how to repair the credit issue. Landlords for rental properties will pull your credit and weigh the same calculated risk. They may not want to rent to you because of your bad credit circumstances. This bad credit issue, can creep into all parts of your personal life. It’s kind of like if you don’t brush your teeth, you will get a cavity. Well, bad credit will keep you from doing a lot of things. Here are a few examples:

1. Renting a apartment
2. Getting a new house.
3. Getting credit cards
4. Getting a new job
5. Getting a checking account


These are just some examples, of how bad credit can be like a plague in your life or a major turnoff for other parties. Everything is risk these days including marriage.Pull your free credit score report today, and nip matters in the bud up front. That way there are no suprises for anyone. There is a good chance you had good credit, but to your suprise one of your creditors put some inaccurate information on your credit report about you. This one of many reasons to stay on top of your credit report.







About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Bad Credit Credit Cards

Bad Credit Credit Cards are with in your reach believe it or not. Credit card companies know there are circumstances where families get into trouble and need to re-establish credit. Maybe you don’t have any credit, and need to get something going right a way. There is help right around the corner for all your credit rebuilding needs. Learn the first step in reviving your credit with bad credit credit cards.

Orchard Secure Credit Cards

Let’s assume you have bad credit, and you decided to go to a credit repair company. Guess what the first thing they do is? They refer you to a secure credit card company to re-establish new credit. The process of rebuilding your credit is to get new credit reporting to all 3 credit bureaus. The fastest way to do that is to get a secure credit card. Typically the requirement is to make a deposit between $200.00 to $300.00 dollars with the credit card company to get matters underway. I have seen individuals with a 500 credit score get approved. There are also other cards that guarantee approval for a secure credit card. That may sound kind of weird, but yes you can get denied for secure credit cards even though you give them your own money. Lets assume you get denied for a secure credit card, what then? I will explain in the next paragraph.

New Millennium Secure Credit Cards

There is help if you get denied for a secure credit card. New Millennium guarantees approval. The fee might be higher, but at this point you really don’t have a choice. You are on a race to get something good reporting on your bad credit report. This card is the trick and will get you promptly on the road to recovery. There are other cards out there, but these are the two that get it done. This card is ideal for individuals who maybe have just got out of a bankruptcy and need to get matters in the right direction quickly. Maybe you just had a foreclosure because of an ARM adjustment and the payment sky rocketed out of control. What ever the case, this card guarantees approval.

Secure Credit Cards

Here is a list of circumstances that make these cards ideal for you.
1.. Young individuals trying to establish credit.
2. Just got out of a Bankruptcy
3. Recent Foreclosure
4. Everything went to collection
5. Never have established credit and got denied for a loan recently for lack of credit


About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

FTC Credit Report Repair FACTS – For Consumers

The FTC claims that Credit Report Repair may be better for you if you do it yourself. You have seen advertisements on TV, local newspapers, internet. All of these credit report repair companies claim the following:
• “Credit Problem? No Problem!”
• “ We can get rid of bad credit problems – 100% guaranteed”
• “We can remove bankruptcies, judgments, bad loans and tax liens from your credit file forever

The FTC says “Don’t believe these statements. The only thing that will fix your credit is time, conscious effort, and a personal debt repayment plan will improve your credit report.

This article will explain how you can improve your creditworthiness and gives legitimate resources for low or no cost help.

The Scam

All over the US companies appeal to families and individuals that have bad credit problems. They promise for a fee, to clean up your credit report so you can get a car loan, a home mortgage, a job or even a insurance. The fact is, they cannot deliver. After you pay them hundred of dollars or even thousands of dollars in fees, these companies do absolutely nothing to improve your credit report. They typically vanish with your money says the FTC.

Warning Signs

If you feel credit repair with one of these companies is your choice, look out for the following.
• Companies that want you to pay before services are rendered
• Companies that don’t tell you your legal rights and what you cannot do yourself for free
• Companies that recommend that you don’t contact the credit reporting companies
• Companies that recommend you create a new identity by way of Identification Number.
• Companies that advise you to dispute all information in your credit report

Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed services they claim they can provide. The FTC says to get what they claim they can do in written, and once it is done then pay them.

The FACTS

No one can legally remove accurate information from you credit report. If you owe the debt, it will be on there for 7 years from original collection date. The law allows you the consumer to dispute inaccurate information on your report for FREE. There is no cost to you for doing this. Everything a credit repair company does for a fee, you can do it yourself for FREE. This is all in accordance to the Fair Credit Reporting Act (FCRA)

 You are entitled to Free Credit Report if you are denied for the following
1. Credit Application
2. Insurance
3. Employment

You are to ask for this report within 60 days of receiving this notification. You are also entitled to the free report if you are unemployed and are about to apply for job, if you are on welfare, or if your report is inaccurate because of fraud including identity theft.

