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Overcoming Adversity During Credit Repair

July 16, 2013 by  
Filed under Blogs, Credit Repair

by: .

difficulties during credit repair
Credit repair is often times a very time consuming and frustrating process.

But no matter the difficulty, fixing your credit is one of the most worthwhile and financially rewarding things that a person can ever do.

So lets take a look at 3 of the most common challenges consumers face when repairing their credit, and address how to overcome them.

 

1. Credit Bureau Stall Tactics

The credit reporting agencies (Experian, Equifax, and TransUnion) have developed a system of stalling the credit repair process and discouraging consumers from fixing their credit reports.

These stall tactics include sending letters which state that the credit bureau received a suspicious request to access your credit file, that the request you sent them was illegible, that they require additional documents to verify your identity, or that your request was deemed frivolous and will NOT be investigated.

Faced with such disappointing responses, consumers often times give up on their dream of better credit. Experienced credit repair services know that at some point during the credit repair process, the credit bureaus will use these tactics, so they are ready for them.

You should be ready for this response and at the first sight of a stall tactic, leverage your consumer rights, aggressively re-initiate the investigation and contact the CFPB. Use this to your advantage and put the credit reporting agency back on its’ heals.

2. Unauthorized Inquiries

Hard inquiries on your credit report can lower your credit scores, so it’s only logical that you limit the amount of new inquiries you incur. Not so fast, creditors can place hard inquiries on your credit report without your authorization or knowledge, costing you valuable points and increasing the time you have to spend repairing your credit.

To combat this,  Do 2 things;

1. Monitor your credit report monthly and check for unauthorized inquiries. If you spot one, contact the creditor and ask them to show proof of permissible purpose for checking your credit report or delete the inquiry from your credit file.

2. Contact your current creditors (ones you have open accounts with) and ask them to NOT run your credit reports while your in the process of improving your credit.

3. Building Credit

Credit repair is not just about removing past derogatory accounts from your credit reports. It is also about showing creditors that you are capable of using your credit wisely and paying in a timely manner. Unfortunately, most consumers have difficulty establishing credit while trying to improve their scores. It may seem impossible to establish credit at the beginning, but you need to prove that you can handle debt, that you can keep a credit card at a low utilization rate, and that you can pay it on time every single month.

If your low credit score does not allow you to qualify for an unsecured credit card, try either applying for a secured credit card or asking a friend or relative to add you as an authorized user on their credit card. This will help you establish a positive trade-line and show prospective lenders that you have learned to use your credit wisely and responsibly.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Get the Most Out of Credit Repair

April 12, 2013 by  
Filed under Blogs, Credit Repair

by: .

creditfirm.net reviewsSo, you finally decided to take action and hire a credit repair agency to fix your credit.

First and foremost, congratulations for being proactive and making a great financial decision which will save you hundreds of thousands of dollars.

Here are 4 steps you should take while being on a credit repair program:
(These steps will help you achieve the best results possible in the shortest amount of time.)

1. Forward Your Credit Reports and Identity Documents
Send the credit repair company a Tri-merge credit report from all 3 credit bureaus along with copies of your ID, social security card, and a utility bill. The credit report is self-explanatory, but the identification documents are just as important.

The credit bureaus typically try and use stall tactics to block the credit repair process by sending letters saying that they received suspicious requests or asking for additional documents to prove your identity.

Sending your ID, social, and utility bill to the credit repair agency so that they can forward those documents along with their investigation requests will disable the credit bureau’s use of any stall tactics and speed up your credit repair process.

2. Pay Your Bills On-Time
From the time you enroll in the credit repair service, you must make a conscious decision to pay all of your bills on time every month. A recent late payment can drop your credit score up to 100 points and negate any progress that you have made during the credit repair program.

You are investing your hard earned money into hiring a company to fix your credit. Make sure that you manage your debt and pay your bills on-time to give yourself the best chance at success.

3. Reduce Your Credit Card Balances
A large part of your credit score is calculated from the balance to limit ratio on your credit cards. Ideally, you want your credit card balances to be at or below 30% of your credit limits. (If the limit on your credit card is $1,000 – your balance should be $300 or less.)

Paying down your credit cards will help you to increase your credit scores and complete the credit repair process faster.

4. Establish Credit
Some consumers may lack open positive credit and lose out on maximizing their credit score potential. In these cases, it may be advantageous to open new accounts such as credit cards in order to build credit. If you cannot get approved for a regular credit card, apply for a secured credit card which will help you to rebuild your credit and improve your credit score.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review