Let us find out why credit repair is very essential and why you have to take action on it…

Your credit score is exactly what financial institutions as well as other establishments use to check whether they should confirm your loan, job application or purchase.

Naturally, this could mean the difference between an approval or a denial and why your credit repair is essential should you be denied.

Credit repair is important if your credit score is six-hundred or below. To give you an understanding on how this is calculated, every person starts out with a good rating but the moment you are overdue on a settlement or a mortgage, this has an affect on your credit score.

Does this often mean you won’t get a loan? Sometimes no however , you might get rates which are much higher in comparison to someone who has a favorable credit record.

The only way to fix that is by fully repaying old debts as well as ensuring it does not happen once more.

If you think you can do this over night, think again as the sum of money you owe may be too big and many people who have experienced this problem could only complete paying it after many months or even years.

Should bankruptcy even be a choice? Not ever since your report would be kept on file for ten years and you simply cannot get away from it.

You cannot repair your credit just like your car unless you really know what is wrong. To achieve that, you should get a duplicate of your credit report by acquiring this from one of the a few credit agencies namely Equifax, Experian, and Trans Union.

If the credit report is in your hands, go over what is on it. Once you know for a fact that a certain issue has already been settled, send out a letter to that credit agency together with the supporting documents so your credit report can be corrected.

If you have outstanding debt, the case differs because you have to pay for it before you could get a settlement notice which should also be given to the credit agency for processing.

Until that happens, you have to find some way to cover it. You may get much better terms by getting a debt consolidation offer that is designed to buy you some time at lower rates of interest.

Surprisingly, credit repair could possibly be as easy as borrowing money since your credit score might not develop unless you apply for a loan.

You don’t have to borrow a whole lot since a small amount like $500 is sufficient to get the process started. Once more, just be sure this is paid within the agreed upon time and in full.

After reading this, you already have a clear picture why credit repair is required. Could it have been avoided? The answer will be yes but it’s far too late to consider that when the biggest thing to do is focus on the condition.

Credit repair may be simple or difficult and when you can not do it alone don’t be afraid to consult assistance from a credit counselor. It won’t be long when you will once more be in good standing and you may once again receive a line of credit.

So you do not need credit repair again, keep an eye on your expenses and don’t spend beyond your means.

“If You Think Credit Repair Is Hard

You’re About To Be Shocked”

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Credit repair is the process of getting you back on the good side of your creditors.

Without it, you will not be able to borrow any money which is why it is important to know how to correct it.

The first step is to know how the bad the situation is and the only way to do that will be to get a copy of your credit report. You can get this for free by getting in touch with one of the three credit agencies namely Equifax, Experian, and Trans Union.

If it just so happens that there is a discrepancy in your credit report to which you know has already been resolved, sending a letter and the supporting documents is all you need to fix it.

But if the credit report is correct, credit repair can only be done by paying it off.

It will be a good idea to talk to your creditors and ask if you can strike a deal which will allow you to pay the said amount in staggered terms.

If they agree to this, make sure that this is written on paper so you have something to hold on to if ever they decide to change their minds.

Should you have problems talking to your creditor, don’t give up and instead hire a credit repair company to act as the mediator. Talking to professionals has a lot of benefits and two of them happen to be lower payment and interest terms.

Credit repair takes time and since money is always the issue, be ready to make certain sacrifices and reduce your expenses. If what you are earning is not enough, you may have to sell off some valuables and assets.

People who have outstanding loans must still be able to pay for other things like mortgage and other bills. The scenario itself is like fighting a campaign in many fronts but you have no choice because failure to miss other payments will only make matter worse.

No one said that when you are undergoing credit repair, you cannot use your credit card. In fact, you can still use it just make sure you do not max it like before because your total debt compared to your total credit makes up 30% of your credit score.

Once you are able to improve your credit score, keep up the good work. At the same time, apply for either a department store credit card or a secured credit card.

Filing for bankruptcy is never an option with regards to credit repair. This is because it is like taking a nose dive when your record will be kept on file for 10 years and during this time, interest rates will continue to pile up and the amount of money that you owe only grows.

The credit repair tips mentioned are easy for anyone to follow. Once you start paying off your debt, make sure you are able to do it so you can once again be in the green.

Is credit repair easy? Not really because it really depends how much you owe the creditors. Some individuals owe a thousand or two while for others it is quite bigger and that is really a problem.
So analyze your situation, take the appropriate steps in credit repair and make sure this does not happen again.

