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How to fix your credit fast

how to fix your credit fast

How to Repair Your Credit

Score & Save Money On

All Your Credit Purchases!

How to Repair Bad Credit

Yourself - Fast

Reparing your credit is really all about one thing; raising your FICO credit score. If your

credit score is low, under 680 or so, you need to raise it. This is especially true in light of

the problems experienced by the mortgage industry since late 2007. Until you repair your

credit score, you'll not be able to get the best interest rates on loans, mortgages and credit

cards. Many prospective borrowers have reported trouble getting approved for mortgages

at all, even with credit scores that would have previously been considered good.

Obviously, this can cost you thousands of dollars and worse, the home you really want.

So, how do you go about fixing your credit and raising your credit score? Something you

any payment until they have completed the services they have promised.

Here is what you need to know about fast credit repair: According to the U.S. Federal

Trade Commission (FTC), there are several things to look for when evaluating a credit

repair agency, organization, or offer.

* companies that want you to pay for credit repair services before they provide any


* companies that do not tell you your legal rights and what you can do for yourself for


* companies that recommend that you not contact a credit reporting company directly.

* 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.

* 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.

Take Note: If you follow illegal advice and commit fraud, you may be subject to

prosecution. Obviously a prison term isn't worth some points on your FICO score. So if a

credit repair firm seems to be guiding you into something that seems suspect or you have

any reservations, get a second opinion. It's not worth winding up in prison to salvage your

credit. In fact, credit repair agencies may not remove certain things from your credit

report. The exact text of the federal law pertaining to repairing credit reports is as follows:

"You have a right to dispute inaccurate information in your credit report by contacting the

credit bureau directly. However, neither you nor any ''credit repair'' company or credit

repair organization has the right to have accurate, current, and verifiable information

removed from your credit report. The credit bureau must remove accurate, negative

information from your report only if it is over 7 years old. Bankruptcy information can be

reported for 10 years."

The preceding is quoted directly from the federal statute on credit repair. It is fairly

unambiguous and easy to interpret.

* You’re entitled to a free credit report any time a company adversely impacts your

credit, like denying your application for credit, insurance, or employment. You must ask

for your report within 60 days of receiving notice of the action. You will receive the

name, address, and phone number of the consumer reporting company. In addition, you

can get one free credit report a year if you’re unemployed and plan to look for a job

within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud,

including identity theft.

* Each of the nationwide consumer reporting companies – Equifax, Experian, and

TransUnion – is required by law to provide you with a free copy of your credit report. at

your request, once every 12 months. You should take advantage of this. After your initial

request, stagger the request with each of the three credit reporting agencies so you get

one free credit report every three months. The companies rolled this out across the

country during a nine-month period. By the end of September 2005, consumers from

coast to coast had access to a free annual credit report if they asked for it. Beyond the

first free credit report, a consumer reporting company may charge you up to $9.50 for

another copy of your report within a 12-month period.

NOTE: On March 14th, 2006, the three major credit reporting agencies revised their credit

scoring system. They can now all use the same scoring system. The new system, known

as "Vantage Score" is now available to the reporting agency's customers. It's up to the

individual customer to decide weather they want to use the newer Vantage system, or the

FICO system. The Vantage system is a real credit scoring system, not, as some have

called it, a FAKO credit score.

* You can dispute mistakes or outdated items on your credit report for free. Under the

FCRA, both the consumer reporting company and the information provider (that is, the

You really can do much to fix your own credit and raise your FICO credit score. If you

don't want to, you need not retain the services of a credit repair agency. If you feel

comfortable, and have the time, you can do much of what they do to fix your credit. To

fix your own credit, and raise your credit score, there are several steps you can take.

1) As mentioned above, get a copy of your credit report from the three credit reporting

agencies above (Equifax, Experian, and TransUnion). It is important to get a copy from

all three agencies because they usually contain some different information and you don't

want to miss any derogatory credit information. Remember, you are entitled to one free

credit report from each credit agency every year.


and CAN BE VIRTUALLY UNFORMATTED and difficult to read. Reports with the

in-depth analysis that will make it much easier to repair your credit can be obtained from

the credit reporting agency Equifax - click here. (Free Trial Offer)

2) Notify the credit reporting agency in question, in writing, of any derogatory items on

the report you feel are incorrect. Make sure you report your position with as much

documentation as possible. Make sure you keep the originals of anything you send and

only send copies. The credit reporting agency is required to respond to your written

dispute claim within thirty days.

3) Notify the creditor of the disputed items. Again, make sure you notify them in writing

and retain any original documentation supporting your position. This is where many

people feel comfortable retaining the services of a qualified attorney. Some feel the

notification of a dispute carries more weight if sent on a respected law firm's stationery.

A law firm specializing in writing such letters to

creditors knows exactly what is

effective when writing a dispute letter. They have done the same thing hundreds of times


4)When speaking with creditors on the telephone, make sure you document everything.

