THE 4 MAJOR ADVANTAGES OF HIRING A CREDIT REPAIR FIRM
Are you curious about the right way to boost your credit score? Then it would be smart for you to hire a credit restoration firm because the experts in this company are too experienced at efficiently raising the credit ratings of their customers. Here, we address some of the significant benefits of having a reputable firm to have the credit fixed.
Step 1. THEY ARE HIGHLY SKILLED AND KNOW THE RIGHT STUFF
You can restore your credit as a customer. There are countless tools available to get samples for conflict letters and other pretty decent advice. The issue with fixing your credit is that you could not be aware of the Fair Credit Reporting Act and Fair Collections rules on your behalf and how to use them to your advantage. You can also not thoroughly understand how your credit file’s various things impact your score and where to get the quickest results.
This is the primary reason that most people recommend contracting a credit restoration firm to boost their credit score. Our experts are familiar with the new tricks, techniques, and super-efficient disagreements and procedures to efficiently get the job done. For a very long time, big corporations have been fixing customer credit ratings. They are specialists in delivering the most critical messages. They are specialized in maintaining notes to ensure that borrowers and credit bureaus meet their LEGAL deadlines. They are specialists at getting the work done in the shortest period, and they do it day after day. They’ve also developed a relationship within credit repair and financing firms.
Step 2. HIRING A CREDIT REPAIR FIRM SAVES YOU A TON OF TIME
Let’s admit it; you’re pretty busy. If you devote 40-50 hours per week at the job, feeding your child, or maybe you’ve dedicated your life to a worthy cause. The truth is that most people rarely have time to prepare dinner for themselves or their families at the end of a long day.
This is perhaps one of the key reasons why a credit restoration firm’s services are in high demand for poor credit people. The method of raising your FICO score is a long one, so you may not be able to dedicate your precious time to manage it. Professionals at our credit recovery firm are up to date with all practices, processes, and technologies to ensure that their customers successfully meet the ultimate target, better credit ratings, and correct credit records through the three main credit bureaus.
Step 3. HIRING A CREDIT REPAIR COMPANY IS WAY CHEAPER THAN DOING IT YOURSELF
It all comes down to the money. There’s never enough of that. You can scarcely have enough of each payday to take it to the next day. You may have used credit cards only to pay for the regular expenses. Having the option of hiring a firm directly to fix your credit might sound like an investment that you simply can’t afford. Still, it would be best if you weighed the potential cost of repairing your credit, the length of time it may take, and even the likelihood that you might not make any improvement.
If you want to restore your credit by yourself, you may need to find a lawyer, which will be costly. A low credit score means higher interest rates on a loan from a bank, a lease, an auto loan, and a direct debit. Higher interest rates mean higher fees, higher insurance costs, which can charge you thousands and thousands, or even hundreds of thousands, over the lifetime of a loan. The earlier you get assistance from a reliable credit repair company, the sooner your credit score can increase and reduce your interest rates. By having the help of our professional credit restoration firm, it would be easier for you to accomplish your target at a reasonable rate.
Step 4. CREDIT REPAIR COMPANIES HAS THE RIGHT TOOLS TO HELP YOU
Have you met an actual representative of a big credit bureau? How about asking the agent on the phone that they’re incorrect and that they need to get the Quick compliant? We all know how challenging, and convincing collection agency attorneys can be. Then why do you bother with them without the correct ammunition? Do you have a filing cabinet full of notes and legal records that have proven helpful in deleting derogatory things from your credit file? probably not
This is also a significant advantage of employing a top credit restoration firm to eliminate a bad credit score. These organizations have a lot of expertise and can manage the credit restoration operation very effectively. Without good services, it can be impossible for individual customers to boost their credit scores. It is not difficult for any person to restore their credit, but top organizations can use their expertise, abilities, capital, and experience to move beyond the primary litigation method.
Are you in compliance with our list? Do you know a reliable credit repair firm that helps you boost your score? Do you have any concerns about credit ratings, the credit industry, or something else, please let us know; we would love to help? If you would like us to help boost your credit score and delete bad marks from your credit history, kindly ask us via the contact below or call us on this phone. We want to help you out.
HERE IS A HOW YOU CAN REPAIR YOUR CREDIT IN A FEW SIMPLE STEPS – CREDIT REPAIR TIPS
People typically don’t know how challenging life can be with sub-optimal credit until they have been in that position. It’s a lot tougher to get accepted for credit cards or grants because any loans you call will have higher interest rates. You might get rejected to apartment approvals or need to pay a greater fee, and then when you set up your amenities, the company will want a deposit as well.
Your credit score, generally recognized in the U.S. as the FICO score, keeps track of you in your existence: whether you swipe your credit or debit card for dinner, get a college loan, or purchase a home, your credit score counts. The worse your credit score, the more it’s going to cost you to borrow money. In other words, low credit ratings contribute to increased interest rates on credit, which means that you’re paying a greater price of interest on debt than you would be if you had a good credit score, such as a mortgage. The magic number between 300 and 850 also impacts how good an apartment you can afford, car loans, how much you spend for taxes, student loans, and the opportunity to get a career.
