Quick credit repair techniques that promise fast results are often scams and consumers should be wary. Some scams try to convince consumers to pay upfront fees for cleaning their credit reports or rapidly rescoring their credit, but making changes to credit reports legally requires time, effort, and expertise. If possible, consumers are advised to hire a professional credit repair company rather than try quick fixes.
Credit Repair Program: Partner Overview. In Searching For Credit Repair Companies To Promote, Take The Time To Understand How To Select A Credit Repair Firm That Can Help You Achieve Your Goals.
38 page e-book on Credit Repair, Debt Consolidation and Identity Theft for the individual who wants to gain the knowledge to repair their own bad credit.
Increase Credit Score - What Not To DoLegacy Legal
The document provides tips on how to avoid damaging your credit score when trying to increase it. It lists the most common bad habits as maxing out credit cards, missing payments, lowering credit limits, improperly consolidating accounts, applying for too much credit, and not keeping accounts active. Each tip is then expanded on, explaining how those behaviors can lower your credit score.
The document discusses 10 common myths about credit reports and credit repair. It explains that credit reporting agencies are private companies, not governmental agencies, and that inaccurate or outdated information can be legally removed from credit reports under the Fair Credit Reporting Act. It also summarizes the credit repair process and some additional services offered around credit scores, financial education, and debit/credit cards.
What Is Considered A Bad Credit Score?Legacy Legal
A bad credit score is generally considered below 620. Scores between 620-680 are considered sub-prime. Having a bad credit score can negatively impact your ability to get a job, apartment, home, auto or home insurance. Examples are provided showing how a bad credit score can significantly increase the cost of an auto loan or home mortgage over the life of the loan compared to an excellent credit score.
3 reasons paying off collections will severely damage your creditDane Wilson
Paying off collections will severely damage your credit scores for three main reasons:
1. Paying off a collection updates the statute of limitations, allowing the collector to pursue the debt for longer.
2. The collection status remains as a "9", indicating a defaulted account, even after paying off the balance.
3. Paying off a collection often updates the date reported on your credit reports, keeping the negative item visible for longer.
The only way to truly improve your credit is by having negative items deleted altogether from your credit reports.
5 credit secrets revealed on getting approved for financing powerpointDane Wilson
This document reveals secrets for getting approved for financing with challenged credit. It discusses what credit scores and histories mortgage, auto, and other lenders typically require. The key tips are to dispute negative items on your credit report to have them removed, and to add new positive credit accounts to show re-established credit and increase credit limits available. Following these steps can boost your credit scores into the range needed to qualify for loans by deleting negative information and building positive payment histories over time.
Credit Repair Program: Partner Overview. In Searching For Credit Repair Companies To Promote, Take The Time To Understand How To Select A Credit Repair Firm That Can Help You Achieve Your Goals.
38 page e-book on Credit Repair, Debt Consolidation and Identity Theft for the individual who wants to gain the knowledge to repair their own bad credit.
Increase Credit Score - What Not To DoLegacy Legal
The document provides tips on how to avoid damaging your credit score when trying to increase it. It lists the most common bad habits as maxing out credit cards, missing payments, lowering credit limits, improperly consolidating accounts, applying for too much credit, and not keeping accounts active. Each tip is then expanded on, explaining how those behaviors can lower your credit score.
The document discusses 10 common myths about credit reports and credit repair. It explains that credit reporting agencies are private companies, not governmental agencies, and that inaccurate or outdated information can be legally removed from credit reports under the Fair Credit Reporting Act. It also summarizes the credit repair process and some additional services offered around credit scores, financial education, and debit/credit cards.
What Is Considered A Bad Credit Score?Legacy Legal
A bad credit score is generally considered below 620. Scores between 620-680 are considered sub-prime. Having a bad credit score can negatively impact your ability to get a job, apartment, home, auto or home insurance. Examples are provided showing how a bad credit score can significantly increase the cost of an auto loan or home mortgage over the life of the loan compared to an excellent credit score.
3 reasons paying off collections will severely damage your creditDane Wilson
Paying off collections will severely damage your credit scores for three main reasons:
1. Paying off a collection updates the statute of limitations, allowing the collector to pursue the debt for longer.
2. The collection status remains as a "9", indicating a defaulted account, even after paying off the balance.
3. Paying off a collection often updates the date reported on your credit reports, keeping the negative item visible for longer.
The only way to truly improve your credit is by having negative items deleted altogether from your credit reports.
5 credit secrets revealed on getting approved for financing powerpointDane Wilson
This document reveals secrets for getting approved for financing with challenged credit. It discusses what credit scores and histories mortgage, auto, and other lenders typically require. The key tips are to dispute negative items on your credit report to have them removed, and to add new positive credit accounts to show re-established credit and increase credit limits available. Following these steps can boost your credit scores into the range needed to qualify for loans by deleting negative information and building positive payment histories over time.
Credit Repair Specialists: Unfairly Labeled as a Scam?Legacy Legal
This document discusses credit repair specialists and argues that while some make inaccurate or fraudulent claims, the industry itself is not inherently a scam. It acknowledges that every industry has bad actors but also that credit bureaus and creditors sometimes make mistakes, and banks spend billions covering up their own fraud. The document urges caution in judging an entire industry based on some misleading internet claims.
Bad Credit Repair: Beware of Sketchy Credit Repair PromisesLegacy Legal
This document warns consumers about sketchy credit repair promises and advises people to beware of companies that promise to quickly repair bad credit. It suggests reading any service agreement carefully and warns that some companies may dispute every item on a credit report or ask for personal information like a Social Security number without explaining why it is needed.
