Improve your Credit Score with these 5 Tips.

1. Get copies of your Credit Report-then make sure the information is correct.
Go to www.creditscorequick.com/ to get a copy of your free credit score report. At this site you can get a 3-1 credit report from all 3 credit bureaus. If you don’t want a copy of your credit scores, you can go to www.annualcreditreport.com to get a credit report with no scores. We promote credit reports with credit scores.



2. Pay your bills on time.
One of the most important things you can do to keep improve your credit score is to pay your bills by the due date. Our advice would be to set up automatic payments from your bank account so you are never late. Always make sure you have enough money in the banks so you don’t pay for overdraft fees.

3. Understand how your credit score is determined.
You can count on your credit score being the answers to these questions.
• How long is your credit history? A credit history that is short could impact your score in a negative way. A short credit history can be offset by your on-time payments and low credit balances
• What is your outstanding debt? The scoring models compare the amount of debt you owe to allowed vs. credit limit. If the amount you owe is close to credit limit, you can expect your score to get lowered.
• Do you pay your bills on-time? If you have paid your bills late, had a account go to collection, or have filed bankruptcy, this history will be on your credit report. This type of activity is devastating to your credit score report health.
• Have you applied for new credit lately? If you have applied for too many credit accounts recently, this will affect your credit score in a negative way. If you have requested a copy of your credit report, or creditors have are monitoring your account or are looking at credit reports to make a prescreened credit offer, these types of inquiries don’t account for a your FICO score.
• What types and how many credit accounts do you have? Most of the credit scoring models take into account the mix of credit you currently have. For instance a mix would be, installment loans, credit cards, mortgage, and car loans will help your credit score. However too many credit accounts could hurt your credit score.

4. Beware of credit repair scams.
Sometimes doing credit repair your self is the best way to repair your credit. The Federal Trade Commission claims “self help may be best.” Here is an article from the FTC on how to repair your credit report for FREE.

5. Learn the legal steps to improve your credit
Here is a great article on the necessary steps to improve 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, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance 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.

When should you check your Credit Report?

We all know to get a check up with the doctor once a year, and dental twice a year, but how often should you check your credit report health? Just like getting a physical at the doctor to get steps to improve your physical health, you need to do a financial check up to improve your overall credit report health. With the way matters are these days you cannot afford to not stay on top of your financial health. If you want to retire someday you definitely don’t want to be paying higher interest rates on money borrowed because you are not up to date on your credit report history or because you have mismanaged your credit health.

There is lots of advice on the internet to check your credit report once a year, but is this the correct information? This might be a good rule of thumb for someone who does not have any credit out there, or never makes any purchases. Unfortunately most people are doing all the above quite often. Here are triggers for checking your credit report with credit scores.

You have been denied for a credit card, loan, mortgage, or other credit based services.
If your credit was used in the decision process for a loan and you were denied, you are entitled to a free copy of your credit report. Most lenders will send you a letter in the mail listing some of the reason as to why you were denied credit.

Once you get a copy of your credit report and credit scores, review it and make sure you were not denied because of inaccurate information being reported.





You suspect your identity has been stolen
Unfortunately, identity theft is becoming a problem of epidemic proportions. Identity theft can go unnoticed for months, even years. If you discover your identity has been stolen report it to the credit bureaus immediately.

Your are preparing to make a major purchase like a home, car, credit card, or any other credit-based service
Your credit report history and credit scores are the primary factors in the loan approval process. You would be surprised as to what credit report entries would get you denied for a loan. In some cases even a $16.00 medical collection can keep you from getting your dream home.

You are planning to repair your credit or get out of debt or both
Since a credit report contains most if not all of your financial accounts, it’s the best place to start when you are focused on getting financially healthy. You can also easily use the information on your credit report to get your plan started. If you are looking to get out of debt or fix your bad credit report, there is no better place to start than your free credit score 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, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance 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 Rating improved in 30 days

Did you know you can improve your credit rating in 30 days? Most people don’t know what to do to get their rating up quickly. There are some tricks you can do to your personal credit report to increase your credit score with ease. In this article I am going to discuss how you can do this within 30 days. Keep in mind while you are doing this process I am about to discuss make sure you are not charging up your credit cards, and make sure you are not late on any of your obligations that report to all 3 credit bureaus.