The good thing is that you can restore your score. It is recommended if you pay money to a credit repair firm like us to do that for a more effortless and useful process. Still, you can also make significant differences in your credit score by adopting some simple steps. It’s not an instant operation, but if you adhere to the measures below, you’re going to be on your way to perfect credit.
- SCAN YOUR CREDIT REPORT
It would help if you learned your credit score to repair poor credit, and the easiest way is to review your credit reports through Experian, Equifax, or TransUnion. You will get a free personal credit report, many businesses make it accessible, but company credit ratings are another matter. In contrast to common opinion, you can review your credit score without damaging your credit score. Testing your credit score is considered making a “soft inquiry.” But your credit score is reduced when you perform a “hard inquiry,” which occurs when you pay for a new credit facility, whether that’s a loan, a bank card, or a lease.
First, the three credit bureaus—Dun & Bradstreet (D&B), Experian, and Equifax have different ranking frameworks and reporting forms. Second, most are not free company credit records. E.g., a single standard credit report from Experian charges $39.95, while Equifax rates start at $99.95. Generally, the score over 750 is fantastic, 700-749 is fine, 650-699 is fair, 600-649 is low, and less than 600 is terrible. Take a soft inquiry to review your credit rating now and see your credit rating to plan further steps.
- IDENTIFY AND ELIMINATE ANY MISTAKES OR ERRORS
Don’t just access these outlets to verify your credit score. Examine the criteria used by credit agencies to assess the rating and evaluate those that directly impact your performance. Errors are common for everyone. In reality, 25% of these reports contain significant errors. Well, check them closely. Removing derogatory facts is a vital part of the credit recovery initiative. Identify any obvious mistakes that you notice and contest with the offices and the borrower or knowledge source. You may file disputes on the websites of each credit reporting service for the following errors:
- Personal details – issues with your name, location, phone number,
- Account issues – these may be accounts attributed to someone else, closed accounts appearing as open, funds opened up as a result of identity fraud, or accounts wrongly reported as delayed or overdue or wrong balances,
- Inaccurate facts – like non-existent bankruptcies or foreclosures,
- Errors in details – issues with how the credit was treated either by credit firms or by another party
- Incorrect investigations – Reviews on your account that may adversely impact your credit rating.
Identify and describe each inconsistency in the dispute, collect your records, justify your reasons for contesting the evidence, and request that it be deleted or fixed.
The tip here that we would like to offer is to gather the documents before calling the credit bureau to challenge the objects on your credit report. Credit bureaus ask you to provide evidence of any mistakes made to delete them from your credit report. Consequently, you must submit credit card receipts, court records, or something else required to verify that a credit report is incorrect.
- TRACK YOUR CREDIT RECORDS FREQUENTLY OR REGULARLY
Track your credit score daily to check for improvements. Your target should be to bring your score to 633 or higher. You will be astounded to find that even minor measures for progress will make a difference. Reporting organizations modify ratings regularly but scan at least once a month. Often, some credit rating services can submit email updates if the ranking changes. Register for those if they’re available.
Personal credit reporting systems usually make recommendations about boosting your credit score, and others also chart spending. As for every other measure, setting a benchmark and then tracking adjustments would place you on a credit recovery route. In addition to individual credit reports, credit restoration companies like us offer annual membership services that allow you to review your credit background, credit report, and score for one price. Charges can stretch into hundreds of dollars, but it’s a way to keep abreast of your score and evaluate your credit recovery efforts. This can help tremendously when choosing to fund commercial real estate, household goods, or other company needs.
- PAY YOUR DEBTS OR PAYMENTS ON TIME
Nothing impacts the credit score more negatively than the record of late payment. Payment history accounts for 35 percent of your FICO ratings, as per Experian, and FICO scores are included in 90 percent of your credit decisions. Late fees will still appear on the credit record for up to seven years. Besides, their appearance in the credit report, including the total amount, how late they were, and how recently they happened, is associated with potential credit risk. Those who have no late payment are much more likely to pay on time in the future.
Now your credit card or loan statement will inform you when your payment is due in 15 days. That being said, for credit reporting reasons, payment is not deemed to have been scheduled until after 30 days. Once you have reached the date, your creditors will opt to report to the credit bureaus, which would affect your creditworthiness—making it a priority to pay the creditors on time each month. And if you’ve made payments late in the past, you’re beginning to create credibility that can lead to better credit scores in time.
- OPEN UP NEW CREDIT ACCOUNTS
One way to lower the credit usage rate is by opting for a new card. This creates a hard inquiry that decreases your credit score in the near term, but the extra credit balance will boost your credit rating in the foreseeable future. This, in essence, enhances your credit rehabilitation efforts and compensates for credit card sums that surpass the 30 percent suggested cap by increasing the usable credit limit.
