Approximately half the country has had their credit profile hacked.
Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.
If you have a poor credit history, be wary of companies that promise to “clean up” your credit report for a fee. If a company claims it can erase your bad credit, don’t believe them. The truth is, they can’t deliver. After you pay them hundreds or thousands of dollars in up-front fees, these companies do nothing to improve your credit report. Worse, many simply vanish with your money.
Credit repair companies such as these advertise in newspapers, on television and radio and on the Internet. You may even get calls from telemarketers or receive fliers in the mail offering credit repair services. But ignore their claims and beware of companies that:
- Want you to pay for credit repair services before any services are provided;
- Do not tell you your legal rights and what you can do yourself for free;
- Recommend that you not contact a credit bureau directly;
- Suggest that you try to invent a “new” credit report by applying for an Employer Identification Number to use instead of your Social Security Number; or
- Advise you to dispute all information in your credit report or take any action that seems illegal, such as creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution.
You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It’s a federal crime to make false statements on a loan or credit application, to misrepresent your Social Security Number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.
Under the federal Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the promised services.
Learn how to get a free credit report to see where you stand by clicking on the video below:
6 Credit Repair Tips
Credit repair is neither impossible nor time-consuming. You just need to follow a few simple steps to improve your credit condition and score after which you can become eligible for any type of loan and get the best terms of payment.
Step 1- Get a credit report done
How can you improve your credit situation without knowing what it is exactly? So the first step that you need to take is to go to an official credit bureau to get a free copy of your report. This can give you a clear idea as to the areas that you need to work on. You also require this report while applying for a loan.
Step 2- Check for errors
You need to read through the report carefully and check whether all the entries are accurate. If not, then you have the right to dispute the errors and get the problems fixed within a short time. Special attention should be given to derogatory marks because they influence your overall score in a major way. Once you report a mistake, the credit bureau is responsible for resolving the problem.
Step 3- Check your credit score
Creditkarma and your personal credit cards are a great place to start, entering your credit profiile online can be risky so you will want to limit the places you share it. Credit karma gives you 2 scores and you can usually get the third from your credit card. average the three to get your score.
Step 4- Increase the limit of your credit card
A vital factor that affects your credit score is the ratio between credit availability and credit used. If you increase the limit of your credit card then the amount of usage will be a small fraction of the total credit available. Maxing out cards hurts the credit score in a big way. You need to make sure that you pay your balances, increase your limit by requesting the bank and reduce your usage of the card for some time. All these actions can significantly improve your credit score.
Step 5- Clear high interest and new credit accounts
You need to prioritize your credit payments and pay off those credit accounts which charge a high-interest rate. This way you can save some money that goes into paying the interest and redirect it to clear the new loans which you have just taken. Quick payment of new loans can reflect well on your credit score.
Step 6- Pay all bills within the due date
Not only credit bills but utility bills or mortgage payments can also play a very important role in improving your credit situation. You need to ensure that all your monthly bills are paid on time. Even a single late payment can impact your credit score negatively. If you do not have enough resources to pay every bill at the end of the month, you need to clear at least the bills for mortgage loans and utilities whose providers are likely to flag late payments.
These few simple measures can repair your credit and improve your credit score substantially in 2 to 3 months. Then you can apply for all types of loans and increase the chances of getting approval.
What are you doing to protect yourself?
Our seminar will teach you:
- Learn How To Repair, Manage & Increase Your Credit.
- Learn Simple DIY Steps and Know When To Hire Professionals.
- We will walk you through the steps recommended by the State of Connecticut Dept of Banking
- You’ve been hacked, what now?
Credit governs everyone’s lives. It is what allows people to buy a house, get a car, have a credit card and generally live a life they cannot really afford. Sadly, many people get into a debt spiral that soon goes out of control. They have trouble keeping their head above water, and soon they fall under as the weight of debt drags them down.
Thankfully, credit can be managed and all it takes is having the ability to change how one lives their life. By implementing the lessons explained in this Seminar, an individual will be able to take their credit and repair it.
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