Credit Repair Power Techniques
Credit Repair in the Fast Lane
Credit repair does not have to take forever! Yes, it is true that there are some issues that only time will cure, but you will be surprised at the amount of control you can exercise over your credit in a very short amount of time. These powerful credit repair techniques require some self-discipline and a little hard work, but done right you will see absolutely amazing results.
The Big Clean Up
Start the credit repair process by getting a good tri-merged credit report. It is a small investment that will make your job a lot easier. Tri-merged reports are more user friendly than individual reports provided by the bureaus. Once you have your reports in hand it is time to get to work. Keep in mind that just because it is on your credit report does not mean that it is accurate. Do not give any undue credibility to the credit bureaus. It is up to you to decide if an item is accurate. If it looks at all questionable to you it should be disputed.
Powerful Dispute Candidates
There are a number of items that frequently escape notice as people get their credit repair program underway. These items may not look like errors at all, but should not be present on your reports as a matter of law. These issues include underreported revolving limits, paid accounts reporting with balances, closed accounts reporting as open, and duplicate accounts that artificially inflate your total debt. Dispute all of these sneaky little issues for a big credit score boost.
Collections and Credit Repair
One of the most valuable credit repair techniques is cleaning up erroneous collection accounts. When a collector purchases or is assigned an account they are allowed to report it to the credit bureaus. But when they sell the debt or return it to the original creditor they are supposed to withdraw the account from your credit report entirely. Regrettably, the system does not provide an incentive for them to comply, nor a punishment when they do not. Take matters into your own hands and dispute any questionable collections.
New Revolving Accounts
If you do not have any open credit cards you are missing a great credit repair opportunity. The FICO credit scoring model puts great weight on revolving debt, and if you manage it properly two little credit cards can increase your scores by over 100 points within six months. If you cannot get regular credit cards, get two secured cards. Just be aware that not all forms of revolving debt are equally beneficial. Stay away from store cards and consumer debt such as furniture store loans. And to get the big results keep the balances low. Ideally you should only utilize 20 percent of the card limit.
The Rapid Rescore Technique
If you have high balance credit cards, and the ability to reduce your balances significantly, this credit repair technique might be for you. Rapid Rescore is a tool offered only by mortgage originators, so if you are planning to make a mortgage application you should have easy access to this method. If you do not plan to make mortgage application, maybe you can find a friendly mortgage broker to help out. Here is how it works. Pay your credit card balances down, get letters from the creditors stating your new balances, provide the letters to your mortgage originator and ask them to order a Rapid Rescore. Within three days your credit scores will be updated to reflect the new balances.
Big Guns
If you have recognized the amazing potential of taking credit repair, but just do not have the time to manage the job on your own, hire a professional. Credit repair services are very affordable, usually about fifty dollars per month and a small setup fee. They will take care of everything from the initial analysis, to sending your dispute letters. Do it yourself or hire someone else, but take action today. You will succeed!
Copyright © 2009 James W. Kemish. All Content. All Rights Reserved.
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