However, once you run up the balance on the new card, a dilemma occurs. Your loan usage rate is going up as well as your credit balances. As long as you don’t raise your credit card balances, your credit limit recovery can decrease your usage rate and boost your credit score.
It can take time and commitment, but you can restore your credit and boost your credit score. That being said, you need to make a real effort to fix your credit and stick with it. Take the steps mentioned above, and you’ll see them. Benefits would be paid out in the form of funding that you need for future growth. In the meantime, if you think that this method can be daunting for you, please don’t hesitate to get in touch with us, your credit protectors, and we pledge that we will assist you in every way to restore your credit score.
The Credit Repair Organization Act (CROA)
The Credit Repair Organization Act protects people from breaking credit repair laws. It also protects people from falling victim to common credit repair scams. These federal laws were passed in 1996 and require credit repair companies to advertise and communicate honestly with consumers.
CROA is part of a larger set of credit repair laws called Consumer Credit Protection Act (CCPA). These laws are put in place by the federal government to protect consumers from credit repair companies that charge people money under false pretenses, making promises that they can’t keep and performing illegal acts to repair credit.
Although it may be possible for you to get significantly more improved credit by having inaccurate negative information removed from you credit reports, you can accomplish this by disputing the negative items with the 3 credit bureaus. Hiring a professional, legitimate credit repair company can accomplish a lot more steps in the process at a much faster rate than if someone were to handle their credit repair on their own.
There aren’t any secret tricks to fixing a bad credit score – none that are legal, anyways. By repaying your unpaid debts and other financial problems, you’ll find that your credit score improves quickly over time.
And remember, the CROA makes it illegal for credit repair companies to make false promises that they can do certain things to give someone a brand new credit profile. These set of laws require credit repair companies to be transparent about how they’re taking actions to repair credit.
Credit Repair Services
Hiring a credit repair company or expert is excellent for those who don’t have the desire, time, or patience to deal with it themselves. If you find a credit repair company that is trustworthy, legitimate, and reliable, then the more power to you!
For instance, if you’ve had your identity stolen, the process of trying to get it back could be a nightmare. Having your identity stolen can wreak havoc on your credit score and create a long list of other problems that can make you an undesirable candidate for taking out a loan.
The best way to rectify this situation is to hire a professional. The credit repair experts at My Credit Advice have dealt with fixing identity theft for many years and they understand the process like the back of their hand. Trust us to give you back your identity, and repair your damaged credit!
Additionally, we’ll provide you with expert financial guidance and advice so that you can make better financial decisions in the future.
Credit repair scams are everywhere. Unfortunately, many people desperately in need of credit help fall victim to these scams, like predators attacking their prey. We’ve seen it all too many times and it’s always a terrible experience each time.
However, with Credit Advice, we would never treat you this way. We are NOT a scam. We handle things by the book in an efficient manner to get you the credit repair help that you need.
We can also school you on how to identify and avoid credit repair scams so that you don’t become another unfortunate statistic. You may have lost so much already. It would be a tragedy if you lost more. Let us show you how to avoid credit repair scams so that you stay protected.
How To Identify Credit Repair Scams
If you don’t have any prior experience with identifying credit repair scams, then this information will help you tremendously. You’ll soon know that you’re encountering a credit repair fraud if the company:
- Tells you not to contact the credit bureaus or reporting agencies directly
- Tells you to provide false information on your credit loan applications
- Insists that you pay them upfront before any work has been completed
- Tells you to dispute accurate information on your credit report
- Neglects to explain your legal rights
- Promises you a new credit identity
The “New Credit Identity” Scam
Credit repair companies that promise you a “new credit identity” claim that they can hide your bad credit history for a fee. However, if you’re naive enough to pay them, these credit repair companies will provide you with a 9-digit number that looks just like a social security number.
They may disguise it as being called a CPN, or credit profile number. They may also have you apply for an EIN, or employer identification number from the IRS. Now, although EIN’s are legitimate numbers that appear on your annual tax returns, it is NOT an appropriate substitute for your own social security number.
These fraudulent credit repair companies may lie about this process being legal or may even be selling stolen social security numbers (often from children). Using a stolen social security number is more commonly known as identity theft. These predators may be having you stealing someone else’s identity without you even knowing it.
It’s a federal crime to:
- Misrepresent your social security number
- Lie on a credit loan application
- Obtain an EIN under false pretenses
If you engage in any of these fraudulent activities, you will be subject to jail time. There is no question about it. This is why you must be aware of the credit repair scams out there. Even if you were unaware as to what these companies were trying to do, the federal government can still prosecute you to the fullest extent of the law.
