Posts Tagged ‘Bad Credit History’

Do You Need Credit Repair Services?

Wade Robins asked:

Can credit repair services really help you improve your credit history? The reality is that there are only two instances in which credit repair services can actually make a difference in your credit history, and neither one of them involves erasing your bad credit. So if you get a promise from a credit repair that, for a fee, they will eradicate your poor credit, run the other way!

The only time a credit repair services can erase a record of bad credit from your credit history is if the bad credit record results from identity theft or fraud. The other credit repair the can perform is to correct clerical errors in your personal information like your name, address, gender, or marital status.

Identity Theft And Fraud Repair

Credit repair services will sometimes need months to clear bad credit resulting from fraud or identity theft, because they will have to send the victims’ documentation of the problem to the credit reporting agencies, which will investigate and document everything on their own. Once they have established that fraud or identity theft has occurred, the bad transactions will be removed from the credit history, restoring the credit score of the person who has been victimized. If you are a victim, you will most definitely benefit from having one of the credit repair services assist you.

If you try to prove identity theft or fraud on your own, you may find yourself stonewalled by both your creditors and the credit reporting agencies who compile your credit history. Even the credit repair services often have to wait for your documentation to wend its way through the bureaucracies at the credit reporting agencies, but the time it would take and the aggravation you would experience if you tried to do it on you own might make you decide that it is simply not worth the effort.

Can You Repair Past Credit Abuses?

If, on the other hand, your bad credit history is of your own doing, because of frequent delayed or missed payments, or bankruptcy, you will be stuck with your record until it is automatically erased after a specified time, which can be several years.

There are credit repair services which do not actually try to change your credit history, but act as advisor’s in helping you find ways to keep your spending under control and to pay down your debt. Their staff will be happy to work with you as long as you are making an honest effort to become financially responsible.

If you request a copy of your credit history each year and review it for mistakes in your personal information or inaccuracies in your payment history, you can fix any errors by writing a letter to the credit reporting agency, including documentation of the mistakes, and asking for an investigation. Keeping your credit history accurate is essential because you may have to undergo a credit check when you apply for a loan or a job.

There are three agencies which handle most of the credit reporting: Experian, Equifax, and TransUnion; they have all you personal details and your credit transaction history, and are responsible for compiling your credit score. You may request your credit history from them as a group, at no charge, once every twelve months though their Annual Credit Report services.

If you decide to approach them separately without using the service, you will be charged a fee for your report, which you will have to have before you decide to consult with a credit repair service.


Credit Repair Help – Essentials to Improve Your Credit Repair

Cherles Paul asked:

So many around the world are in pressure to obtain a loan, especially when they have a bad credit rating. In these technology days, we can easily find a reliable credit help which costs nothing to us. However, cleaning the debt in these financial crisis days could be a tough process for everyone. We have two ways to resolve our issue, first one is we need to pay a few amount to get help or we need to get a high interest loan to clear all our debts. However, there are some esteemed companies are there to help, if we have a bad credit rating while we are not able to get approved for a new loan. We can easily get a reliable help from them without pay anything. We need to consider so many things while seeking a credit report help. If we are considering about price, are they really help us. For this issue, no one credit counselor will help you to do completely on your own.

With the help of these people, you are able to work faster yourself. These people have so much experience, and also they will give the fastest improving of your credit score. However, to get this help, we need to work on our little bit of time in evenings or weekends to fix our credit report ourselves. If we are able to do this work, we can save hundreds of dollars. We will improve our credit rating immediately with the attitude of do it yourself. And also we need to consider on the calculation of credit score and which the actionable items are showing biggest impact on our ratings. The best and beautiful idea is reducing our available credit to the debt ratio. To do this effectively, we need just a few phone calls to improve our ratio, which will increase our score.

However, we need to get the latest ideas that work effectively. We do not want waste on out dated strategies and tactics that will no longer work. The reliable fact from well experienced companies will help you to resolve the issue. Most of the customers who have a bad credit history are able to use the piggy back facility in order to improve their ratings. So many credit companies are sealed up with this loophole;some of the credit repair help people are providing this piggy backing as a strategy that will never help to resolve your issue.

Finally, it is the best idea to search online for this help. If we provide accurate information to those people, they will definitely help us to resolve our issue. There are some esteemed companies in internet are also providing some bad credit repair software for the customers. With this software, you are able to calculate your debt and credit to get some fine credit repair help.


Credit Repair Fraud Is On The Rise Due To A Greater Number Of People Experiencing Credit Problems

Tim Gorman asked:

The credit repair industry seems to be growing every year. Probably due to the rising amounts of debt, there are more companies than ever offering to take your bad credit history and repair it, so that you a more likely to be accepted for loans and bank accounts. There are many companies doing this and some have been in business for many years and have a very good history. But there are some companies that are involved in credit repair fraud. These are few and far between but it is worth watching out just to make sure. After all when you credit rating is already bad, you do not need to make it any worse or to lose any more money.

If the company seems to be too good to be true, then it probably is. If somebody is offering to make your credit problems go away in the minimum amount of time, for very little money then it is unlikely that they can do what they claim. One of the best ways to find a good credit repair company is by recommendation. If you know somebody who has already used their services, then you are much less likely to sign up to a company that is involved in credit repair fraud. If you do not know anybody that has had these problems that could make a recommendation, then it is probably best to go to an independent adviser to see if they can recommend somebody.

The Federal Trade Commission is a good source of information as to whether the companies you are considering have been involved in credit repair fraud. In any case it is probably best to avoid companies that want you to make a large upfront payment to them before they have done the work for you.

You should also avoid any company that says that they can create an entirely new credit history for you. The best way to improve your credit score is to make sure that you make your payments on time and keep all financial affairs up-to-date. It is unlikely that any company that says they can create a new credit history for you is going to be doing very good work and they may even be involved in credit repair fraud. Either way it is much better to use somebody that has been recommended to you by a financial adviser, this way at least you know