Question

I have a late payment from 2004 since then I have never been late.  Why is it showing up on credit reports? 

Scott

Answer

Unfortunately, creditors and the credit bureaus are unforgiving.  Negative items on your credit reports can remain for years, affecting your good name each time you apply for credit.  In your situation, the deletion of this one item could make all the difference in you getting future interest rates that are lower. The good news is you may be able to delete negative items on your credit report. If you want a free no obligation phone consultation with a credit repair professional, simply call 800-445-8540.  Or continue to visit www.creditrepair.com for updated information and resources regarding your credit wellness.  

-Candice

Question

I have about 30000 in old debt (old charge accounts). I’m looking for help in clearing these from my credit report. Is there a way to remove charge offs/collections?

Billy S.

Answer

Yes. There is a way. Bad credit may be deleted. Here are some ways that you can go about doing this.

1) One option may be writing the dispute letters yourself. Here are a couple of articles with more advice on how to repair credit yourself.

2) You can get a free phone consultation from a credit repair professional. Credit repair professionals will actually write the dispute letters on your behalf. Call us at 1-800-445-8540 for a free credit consultation.

Thank you and good luck.
-Candice

The National Bureau of Economic Research said today that the U.S. has been in a recession since December of 2007. They said that the massive decline in jobs in 2008 was one of the key reasons they decided to state why the recession started last year. They estimated that employers have cut jobs by 1.2 million. 

In a statement, White House Deputy Press Secretary Tony Fratto said that even though the recession is now official, it is more important to focus on the steps being taken to fix the economy.

“The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that’s where we’ll continue to focus,” he said. “Addressing these areas will do the most right now to return the economy to growth and job creation.”

So, if you are in need of an economic stimulus package, look into credit repairing your credit. It’s one of the biggest factors lenders look at when determining your risk. Your credit score will also determine your loan rate. The lower the score, the higher the interest rate. You may be able to save hundreds of dollars a month by avoiding high interest rates on your credit cards, auto loans, and home loans. 

To read more, visit: 

http://money.cnn.com/2008/12/01/news/economy/recession/index.htm?postversion=2008120112

Mortgage rates were impacted by the news that the government would take over Freddie Mac and Fannie Mae. According to Bankrate.com, a 30-year fixed mortgage dropped from 6.55% to 6.2% when the market opened on Monday September 8^th.

Read more in Marketwatch, Mortgage rates fall on Fannie, Freddie Rescue.

Jerry Howard, chief executive of the National Association of Home Builders, in an interview Monday said the government action was “a very important first step” that will help ease mortgage rates and restore confidence in the debt of Fannie and Freddie. The government bailout was aimed at lowering mortgage rates and assuring that home loans would be available to consumers. This is good news for consumers looking to buy a home. There are currently more homes on the market, and low rates. It is the perfect time to take advantage of a buyer’s market.

If you are considering a home purchase, it is important that you qualify for the lowest rates available. You can do this by taking control of your credit rating. Credit Report Repair services are just another way of optimizing your position and taking advantage of the current mortgage market.

Find out your options with a free phone consultation.

These days, credit scores affect almost everything we do, including rates on mortgages, auto loans, and credit cards to the ability to get a job. That is why it is essential that we understand what a credit report is and what factors can affect this report. It is also important to understand your credit score and how that number is viewed by a lender.

A credit report and score is a snapshot of how high of a risk you are to a lender. The most widely used credit score is the FICO, which ranges from 300-850. This system was created by the Fair Issac Corporation and is used by the majority of lenders in determining consumer credit scores. There are also many other credit rating agencies that sell “educational scores” that the industry somtimes refers to as “FAKOs”, meaning a fake FICO score. For example, Experian offers their own PLUS Score and TransUnion sells a Vantage Score, which ranges between 501-990. These scores can sometimes differ from the FICO score by 20 points or more and have completely different ranges, so it is very important that you know kind of score you are actually looking at and to make sure that it is consistent with the score your lender would use to qualify you for a loan.

Ultimately, it is recommended that you review your credit report at least once a year and determine what you can do to improve your score to ensure that you are not considered a high risk as a borrower. Read more on understanding your credit score.

If you are curious what is on your credit report, check out this free trial offer to view your credit report and score.

A lot of what we’ve been hearing the past year is that lending standards have become tough. That you have to have a good credit score to get a loan due to the subprime mortgage crisis. Yet now the failure of prime mortgages is going to make it even harder for first time homebuyers to get into a home. Lenders are now even scrutinizing prime borrowers, those who already have a good credit score. It is vital that your credit score be immaculate before you apply for a home loan. Lenders are being more and more conservative with their loans. If you’re looking to get into a home in the future, maybe it’s time to start the credit improvement process now. You can either do it yourself by learning how to write a reputable dispute letter which takes a lot of time and patience or you can hire a reputable firm for a monthly fixed price.

Read more about tightening lending standards here.

Eleven people were indicted in an ID theft ring that targeted stealing credit and debit card numbers from large stores. You’d be surprised by the list of stores; Barnes and Noble, TJ Maxx, Boston Market, Sports Authority, BJ’s Wholesale Club, DSW Shoe Warehouse, OfficeMax, and Forever 21.

Identity Theft can seriously harm your ability to buy a home, a car, or even something as trivial as a T.V.

What can you do when you are struck by ID theft? Check out this Identity Theft article.

Click to watch the Yahoo News hosted ABC News story.

One safety measure is by checking your credit report and/or employing a Credit Monitoring service.

It’s the question that anyone with credit problems will face – should I try to repair my credit myself or do I hire a company to do it for me? It’s a question that you’ll probably have to determine on your personal situation, goals, and financial situation. However, there are very convincing arguments as to why it will save you a lot of time, hassle, and money to go ahead and hire a company, preferably a law firm, that has experience in credit report repair. Here is a great article that helps provide valuable arguments to hire a credit repair law firm.

Recession may be the economic word of the year, but the actual numbers aren’t showing recession. The 2nd Quarter Gross Domestic Product numbers came out and the economy continued to grow, this time at a stronger pace than last quarter – 1.9 percent.

Although negative descriptions like “credit crunch” or “housing crisis” line the new stories, here is some positive feedback on the economy. Click here to read the story on MarketWatch, GPD accelerates to 1.9% pace in second quarter.

“The economy is in a perilous state, said Joel Prakken, chief economist for Macroeconomic Advisers, ahead of the report. The impact of the stimulus checks is positive but fading, he said, while businesses are cautious, and credit remains tight.”

Recession or not, it’s a great time to pull a free credit report to see what you can do to improve your ability to improve your credit in a “tight-credit” environment. Free Credit Reports – Trial Offer.

Did you know that a bad credit score can cost you a good job?

Most all Americans know that improving credit scores can lead to a
lower rate on home or auto loans, but did you know that having a bad
credit score can cost you that job you’ve been competing for? Now more
than ever, it’s important to keep your credit score high and free of
inaccurate items that can negatively impact your credit score. Many
employers are using your credit score as a screening tool to measure
your character and ability to manage finances. Whether this practice
is fair to the applicant is up for debate but many companies use some
sort of background check which may include a credit check. So before
you start applying for that highly competitive job, maybe it’s time
you clean up your credit reports first.

You can read more: How Bad Credit Can Affect Job Prospects

Also note that future employers are not the only ones who dig up that
report as a risk indicator. Insurance companies have been doing this
for quite some time. Read more: Insurance Companies Care About Credit