Your Credit Repair Legal Rights
The Credit Repair Organization Act (CROA) states that it is illegal for credit repair agencies to falsify records or lie about the services that they provide. This law, which is strongly enforced by the Federal Trade Commission (FTC) requires that all credit repair companies thoroughly explain the following:
- Your legal rights presented in a written contract which also details the specific services that they’ll perform on your behalf
- How long it will take to receive credit repair results
- A 3-day legal right to cancel the service
- Any guarantees that they may offer
- The total cost that you will be required to pay for the services
The total cost that you will be required to pay for the services
If a credit repair company that you hired DOES NOT live up to its promises, then you may consider the following options:
- Filing a lawsuit through the federal court for all of your financial losses
- Seek punitive damages
- Join other victims in a class-action lawsuit against the credit repair scam
If you know that your financial record is not up to date, you may have to restore your credit. It can be difficult to determine when you need time and resources to repair your credit, particularly if you haven’t read your credit report lately. Making the appropriate actions to repair your credit would help your potential financial prospects. If you’re not positive you need to change your credit score and start focusing on credit enhancement, check out these seven red flags. If you can contribute to some or all of these measures, your credit score and report can receive support from highly qualified credit repair services like us.
1. YOU HAVE A HUGE CREDIT CARD DEBT:
If your credit card debt is out of hand, you’re already conscious that your financial patterns need to be improved. Your credit card debt is on the rise, and you notice yourself paying the minimum payment every month. Debt will only begin to escalate until you consider the improvements you need. Because the interest rate contributes to the amount on your credit card, if you just make minimum contributions, the debt would continue to rise until it is covered completely.
If you do have high credit card debt, the credit usage percentage will rise. If this ratio increases your credit score will be reduced. Managing your debt wisely will improve up the credit, and lenders or financial firms can see this as a good tale. Even so, too much debt that you don’t pay actively drags down your ratings and credit ratings.
2. YOUR LOAN APPLICATION WAS REJECTED:
One of the most critical things that the lender looks for when determining if you’re going to be a trustworthy creditor is your credit score and record. It’s hard to apply for a loan with a poor credit score or record. If you have just been denied a loan, it could be due to your structure of financial history, poor credit history, or weak credit score. Even if it’s the first instance you’ve ever been refused a loan, it’s essential to inspect your credit report as early as feasible.
Although any lender has his or her credentials, even one rejection is a sure indication that your credit requires improvement to ensure that you are a reliable borrower. Starting to fix your reputation now is the safest way to ensure that you will potentially apply for a loan in the upcoming years.
3. YOU ARE SCARED TO CHECK YOUR CREDIT REPORT:
If you’re frightened by the prospect of evaluating your credit score or reading your credit history, it’s a warning that you need to start fixing your credit. If you know you’re not going to like what you see when you peek at your audit, it’s time to adjust your financial conduct so you can turn it around.
Your credit score reflects the stability of your total credit record, which is also a deciding factor in whether you are going to be accepted for a loan, credit card, or other financial activity. If you know that your credit score has been slipping for some time and you’ve not undertaken the appropriate steps to raise it, recruiting a reputable credit restoration firm like us might be the only way to see your performance.
4. YOU ARE NOT ELIGIBLE FOR A CREDIT ACCOUNT:
If you have recently tried to register for a new credit card account but have been rejected, it is also a warning that you need to focus on your credit. Credit card firms analyze your credit score, debt usage percentage, and other elements on your credit history before deciding if you are a reliable borrower When the corporation pulls these details and decides that you’re too dangerous for a credit card, it’s a warning that your credit requires consideration.
A credit card is an easy way to buy money, and if it’s done carefully, it’s also a way to create a good credit profile and increase your ranking. When you are refused a new credit card contract, consult with a credit restoration provider like us to boost your credit so that you will finally be approved for a new account.
5. YOU ARE UNABLE TO AFFORD LIVING NECESSITIES:
You can find it extremely difficult to find a place to live with poor credit since most rental firms take the credit scores of the tenants strictly. If you have a bad score or an unfavorable credit background, most lenders are likely to refuse you and they will believe that you’re not a responsible homeowner who pays the rent on time every month.
In certain situations, your credit record might also be viewed by a hiring manager during a background check to ensure that you are financially stable. Even if you’re eligible for the work and had a decent job interview, you might miss your opportunity at the position if your credit is poor. If you find it difficult to obtain living needs, such as a home or jobs, because of your credit score, it’s important to invest in credit restoration so you can get back on the right path.
6. YOU HAVE BEEN CONTACTED BY DEBT COLLECTION AGENCIES:
Another indication that you must consider fixing your credit is if you have just been approached by debt collection agencies. If you have not paid your credit card payments or other loans, insurers may have given your details to the debt collectors to threaten you on their account. Debt collectors can contact, send emails, or invade your home to obtain the debt you owe. When your loan has been returned to the collection department, it is likely to surface as a derogatory thing on your credit report for years to come.
This would adversely impact your credit score and your willingness to borrow money or participate in other financial activities in the future. When you have been approached by a collection agency, concentrate on paying down your loans and repaying your loan as your next implementation strategy.