Paying down credit card debt
Since amount owed on debt that reports to credit bureaus accounts for 30% of your overall credit score, this is what we will attack first. This is the quickest way to increase your credit rating if you are about to make a purchase and need that credit score higher. If you have some money in savings, take that money and pay down any credit cards that are above 30% of your allowed credit limit. If you can pay them off, your credit rating will sky rocket. Let’s assume you can’t pay them off, make sure you pay down the credit cards that have the highest balance owed.

Increase your credit card limits
This is a little trick that I have done for myself. I have increased credit limits at times when I did not have the money to pay down my debt at the time. The trick is to get your credit card balances below the 30% allowed credit limit threshold. Typically when you do this you will see about a 20 to 30 point increase in your overall credit rating. I know it sounds crazy to increase your credit limit on credit cards to get your score up, but it will do the job.



Get a letter to delete collections from creditor
If you have not done a credit check lately go ahead and do so. Once you have got a copy of your credit report with all 3 credit scores, look at it and determine if you have anything that has gone to collection. Always start with the most recent collections and small balances owed first. Typically medical and apartment collections are the easiest to get removed from a credit report. The reason is the collection companies usually are more willing to give you a letter once paid or settled to remove any record from TranUnion, Equifax and Experian. Once you have paid in full or settled on debt, make sure the collection company gets you a letter to delete. After you receive this letter you send a copy of the letter to all three credit bureaus to remove any record of the collection. This process will increase your credit rating around 10 to 15 points, depending on how many collections you get a letter for.

Once you have gone through this entire process make sure you do a credit check to see where you stand after 60 days. The results will surprise you because you will have an increase in your overall credit rating.

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 , mortgage loans, auto loans, insurance 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

Save Money becasue of Good Credit Scores.

Good Credit Scores obviously is to pathway to saving money. You are probably asking why, well the answer is on money borrowed. The average American has to borrow money occasionally for different reason. Let’s assume you need to buy a car, and you think your credit score is low. You are considered a high risk and the banks will charge you higher interest on the money borrowed. Maybe you need to get an installment loan from the bank for personal reasons, you may get denied because your credit score is too low. What every your situation is your credit score will determine how much money you have in the bank at retirement. If you think about this it is pretty scary.

Examples of Money lost to High Interest:
Car loan with low credit score:
Loan Amount: $25,000
Interest rate: 12%
Term: 6 years
Payment: $488 per month

Car loan with high credit score:
Loan Amount: $25,000
Interest rate: 6%
Term: 6 years
Payment: $414 per month
*This calculation is a true current market rate calculation for car loans currently.

The difference in payment is $74.00 per month. If you have good credit you would have saved $5,328 dollars. This money could be in a interest bearing account making you some interest as opposed to going to the bank due to your high credit risk. I don’t think most people see how bad credit can affect your long term goals. Maybe you have kids and you are trying to save for college, this is quite bit of money you could have saved for one of your kid’s tuition. This principle applies to credit cards as well. The worse your credit the worse your terms will be and the more money you throw out the window. Once you see this on paper it is quite scary, but there is help. The road to recovery typically takes about a year, and the first step is to get a free credit check with credit scores. Go ahead and make the plunge and see where your credit report currently stands. I think most people avoid knowing what is on their credit report. No one likes to hear or see bad news. Unfortunately this does not get the problem at hand resolved.

Life is too short and we need to live well so we can enjoy our short stay on this wonderful planet. You might as well make the best of it, and start saving on interest and terms today by being an educated consumer of your personal finances. If you have been avoiding it for a while, go ahead and make that change starting right now. There is nothing like the feeling of going to the bank and not worrying about whether you will get approved or not. With good credit all you have to worry about is what bank will give you the best terms. Remember your “Credit is your Life.”