This document provides 6 steps to repair a credit score:
1. Stop damaging your credit by avoiding late payments, high credit utilization, and account closures.
2. Maintain responsible and active usage of existing credit accounts to demonstrate creditworthiness.
3. Keep older accounts open to lengthen credit history.
4. Maintain a healthy mix of different types of credit accounts.
5. Regularly monitor all credit reports and accounts for errors or changes.
6. Dispute any incorrect negative information and request mistakes be removed.
The document provides tips for repairing a poor credit score, including paying bills on time, keeping credit utilization low by not maxing out credit limits, spreading debt across multiple accounts, keeping most accounts open, and maintaining a mix of credit types. Following these steps can help improve a credit score from 300 to 850.
Utah Credit Repair: Is Credit Repair Possible?Legacy Legal
In today’s economy, millions of consumers cannot qualify for credit and loans (at least not one with decent terms) due to the poor status of their credit reports. You may be among those who question; is credit repair even possible?
Simple Steps to Improve Your Credit ScoresLegacy Legal
Improving your credit score can significantly increase your purchasing power and credit worthiness. Your credit score is based on payment history (35%), amount owed (30%), length of credit history (15%), types of credit used (10%), and new credit (10%). To improve your score, pay all bills on time, keep balances low relative to credit limits, maintain a variety of older accounts, and space out applications for new credit.
Credit Repair Specialists: Unfairly Labeled as a Scam?Legacy Legal
This document discusses credit repair specialists and argues that while some make inaccurate or fraudulent claims, the industry itself is not inherently a scam. It acknowledges that every industry has bad actors but also that credit bureaus and creditors sometimes make mistakes, and banks spend billions covering up their own fraud. The document urges caution in judging an entire industry based on some misleading internet claims.
Bad Credit Repair: Beware of Sketchy Credit Repair PromisesLegacy Legal
This document warns consumers about sketchy credit repair promises and advises people to beware of companies that promise to quickly repair bad credit. It suggests reading any service agreement carefully and warns that some companies may dispute every item on a credit report or ask for personal information like a Social Security number without explaining why it is needed.
This document provides 6 steps to repair a credit score:
1. Stop damaging your credit by avoiding late payments, high credit utilization, and account closures.
2. Maintain responsible and active usage of existing credit accounts to demonstrate creditworthiness.
3. Keep older accounts open to lengthen credit history.
4. Maintain a healthy mix of different types of credit accounts.
5. Regularly monitor all credit reports and accounts for errors or changes.
6. Dispute any incorrect negative information and request mistakes be removed.
The document provides tips for repairing a poor credit score, including paying bills on time, keeping credit utilization low by not maxing out credit limits, spreading debt across multiple accounts, keeping most accounts open, and maintaining a mix of credit types. Following these steps can help improve a credit score from 300 to 850.
Utah Credit Repair: Is Credit Repair Possible?Legacy Legal
In today’s economy, millions of consumers cannot qualify for credit and loans (at least not one with decent terms) due to the poor status of their credit reports. You may be among those who question; is credit repair even possible?
Simple Steps to Improve Your Credit ScoresLegacy Legal
Improving your credit score can significantly increase your purchasing power and credit worthiness. Your credit score is based on payment history (35%), amount owed (30%), length of credit history (15%), types of credit used (10%), and new credit (10%). To improve your score, pay all bills on time, keep balances low relative to credit limits, maintain a variety of older accounts, and space out applications for new credit.
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Editor's Notes
Many of us look for the quickest and easiest way of getting things done. You might be wondering if this also applies to fixing your credit report. Is quick credit repair even possible?
There are some methods of credit repair that are most definitely quick, but aren’t permanent and some are even illegal. Be wary of anyone offering these quick credit repair techniques.
Technique #1 The “clean slate” approach. If a company advertizes something like “Quick credit repair – improve your score in 24 hours”, don’t fall for it. What happens here is a brand new credit report is established in your name under a different “social security number.” But it’s not really an Social Security Number; it’s an Employer Identification Number or EIN issued by the IRS - it has the same 9-digit format as a Social Security Number and can often be mistaken as such. You then use this new number on credit and other applications, making sure the new ”clean slate” report is the one that gets pulled. The first problem with this quick credit repair method is that it’s illegal. Lying about personal information on a loan application is communications fraud. If you get caught you could face steep fines or even jail time. The second problem with this quick credit repair method is that it’s suspicious. If you, at your stage in life, should have an established credit file but instead have a brand new one with nothing on it – that looks suspicious to most lenders. In addition, no credit history can be just as detrimental as a damaged credit history. Creditors want to see an established history that demonstrates your creditworthiness that matches your age and experience before they lend you money. And no credit history or a suspicious one usually means no loan.
Technique #2 The rapid rescore approach. There are legitimate companies that can get your score re-calculated in a few days but you have to go through a mortgage broker or lender to do it. Rapid rescoring is intended to help potential home buyers quickly improve their credit score in order to qualify for a home loan with the best rates possible. While rapid rescoring can be an effective and quick credit repair method, the results are generally temporary and sometimes fail. How it works is the rescoring company disputes negative items and mistakes on your credit report with a local reporting bureau. The local credit bureau will remove the items temporarily if they view the reasons for doing so and/or documentation regarding the dispute are valid and within the law. Temporarily removing these negative items, then recalculating your credit score and rating will give your score a substantial boost. Mortgage brokers will quickly apply for loans during this short period while your score is still high. It is legal, but it is often temporary and sometimes fails altogether.
There are really no other quick and permanent credit repair tactics. Effective, long-term results can be achieved, but it will take some time and patience. You can do it yourself, - Or you can hire a third-party credit repair company who can typically get things done quicker than if you were to go at it alone.