7. YOU ARE WILLING TO CHANGE YOUR CREDIT HABITS:
If you know that you have behaved recklessly in the past when it comes to banking, and you want to improve your path, working on credit fixes might be a successful first step. When you hire services from credit restoration specialists like us, we will support you in taking the required steps to improve your credit score through time.
To make positive improvements and enhance your credit score, you need to change your credit card practices and clear off your loans. A credit restoration specialist like our team can allow you to check your credit report for mistakes and discuss a payment agreement with the creditors. Our specialist can also encourage you to incorporate fresh and constructive financial practices into your schedule so that you can be active and reliable.
8. YOUR INTEREST RATES ARE BLOWING UP:
Credit card companies often increase interest rates as a consequence of your credit score data. If you are late for payouts to other lenders or if a new collection account is displayed on your credit report, you may receive a notification of elevated interest rates. Repairing your credit can help guarantee you get the best interest percentages on your loans and mortgages.
By making improvements to your spending habits today, you can boost your credit score so that you don’t skip out on financial benefits in the future. If you are committed to long-term credit performance, you can effectively show to lenders and financial firms that you are a committed and reliable customer and creditor. Contact us today to repair your credit and face no financial problems in the future.
When your car gets repossessed, it can be devastating to you and your family. Losing your car or home can affect every aspect of your daily life, especially if you have a big family or if you have to go to a job that requires vehicular transportation.
If you’re trying to remove repossession from your credit report, you may require expert credit repair help. It’s always recommended to get professional help when dealing with credit repair endeavors. Credit repair takes up a lot of time, energy, and focus, which can deter you from focusing on other more important matters in life.
In this article, we’re going to take a closer look at the negative impact that having a repossession on your credit report has. We’ll also learn how to remove repossession from your credit report so that you can rebuild your credit over time.
Negotiate Your Payment Terms With The Lender
When dealing with creditors, everything is a negotiation. You can negotiate the terms of your debt repayment by coming to an agreement on how much to pay per month. Ensuring that you can repay your debts in a timely manner is essential to rebuilding your credit.
This is why negotiating the terms of your repayment with your credit lenders is great! They can work with you on what you can afford and come up with a fixed monthly payment plan and interest rate that you can afford to pay. Making on-time payments will only help you to repair your bad credit and build towards achieving your financial goals.
So, if you’ve defaulted on an auto loan or filed for a voluntary repossession of your vehicle, then try negotiating the terms of your debt repayment with your credit lender.
File A Dispute With The Credit Bureaus
A repossession can stay on your credit report for seven years. However, you don’t have to run out the clock to do something about your repossession. You can work towards having your repossession removed from your credit report by filing a dispute with the credit bureaus.
When you file a dispute, you don’t only want to send your letter to one credit bureau. Make sure that you send this letter to all three credit bureaus – Equifax, Experian, and TransUnion. This will ensure that all of your credit reports are up-to-date and accurate.
Also, before filing a dispute, go through your credit reports with a fine-toothed comb to ensure that all of the information is accurate. If you stumble across any inaccurate information, highlight it, and report it to your creditors.
The credit bureaus have 30 days to respond to your request for having negative marks removed from your credit report. If they neglect to respond within the 30 day period, then they will automatically remove the negative information from your credit report.
This is obviously the best-case scenario, but it’s not always a sure thing. Make sure that you’re making the necessary steps towards rebuilding your credit so that you can regain your financial freedom and start making purchases that can make a positive difference in your life.
Hire A Professional Credit Repair Company
Lots of people attempt to handle their credit repair efforts on their own accord. However, many of these same individuals become so frustrated and overwhelmed by the tedious process that they often give up halfway through.
This, amongst other reasons, is why hiring a professional credit repair company is the way to go. You hardly have to lift a finger with a credit expert on your side. All you have to do is provide the expert or agency with the appropriate financial records and documentation to get started.
Don’t let your repossession negatively affect your credit score any longer. Let My Credit Advice help you with your credit repair journey. We’ll take a close look at your credit report, credit cards, and other financial records to determine the smartest course of action to take to rebuild your credit.
Let us remove repossession from your credit report so that you can move forward with your life on your terms.
When you have a negative mark on your credit report, it can affect your ability to make certain purchases. When you have poor credit due to having negative information on your credit report, you may find it difficult to buy a car, rent an apartment, purchase a new home, or even take out a loan.
Oftentimes, creditors will see these negative items as evidence of irresponsibility and financial insecurity. This makes those with poor credit undesirable candidates for credit cards and loans, which can make it even more difficult to buy the things that you want.
When you have a foreclosure on your credit report, then it drastically affects not only your credit score but also your entire financial future. Think of your credit score as your financial reputation. When you have a foreclosure or any other kind of negative mark, then it could potentially ruin your financial reputation.
Let’s take a closer look at how foreclosure affects your credit score, as well as how to have a foreclosure removed from your credit report entirely.