Improve your credits score fast. Start Your Credit Repair Now!

Did you know that 1 in 4 credit report contain errors that are significant enough to affect your credit score in a negative way?

That means that there is a good chance that a mistake that the credit bureaus made might be costing you thousands of dollars.

That’s why it is so important to review your credit report on a regular basis.

What’s more interesting is that even if you have negative marks on your credit report that are in fact true, there are a handful of things you can do to instantly increase your credit rating. That’s because your rating is automatically assigned by a computer looking at your credit report. Fortunately for you, there are many ways to tick the system and instantly improve that score.

Credit counselors are able to charge a ton of money because they know these secrets, but they’re being completely exposed in the FICO Formula.

Now you can do what credit counselors charge a fortune for completely on your own. By just taking a few simple steps that are guaranteed to increase your rating, you can get the loan you need at the rate you deserve by improving your credit report.

The amazing thing is that none of these strategies are difficult to do. Take the debit-to-credit ratio for example. Lenders like to see that you only use a small fraction of your credit, so if you simply increase the limit on your credit cards you’ll instantly increase your credit rating. It’s a simple as making one phone call!

There are several other quick fixes you can do to quickly improve your credit report score, but you need to first understand how the FICO score is calculated. Or, just follow the step-by-step instructions in the FICO Formula eBook. The FICO Formula is jam packed with tips on how to beat the credit rating system and increase your score , no matter how good or bad it is.

I thought I knew all there was to increasing your credit rating, but this book just blew open all of the secrets. Now you can personally do everything a credit counselor does, but completely on your own!
The FICO Formula can save you thousands of dollars on your mortgage, auto loan and credit card interest rates, and is a must have for everyone. Not only will it help you improve your rating,
but it even includes strategies on how to fight back against credit collectors and win!

Drop that “I can’t do this alone attitude” attitude. You can do credit repair on your own. All you need is the proper knowledge to do so. Acquiring the information is the key. You need to do some or a lot of research and studying before you tackle repairing your credits, though. The amount of time and effort you will give on this project depends on the foundation of your knowledge on credits, repair and financial management.

Start taking control and download your copy now! Quickly improve your credit score.
Save thousands of dollars and fix the negative marks on your credit report on your own.

Author: Jon Ochs September 26, 2007              Brought to you by: Breez DeGuzman

Let me start off by saying that understanding how the three major credit bureaus arrive at your credit score is one of the most powerful pieces of knowledge you can have. Most likely this is not something that you have ever been taught. In fact, when it comes to your credit scores, the three major credit bureaus, Equifax, Experian, and Transunion, run sort of a “black box” operation.

To explain what makes up your credit score in as simple terms possible, this is how it works…

Payment History 35%:
This is the largest contributing factor for your credit scores and represents your history of making payments with your creditors.

Credit Utilization 30%:
The percentage of available credit used. Keeping your account balances below 50% of the available credit limit will maximize your scores. For the purpose of this article, this is where we will find the most room to quickly increase your scores.

Credit History 15%:
How long your accounts have been open. Longer more established accounts are more positively weighted than newer accounts.

Recent Inquiries 10%:
Whenever you apply for any kind of credit, a credit inquiry is reported. Too many of these, and they can negatively effect your scores.

Types Of Credit In Use 10%:
How many accounts and which types. Having too many loans from finance companies (Beneficial Finance, American General, etc.) can bring down your scores.

Now that we have a little knowledge under our belts, here are the 2 things you can do in the next 30 minutes to gain some points very quickly…

Raise your limits!
Raising your credit limits is much easier than you might think. Most people don’t realize that just by simply asking for a credit limit increase, you will most likely get one. We have proven this over and over again with clients. Just call the phone number on the back of your credit cards, and tell them you are considering transferring the balance to another card with a higher limit and lower interest rate, but that you would like to keep the account if they could just raise the credit limit. In my personal experience, it has worked 100% of the time. Often they will also lower the interest rate as a bonus. Lowering the interest rate will not help your credit score, but it will sure help your finances.

Let’s say for example you have a credit card with a $5,000 credit limit, and you currently have a $4,000 balance on it (80% utilized). After your quick phone call, they agree to raise your credit limit to $6,500 (now 62% utilized). This alone will immediately increase your credit scores. Remember in the “Credit Utilization” section above, we want to ideally keep our balances below 50% of the credit limit. This brings us to the next powerful tip.