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 , mortgage loans, auto loans, insurance 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 Reports with Credit Scores

Are you currently thinking of pulling your credit report, and want to know your credit scores? Did you know if you go www.annualcreditreport.com you can get a copy of your free credit report once a year, but you don’t get your credit scores? This is a common misconception out there, that www.annualcreditreport.com is really what you need as a consumer when wanting to get a copy of your tri-merge credit report. Let me ask you this, when a creditor pulls your credit report, do they pull a report with no credit scores?
The answer is absolutely NO; they look closely at your scores to determine your credit risk. This is the whole reason for pulling your report to begin with. I see people out there all the time saying go to annul to get a FREE copy of your credit report, when in reality they are not properly educated on what creditors really look at. They just assume they know. So if you are in the market to make a big purchase, or it’s been 60 days since you last looked at your report, you need to get a copy of your credit report with all 3 credit scores. I have explained in other articles who looks at your credit scores and why. It’s pretty obvious these days that you need to stay on top of this matter so you don’t pay higher rates and terms. Maybe you have had some bumps and bruises on your credit and you want to know what is on there so you can start fixing your credit. What ever you situation is, don’t get mislead by the FREE annual credit report, what they provide is not good enough. You need to check your credit report every 60 days, along with getting a credit score with each credit bureau.





Free Trial Credit Reports
Currently the only offers that are available to get your credit scores are free trial offers that automatically sign you up for credit monitoring. These services are not going to hurt you; I repeat these services are not going to hurt you. If would make perfect sense to get a monitoring services especially with all the identity theft going on these days. These monitoring services will also monitor credit scores and notify you if it drops or any major changes to your credit report. There are different free trial offers and they usually range from 14.95 a month to 17.95.This is not that much money when it comes to protecting your good name. Once you have used this service you can always call and cancel all services it signs you up for. The great thing is you got a copy of your credit report with credit scores, which is critical when it comes to your personal purchasing power. Go to creditors with confidence, and ammunition. This will keep you from getting ripped off by paying high interest rates and terms. Get your free credit score report now.

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, secured credit cards, student credit cards , mortgage loans, auto loans, insurance 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

Use the Law to Fix your Credit Report for FREE.

Credit Report mistakes are too common these days. Recent studies show that 1 n 4 Credit Reports have errors on them that would definitely cause a denial in the current lending market. So the question is what do you do to fix the problem? Where do you go to find out if there is a problem? There are so many different resources on the web that provide credit reports but that is all they provide. At CreditScoreQuick.com one of the top providers on the web of all types of free credit score reports, and FREE credit repair tips and advice, you can assure yourself that you will get what you need instantly over the web. This is the only website on the internet that was created by a lender, not some company pushing credit reports. You can go to this website and fix your credit, and ask credit questions 24/7 for FREE.

Fix your credit score quick process:
1. Pull a copy of your credit report with all 3 credit scores.
2. Determine what is reporting on your credit report incorrectly.
3. Determine what is supposed to drop off: Here is how long credit collections, charge offs, and foreclosures are supposed to be on credit report.
4. Go here: to dispute incorrect information on-line.
5. Give the process 30 to 60 days, and then re-pull your free credit score report again to determine what has been removed.
6. If you have a collection on your credit report, look for the number of the reporting creditor and call them to get their address. Once you have obtained their address mail them a debt validation letter. The creditor will have 30 days under the Fair Credit Reporting Act to provide proof; if they don’t then it must be removed from all 3 credit bureaus.

