Tag: fast credit repair

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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How to Be Your Own Credit Repair Specialist

To err is human. But if you’re shopping for a new car loan, mortgage or credit card, having an error on your credit report can be costly, and there’s a need for a credit repair specialist.

According to the FTC, one in four consumers have errors on their credit reports and those errors could affect your credit score. And if you’re looking to apply for credit, even one point can be the difference between hitting a “good” threshold or being labeled “fair” or worse. Yet experts say a majority of consumers aren’t aware of credit report errors until it’s too late. In fact, the FTC study says approximately one in 20 consumers had errors that resulted in losing more than 25 points from their credit score.

 

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Repair Kit for Damaged Credit

Your credit score is an incredibly important part of your financial life. All your creditors will look at your score to determine whether you’re eligible for credit and, if so, at what interest rate. The higher your credit score, the lower the interest rates you pay on credit cards, car loans and mortgages. Even landlords, cell phone companies and some employers look at your credit score, because if you can’t be good with money, you might not be a good tenant or employee. So you want to do everything you can to make sure your score is as high as possible.
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How to Raise Your Credit Score Fast

What’s a Credit Score?

In this post I’ll tell you how to raise your credit score fast. Credit scores—they’re like report cards for grown-ups. It’s a three-digit “grade” you get on a scale that ranges from 300 to 850. Your score indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers, for instance. I’m sure you know that the higher your score the better.

 

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Debt moves the world

AFTER the IMF lowered its global growth forecast for this year and next, it is worth reflecting that, despite all the efforts of the central banks, this is a very wimpy recovery. There are a number of potential candidates for the problem; poor fiscal policy (in the form of austerity), the effect of demography, or Robert Gordon’s ideas about the lingering impact of innovation. But the debt burden taken on by developed economies in the run up to 2007 and 2008 is surely the most significant factor.

 

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How Do I Correct My Credit Report? Steps to Fix Issues

Easy steps to fix a potential problem

If you find something on your credit report that doesn’t seem right, this quick video from TransUnion tells you what to do. Learn how to contact creditors and the credit reporting companies.

What Debt Collectors Can’t Do to Recover Your Debts

Knowing what debt collectors cannot do to collect a debt from you may help you deal with and protect you from their approaches to debt collection.

The Fair Debt Collection Practices Act (FDCPA) is the federal law that governs debt collection for personal, household, and family debts like your mortgage and car loan, other personal loans, your credit card debts, past-due utility bills, past-due student loans, medical and insurance debts, condo fees, unpaid legal judgments against you, and bounced checks. The FDCPA applies to outside debt collectors, but not to a creditor’s own in-house debt collectors (meaning debt collectors who are employees of a creditor).

 

 

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