 All 3 Credit Bureaus – Equifax, Trans Union and Experian are required to provide you once a year with a Free Credit Report. In order to get this report you must go to annualcreditreport.com.
 You are allowed to dispute items that are not yours for free. Under the FCRA any company that is reporting information about you that is inaccurate, this information must be updated correctly. If you owe the debt it will not be removed.

Step One

The consumer credit reporting company that is reporting information incorrectly about you must be informed in writing what information is inaccurate. You are to include a copy of documents backing your claim. You are to clearly identify in the claim the following
1. Your full name
2. Address
3. The item in the report that you are disputing
4. The request that it should be removed or corrected
5. Enclose a copy of the report and circle the item in question.

Your credit report dispute letter may look something like this:

Date
You’re Name
Mailing Address
City, State, Zip
Re: Disputing Inaccuracies on My Credit Report
Name of Credit Reporting Bureau
Mailing Address
City, State, Zip
Dear Sir or Madam:
I am writing for two (2) reasons:
1. To dispute certain information in my credit file; and
2. To have you investigate/re-investigate and remove inaccurate information from
my Credit Report and prevent its re-insertion. The item(s) I dispute are encircled
on the attached copy of the credit report and further identified by (identify the
items by name of source, such as creditor or tax court, etc. and identify type of
item, such as credit account, judgment, etc.)This item is (inaccurate or
incomplete) because (describe what is inaccurate or incomplete and why). I am
requesting that the item be deleted (or whatever specific change you are
requesting) to correct the information.(If you are enclosing documents such as
copies of cancelled checks, payment records, court documents, send copies
only, you should always retain the originals -- and use the following sentence.)
Enclosed are copies of the following documents supporting my position:
1.
2.
3.
Please reinvestigate this (these) matter(s) and (delete or correct) the disputed
items within the time frame required by the Fair Credit Reporting Act (FCRA) and
inform me in writing of the outcome. Thank you for your time and consideration in
this matter.
Sincerely,
________________________
(Signature)
Your name

Once the investigation is complete, whether they removed the item or not, the creditor must give you something in writing. If the information was deemed incorrect, then they must remove it, and not put it back on your report.

Step Two

Advise the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies only, not your original supporting your claim. The creditors usually provide an address for disputes. If the creditor reports the items to the 3 credit bureaus, they must include the dispute during the reporting time. If you are correct, the creditor must remove the item from the Bureaus it’s reporting too.

For information on “How to Dispute Credit Report Errors, go to ftc.gov/credit.

The reporting of correct information

When negative information is being reported about you, and it’s accurate the only way it will go away is with time. A consumer credit reporting company can report negative information about you for 7 years and bankruptcies for 10 years. Judgments can be reported for 7 years or until the statue of limitations run out.

Credit Repair Organization Act

By law credit repair companies must give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign any contract. They must also give you a written contract that specifies your rights and obligations. Read these documents carefully before you sign anything.
Example of what a credit report company cannot do:

 Charge you for anything until services have been completed
 Make false claims about there services
 Provide any services until they have your signature on a written contract and have completed a 3 day waiting period. During this time you may cancel the contract without any fees occurred.
 Payment terms for services rendered, along with total cost
 Detailed description of services you are paying for
 How long it will take to achieve results
 Any guarantees they offer
 Company address and name


Check your Credit Report at least 4 to 5 times a year.

Even if you don’t have poor credit, you need to know what’s on your credit report. Here are some good reasons per the FTC.
 Because the information it contains may affect whether you get a loan and the payment terms for that loan
 Make sure the information is accurate, complete, and up to date before you apply for a mortgage, credit card, car, insurance or even a job.
 To help guard against identity theft


Hopefully this has shed some light on credit repair, and the importance of have a recent copy of your free credit report.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Common Credit Mistakes – That affect your Credit Score

Your Credit Score could be affected by little mistakes made on your part. These mistakes are made all the time, and most don’t realize the impact on your credit report and credit score. We have seen these common problems quite often, even though you are providing help for a family member or friend.

Co-signing for loans:

One of the most common credit mistake is co-signing on a loan for friends and family members that don’t pay there bills. Yes you thought you were helping someone out, but in return hurt your personal credit. Over the years we have seen more and more people helping out other people with loans, and there credit report is littered with late payments. The result is sorry we cannot help you with the loan you are applying for because your credit score is too low. Late payments will drop your credit score 100 points. So if you had a 700 FICO score, now you have a 600 FICO score. So don’t co-sign for someone else. They need to learn how to establish credit on there own.

