Saturday, June 28, 2008

Creditor not cooperating?



Do you sometimes feel like you need a superhero to jump in and save the day? Battling with these large companies who don't even want to fix their own error can be pretty exhausting! Here's a tip that might help:
I recently helped a client who had a 30 day derogatory on an auto loan that wasn't even in existence. My client's credit report clearly showed the open date of the loan and the derogatory was dated nine months before it opened.


The company that kept reporting this derogatory, even through numerous disputes through the bureaus to get the item deleted. My client called somewhere in between 2-5 times a day until finally, she made a complaint with the FTC. It's very important to understand that misreporting an account is not only negligent, it's against the law. Filing a complaint with the FTC alerts them to unfair, unlawful business practices. I urge anyone experiencing negligent reporting to the credit bureaus of an open or closed account to report it. If it happened to you, chances are it's happening to someone else.


When you file a complaint, the FTC keeps a log on how many complaints are filed against a company and if they see a pattern it will lead to the government filing action against that company. This could lead to a class action lawsuit.


Once you have made the complaint, send a copy to the company and send a copy to the bureaus. Don't forget to send them certified mail. Keep a copy in your files as well.


If all of these efforts don't resolve your disputes, and you feel like you need additional help, please email us realresultscredit@yahoo.com. We have many affordable options to fight the disputes for you. Many of our methods yield results in as little as seven days.


Friday, June 27, 2008

Negotiating


Let's say you owe a creditor and you want to settle your debt ( assuming you can afford to ).

If you plan on paying the full amount, never pay without receiving a letter stating that the debt will be deleted from your credit report. The key word is deleted. Many companies will report your debt in their systems as a "paid collection" or a "paid chargeoff". If your collections are still showing on your credit report after you paid them - even though it states "paid" , the fact that this account is showing in the collection area of your credit report it will hurt your score.


Do not let a creditor tell you that they are "not able to write you a deletion letter" and delete a collection - especially if you paid them. It's simply not true. If you make payment arrangements and agree to send post dated checks, make sure that you tell ( in writing and verbally ) the creditor that you know it is against federal law to cash them before the date on the check. This law is part of the Fair Credit Reporting Act.


Just remember that collection agencies settle for pennies on the dollar. Don't pay more then you need to. Their business is to make money. Collecting on any debt is a plus for them so make it a win/win. You settle and get your deletion letter, and they get their money.

Thursday, June 26, 2008

Improve your credit in as little as 7 days!



Sounds like a gimmick ? Absolutely not ! Credit bureaus are reporting updates much quicker now given the current mortgage crisis and the present economy.
The key is to be prepared.
Here is what you need to know:

1. Order your credit files from all three bureaus. Equifax, Experian and Trans Union. It's important to obtain your credit file from each individual bureau. Once you receive the reports you will notice a file # at the top of each page. This file number will allow you to contact a representative ( there is also a different telephone number included in the report separate from the automated system ) to discuss your concerns.




2. Do you notice anything unusual about your report? Different names, addresses you have never lived at or accounts that don't belong to you? If so, immediately file an identity theft report with each bureau.




3. File an identity theft report with your local law enforcement. If you haven't suffered any monetary damages chances are they might not take an identity theft report. Ask them to take a "miscellaneous incidents" instead. The FTC also has an identity theft report affidavit you can file. This is additionally helpful as it is a government agency and can be accepted by your creditors. If your banking institution is involved then see if your branch manager will assist you by writing you a letter. The more documents you have to support your claim, the better off you will be in attaining the credit you need to lead a successful life.




4. Never admit to anyone at a collection agency that you owe the debt you are discussing until you receive all the documents associated with the account you are inquiring about. This is especially important if you are the victim of identity theft. Review the documents they send ( if any - they often don't ) and evaluate if you have enough information to start with. You might be going back and forth for a while until you get the information you really need.




There are many websites that show you how you can "improve your credit yourself" and that may be true for tenacious individuals that have nothing but time on their hands. The truth is, there is nothing fair and accurate about anything any of these credit card, mortgage, auto loan, collection agencies etc... Their goal is the bottom dollar not whether you could lose your home because of inaccurate, misleading information on your credit report. Let's say some of that information is correct, you made a settlement to pay it. There are solutions for that situation as well that could impact your score positively.




If you feel confident enough to do it yourself then give it a try. That's if you have the time, patience and your wits about you. However, I urge you to contact a professional if you are unsure how to proceed with negotiations with your creditors. it could mean the difference between a total deletion or a paid charge off. Two very different results on your credit file.




Email us at realresultscredit@yahoo.com for more info on how we can help you.