Lower Your Balances!
Continuing from the example above, you are now 62% utilized on your credit card. This means you still have some room to further maximize your scores. If you pay $750 on this credit card, you will bring the balance down to 50% of the new credit limit ($3,250 balance on $6,500 credit limit). Now, you might be saying that you don’t have $750 to pay down your credit card. That’s ok, you could stop here, you have already increased your scores, and you can get the limit raised for all your credit card accounts. However, if you are trying to buy a home, or even a car, you can potentially save thousands in interest on your new loan and get a lower monthly payment, just by paying a little down on your current accounts. When that results in higher credit scores, you may qualify for much better loan terms.

These are very powerful techniques. I have seen this work for clients time and time again. One client recently was able to raise the credit limits on 3 credit card accounts and raise their scores by 105 points immediately.

Keep in mind that these techniques work best for those who have a good credit history, and at least 3 open, established credit accounts. For those with more challenged credit or a negative credit history, a more aggressive approach and credit repair strategies may be more appropriate.

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Jon Ochs has over 12 years experience in the credit and debt industry and is the founder and CEO of NCA Credit Repair, one of the most trusted and respected Credit Report Repair companies in the nation. You can get more information on Credit and Credit Repair, or a free credit consultation

 

By: Jon Ochs   June 5th, 2008       Brought to you by: Breez DeGuzman

If you are out there on the internet looking for the right company to repair your credit, you face a rather large challenge. As you may have noticed, not all credit repair companies are alike. I have written this article to assist you by providing you with the knowledge you will need to make the right decision in choosing the company with a credit repair program that’s best suited for you, and that will provide you with the results you are looking for.

If you have looked at a few companies, you have probably seen many different costs and payment plans. Do you want to pay a $99 setup fee and $69 per month, $179 setup fee and $49 per month, or $29.95 per month with no setup fee? What about just a simple $200 per credit report, or a onetime fee of $5,000? Is your head spinning yet? There are many more combinations and variations of these programs out there, but they are really just variations of 3 different service models:

• Monthly Service Fee
This is the model that most credit repair companies have resorted to. It provides a low monthly payment that most can afford, and the fee is easily justified when the company does just a little work for you each month. The seemingly low cost of service deceptively makes it easy to sign up and does not allow for a company to do their best work for you. In fact, it forces a credit repair company to work slowly and only do a little bit each month so as to only keep up with your monthly fee. On average, with a monthly service fee program, you will end up paying the same or more money, and see fewer improvements to your credit than you would have with a flat-fee program.

Many companies that operate under this model also seem to have more of a do-it-yourself approach to credit repair. Many of them will prepare dispute letters, but mail them to you to send out. Most of these companies also seem to have reputations for poor customer service, and the most common complaint registered is that when you cancel, they fail to stop the fee from drafting monthly from your credit card.

• Flat-Rate
This model requires a onetime fee, or installment payments for services. This method of payment is usually used by companies that work aggressively on behalf of their clients. Since the service is paid for up front, they are usually eager to earn the fee by providing services and working on their client’s behalf. However, you need to be careful of those companies that just take your money and don’t provide services as promised. You need to make sure you understand the terms of the program before you sign up, because many of these companies have very limited time-periods (sometimes 6 months or less) in which they will work for you.

Another important factor when signing up for a flat-rate service is a solid and simple to understand guarantee. When it comes to guarantees, credit repair companies are all over the map. You should know that no credit repair company is able to lawfully guarantee deletions or corrections on your credit reports. However, they can guarantee your satisfaction and provide a simple, plain-language guarantee. A reputable company that has a proven track record will have no problem standing behind their guarantee.

• Pay Only for Deletions/Corrections
Although this sounds like the best way to hire a credit repair company, the problem is that the added work taken on by the company in tracking and billing for every item individually, causes the program to have a much higher cost for the average client. At one time, we only did business in this fashion; however, due to overwhelming client request, we now offer the same great service for a flat-rate cost that saves our average client over 40 percent.

Putting it all together…

Now let’s summarize and explain some of the above so that you can approach this with the knowledge you need to make an informed decision.

When it comes to credit repair, the process is the same for every company out there. You have to start with current credit reports for every client. Then the disputing process begins. Once the disputes are sent to the credit bureaus, the bureaus have 30 days to process and investigate the dispute. Once the items have been processed, each bureau is required to mail an updated credit report to the client directly. When the client receives these, they must be mailed immediately back to the credit repair company so that the process can continue.

