Credit Repair

Include Yourself
It is important to understand how widespread credit reporting errors are. Over 200 million Americans have credit files with each of the three credit bureaus, and 150 million of those people have errors on their credit reports. If you are in this category there is a strong possibility that these errors are having a significant impact on your credit scores and causing you to pay higher interest rates on your loans and credit cards than you should. These premium interest rates may be costing you hundreds of extra dollars per month.
It's Your Right!
Millions of people miss out on the opportunity to improve their credit scores and save money because they are afraid to look at their credit reports. Or they believe that their low credit scores are probably correct because they were late on their payments in the past. This is a mistake. Don't imagine that your old credit problems bar you from challenging questionable information on your reports.
Invisible Errors May Cost You Thousands
Credit reporting errors are not always easy to spot. Most people scan their reports for obvious errors, such as derogatory accounts that do not belong to them, or inaccurate late payments. It is important to locate these obvious problems, but there are other errors that may have an even greater impact on your scores, and these errors may be entirely invisible. Duplicate accounts, understated high credit limits, misreported account opening dates, non-derogatory accounts that do not belong to you - but overstate your liabilities, and even the absence of accounts that should be reporting, are all in this category. In addition there are accounts that, although correct, should not be on your reports because they are past the statute of limitation. When you add them together these invisible errors may be having a major effect on your scores and the interest rates that you are paying on every dollar you borrow.
Help Yourself Starting Today
Don't let another day pass without taking action. Order your credit reports today. Make sure to order all three reports. Each bureau is somewhat different and will contain unique errors. There are no short cuts. Once you have your reports go through each one line-by-line. You might want to have a yellow highlighter and a pad of paper handy to make notes. If you find anything even slightly questionable I suggest that you give yourself the benefit of the doubt and add it to the list of items to be disputed. We are very clear about this with our credit repair clients; it is not enough that something seems familiar. If it is not definitely correct, you have the right to challenge it. And you should exercise your rights.
For Disputes Less is More
The credit bureaus process millions of dispute requests each month. Your letter will be read by a clerk that is trained to identify the nature of your dispute. No matter what you write, the clerk's job is to identify the most basic issue and get the data into the computer as quickly as possible. There is no benefit to writing a story. If the account is not yours, say that the account is not yours. If you were never late, say that you were never late. Be clear and simple. If you stray from simplicity you take the risk that your dispute will be misinterpreted or labeled as frivolous and ignored.
When in Doubt Talk to a Pro
If the credit repair process is too time consuming, or you can't make sense out of it, you should consult a credit repair professional. Your credit is too important to ignore. Credit repair professionals have a comfort level with the credit reporting system that comes from extensive experience. Generally, their familiarity with the process will give you an edge in dealing with the bureaus. The professional edge may make the difference between average results and great results, and that may mean a lot.
The End Result
The better your credit scores the lower the rate you will pay on the money you borrow. This includes your mortgage, your auto loans, your credit cards, and more. Everyone's situation is different, but in our experience a careful review and clean-up of your reports can have a dramatic impact on your credit scores. Make the effort. Don't miss the opportunity.
Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Jim Kemish, a nationally recognized credit repair and restoration expert, is the president and founder of Sky Blue Credit, a leading credit repair business since 1989. Jim is also the president of Power Mortgage, a Florida mortgage company based in Delray Beach, Florida.
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Is Your Credit Rating Grating

Your credit rating is quite an important piece of recorded history. It tells something of your ability to manage financial debt to a possible lender who may have no other way of knowing.
You may feel that it is pointless to think about buying your own home if you have a less-than-perfect credit rating. However, in-roads can be made into this problem, and with patience you could be house-hunting this time next year!
Let us suppose you feel that your credit rating has been a little 'off-color' and that your record is not looking the way you would like it to. Some of us experience bad times, divorces, patches of unemployment, illness - there are many good reasons why a person can have a bad credit history.
Unfortunately these bad times can be mirrored in our credit rating. Failure to pay bills on time, or pay them at all, will be listed in the history.
But now life has been good to you, and things are under control, so how to get rid of all the black marks from previous years? Well, in effect, you can't! Sorry, that is the bad news - but there is good news too! There are two ways around this problem that are fairly easy.
Some banks will set you up with a way to give you another chance! Many won't, but there is at least one national bank that will consider helping you.
They will issue you with a credit card that carries a low credit limit of say $200.00 to $500.00 and you will deposit the equivalent sum of money in a new bank account at their bank.
Your money will not be used by you, it will sit there. It is like insurance for the bank. Every month you will use your credit card (make sure you keep a running debt on it), and every month you will pay the card off, or pay the minimum payment or a larger amount. This must be paid on time each month, as you are attempting to prove that you have control over your finances now.
The second way is this: there is a credit card company that is always sending out application forms nationwide; they actually advertise that you don't need to have a good credit rating to get a credit card with them
If you get one of their cards, and pay off at least your minimum payment every month, you will be building credit. Now that you are trying to re-establish good credit, there are three golden rules.
Pay all your bills. Pay minimum balance when you can't afford more. If you miss payments, get them up to date and do not let it happen again. i.e. request direct debit payments.
Even the most lenient mortgage lenders require a good credit history for at least a year, so if you follow these tips, you could be on your way to buying a home next year!
Mark is in the top 1% of sales associates in the United States, and is based in the Northville Michigan real estate market If you're looking to buy or sell property in the Plymouth MI real estate area, be sure to visit Mark at http://www.markzproperties.com
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Keeping An Eye On Your Personal Credit

Your personal credit is as unique to you as your fingerprints and just as important. You definitely need to keep your eye on your credit because if you don't it could lead to huge problems later on. The reality of it is that establishing your own credit can be hard but it is like a right of passage.
The majority of people first get credit associated with a credit card. Realizing that there is a high rate of interest on that card should stop any unnecessary spending. However, it doesn't always happen that way when people now have a way to buy things they regularly can't afford.
The right way to establish your credit with this new credit card is to use it for a few purchases that you need such as gas. Make sure you pay off the balance in full each month. This is going to prevent you from paying high interest and it is going to show that you are responsible.
Too many consumers don't realize how difficult it is to get credit. I can tell you though that it is even harder to get it when you don't have a good track record of paying back what has already been extended to you. This places you into a worse situation in the eyes of the lender than if you have never had credit before.
An issue you really need to consider when it comes to personal credit though is being able to prepare for what is taking place in the future. Since you don't know what that will be you simply have to prepare for it. Don't have all of your disposable income tied up in paying for things because it isn't going to benefit you in the long run.
Even if you are careful with your personal credit, other people may not be. Spending habits of spouses get many people into trouble. Make sure these issues are discussed before you get married or you can be in for some personal credit issues. Identity theft is something to be concerned about as well.
Identity theft can result in a person struggling to prove they didn't make these charges. The process of clearing your name can take years. There are legal fees involved and tons of paperwork. People have lost their homes and their businesses due to identity theft as they just couldn't get past it. It can take several years for the accounts to be taken care of and in the mean time you can't access credit you really need.
It is important to know what a huge impact your personal credit has on you. There are adults that struggle to buy a car or to buy a home because of the negative marks on their credit reports. If they do get approved for loans they pay too much in interest. This creates more issues as this eats away at their disposable income that they could be saving for their future.
Robert Bain tries to untangle the complicated world of credit. He offers his opinions on business credit and personal finance, online credit offers, bankruptcy, and unsecured credit cards.
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