I Performed a Miracle on My Credit Report

The idmoney-card-business-credit-card-50987ea that my credit score could increase over the next couple of months is an exciting thought.  There are a lot of credit repair companies and for some people, they make sense.  We recommend you talk to Renee at http://www.creditmatters.com But if you are like many of us, you can’t afford the cost of credit repair.

You CAN repair your credit for FREE.  Here is a short list of items you would hire a Credit repair company to fix – and that you can do for free.

REMOVE INCORRECT INFORMATION FROM YOUR CREDIT FILE

You can do his yourself and that is all thanks to the Fair Credit Reporting Act.  We recommend this link for more information about that: https://www.nolo.com/legal-encyclopedia/clean-up-credit-report-how-to-30017.html

I had a HUGE item on my credit report that was getting in the way.  I called the creditor number listed on my credit report – and asked them to supply me with proof that this is my debt. Of course, the person on the phone tried to get me to admit it was mine but I wouldn’t cave. I was kind, generous, and friendly the entire time and said, “I believe it is my right to request that you supply me with proof that this is my debt”.  Five days later I received a notification in the mail that they are not able to comply and will be no longer attempting to collect that debt AND they will notify the credit reporting agencies.  I’m now closely monitoring to make sure it comes off my credit reports. If it does not, I have that letter to send to the credit reporting agency as proof they are reporting incorrect information.

ADVISE THAT YOU GET A CREDIT CARD

Don’t pay someone to do work you can easily do yourself.  Search for secured credit cards.  Check out the rates and choose the lowest – then find some cash to pay on the secured card.  The key to making this work, and the ONLY two ways to make this work: never have more than 30% of your credit line owed.  If your credit line is $500, you want to keep your balance due no higher than $150.  The second way to  make it work is to ALWAYS pay the minimum amount due RIGHT BEFORE THE DUE DATE. Make sure they get the money by the due date so paying it a few days early will make sure that all the banks involved have done their jobs and the funds are fully transferred.  Paying it on the day of may not actually be credited on that day.

REMOVE NEGATIVE INFORMATION EVEN IF IT IS CORRECT

credit_reportNegative items stay on your credit report for seven year and in some cases, even longer.  You can challenge them and the reporting agencies don’t like that.  But remember that THEY have rights under the Fair Credit Reporting Act as well.  They will often call your challenges as ‘frivolous’.  If they have the right to report it, it will be on your report. That’s the bottom line. Don’t panic – you have more options to credit repair.

GET RID OF OUTSTANDING DEBT ON YOUR CREDIT REPORT

If you owe it, you need to pay it.  You can fight it but if they can prove it is your debt, you will need to pay it.  Contact them and ask them if they will consider a payment schedule or a pay-off amount.

ADVISE THAT YOU GET A CREDIT CARD

Don’t pay someone to do work you can easily do yourself.  Search for secured credit cards.  Check out the rates and choose the lowest – then find some cash to pay on the secured card.  The key to making this work, and the ONLY two ways to make this work: never have more than 30% of your credit line owed.  If your credit line is $500, you want to keep your balance due no higher than $150.  The second way to  make it work is to ALWAYS pay the minimum amount due RIGHT BEFORE THE DUE DATE. Make sure they get the money by the due date so paying it a few days early will make sure that all the banks involved have done their jobs and the funds are fully transferred.  Paying it on the day of may not actually be credited on that day.

DISPUTES

Review your credit report and DETAIL in a letter why it is incorrect.  If you can supply supporting documentation, do it.  Check out the websites of each credit reporting agency for more information:

www.equifax.com    www.experian.com    www.transunion.com 

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NOTE: We are not attorneys nor do we represent one. We are not a collection agency and offer this information as information only.  Please perform your own due diligence before hiring a credit repair company or taking steps to repair your credit.

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