Credit Restoration In Houston

It isn't complicated to Improving Your Credit Score if you know whose advice to follow. First, your letter of dispute with the bureaus needs to be short and concise. Don't cite the constitution or threaten them with a lawsuit. Instead of being a junior legal eagle, just make sure that each of your dispute letters have these three elements:

• Number 1 - What exactly you are disputing
• Number 2 - Why you are disputing it
• Number 3 - What specific results you are seeking

Every dispute letter must contain each of the above three elements. Here is an example of such a letter: Below is an example of a dispute letter that I would write: DO NOT COPY THIS LETTER WORD FOR WORD!!

If the credit bureaus receive hundreds or thousands of the same letter, they will consider your letter frivolous and possibly dismiss it the dispute.That said, here is an example of a letter to send to the credit bureaus:

• Please delete. Thank You.
• I am disputing the Sears account appearing on my credit report, number XXXX, for the reason of (mention one of 13 reasons below).
• Your Social Security Number
• Your Date Of Birth
• Dear Credit Bureau Name
• Your Address
• Your Name
• Re: (account and reason for your dispute goes here)

When you write the letter, use one of the 13 reasons below for disputing the bad account:

• Incorrect Date
• Account Transferred To Another Lender
• Original Creditor Not Listed
• Account Closed By Consumer
• Creditor Classification
• Inaccurate Late Pays
• Account Type Inaccurate
• Not Liable For the Account
• Inaccurate Remarks
• Obsolete Account
• Incorrect Account Designation
• Opened/Not Accurate/Inaccurate Terms
• Incorrect Balance Being Reported

Good credit ratings begin with smart reasons-no legalese or complicated form letters taken out of a book on credit repair from your local bookstore. If the credit bureau agrees with your reason, then turn around and send them a second letter citing a second reason from the list. When you provide a different reason to each bureau for each bad account, you will repair your credit one by one.

Too many people dispute their bad accounts the only way they have been told to-by saying it is not theirs. Most people think that the only way to dispute an account is by saying it is not mine. However, you now have an arsenal with which to dispute each and every negative account on your credit report.

The truth about credit repair is this: Don't spend thousands of dollars on credit courses about credit repair myths. There are also hidden secrets that the credit bureaus don't want you to know about how to fix your credit and only a select few have this knowledge. I hope you can now begin restoring your credit with effective methods rather than false myths. For More Information on credit repair Click the link below and go to our website. Author Bio: Mark Garcia will teach you how to Improve Your Credit Score fast with his FREE Instant Access to a 3 minute video about his own credit repair story. You can also download a special report on the "10 Most Dangerous Mistakes That People Make When Trying To Fix Bad Credit" available at Crushing the Credit Bureaus.

   The Credit Bureaus exist for one reason, and one reason only…to make money! Each and every one of the credit bureaus is is a publicy traded company. They make most of their revenue by selling information (i.e. credit reports) to lending institutions, insurance companies, utility companies, credit card issuing banks, and employers.

   They DO NOT make money by researching your credit disputes…in fact, it costs them time, money, and resources to investigate them. Is it any wonder then who the credit bureaus ultimately serve?

 

Credit Bureau Secret #1

Credit Bureau Reports – Your 92 Credit Scores

   Credit reports and scores are created “on the fly” whenever they are requested by you, a creditor, or a lender. In fact, you can have up to 92  different credit scores…23 different credit scores for each Bureau: Transunion, Experian, Equifax and don’t forget the little known “other” credit bureau named Innovis.

Remember your credit scores can vary drastically  depending on who pulls the report and the particular credit profile applied to you.

This Credit Bureau process is especially problematic if you are thinking of getting a home loan or mortgage. The credit score you see if you request it from a Credit Bureau or an on-line service WILL be different – and probably much higher than the credit score you receive from a Mortgage Broker.

Why?

One reason is that when you pull a report from an online service 18 elements of identification have to match exactly. For example, all of the letters of your last name need to match. That means you are more likely to get accurate information.

When the credit bureaus pull reports for lenders, usually only 9 elements have to match, for example only 2 letters in your last name. So, more errors and erroneous information will appear on your score – lowering it.

Why do the Credit Bureaus provide different – and LOWER – scores to lenders? Because they’ve decided that by reporting lower – more conservative credit scores to lenders, they would be less likely to be sued by lenders if the borrower defaults on the loan.

Do you think the Credit Bureaus care about showing Lenders your true credit worthiness? I am here to tell you that they don’t!

Matter of fact, if you would like to find out more information about how the credit bureaus are royally screwing over the American Consumer, click the link below to find out more shocking secrets the credit bureaus keep from you and I…

 http://www.crushingthecreditbureaus.com/

 

Credit Bureau Secret #2

Credit Bureau Reports – Your Scores are NOT Accurate

Did you know that your credit score is probably inaccurate?

   According to a recent Public Interest Group Research study, more than 70% of Credit Reports contain errors. Oh sure the Credit Bureaus say to the public that only 20% of credit reports contain errors, but that’s a bunch of Credit Bureau bologna, because when they are in court under oath they admit that more than 50% of credit reports contain errors.

