This is How To Fix My Credit

Credit secrets are closely guarded by inside professionals. I think everybody should know about these tricks of the trade

 

I have compiled all the insider tips and dirty secrets the credit reporting agencies don’t want you to know about . 

 

Is it time to work on your credit? How do I fix my credit report? 

 

 

As an insider in the credit trade , I see all types of people and their credit reports  . for the most part they are scraping the bottom of the barrel  , but most people can do very elementary things to improve their credit scores. These tips are not hard, but you do have to pay attention to how you spend and how you pay your bills.

 

Insider Secret #1 

 

To begin  the process of deleting reporting errors by writing a dispute letter. If that does not work you have to contact your lender . It’s proven that after writing a dispute letter, the best way to remove accurate information from your credit report is to negotiate directly with the lender who reported the account in the first place  . You can make two very compelling cases for removal: 

 

1. payment in full by installments 

2. partial but immediate payment 

 

Using a Credit Repair Service costs you money and time . After dealing with the credit reporting agency, you may be stuck and have to deal directly with the lender. Do so yourself instead of using an outside source. 

 

 

 

Insider Secret # 2 

 

If the credit bureau refuses to remove negative information from your credit report , you have the right to have a consumer statement added to your credit report. Only do this as a last resort and only after you have exhausted all means of disputing, including direct negotiation with the company reporting on the status of your account. The consumer statement you insert into your credit report is supposed to be sent to anyone who requests your report. I find this is effective only with employment or housing as loans are score driven .  

 

Insider Secret #3 

 

When reviewing your credit report look carefully to see if you are the subscriber or if you are a signor on the account.  For instance, a married couple shares the same credit card , but the card was issued in the husband’s name. The other might have use privileges and may have even been responsible for running up the debt , but that person  is not responsible for that debt and the account should not be on his or her credit report if negative information is being reported. The inverse effect is also possible and this may in fact be helping your credit . 

 

Insider Secret # 4 

 

You can also just wait out the account. . The Fair Credit Reporting Act spells the term limit for charge-offs, late payments, tax liens and judgements. After seven  years these items must be removed from your credit report. But many times you have to go in and do this work. The statute of limitations for a Bankruptcy is 10 years. Look at credit report and dispute every negative entry that is older than 7 years. You will be impressed with what   you can find . 

 

Insider Secret # 5 

 

Credit Reporting Agencies have thirty days to verify your credit report  . If they are unable to complete their investigation within that time , they are required by law in the Fair Credit Reporting Act, to delete the negative notation from your credit report. (Bankruptcy is 10 years). 

 

If you are to be successful in pursuing credit repair in this manner  , give yourself the best chance of success by following two basic rules (6 & 7). 

 

Inside Secrets #6 

 

Always include a copy of your drivers license or other identification showing you are indeed the petitioner. The FCRA allows for fines and imprisonment to employees of the Credit Reporting Agencies who violate privacy policies and give your credit information to just anybody. If you don’t comply with their identification process, you will not be given an investigation. 

 

Inside Secrets #7 

 

Knowing the Credit Reporting Agencies have 30 days to complete their investigation, always send correspondence to the Credit Reporting Agency certified mail. This insignificant charge you incur  will be worth a lot if you are required to prove that the 30 day statute was violated. Keep good records and follow up on the 31st day . 

 

Inside Secrets # 8 

Get a secured Credit Card and never charge more than 25% of the limit . This limit will be the amount of money you deposit with the credit card company . Pay the balance in full faithfully every month and do not be late. You will soon see that you will increase your credit scores and you may see offers of more credit in your mailbox . 

 

Inside Secrets # 9 

Closing old accounts usually lowers your credit score . If you have old credit card accounts which you don’t use, leave them open as it adds to the available balance and this is one way to keep your scores up. Closing these accounts lowers your available balance. There are time when closing accounts is a good idea and this is usually when you move and don’t alert the card company. If you close an account make sure you are the one who invokes this and not the lender. Check your credit report making sure a notation is “closed by account holder.” 

 

Inside Secrets #10 

Pay your bills early. Credit scores are partially a result of a ratio between credit available and credit used. The trick is to stay in the 25% range of credit used and this can be accomplished by simply paying your bills early-before the reporting period. Late mailings many times will equal late fees and this is just another way for credit card companies to charge you more money each month . Pay them early. After all, it’snot your money  .

 

 

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