There are times when you will not receive an updated credit report, and a new one must be obtained and mailed into the credit repair company to continue. This process will continue for a varied length of time depending on how aggressive the credit repair company is, how many items are being disputed, etc. That is the basic process of credit repair for every company out there.

Now that you know this, you have to evaluate your credit repair goals. Are you serious about repairing your credit overall, or do you only want just one specific item worked on? Are you trying to qualify for a home loan and really want your credit cleaned up as quickly as possible, or do you want to find the cheapest company and hope for the best over the next couple of years? When it comes to choosing a credit repair company, your goals are an important thing to consider.

Customer Service is the key to success in any credit repair program!
Customer service is a huge deal when it comes to credit repair. The process has long time-frames, 30-45 days during dispute investigation, and it can often seem that nothing is happening. It is important to be able to check in periodically to see where you are in the process, and feel confident that your case progress is being tracked. A good credit repair company should be able to tell you when your last disputes were sent to the credit bureaus and when you should expect to see the dispute results. They should also be able to tell you what has been improved and what is still being worked on at any time in the process. Your calls should be welcomed and, if it is one of those times where a new credit report is required, you should never be without assistance to get one. Obtaining credit reports from the credit bureaus is getting harder and harder all the time and who better to help you get yours, than the experts you have hired. Another thing you can get from a good credit repair company is advice about your credit in general. There are many things you can do to improve your scores outside of credit repair that, if done while you are in the credit repair process, will help you maximize your results overall.

The different payment and cost plans, outlined above, each come with different levels of service. Let me be very clear, when it comes to the services provided, not all credit repair companies are the same. Once you sign up, what happens then? What happens with most companies is that you are sent an email or directed to a webpage that says that you must now obtain all 3 of your credit reports (one from each of the three major credit bureaus) and send them in. This may sound simple, but as we have seen, most clients have difficulty in getting their credit reports due to identity verification issues.

Once you do get your credit reports and send them in, are you going to be mailed dispute letters with instructions on sending them out yourself, or will that all be taken care of for you? Are you going to get consultation whenever you need it to assist you in maximizing your credit during the program and will someone be checking in with you regularly to make sure you received updated credit reports in the mail to send in? Are you going to be left hanging after you have paid your fee not knowing what is expected of you, or what is the process? What will happen when you call into customer service wanting to know where you are in the process? Will anyone answer the phone or call you back? Will they be able to tell you the current status of your credit repair process? These are all very good and important questions.

It is up to you to do your due diligence by asking important questions, and checking to see that the company you choose has a clean record of business. Here are a couple resources you can check for complaints against any company. www.bbb.org or www.ripoffreport.com. The results here will give you some insight into the experience other customers are having with a company.

Another good qualifier is to only choose a company that has been in business more than 5 years. Statistics show that 80% of businesses fail within the first 5 years, so it stands to reason that if they are still operating after 5 years, there is a good chance they will continue. Over the last couple of years, due to the downturn in the real estate markets, credit repair has become very popular and hundreds of companies have sprouted up to take advantage of the need in the marketplace. Most of these companies will not be around in the coming years. Ultimately, if you don’t feel confident in a particular company or their services, don’t enroll.

If you are truly serious about repairing and improving your credit and attaining the highest credit scores possible in the shortest amount of time, then what you are looking for is a credit repair company with a program that is structured to do just that.

Now that you are armed with this knowledge, you can use it along with your common sense to choose the best credit repair company for you. Ultimately, I want you to choose the company and program that makes the best sense for your situation, but if you want to take a look at a company and program that meets all the above criteria, here is our plug:

NCA Credit Repair has been in business since 1998 and is a licensed and bonded credit services organization. We are located in the state of Oregon and service clients nationwide. We charge a sensible flat-rate for credit repair services and allow clients to budget that into payments over the beginning of the program if they wish. We provide unlimited credit consultation, and we assist our clients in getting their credit reports at any time during the process. We work aggressively for every client to repair their credit as quickly as possible and have a simple satisfaction guarantee. We do not charge monthly service fees, and if a client is due a refund, we send it to them. We are easy to work with, and our clients leave happy, and with better credit. We would be happy to talk to anyone about their credit, or to simply help them choose a program that is right for them. You can call us toll-free at 1.888.282.1011.

 

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Jon Ochs is the founder and CEO of NCA Credit Repair Inc. NCA Credit Repair is a licensed & bonded credit repair organization that prides itself on its high-level of customer satisfaction.