A Foreclosure’s Impact On Your Credit Score
The impact that a foreclosure has on your credit score depends entirely on your credit standing before you were hit by the negative mark. The higher your credit score, the greater the impact will likely be on your credit score.
You can expect a foreclosure to decrease your credit score by approximately 100 points or more, according to a 2011 FICO report. It can take up to 7-10 years for your credit score to recover, and most of the time, it will take a professional credit repair expert to get a foreclosure removed from your credit report sooner than that designated time frame.
After 7 years, a foreclosure will result in a derogatory mark on your credit report and should automatically fall off of your credit report. If it doesn’t, you can dispute the credit report error and have the credit bureaus remove the foreclosure from your credit report to avoid any other credit score consequences.
How To Rebuild Your Credit Score After A Foreclosure
To repair your credit report after having a foreclosure, you must go through a series of steps. The foreclosure process is one that can wreak havoc on your credit report since it will appear on your credit report after 30 days from the point of the foreclosure.
Just because a foreclosure remains on your credit report for 7 years, it doesn’t mean that you have to wait until the 7-year mark to make your credit repair moves. You can offset all of the negative marks on your credit report by adding more positive information. You can start by making on-time payments, slowly paying down your debt every month.
Make sure to use 30% or less of your credit limit, ensuring that your credit utilization ratio is balanced. You could also look into getting a secured credit card or credit-builder loan to help you repair your credit and regain your positive financial reputation.
File A Dispute With The Credit Bureaus
Review your credit report and identify any inaccurate information. Highlight the items on your credit report that you wish to dispute with the credit bureaus. Make a copy of your credit report and write an in-depth, comprehensive letter to all 3 credit bureaus – Experian, Equifax, and TransUnion.
In your dispute letter, you should include a brief explanation or description of what you want to dispute and why this information is inaccurate. Creditors are required to correct any inaccurate information on your credit report within 30 days of your request. If they neglect to respond to your request within 30 days, then your derogatory marks are automatically dropped from your credit report.
Having negative items removed from your credit report is the best thing that could happen since it erases all history of negligent or irresponsible financial behaviors. This will help your credit score steadily improve over time and before you know it, you’ll be well on your way towards having financial freedom and stability.
If you don’t have a foreclosure removed from your credit report, the foreclosure stays on your credit report for 7 years from the date of the beginning of the foreclosure. You don’t want anything to stay on your credit report for that long, especially not something as serious as a foreclosure!
Hire A Professional Credit Repair Expert For Credit Help
To help you have a foreclosure removed from your credit file, it’s recommended that you ask for expert help. Hiring a professional credit repair company can help you free up your time to focus on more important matters, like work, family, friends, and life itself.
Let the pros handle your credit repair endeavors so that you don’t have to worry about a thing. At My Credit Advice, our experts are ready to help you. We’ll help you go through your credit history to determine the best course of action to take when rebuilding your bad credit.
Don’t let derogatory information have a negative impact on your credit score any longer. Let us help you get to where you want to go in your financial future. We’ll help you secure your good credit and regain a positive financial reputation.
If you have late payment records on your credit report, then your credit score might be on the low side. This is a problem, especially if you ever want to rent an apartment, buy a car, put a down payment on a house, or apply for a loan.
Your credit score is your financial reputation. When you have late payments on your credit report, then it could potentially ruin your financial reputation, making you an undesirable candidate for any type of credit card or loan.
Making your payments on time is the most efficient way to build your credit and maintain good credit. If you’ve had a hard time in the past with making your payments on time, then you may have it showcased on your credit history.
In this article, we’re going to explain exactly how long late payments stay on your credit report, as well as how to remove them from your credit report so that you can rebuild your credit.
How Long Does It Take To Remove Late Payments From Your Credit Report?
A late payment record can appear on your credit report when you are unable to pay a bill by its designated due date. A creditor can report your late payment to the credit bureaus (Equifax, Experian, and TransUnion) after you are approximately 30 days late on the payment.
A late payment can remain on your credit report for up to 7 years.
If you want a late payment removed from your credit report, then you’ll need to go through a series of steps. It’s always recommended to hire a professional credit repair agency to handle your credit repair endeavors, especially since it takes a lot of time, energy, and resources to get the job done correctly.
However, if you’re more of a DIY-style kind of person, then that’s acceptable as well. Just make sure that you take the necessary time and effort into your credit repair efforts so that you can effectively improve your credit score and rebuild your credit.
The length of time that it takes to remove a late payment from your credit report can vary. Depending on the severity of your financial situation, how many late payments are present, and how much you owe will determine how long it will take to remove a late payment from your credit report.
Typically, it can take anywhere from 3-6 months to have a negative item removed from your credit report. After you’ve filed a dispute with the credit bureaus, they must take a maximum of 30 days to reply with an approval or denial. If they neglect to reply within that amount of time, then your late payment record automatically gets removed from your credit report.
How Does a Late Payment Impact Your Credit?