Closing Credit Card Accounts:

Fair Isaac Corporation does not recommend closing out credit cards, especially if the card is in good standing. Once you close out a card that is a good revolving line of credit, you just dropped your scores. This credit was reporting in good standing with a credit limit, the credit limit is a part of your credit score. So if you close it, you score will drop due to good credit being removed.

No Credit Cards will hurt your Score:

If you thought it was ok to not have any credit cards, you are wrong. Fair Isaac recommends having credit cards, but using them responsibly.

High Credit Card Balances:

High credit card balances will lower your credit score as well. According to Fair Isaac your balance should not be more than 30% of credit limit. The lower your balance is the higher your credit score will be. This is the quickest way to increase your credit scores.

Don’t give up:

Maybe you have made some mistakes, and now you are on the road to recovery. Remember your credit is just a snapshot of your credit during a particular time. You can always improve your credit by paying down your balances, and being on-time with your payments to creditors.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Fix Credit Report - Medical Collections

Medical collections on your credit report will hurt your credit score. There are major issues out there with the insurance claim process. Typically when you go to the doctor and you use your insurance, you would think there will not be problems after you pay your co-pay. I will be the first to tell you that there will be problems if the person filing the claim with your insurance company codes the claim incorrectly. Did you ever think that you would have to do worry about someone filing a medical claim correctly on your behalf? If you thought no, I would have to ask you to think again. The filing process in the medical field is a joke. They typically have someone making minimum wage doing this job, and if your insurance provider does not like the claim they will not pay it and the doctor will come after you for the bill. So you are now forced to be a medical claim specialist, but without the minimum wage pay.

Let’s assume you just ignored the medical bills being sent to you because you assumed your insurance covered it. During a 2 to 3 year period you accumulated 5 to 6 medical collections on your credit report. Now you have credit issues, because someone else did not perform there job correctly. Here is what you can do to fix this problem.

* Get the medical claim number from the collection company.
* Call your medical insurance provider and discuss what the problem was.
* Get something in writing from the collections company to delete collection from all 3 credit bureaus after you verified there was a code filed wrong.
* Once you receive the letter from the collection company, mail it certified mail with a dispute letter. This typically will take 30 days to delete.
* After 60 days re-pull your credit report and see if all 3 credit reporting agencies have removed the collection.


This is a simple process and can be applied to other types of collections. You will hear at times that it’s not necessary to pay off medical collections. Yes for certain types of loans you don’t need to pay off medical collections. It is necessary to pay off medical collections for long term credit health reasons. Your credit report will look much better without any collections, and so will your credit score.

Addresses for Credit Bureaus:

Equifax
P.O. Box 740256
Alanta, GA 30374

Experian
NCAC
P.O. Box 9595
Allen, TX 75013

Trans Union
P.O. Box 2000
Chester, PA 19022-2000

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Fix Credit Report Mistakes - Learn How.

This is a step by step guide that will give you the tools to fix inaccurate information on your Credit Reports. First you need to check when the information being reported is set to expire. Next use our customizable dispute letter, and sent it to the Credit Bureaus.
It is really that simple.

Step 1: Look for incorrect information being reported about you:Order a current copy of your credit report with scores from all 3 Bureaus online. Print your credit report and view it carefully. Make note of any information that is not correct. Determine when the information is set to expire. This guide will help you determine if and when the negative information on your credit report will expire.

Public Records:

a.Bankrupcties- Chapter 7 Bankruptcy will expire from your report after 10 years of file date. Chapter 13 will expire from your report after 7 years from file date.
b. Judgements- Court ordered decisions stay on your credit report for 7 years from file date. Example: child support, civil and small claims court.
c.Tax Liens- Tax liens stay on your credit report until you pay it off. Once you have paid the tax lien, it will stay on there 7 years from paid date. This applies to City, State, and Federal tax liens.
Charge –off – records- this record will show up on your credit after a creditor has wrote off the debt as a loss. This will remain on your file for 7 years.
Inquiries- Records of application for credit. These types of inquires usually stay on credit for a maximum of 2 years. Checking your credit online with credit sores does not damage your credit like these inquires do.
Closed Accounts- This information whether negative or good stays on your credit report for 7 years.
Collection Accounts- This record should expire after 7 years from the last 180 day late payment that led the account to collection to begin with. The expiration date is the same even if the collection is sold multiple times.
Foreclosure Records- Foreclosure and property deed-in-lieu records remain on credit for 7 years from foreclosure date.
Late Payments- Late payments stay on record for 7 years.
Repossession Records-Vehicle repossessions stay on you credit report for 7 years.

