It only took three hour for my credit score to jump 100 points!"
"Erase bad credit and smash your debts with only two extraordinary Letters!"
Are these types of claims ALWAYS too good to be true? The answer is "Yes and... no."
While many people would love for you to think the only thing that can fix bad credit is time, in reality, nothing could be further from the truth. In fact, time is only one of any number of factors which can fix a credit report, but it's a far cry from being the only factor. How can I back this up? It's simple.
Under a consumer protection law known as the Fair Credit Reporting Act (aka the FCRA) the only negative information which can remain on your credit report is not what is accurate, but only what can be proved as accurate under the FCRA. Exactly what does this mean to you?
It means any negative item on your credit report can only remain there if it is accurate and CAN BE PROVED AS SUCH under the guidelines of the FCRA. This undisputable fact presents consumers like yourself with both good and bad news.
The good news is that, through the FCRA, your credit score can more than likely be improved dramatically in a very short period of time with only a modest amount of effort on your part.
The bad news is that while the actual "work" will take very little of your time, you will fail unless you have good information on exactly how to go about it. Believe it or not, 9 out of 10 courses on credit restoration will do nothing more than lead you into snake pits because they will provide you with what the industry refers to as "Boiler Plate" dispute letters. These types of letters are nothing more than form letters and, quite frankly, the Credit Bureaus and Creditors will get a good laugh at your expense if you try to use them.
I agree with the Federal Trade Commission (FTC) that there are things that a credit repair clinic can take care of for you legally that you can do for yourself with little or no cost, what makes the credit repair clinics successful is access to the inside tactics and techniques. The actual process involves a number of strategies which all have names as long as your arm. trategies like "Proof of Contract", "Constructive Notice", "Challenge of Procedure" or "Restrictive Endorsement" and many others.
the question you have to answer will be what are you trying to accomplish and how much time will it take you if you do it yourself? Remember, you get what you pay for. Don't expect something for nothing. Be willing to do what it takes to get clean up your credit.
This may "sound" impressive but it's are really quite simple. When all is said and done, it is nothing more than a method of communication which exercises your consumer protection rights, gets the results you want and raises your credit score. More importantly, once you learn how simple all of this can be by doing it for yourself, you will find there is a fortune to be made doing it for others! Maybe even be on your way to a new career, who knows? Regardless of how you decide to proceed, request your free credit report here: http://www.AnnualCreditReport.com.
In a future article in this series, we'll answer the question: "Is Your Credit Score Costing You A Fortune?"
But what are the benefits of being able to see this record of your credit history and the other details that the credit reference agencies hold about you on your personal file.
In order to look at every potential benefit that your credit report could give you, we need to look at what your it is used for.
Who Uses Your Credit Report And How?
Your UK credit report will be used by financial institutions whenever you apply to them for credit cards, loans or mortgages and by other companies when you apply for any product or service that requires you to sign up for some form of credit, such as a mobile phone contract.
All these companies want to know your current credit rating and they will determine this using your credit score, which they calculate with their own company formula using information on your credit history and current credit status from a copy of your report.
This credit check will involve checking your credit report from one of the three credit reference agencies in the UK all of which gather relevant financial and personal ID information about you to create your file.
Failed A Credit Check?
If you fail a check and don't get the loan or mortgage you applied for, you usually won't be told why or which reference agency was used.
However, the details held on your report can help you find out what is causing your application to be refused.
The reason may not even be a valid one as it is very easy for a mistake, typing error or old inaccurate information to be held on any one of your three reports.
Such errors may relate to your finance history or the other personal data on your record, which is used to confirm your identification and what you put on your application form.
Major Benefit
A higher score will help ensure that you get the loans or credit you want and that you will get a better rate of interest than if your rating were lower.
To ensure that your score and therefore your rating is as high as it can be you need to make sure that everything on all three of your reports is accurate and up to date.
You therefore need to get a copy of your credit report from each of the 3 credit reference agencies. Don't assume that if one is correct that the others will be!
Fortunately you can get instant online access your report at each agency for free as all agencies are currently offering a free trial of their UK credit report service.
You should take advantage of this to check all three of our reports and fix them if you find any problems. Just talk to the relevant agency about how to get issues with your report resolved.
Remember however that this could take time so start as soon as possible, especially if you are planning to apply for a loan or mortgage some time soon.
Other Benefits
Your credit reports are a great asset and should be checked and maintained just like you check you bank statements. If you don't check them they could easily become your greatest liability.
Effective management of your credit report could save you a lot of money over time and ensure that you are not refused when you need it.
If you are going to apply for a loan or mortgage then it makes sense to check your reports before applying as failed applications will be recorded on your file and can lower your credit score making your next application even more likely to fail.
When you fix your reports and get your score to be as high as possible you will be able to borrow more money from lenders and all at lower interest rates.
Checking you report regularly is a great way of making sure that your identity has not been stolen and used in fraud to steal money or pay for products and services using your personal details and your money.
Compare reports from different credit agencies to make sure that they are all the same because when you apply for credit you have no way of knowing which reference agency your potential lender will use.
What Next?
It is very easy to check your UK credit reports and you can do this online for free.
So do it now before you forget to make the most of this opportunity.
Both Michele F Richardson & Dave Joa 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.
Michele F Richardson has sinced written about articles on various topics from . Michele F. Richardson, is a Small Business and Personal Consultant, who specializes in helping people find practical solutions to everyday issues. The "CREDIT SECRETS Bible" has been in print since 1994 and is published by Consumer Publishing Group. To. Michele F Richardson's top article . to your Favourites.
Dave Joa has sinced written about articles on various topics from Adwords, About Web Hosting and Golf Guide. Dave Joa shows you how to get a and provides information and advice on. Dave Joa's top article generates over 33100 views. to your Favourites.