Late payments have a negative impact on your credit score because it shows that you may be irresponsible with your finances. If you’ve missed any payments or made a late payment, then creditors see that as “you can’t be trusted with a loan.” This can affect your ability to apply for an apartment rental, buy a new car, purchase a house, or take out any type of credit loan.
If you have a credit card loan that you still haven’t paid off, you must ensure that you’re making all of your monthly credit card payments on-time so that you can pay off the full balance. Once you’ve paid off the balance of your credit cards, then you’ll find that your credit score will steadily increase.
Speak to your credit card issuer to agree on a fixed monthly payment and interest rate so that you can make affordable monthly payments on time. This also goes for all of your bills, including your rent, car insurance, car payment, mortgage, utility bills, etc. Pay your bills on time to avoid any additional negative information being added to your credit report.
How to Remove Late Payments From Your Credit Report
Removing a late payment from your credit report takes tenacity, time, and headstrong persistence. You must stay on top of the credit bureaus during this time so that your case doesn’t fall through the cracks.
This process takes a lot of energy, which can become stressful and overwhelming. This, amongst a plethora of other reasons, is why you should consider hiring a professional credit repair expert to handle your credit repair.
First things first, removing a late payment from your credit report begins with a full credit report inspection. You must look for other possible errors or inaccuracies in your credit report to include in your credit report dispute letter.
Once you’ve identified any other mistakes present, you must write a letter to all 3 credit bureaus – Experian, Equifax, and TransUnion. You must include your name, address, contact info, a copy of your credit report, and a brief description of what errors are present that need to be corrected.
If you believe that your late payment is an error or you have a valid explanation for why you missed the payments, you must include information as to why. Be clear, concise, and descriptive in your explanation. You could write a letter and send by mail, online, or even conduct an interview over the phone.
From there, the credit bureaus have 30 days to comply with your case. They have the option of approving the dispute or denying it if they can verify that the information is correct. If they deny your request, then you will not be able to have the late payment removed (before the 7-year mark).
The only thing that you can do is continue to make your payments on-time and avoid missing any future payments. Also, you may want to refrain from opening up any new accounts to avoid adding any new collection accounts to your file. The last thing you want to do is accumulate more debt.
Hire An Expert
When you hire an expert, you avoid making any additional mistakes. One of the first rules of thumb that any credit repair expert will tell you is to NEVER provide the creditors with your bank account information.
Also, making your case to have a late payment, or any other piece of negative information, removed from your credit report is not as easy as it sounds. After 30 days of missed payments, and your late payment was reported to the credit bureau, we can get to work.
Let us help you improve your credit score so that you can repair your financial reputation and regain your financial freedom! Give My Credit Advice a call for your free credit consultation and let us get started!
When you file for bankruptcy, it can feel like all hope is lost. It can be a devastating event in your life and oftentimes, people feel as if they will never come back from it.
We’re here to tell you that you can leave all of that behind when you repair your credit. There are ways for you to pick yourself up from the financial wreckage and rebuild your credit so that you can regain your financial freedom once again.
In this article, we’ll show you how to repair your credit after filing for bankruptcy. Let’s take a closer look at the steps involved.
Check Your Credit Report For Inaccurate Information
Everybody makes mistakes from time to time. And, the credit bureaus and other creditors are no exception. Sometimes, they make a mistake on your social security number, the spelling of your name, add an incorrect or outdated address, or on a more serious note, incorrect information about your bankruptcy record.
If there is any inaccurate information about your bankruptcy record, then this must be fixed immediately. And, in some cases, their mistake can even lead them to remove the bankruptcy file from your credit report entirely! Of course, this would be the ultimate goal, but having a bankruptcy removed from your credit report isn’t always their go-to move.
Usually, they will simply fix the incorrect information while keeping your bankruptcy file in place. It’s also important to check your credit report regularly since it’s not uncommon for creditors to continue to add negative information on your credit report even after you’ve filed for bankruptcy.
If you have a discharged debt that shows as “active” on your credit report, then this is a major problem that must be corrected immediately. You should no longer have any outstanding debt balances after having filed for bankruptcy. Your account should show up as $0. Make sure that this is the case before continuing with your credit report efforts.
Keep Paying Off Your Non-Bankruptcy Account Debts
Just because you filed for bankruptcy, it doesn’t mean that you’re out of the gate. You still have to make on-time payments to the credit card companies or other outstanding creditors to rebuild your credit.
If you have student loans, for instance, you must pay them back. These loans typically cannot be discharged. If you have any accounts that are still active, not paying them back with wreak havoc on your credit score. Make sure that you’re paying down any existing debts and loans on time to avoid any other negative consequences.
Also, make sure that you’re not ignoring any outstanding debts that are not displayed on your credit report. Especially if it’s a new account, like a credit card, it may not appear on your credit report. This does not mean that you don’t have to pay it back. This is a common misconception that can land you in even more trouble. Repay all of your debts regardless if they appear on your credit report or not.