Keep a written record about exactly what you discussed, the date & time, and who you

spoke with. This is extremely important in the event you need to speak with them again

or you need to, heaven forbid, go to court at some point.

Powerful Techniques to Raise Your Credit Score Quickly -

You can use these credit score improving tricks yourself. Once you've cleared your

credit report of any inaccuracies, there are some techniques you can apply that will

result in a fairly rapid increase in your credit score.

1) Piggybacking - This is the process of getting yourself added as an authorized user on

someone's credit account who already has great credit. Their credit history is added to

your history. This has the effect of giving you their long history of perfect payments and

"paid as agreed" on their credit report. It's extremely effective. This technique is such a

powerful way to raise your credit score that it has spawned businesses that specialize in

connecting people with stellar credit with those who need to piggyback. Those with the

excellent credit are paid a fee for the use of their credit history.

NOTE: The prevalence of this technique to raise credit scores, especially to obtain a

home mortgage, combined with the problems in the sub-prime mortgage market, have

led lenders to complain loudly. In mid 2007 Fair Issaac, the people who provide the

FICO scoring system, indicated they would stop incorporating the effects of

piggybacking in their next revision of the FICO scoring system.

2) Adding an additional credit card account with a fairly high limit. Your options are

limited because if your credit is under about 700, fewer companies will offer you credit.

There are some firms that are still doing so, however. This has the effect of raising your

aggregate credit limit, and thus your credit utilization score, a key component of your

overall FICO score.

3) Using Seasoned (aged) Trade Credit Lines - Here is another very powerful, yet almost

unknown credit building technique that is just starting to be uncovered by the average

person. There are literally thousands of businesses out there with stellar credit and long

credit histories. They pay their bills on time every month and have for years. You can

use these businesses' credit to your advantage. You are able to basically have their

excellent credit history reported as part of your credit history. It's similar to

piggybacking, but you are able to use a business's credit.

4) Sub Prime Merchandise Credit Cards - These will also result in a rapid rise in your

credit score. The downside is that you have to buy something from the company that

issues the card, but that's probably a small price to pay. It works as follows; You are

issued a credit card by a merchant. There's no credit check or cosigner required, so it's

perfect if you have really bad credit. The requirements are that you can only use it to buy

products from that merchant, and you must pay a large percentage of the purchase with

cash. You only finance a small percentage.

These cards usually have a fairly high limit, however. This is fantastic because it's

reported just as any other high limit credit card. That has the effect of raising your upper

aggregate credit limit, while only slightly increasing your outstanding balance. That helps

your credit utilization score, and thus your credit score. One caveat here; you can over

use this and get yourself into more credit trouble than you are in now. Exercise restraint.

5) Get your credit limits raised. - This is another way to quickly raise your FICO credit

score. An advantage is that it's easy, and most cases fast because the credit card

How long do you have to worry about derogatory entries on your credit report? Is there

a time when you can finally be clear of past mistakes? Thankfully, the answer is yes. A

bankruptcy or foreclosure will follow you around for ten years and other derogatory

credit information will stay on your credit report for seven years. The clock on the credit

reporting period begins when a bankruptcy is discharged and at the date of last activity

on other credit accounts.

Once the account has been eliminated and remained delinquent, the seven year clock

cannot be reset. In the past, some creditors would attempt to reset this clock by selling

the account to another creditor. The Federal Trade Commission has stated this practice is

illegal. The seven year period to report derogatory information must commence no later

than 180 days after an account has been sent to collection or charged off to a profit and

loss report by the creditor.

If you are in the process of trying to finance a major purchase, such as a home, boat or

car, the lender will want your credit score to meet their qualifications. In addition, as they

look over your credit report, they will expect it to fit within certain guidelines. The closer

your credit report is to their requirements, the better the interest rate will be on your

mortgage or large loan. Because of the problems in the mortgage industry, lenders have

been tightening their requirements, making high credit scores even more important now

than in the past. Due to the potential for substantial savings here, businesses have begun

to offer credit optimization services. They will thoroughly examine your credit report to

see exactly what can be done to give you the best chance for a favorable interest rate.

Consumers are finding numerous other benefits as well, including faster loan closing and

fewer requests for complicated supporting documentation.

The leader in this growing field are the experts at Consumer Info. An Experian

company, they've brought their considerable firepower and expertise to bear in an effort

to help consumers optimize their credit, weather it's due to an impending mortgage,

refinance, or new car loan. They can get you a copy of your credit report from all 3

credit reporting bureaus for free (The above link is for a free trial offer). That's the first

step in restoring your credit. In addition, this will greatly improve your chances of

getting better rates on your credit cards, potentially saving you even more money for

years to come. As an additional bonus, it's very simple to get their help, their fees are

quite reasonable, and they're fast. If you don't feel comfortable trying credit repair on

your own, you should definitely use their expertise.

Many of the things they do you can actually do on your own. Many consumers however,

Category: Credit

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