What kind of errors are probably on your credit report – and making you pay more for your home, auto loan, insurance, credit cards and student loans?

The study found that:

- 29% of credit report accounts contain serious errors that don’t belong including false delinquencies that can kill your credit score.

- 41% of credit reports contain personal demographic information that was incorrect, outdated, or misspelled.

- 20% of credit reports – 1 in 5!!!! were missing major credit loan mortgage or other information to demonstrate the credit worthiness of the consumer.

- 26% of credit reports contained accounts that were in incorrectly listed as open (or) “closed by credit grantor.” When your account is “closed by grantor” it looks like you did something wrong and that’s bad for your credit score.

 

Credit Bureau Secret #3

What Is Your Real, Accurate, and  True Credit Score?

   Did you know that over 90% of the financial institutions in the world will use credit scores from one organization only? The name of that company is Fair Isaac Corporation or as they are more commonly known FICO and FICO Credit Scores.

The location where I recommend that you purchase your credit scores from is from the Fair Isaac Corporation at their website www.myfico.com/12

This website will not only give you the most current status of your credit reports, but it will also show you your FICO Credit scores from all 3 credit bureaus. This is the only place you should ever get your credit scores, because your FICO scores are the ones from where most lenders will base their acceptance of your credit application.

I find it interesting that the major credit bureaus also have their own version of credit scores that they try to sell to you and I.  However  none of the people you are trying to get to extend you credit will even look at those credit scores!

It is just another example of the greedy credit bureaus trying to squeeze more and more money from us.

 

Let’s Wrap This Up… 

   So as you can see, there are many myths disguised as truths when it comes to credit and credit repair. There are also hidden secrets that the credit bureaus don’t want you to know. I hope that since you are now armed with this knowledge, you won’t fall victim to false information that exists out there.

Inside there are over 150 pages of credit repair tips, techniques, and tactics to skyrocket your credit scores.

Click this button to download “Crushing The Credit Bureaus” for only $97

 

If you want to get lines of credit, refinance your home, or get pre-approved for all of the credit you will ever need…it’s up to you to take the next step…

Click the link above, and order now.

 

Your Credit Score Insider,

          Mark

What’s the difference you may ask? Follow along and find out!

 People have the wrong notion of considering all kinds of debt to be useless and in some cases even harmful. Quite contrarily, sometimes your financial status can be rejuvenated by the help of your good debts. Credit repair and credit conditioning are MUCH easier when you know the difference between good debt and bad debt. Credit restoration doesn’t have to be the chore you may think.

 Each loan you obtain and even securing a new job may be founded on the differences between your good debt and bad credit debt. To have an idea of good debt and bad credit debt, the following instances might be helpful for you.

Instances of good debt

   How do you define a good debt? Well, it can be defined as something that is necessary for you but quite an expensive one. Purchasing a house is considered to be a good debt since it gives you shelter which is a basic necessity for you. Just don’t fall into the trap of thinking that your home is an asset. Just look at the current mortgage and home foreclosure crisis. 

   When compared with debts carrying high interest rates like credit cards, mortgages are preferable as they carry a relatively lower rate of interest. You also get the tax deduction.  A mortgage provides you with an amazing credit reference till your payments per month do not outgrow your budget.

   Buying a car is also a good debt. It is more beneficial for you if you drive it when you have consolidated your payments. But here consider the lowest rate of interest. Again, if you have great credit, you can get 0% interest on an automobile.

   Since the rate of interest of an equity loan is low and tax deductible, it is sometimes better to opt for home equity loan to finance a car.

   Your credit rating stands on your good debts and paying off within the scheduled time. So try to concentrate on these two factors to boost up your credit rating which is the tool to borrow money at cheaper rates and ameliorate your financial status.

 

Instances of bad credit debt

   The bad credit can be expressed as a debt carrying a high rate of interest created by purchasing something that was not essential to your needs. A vacation of luxury charged on credit card that is beyond your financial capability is an instance of bad credit debt.

   A larger section of people ‘gain’ bad credit debt by charging on a credit card which has a high rate of interest and which gives you the facility of extension of time period to pay off.

   To be free from bad credit debt, you need to make the full payment of credit card or pay it down as soon as possible. Commence with the card carrying the highest interest rate when you pay credit card down. After finishing with it, start with the one which has the next highest rate. This way you can finally break free from credit card debt.

   Again bad credit debt takes place on your continual late payments or no payments for your borrowed money. But always be alert that if your credit card takes the negative swing, your financial situation will be badly affected.

   Bad credit debt may prevent you from taking credit cards, loans and even ruin an opportunity of a fresh employment. The rate of interest will be high even if you at last succeed in getting a loan.

   Pay bad credit debt as quickly as possible to skip the charge of high rate of interest.

   So after reading this you now have a glimpse of the advantages of good debt and the negative effects of a bad credit debt. Hope this idea will direct you to drive safe on the road of finances.

Until next time!