Take Steps To Build Credit
It’s always recommended to hire a professional credit repair company because they have the knowledge and experience to deal with the credit bureaus the right way. Also, who has the time to deal with credit repair? Nobody, that’s who. Hiring a professional credit repair expert allows you to free up your time to focus on the things in life that matter most.
A legitimate, reputable credit repair agency will go through your credit and payment history to determine exactly what you can afford to pay back each month. They will advise you to make payments each month to slowly pay down the balance of your remaining debt.
Securing new credit is a major hurdle that many people endure after having filed for bankruptcy. It’s a critical step in rebuilding your credit. By law, you cannot declare bankruptcy again for another 7 years after having filed once. If you received a discharge for a chapter 7 bankruptcy case, then you can’t receive another one for 8 years. This is why some credit card companies approve certain bankruptcy applicants.
Typically getting a newly secured credit card, your interest rates will increase, making it more difficult to pay off. However, a credit repair expert can help you find the right credit card to help you rebuild your credit and improve your credit score. And, a higher interest rate may not be so bad in the end. In fact, it may help you towards improving your credit score even faster. As long as you make the payments on time, you’re in good shape.
Hire A Credit Repair Pro
When rebuilding your credit, you need a pro. A high-quality credit repair agency can help you comb through your credit history with a fine-toothed comb and identify any errors, mistakes, or inaccuracies within your credit file to dispute with the credit bureaus.
They will look through your credit card or loan history to determine which debts take priority over others, ensuring that you can always make your monthly payments on time.
At My Credit Advice, our experts are dedicated to turning your bad credit into good credit through a series of steps and strategies. We don’t do anything with half measures and we don’t take any shady or illegal shortcuts. We are a legitimate, reputable credit repair company that cares about fixing your credit.
Let us lend a helping hand in repairing your credit after having filed for bankruptcy. All is not lost for you and you’re not alone. We can help. Reach out to us so that we can formulate an in-depth, comprehensive credit repair strategy customized just for you.
Collections are never fun. They destroy your credit score and can remain on your credit report for up to 7 years, making you an undesirable candidate for a loan. Removing a debt collection account from your credit report isn’t always an easy task.
This is why you should always hire a professional credit repair expert to handle the job on your behalf.
How To Remove A Collection Account From Your Credit Report
Removing a collection account from your credit report involves the same set of steps as it takes for just about any other negative item on your credit report. When you remove collections from your credit report, you’ll find that your credit score will steadily increase over time.
Having bad credit can prevent you from doing certain things in life, like renting an apartment, putting a down payment on a home, or buying a car. And, not to mention, no credit lender will give you a loan.
Federal laws allow negative information to be reported for 7 years from the date that you first started to fall behind the original creditor. However, having the credit bureaus remove a collection account from your credit report can be tricky. Not everyone’s offer gets accepted on the first try.
This is why you should make sure to do your research first when dealing with this type of situation. Make sure that you have all of your financial documents and credit history records present when dealing with the credit bureaus. This documentation will act as evidentiary support for when you’re making your case.
Negotiate A Pay For Delete Offer With Creditors
A pay for delete offer describes a pay-off to the creditors. This means that you’re offering to pay the remaining balance of your debt in exchange for a deletion of the collection account record from your credit report.
Not every creditor will accept this offer, but most will. You’ve got nothing to lose by asking if you can negotiate a pay for delete offer. Give it a try and see how it goes!
Will Removing A Collection Account Increase My Credit Score?
Removing a collection account record from your credit report will significantly increase your credit score. When you have negative information deleted or removed from your credit report, you’d be surprised how greatly it can affect your credit score.
In fact, having negative items, like collection accounts, removed from your credit report is the first thing that you should do in your credit repair efforts. At My Credit Advice, we can help you increase your credit score in a number of ways, including having your collection account removed from your credit report.
Dispute, Dispute, Dispute
A debt collection agency cannot report inaccurate information that is showcased on your credit file. It’s 100% illegal. So, if you have a collection account on your credit report, you are able to dispute or request that the collection account be removed as long as you pay the bill.
Most creditors will honor your request. Additionally, if any of this information is incomplete or inaccurate, then you have the legal right to dispute the collection account with the credit bureau. The creditor must confirm or deny within 30 days, and if they don’t comply, then they must remove it – period.
If you notice a mistake on your credit report stating that a debt collection is yours when, in fact, it isn’t yours, then you must dispute, dispute, and dispute some more! Of course, we are happy to handle that on your behalf so that you don’t have to worry about a thing.
We’ll dispute any and all inaccuracies with your credit file so that everything is on the up-and-up. Whether your debts are paid or unpaid, we can help you figure everything out so that you can regain your financial freedom once again. We’ll work hard to have your collection account removed from your report so that we can work on rebuilding your credit.
We’ll help you file a dispute with all 3 credit bureaus – Equifax, Experian, and TransUnion. We’ll make sure that all of your credit cards get paid off and that there is only accurate information displayed on your credit report.