Use this expiration information to determine what should not be on your report. You should also check for information that is being report on there that is not yours. Also make sure there is no information that are cross records either.

Step 2: Write Dispute Letter
Once you have determined what is not correct on your report, it is time to write you disputes to the Bureaus. You will need to send the letter to each of the credit bureaus via certified mail.

Example dispute letter:
Date
Your NameMailing AddressCity, State, Zip
Re: Disputing Inaccuracies on My Credit Report
Name of Credit Reporting Bureau Mailing Address City, State, Zip
Dear Sir or Madam:
I am writing for two (2) reasons:
1. To dispute certain information in my credit file; and
2. To have you investigate/re-investigate and remove inaccurate information from my Credit Report and prevent its re-insertion. The item(s) I dispute are encircled on the attached copy of the credit report and further identified by (identify the items by name of source, such as creditor or tax court, etc. and identify type of item, such as credit account, judgment, etc.)This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or whatever specific change you are requesting) to correct the information.(If you are enclosing documents such as copies of cancelled checks, payment records, court documents, send copies only, you should always retain the originals -- and use the following sentence.)
Enclosed are copies of the following documents supporting my position?
1.
2.
3.
Please reinvestigate this (these) matter(s) and (delete or correct) the disputed items within the time frame required by the Fair Credit Reporting Act (FCRA) and inform me in writing of the outcome. Thank you for your time and consideration in this matter.
Sincerely,
________________________
(Signature)
Your name

Step 3: File your disputeSubmitting your dispute by mail is the suggested way, but only Equifax and Transunion allows this kind of dispute. Experians requires all disputes to be submitted online.
Here is the 3 Credit Bureaus information.

Equifax
P.O Box 740256
Alanta, GA 30374-0241
Dispute online

Experian
Dispute online

TransUnion
2 Baldwin Place
P.O. Box 2000
Chester, PA 19022
Dispute online

Step 4: Manage Results
The 3 Credit Bureaus have 30 days to investigate your dispute and update your credit report if the dispute his valid. Once they have investigated your concern, they will send you a letter stating what was updated on your credit report. If you were not able to get a inaccuracy fixed you will need to resubmit your dispute with new documentation.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

Credit Repair

You may have bad credit due to some irresponsible moves or some unforeseen events in your life. Protecting your credit score could prove to be very important to your future. There are lots of ways to keep your credit good, but if it’s already looking pretty bad, consider some repair options. One way is to go through a credit repair organization.

If you think you should use a credit repair company to fix your credit problems, you should educate yourself first. Credit repair companies can make a lot of promises, but be careful who you give your information to. There is a lot of deception going on in this industry and there are a few signs that you should look out for.

First, if they ask you for any money up front, then it isn’t a legitimate or ethical company. The Credit Repair Organizations Act says that companies aren’t allowed to ask you for any money until everything that they have promised has been completed. So this should be something that you are mindful of.

Secondly, they should always inform you of your legal rights and the steps that you can take yourself to repair your credit. Crazy promises to remove all bad things from your credit should be ignored. No one can do this. You can investigate your credit files to dispute any inaccurate or incomplete information, but you can’t make negative information just vanish. If a credit repair organization tells you not to contact a credit reporting agency yourself, you should probably hang up the phone and do just that. Anything that a credit repair company can do for you, you can actually do for yourself, for free. Research a little online and find out what your rights are under the Fair Credit Reporting Act.

The Credit Repair Organizations Act is in place to protect you. If you decide to go with a credit repair company, then you should familiarize yourself with the basics of this act before you proceed. We’ve mentioned that they can’t charge you until they’ve completed everything that they’ve promised, but you should also know that they must provide you with payment terms for their services. They must inform you of all fees and a final total amount that will be due. They must give you a detailed description in writing of everything that they plan to do. They have to give you a timeline in which the process will be completed. Any guarantees must be in writing and included in the contract. The company’s name and address must also be included on the contract.

Before you sign anything, they must provide you with a copy of the Consumer Credit File Rights Under State and Federal Law. They can’t start working on your credit until they have a signed contract in hand and have completed a three day waiting period. Anytime during the waiting period you have the right to change your mind and cancel the contract, owing nothing. Keep your rights in mind throughout the process and educate yourself before you start. Remember, anything they can do for your credit score, you can do yourself for free.

About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, Internet identity theft software, secure credit cards, and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.