The Right to Validate Your Debt
Under the FDCPA, you are allowed to validate this debt, and the creditor (in this case, the collection agency) must show you proof that you owe the debt to the collection agency (not to the original creditor.)
The specific section of the FDCPA:
FDCPA Section 809. Validation of debts [15 USC 1692g]
(b) If the consumer notifies the debt collector in writing within the thirty-day period described in subsection (a) that the debt, or any portion thereof, is disputed, or that the consumer requests the name and address of the original creditor, the debt collector shall cease collection of the debt, or any disputed portion thereof, until the debt collector obtains verification of the debt or any copy of a judgment, or the name and address of the original creditor, and a copy of such verification or judgment, or name and address of the original creditor, is mailed to the consumer by the debt collector.
Plus, they must show proof positive that you owe them this debt. It's not enough to send you a computer-generated printout of the debt. There is an opinion letter from the FTC to back this up:
http://www.ftc.gov/os/statutes/fdcpa/letters/wollman.htm
Nor can they ask you to pay for digging up records of your debt:
http://www.ftc.gov/os/statutes/fdcpa/letters/krisor2.htm
So, if a creditor can't verify a debt:
* They are not allowed to collect the debt,
* They are not allowed to contact you about the debt, and
* They are also not allowed to report it under the Fair Credit Reporting Act (FCRA). Doing so is a violation of the FCRA, and the FCRA states that you can sue for $1,000 in damages for any violation of the Act.
The opinion letter from the FTC which clearly spells out that a collection agency CANNOT report a debt to the credit bureaus which has not been validated:
http://www.ftc.gov/os/statutes/fdcpa/letters/cass.htm
It also states that you can sue in federal or state court. So if you have them on a violation, then you have damages of $1,000 for the incident plus damages. Small claims court, anyone?

We hope this will give you some ammunition for clearing up your credit. Don’t let collection companies harass you unless they can follow the process giving.

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, secured credit cards, student credit cards , mortgage loans, auto loans, insurance 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

Fix Credit Report Errors: 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 dispute

Submitting 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 PlaceP.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, 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 your Credit Report before an Employer Does.

Did you think checking your free credit score report was not necessary? I would think again, recent studies show most employers are checking your credit as part of the decision process. They are looking into your personal history is to see if you are responsible enough to hold a job. Companies don’t want to hire someone that is financially tapped out; someone that is in this situation might be desperate and attempt to steal.

Jobs that involve money handling
A position that involves an employee handling money will typically require a credit report check. These companies do a background check as well. If a company is hiring you to handle there money, they want to make sure you are very responsible. There are accounts where potential employee applied for a position with a company as was denied employment due to bad credit. If you think your credit report is littered with collections, charge offs and late payments you might want to work on cleaning those types of issues up. This type of activity whether it’s a professional job or a cashier job could cost you a potential opportunity.

Government Jobs
When the government looks into hiring an individual they pull your credit report. They want to make sure you are not a security risk. They also pull your credit after you have been hired. Judy Langley was hired at by the “City of Dallas” for a clerical position. The requirement was once she was hired she had to improve her credit. The city hiring manager knew she had some credit issues, and required that she improve her credit over a 12 month period. In other words if you have past credit issues, your new employer could require you to clean it up.

Your Rights under the Fair Credit Reporting Act (FCRA)
The FCRA requires written consent on your behalf before an employer can pull your personal credit score report and/ or background check. Nether less if you suspect you have credit issues, and you are in the market to find that dream job you might want to pull a recent copy of your report with scores. Everyone looks at your credit scores as well. When an employer uses your credit report as part of the hiring process, they are suppose to inform you of this. If they deny you employment due to your credit, they are supposed to do two things:

* The employer is supposed to give you a copy of your credit report and give you your rights under the FCRA.

*The employer is also to disclose which company gave the information so they can dispute any information that might be inaccurate.

Rather than go through all of this they will simply say you were denied for other reasons.


Find out what’s on your record
This is why it’s so important to pull your free credit score report regularly, so if you have to get a new job or your current employer is doing credit checks, you don’t want to have issues due to bad credit decisions.






