Tag: credit repair

How To Choose A Bank Account: 10 Things To Look For

On a recent vacation with friends, I was shocked to discover some of them were paying monthly maintenance fees for their checking accounts.

And they are not alone: 45% of Americans pay those or other fees in a typical month, according to the American Bankers Association. If true, you may need to fix your credit score.

This is absolutely unnecessary given how many bank accounts these days are free or have avoidable fees, such as when the charge is waived if you receive a direct deposit, maintain a minimum balance or sign up for electronic statements.Bankrate found that 96% of checking accounts at traditional banks fall in either of these categories (38% are flat-out free, as are 72% of checking accounts at credit unions).

 

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How to Repair Credit the Right Way

Whether you’ve had a major financial breakdown and would like to begin the process of starting over, or you let one too many late payments slip through and have damaged your credit standing, to repair credit is not only possible, it’s necessary. Without good credit, you may be turned down for loans or have trouble with ever-increasing credit card rates. So what can you do?

 

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9 fast fixes for your credit scores

So you’ve had a few problems getting the bills paid lately, and you’re wondering what you can do to repair the damage to your credit.

You’ve got plenty of company. Tens of millions of people in the United States have credit blemishes severe enough (and FICO credit scores under 620) to make obtaining loans and credit cards with reasonable terms difficult. Here’s 9 fast fixes to fix your credit score

 

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How to repair credit and improve credit score

It’s important to note when planning to repair credit is a bit like losing weight: It takes time and there is no quick way to fix a credit score. In fact, out of all of the ways to improve a credit score, quick-fix efforts are the most likely to backfire, so beware of any advice that claims to improve your credit score fast. The best advice for rebuilding credit is to manage it responsibly over time. If you haven’t done that, then you need to repair your credit history before you see credit score improvement. The tips below will help you do that. They are divided up into categories based on the data used to calculate your credit score.

 

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Do Credit Repair Services Really Work?

 

You’ve seen the ads claiming to be able to fix your bad credit, but do credit repair products really work? Honestly, many of the companies are a scam. But the credit repair services that have been around for a couple decades know the rules surrounding credit repair and know how to navigate those rules to either raise your credit score or give you your money back. That of course doesn’t mean that it works for everyone. There is no magical formula to raise your credit score in a hurry, but there are a few instances where credit repair can help you give your score a deserved bump.

 

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The 3 Biggest Credit Repair Scams Today and How to Avoid Them

 

credit repair scams

When people are watching out for scams, they rarely are worried about places looking to help them repair their credit. Still, financial scam expert Steven Weisman thinks that they ought to be.

Weisman, of Scamicide, points out that a credit report dictates more than just whether or not you can get a loan. “In many states, employers can look at these with regard to whether or not they want to hire you,” he explains, adding that they can also affect your ability to rent or even get insurance. “People get into trouble and want to see what they can do to fix it,” he says, adding that “some of what credit repair services will promise you is downright criminally fraudulent.”

 

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Can Credit Repair Companies Really Improve My Credit Report?

 

The answer is maybe — but they can’t do anything that you couldn’t do yourself, for free.

 

Anything on your report that’s bringing down your credit score is going to stay on, if it’s accurate information.

 

So if a credit repair company promises to remove negative information such as a bankruptcy or judgment, and they want money up front to do it — run. Credit experts say that only time, effort and a solid plan for repaying your debts will improve your credit-worthiness.

 

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Better Business Bureau: Advice on credit repair

 

As part of National Consumer Protection Week, which takes place March 2-8, the Minnesota Department of Commerce and Better Business Bureau of Minnesota and North Dakota are partnering to offer consumers advice on companies offering credit repair services.

 

In Minnesota, the Department of Commerce regulates two types of firms offering credit repair services: credit service organizations and debt management companies.

 

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Do Credit Repair Services Really Work?

You’ve seen the ads claiming to be able to fix your bad credit, but do credit repair services really work? Honestly, many of the companies are a scam. But the credit repair services that have been around for a couple decades know the rules surrounding credit repair and know how to navigate those rules to either raise your credit score or give you your money back. That of course doesn’t mean that it works for everyone. There is no magical formula to raise your credit score in a hurry, but there are a few instances where credit repair can help you give your score a deserved bump.

 

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14 Sample Credit Repair Letters for Competent Disputes that Work

If you think debt repair is just sending one template dispute letter, think again. Credit restoration is a process. You can see from these free 14 credit repair letters that it takes escalation and a strategic knowledge of your specific situation to get the job done quickly and competently. Without the right information and without follow up or follow through, these credit dispute letters will not work on their own.

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