Got Bad Credit?? Need It Fixed??
Alright..... WE already got a Thread thats tell you how to est@blish Good Credit...
NOW the marjority 75% of the world has Bad Credit... HOw to fix that is the Question...
I have been on the hunt to fix my credit for the past year or so.. I havent actually gotten into whole thing of checking up everything and sending in letter.. BUt now I have been researching it HARD for the past week or so and i have noticed that alot of the credit repiar program and companies do the SAME DAMN THING... :finger:
ITs not an overnight job it a time consuming process but it works out VERY WELL in your favor...
IF any of you have and Letters, Documents, Secrets, TIPS, Unknown ways of Helping Restore One's Credit. :D
PLease Post it here... I have alot of info and i will soon make an Outline of how to go about Repairing you credit...
|06-14-2006, 11:19 PM||away - #2|
definite props on doing this, im trying to fix mine myself. If anyone can help me with my particular problem. I paid a bill 3yrs ago and now some new bill collector is coming after me for the same bill I have already sent them a dispute letter and Im getting my bank transactions for that year to show the payoff. Is there anything else I can do?
|06-15-2006, 01:16 AM||away - #3|
Here's a general plan to get you started and comfortable.
I'm a##uming you've already pulled each of your 3 credit reports and have them available.
1) Opt-Out. 1-888-5OPTOUT (1-888-567-8688).
This keeps the CRA's (Credit Reporting Agencies) from selling marketing lists which include your information. Helps keep the Popup-collections to a minimum.
2) Prepare a letter to each of the 3 CRA's, TransUnion, Experian, Equifax asking them to delete all addresses/names other than your current one.
(Incorrect, never lived there, etc)
This takes away one method of verification when you dispute, if that negative is tied to that old address or name.
3) Prepare a listing of all negatives on each report, and gather details as best you can. Date it first went delinquent, date of last activity, etc. You will need these dates to figure the reporting period and if appropriate, when the legal SOL expires.
4) At this point, you might consider a "blanket" dispute of your negatives with the CRA's. many people have luck with their initial dispute, the easy stuff gets deleted leaving fewer negatives to deal with later.
Results in 30 days, lol.
This is a good time to do some reading.
Up to this point, the stuff you've done is pretty straightforward. From now on, a good understanding of the laws involved will serve you well.
Read the FCRA (Fair Credit Reporting Act) and the FACTA (Fair and Accurate Credit Transactions Amendment) update.
Read the FDCPA.(Fair Debt Collection Practices Act)
Read your state laws regarding collections- in the "Consumer Protection" forum.
If you have questions regarding the meaning of something, search then ask here.
In order to use the laws, you have to understand them...
Once you have those down, smile! You know more than 99.9% of the collectors and CRA's out there- which will work to your advantage.
5) Now you'll have to start making decisions.
For each negative left, you should consider:
a) Legal SOL.
Can they still sue you? If so, are you prepared to deal with that? Settle? Defend? Countersue?
B) Who is reporting.
If it's a CA,(Collection Agency) you may consider a DV letter, or the 1-2 punch.
If it's OC,(Original Creditor) you have goodwill letters or verification letters at your disposal.
c) age of the negative.
If its nearing the end of the 7-year reporting period, sometimes the best thing to do is nothing at all, other than dispute it with the CRA's as "Obsolete".
As your report clears up, you'll want to start adding positives to your report.
-Initially, being added as an Authorized User is a good way to jump-start a thin report.
-And/Or a secured credit card.
Go with one of the Prime banks, National City, Chase, BankofAmerica, etc.
The nice thing about a secured card is- you keep your money!
Avoid the offers of $300 credit for a $250 fee.
You could put the same $$ into a secured card- and keep it. Why throw cash away? lol....
These subprime card issuers can be (not all of them but some) loaded with "gotchas" which will defeat the purpose. You will outgrow them soon enough anyway.
Particularly avoid Cross Country bank and Aspire. Bad news. Run.
One day soon, you will find yourself in a position to pick your cards and loans...you'll find approvals rolling in..
This can be a danger point for many people.
Avoid the temptation to run up balances on the cards!
It's easy to do, the newfound freedom of having credit available seems to make purchases much easier, lol. Ask me! :)
You've worked hard at this point to repair and improve your credit.
