What Creditors Don’t Want You To Know

If you are new here, you might want to subscribe to my RSS feed. Thanks for visiting!

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 . 

 

 If you are serious about ways to increase your credit score, learn these insider tips.

 

 

 

As a credit professional  in the credit trade , I see all types of people and their credit reports  . for the most part they are negative aspects of credit , but most people can do very easy 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 credit repair by writing a dispute letter. If that does not work you have to call the credit card company  . It’s proven that after writing a dispute letter, the ideal way to bad accounts  from your credit report is to negotiate directly with the company who is reporting it . 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 might 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 agency 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 fatigued all means of disputing, including direct negotiation with the company reporting on the position of your account. The consumer statement you insert into your credit report is supposed to be sent to anyone who requests your report. This really has tiny effect on your credit report.   

 

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 a charge card account  , but the card was issued in the wife’s name. The other might have use privileges and might have even been responsible for paying the bill  , but that person  is not responsible for that debt and the statement should not be on his or her credit report if negative information is being reported. Dispute this and have these accounts removed . 

 

Insider Secret # 4 

 

The other way to deletion is through time . The Fair Credit Reporting Act spells the term limit for charge-offs, late payments, tax liens and judgements. After 7 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 apiece negative entry that is older than 7 years. You will be surprised how many accounts you can find . 

 

Insider Secret # 5 

 

Credit Reporting Agencies have 30 days from the time when they receive your dispute, to respond to you . If they are not healthy to complete their investigation within that time , they are required by viands in the Fair Credit Reporting Act, to delete the negative remarks  from your credit report. (Bankruptcy is 10 years). 

 

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

 

Inside Secrets #6 

 

Always include a copy of your drivers license or other finding showing you are indeed the petitioner. The FCRA grants 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 finding 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 Bureau certified mail. This insignificant charge you incur  will be worth a lot if you are required to establish 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 thirty percent of the credit limit . This limit will be the amount of money you deposit with the credit card company . Pay the equilibrise in full dependably apiece and apiece month and do not be late. You will soon see that you will increase your credit scores and you might 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 acquirable equilibrise and this is one way to keep your scores up. Closing these accounts lowers your acquirable balance. There are time when closing accounts is a good intent and this is usually when you move and don’t signal the card company. If you close an statement make sure you are the one who invokes this and not the lender. Check your credit report making sure a notation is “closed by statement holder.” 

 

Inside Secrets #10 

Pay your bills early. Credit scores are partially a result of a ratio between credit acquirable 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 pay means late fees and this is just another way for credit card companies to charge you more money apiece month . Pay them early. After all, it’snot your money  .

 

 

Obtaining a loan after a foreclosure