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 . Mostly they are negative aspects of credit , but most people can do very simple 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 exercise 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 best way to remove accurate information 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 . If you exhaust the dispute processdeal directly with the lender. Do so yourself instead of using an outside source.
Insider Secret # 2
If you strike out with the credit reporting agencies , 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
Is it possible that you are only a signor on an 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 may have even been responsible for running up the debt , but he 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
The other way to deletion is through time . The Fair Credit Reporting Act specifically outlines 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. Comb through your credit report and dispute every negative entry that is older than 7 years. You will be surprised how many accounts you can accomplish and how many points you can add .
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 able to complete their investigation within that time , they are required by provisions 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 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 by certified mail-return receipt required. This insignificant charge you incur will be worth a lot if you are required to prove that the 30 day statute was violated. Keep copies 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 lender . 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 arriving in the mail .
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 effects the credit balance ratio, a critical number for your success 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 thirty percent 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 extort money from you . Pay them early. After all, it’snot your money .
Related Blogs
- Improve credit score | XJJXB
- Building Credit for Business Owners | Breaking News and Review Amazon
- Reliable Computer Repair Services | Newsreel Network .com
- Call Processor, | Networking Communications
