Credit Repair & Credit Restoration

Money & Credit Management

admin — Fri, 22 May 2009 07:47:33 +0000

In order to reestablish your credit you need to build a good credit report. This means you must take a close look at how you manage your money. Take time to write a spending plan for yourself. Compare your income with your expenses. Make sure that you pay your bills by the due dates. Talk to current lenders about working out a plan that will make it easier to pay your debts. The National Foundation for Credit Counseling (800-388-2227) or Myvesta.org (1-800-698-3782) can help with these tasks.

To build a good credit report, lenders must report good information about your use of credit to the 3 credit bureaus. Make sure that payments you’re making on time (such as rent, loan, or utility payments) are reported to credit bureaus.

Check your credit report

admin — Fri, 22 May 2009 07:34:07 +0000

When you apply for credit, the lender checks with a credit bureau to learn about your personal credit history. The credit bureau gives the lender a report about your bill payment history, current unpaid bills, available credit, property liens, lawsuits, and other related information. Credit bureaus try to give accurate information but they can make mistakes. When you’re having trouble getting credit, the first thing you should do is check the accuracy of your credit report. If you’re turned down for credit, you should receive a letter with the name of the credit bureau that provided the negative credit report. You’re entitled to a free report if you’ve been turned down for credit within the last 60 days. Otherwise, in most states you’ll pay a small fee (about $9) for your credit report.

When you get your credit report, check for mistakes. Common mistakes include information about someone with a similar name, information for an ex-spouse’s account that your name was never on, or a closed account shown open. If there are any errors, write the credit bureau. State the error and ask for an investigation. The credit bureau legally has 30 days to investigate and correct the information. The credit bureau can’t remove negative information if it’s correct. Generally, negative information stays on a credit report for seven years. Bankruptcy information stays on a report for ten years.

Some groups advertise that they can repair your credit report. Be careful! These groups can’t do anything that you can’t do. A consumer protection law requires that a credit repair company give you your legal credit rights in writing. Also, the company can’t collect any money from you until it has finished the work it said it would do for you.

New Credit Report & Record

admin — Fri, 22 May 2009 07:22:42 +0000

Almost everyone have had credit problems in the past for many different reasons. Job loss, unexpected medical bills, divorce, extreme credit card debt, or money management mistakes can all cause problems with your credit history. Now, you can take steps to repair and reestablish your credit record no matter why you have bad credit problems. It all start with a simple credit check for mistakes. Then, a few credit and money management lessons. And, finally you can apply for secured credit cards to kickstart the credit record into high gear.