Credit Repair Part 5

Understand consumer credit counseling and debt consolidation credit counseling. Use low-interest credit cards for bill consolidation for credit repair and avoid bankruptcy using proven, debt management techniques. Understanding credit rating score information requires understanding the two types of inquiries.

Debt settlement firms can negotiate to lower the principal amount of your debts, typically providing a faster path to debt freedom than credit counseling. Bankruptcy, an even more serious alternative, should be discussed with a bankruptcy attorney. Debt laws are made to protect you. But a good credit lawyer can’t hurt.

Identity thieves care about two things? Our sophisticated, real-time, early warning technology monitors various chat rooms across cyberspace for members? Identity theft is definitely a major crime about which still many people are not aware. Nowadays it has become must to have a credit monitoring updates along with say a free credit report.

Banks and credit card companies are screwing around with their customers’ accounts, credit scores and credit limits regardless if they are late or up-to-date or not to make themselves look good on paper. This practice makes the customers look bad. Bankruptcies and foreclosures can stay on your credit report for as many as 10 years and those are murder on your credit score. Banks are cutting limits in the face of a deteriorating economy. The worsening unemployment situation is causing banks to worry that even good customers could quickly become risky customers.

Problems such as duplicate accounts, underreported credit balances, accounts that are paid off but still showing a balance, and questionable charge-offs and collections are all very frequent. Make sure that you are aware of every probable problem so that you can address them all in your credit repair efforts. Problem is, though, they’re only a framework, just as the human skeleton is the framework for the body.

Check your address to make sure it is correct and compare the list of accounts to ensure that you have not missed any payments. The annual free credit report also contains a list of people or businesses that have requested credit information on you recently. Checking your score is necessary. Checking your credit once per year gives you an opportunity to make sure the information is accurate and up-to-date. Not only that, it helps you spot identity theft.

FICO scores are calculated different because credit bureaus and lenders use different formulas. Also the data might be different, such as when you have a car loan and the creditor does not report information to all the three credit bureaus. FICO scores vary between 300 to 850, any credit score that is higher than 720 on a combined 3 in 1 report is considered to be a good risk while any score that is below 600 is considered a bad risk.

As a general rule, if you can offer collateral, you’ll be rewarded with a lower interest rate. The collateral doesn’t have to be your house, it can be any other asset you own, that the bank feels comfortable enough about its value to hold it against your loan.
A Better Business Bureau, local consumer affairs office, or chamber of commerce can tell you if they have received any complaints about the company. This is in reality a benefit to you because you can dispute those mistakes and if they are not verified within a certain time period they must be completely removed from your report.

There are major credit bureaus in the country that develop credit reports and calculate credit scores. There are also a number of smaller credit bureau companies.

If you’re worried about identity theft then this could be a really great option for you to consider. This option will allow you to view any of the activity that might be happening to your credit report so you know what is happening at all times. The details contained in the credit report should be retrieved from the current credit history. A proper and strict analysis need to lead the way before any opinions, assumptions or conclusions are drawn about the subject person or institution.

If no one had credit score or credit reports, it would be impossible for a bank lender to decide who can and can’t be trusted with a loan. A credit report is a very detailed outline of your credit lines and your payment history, meaning how long you have had credit, how many lines of credit you have, and what your balances are on your current credit lines.

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Gurmit loves travelling; he has been over 70 countries. He speaks fluent Cantonese, Polish, Hindi, Punjabi and English. Gurmit is an author, writer, insurance and mortgage expert. He frequently writes on various topics of interest to his readers. Gurmit Singh is a licensed mortgage expert with Dominion Lending Centres Mortgage Villa.

Gurmit Singh, mba
Mortgage Expert
M08009905
Dominion Lending Centres Mortgage Villa (11574)
Email:gurmit@gurmitsingh.ca
Website: http://www.gurmitsingh.ca