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

Revive Credit Report after Foreclosure

Foreclosure is a common subject these days, but there is life after having one. If you have recently had a foreclosure on your credit report, you will be able to recover from this bad experience. Fair Isaac with its new FICO 08 with due time will forgive you for a foreclosure as long as you are not a repeat offender. This new calculated risk software understands that unfortunate situations come up in ones life, but don’t make the same mistake again. Definitely don’t make it a habit of having credit problems is the point.

How long will it take before you can buy again?
Your credit report might recover quickly as long as you have other good standing credit reporting on your credit report. But that does not mean you can buy a home right a way. Most people that have foreclosures usually take time to recover from such a bad experience. HUD knows this, and that is why you cannot get a FHA loan for a minimum of three years from foreclosure date. It’s almost impossible to get a Conventional loan, because conventional loans are automated approvals. Typically with a foreclosure, collections or low scores this automated software will deny you. FHA is a different type loan all together, since it’s a government insured loan you can get what they call a manual underwrite for this type of loan. What this means is if the automated process through Freddie Mac or Fannie Mae says no, you can get an underwriter to manually approve the loan. So you can expect to wait at least a minimum of 3 years after foreclosure date before you can begin to think about financing a home again.

Pay everything on-time
When a bank lends you money, it’s a big risk. Banks don’t want to lend money to someone that has total disregard for their credit. If you have had a recent foreclosure the last thing you want to do is have late payments, collections or any other negative information hit your credit report. Let’s face it, the whole reason banks, mortgage companies, car dealers, landlords, and employers pull your credit repot is to see if you pay your debts. I personally would not lend to someone that did not pay their bills back, would you? With the recent tightening up in the lending arena you might want really work on increasing your credit score. Also make sure you have at least 3 lines of credit reporting on your report. If you had to let everything go, you might consider getting a secured credit card. This type of card will help you re-establish your free credit score report.

Save Money
Saving money is very important when it comes to getting a loan. Lenders like to see you saving money because it shows stability. Let’s assume you loose your job, well if you have 6 months payments in the bank you are less likely to let your house go. If a emergency comes up you have some money in the bank to assist in some way. Saving money also shows you are responsible as well. Let’s say two people go to the bank to get a loan and they both have bad credit. The main difference between the two bad credit borrowers is one has $5000.00 in the bank. Who do you think the bank is more likely to approve? These are some key point I wanted to touch on to revive your credit after a foreclosure. There is life after so make sure you manage your credit report and credit scores so you can begin home ownership soon.

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.

Get your real free fico score today !

Free FICO Score report is what 90% of banks use today to determine your credit risk. You have 3 fico scores with the 3 bureaus, TransUnion, Experian and Equifax. The FICO scoring process was pioneered in by Fair Isaac in the 1960’s which sparked a revolution for automated credit risk. This revolution allowed companies to improve there business performance through this calculated risk model. Your FICO score will determine what type of loan, rate and terms at any given time with lenders. The higher your score, the better your terms are. In order for the 3 credit bureaus to calculate your score, there must be at least one account that has been open for at least 6 months.

Other names for FICO scores:

Fico scores have different names at each of the 3 credit bureaus. All of these scores were developed using the same methods by Fair Isaac, and have been rigourasly tested to ensure they provide the most accurate picture of credit risk with all 3 reporting agencies.


Credit Report Agency / FICO Score
TransUnion / EMPIRICA®
Experian / Experian - Fair Isaac Risk Model
Equifax / BEACON® Score


Why the 3 Bureaus have different Credit Scores:

In general, when people talk about your credit score they are referring to your FICO score. However there is more than one credit score used to make a credit decision about you. The FICO score calculated from each bureau could be different than the other bureaus because each bureau collects its own information. Definition of credit bureaus is as follows: Credit Bureau is a repository that provides credit information on a borrower. This is how you get different credit scores when you pull a copy of your free credit score report. Equifax currently provides your true FICO® score. So if you are in the market to make a purchase you might want to get that score. It is fairly reasonable; you get a 30 day free trial with the 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, 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.

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.

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.