Don't undo your hard work by carrying high utilization, or worse- ending up in a situation where you cannot easily repay the cards.
Not saying you personally will do anything of the sort. Just a forewarning that that day is coming...and it's an easy pitfall to succumb to.
That's pretty much the overview of what to do.
The Devil is in the details of course, so- Once you get things rolling and you come to a crossroads where you're not certain what to do- Ask!
We love to help with letters, etc. Just post what you have, other will certainly jump in with suggestions.
|06-15-2006, 01:13 PM||away - #4|
mad props keep posting... keep posting...
*gettin out my notepad*
|06-15-2006, 02:27 PM||away - #5|
OK the FirsT Rule i Learned is "Dispute EVERYTHING NEGEITIVE"
65% of the time the Creditors will not be able to keep up with your stuff and it will drop off in 30 days after they receive notice.. Law goverened
Here are some Pre-Written Letters
* I DIDN't Write these but you can use them as template just fill in the correct information and/or adjust it to fit your situtation
|06-15-2006, 02:28 PM||away - #6|
wouldn't it be faster to just dispute your negative items over the internet? after receiving your credit reports?
Last edited by markus; 06-15-2006 at 02:36 PM..
|06-15-2006, 02:37 PM||away - #7|
Yeah, they now have a online dispute but i was reading that a few poeple that done that a little while ago. the agency would say the computer were messed up so they never got the request. And i know how that is...
well what im actually about to do is both ONline and snail mail. pretty much if you give them the same request twice in the clost amount of time you can do 1 of two things..
HOpefully they will get the request of set and it will show as a duplicate and they will only answer the one.. Which the Law states that they have to asnwer to every dispute that is submitted.
if they dont get one they will get the other.. either way you are still on teh right track.
|06-15-2006, 04:51 PM||away - #8|
The easiest way is to apply for some credit card ..
And ONLY purchase smaller items that you can pay off every month..
My credit has skyrocketed the past year because I use that CC for anything and everything and pay it on time ..
Its easy and its good for credit
|06-15-2006, 06:02 PM||away - #9|
|06-15-2006, 08:17 PM||away - #10|
What do you mean will it work?
If you pay your CC bill off every month on time .. you credit will definately rise
|06-15-2006, 11:22 PM||away - #11|
|06-15-2006, 11:39 PM||away - #12|
good post, educate the people. props.
|06-16-2006, 01:58 AM||away - #13|
ALright i did the only Disupute for some of my stuff.. THe only problem with that is you are limited to options and you only have 120 charcters to stay your dispute.. i did that and i am also sending in letters.
|06-16-2006, 02:23 AM||away - #14|
much props on the info
|06-16-2006, 05:24 AM||away - #15|
Also, will you have to send in copies of the letter you submitted to the collections company to the bureau as some sort of "proof" that you notified them?
I would rather just hit you up on yahoo cause I'm really about to do this and need some more help with it.
|06-16-2006, 06:33 AM||away - #16|
With these letters you have to send them to the Credit agency..( experian, equcafax, and tran-uion).. THey will forward the letter to the creditor and then the creditor will respond to them..
|06-16-2006, 08:44 AM||away - #17|
My Bad Shizz .. good looks on the information ..
But I thought it was damn near easy to get a credit card these days and as long as you keep the minimum near a decent level that you know you can pay off .. just use it for smaller purchases
Have all of your $40 and under purchases go on your credit card and slowly, month by month pay that off and it will definately help to show your responsability on paying your spendings
Just what ive done to get my credit looking great ..
|06-16-2006, 05:21 PM||away - #18|
Yeha i got you on that... I was young and stupid.. they gave me a credit card in college ( BAD MIX)... then more came in. so now i actually knwo what it means and how its structured.. just gotta get it corrected. with out costing me an arm and a legg.
|06-21-2006, 01:19 PM||away - #19|
Good looking out, does department stores count?
|06-25-2006, 08:19 AM||away - #20|
Will go out and check all of your creditors to validate slow pays lateness remove discrepancies and contest them
It costs 39.99 a month but can be stopped at anytime I have been doing it for 2 months gained 20 pts on my credit score
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