Do yourself a favor and save some money, too. Don't believe these promises. Only time, a conscious effort, and a personal debt repayment plan will improve your credit report.
One approach you might consider is using the services of a Rapid Rescorer.
Rapid rescoring services came about because too many people were losing loans or paying too much interest because of credit bureau inaccuracies. Before you get excited, though, you should learn what these services can and can't do:
1. They can't deal with you directly as a consumer - Rapid rescoring is typically offered by small credit reporting agencies, which serve as a kind of middleman between the bureaus and the lending professionals. These agencies, which are often independent but which might be subsidiaries of credit bureaus, provide special services for loan officers and mortgage brokers such as merged or "3-in-l" credit reports. To benefit from rapid rescoring, you need to be working with a loan officer or mortgage broker who subscribes to an agency that offers the service.
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Did you know?
If you need to work on your credit report, the FTC warns that no one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete.
There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. According to the Fair Credit Reporting Act (FCRA).
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2. They can help you only if you have proof, or if proof can be obtained - Rapid rescoring services aren't designed to help people who have yet to start the credit repair process. You need something in writing, such as a letter from the creditor acknowledging that your account was reported as late when you were in fact on time. (This is one of the reasons that it's so important to get everything in writing when you're trying to fix your credit.) If you don't have such proof, but the creditor has acknowledged the error, some rapid rescorers can get the proof for you. However, that might add days or weeks to the process.
3. They can help you get errors fixed, but they can't remove true negative items that are in dispute - Again, you need proof that a mistake was made and not just your say-so. If the credit bureau is already investigating your complaint about an error, the item typically can't be included in a rapid rescoring process.
4. They can't promise to help your score - Sometimes removing negative items can actually hurt a score, strange as that might seem.
The scoring formula tries to compare you to people who have similar credit histories. If you've been lumped into the group with a bankruptcy or other black marks on your report, you might find that your score falls when some of those negative items are removed. Instead of being at the top of the bankrupts' group, in other words, you've dropped to the bottom of the next group - the folks who have better credit. More commonly, removing an error might not help your score as much as you might have hoped and might not win you a better interest rate. There are no guarantees with rapid rescoring.
If you're gung ho to start acquiring major purchases, such as a POV (personally owned vehicle), a home, furniture, etc. you'll probably need to apply for at least one loan. The biggest factor that determines whether or not you'll get a loan, and what interest rate you'll pay, is your FICO credit score.
Your score is compiled by each of the three leading credit bureaus, and it tells lenders if you will be able to repay the loan on a timely basis. (For more on this, see What is a FICO credit score? from Virginia Chevrolet Dealer RK Auto Group.) But what happens if you're denied credit, or don't get the terms you want?
Your FICO credit score impacts your ability to get a loan?find out the specifics.
The Equal Credit Opportunity Act (ECOA) states that creditors must provide specific reasons for credit rejections, if requested within 60 days. Acceptable reasons include: ?Your income was too low? or ?You haven't been employed long enough.? Vague answers, for example numbers or codes, most likely are unacceptable.
If your loan is rejected due to information from a credit report, the creditor is required to provide the name, address and phone number of the consumer reporting company that supplied the information. Contact that company to get the details?they'll tell you what's in your report, but only the creditor can tell you why your application was denied.
If your FICO credit score is low, engage in self help credit repair to obtain loans at better interest rates.
If your application was rejected because you are too close to your credit card limits or have too many credit cards, consider waiting to reapply until you've reduced your balances or closed some accounts. This is a wise self help credit repair move, as the improvements will be noted by the credit bureaus, and thereby raise your FICO credit score. Learn more about self help credit repair.
Don't let fraud dampen your FICO credit score?get help ASAP.
If you believe you are a victim of credit fraud, immediately contact the Federal Trade Commission (FTC). Visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357). Become a savvy consumer with these additional tips:
? Guard your personal credit information by sharing it only when buying from a company you know and trust.
? Pay attention to the fine print, and make sure all details of the arrangement are written into the contract.
Following these tips will get you on the road to a great FICO credit score and save you thousands in the long run.
Both Michael Saunders & Tom Kline are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Michael Saunders has sinced written about articles on various topics from Apply for Credit Card, Writing and Government Grants. has an MBA from the Stanford Graduate School of Business. He edits a site on how to. Michael Saunders's top article generates over 60500 views. to your Favourites.
Tom Kline has sinced written about articles on various topics from Cars, Free Credit Report Score and Infertility. ? 2006 RK Auto GroupTom Kline is Controller of RK Auto Group (,. Tom Kline's top article generates over 49500 views. to your Favourites.