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Monday Mailbag 10/29/2018

October 29, 2018 by  
Filed under Blogs, Monday Mailbag

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Question:
I’m thinking of buying a DIY credit repair course from ##########. Have you ever heard of them? Is it a good deal? Should I do it?

Answer:
I have never heard of this company but, it seems like they are selling a do it yourself (DIY) kit which only includes letter templates to send to the credit reporting agencies. Disputing is a great way of getting derogatory information removed from your credit reports but, you’ll want to make sure that you do much more than dispute with the credit bureaus. The FTC did a study about 12 or 13 years ago which found that on average 1 out of every 5 disputed accounts resulted in a deletion, they then followed up the study 10 years later and found that the number changed from 1 out of 5 disputes resulting in a deletion to 1 out of 25 accounts resulting in a deletion. So basically, the deletion rate went from 20% to 4% in 10 years. This is mainly due to the credit reporting agencies automating the dispute resolution process. The reason I’m mentioning this is that nowadays if you want to increase the effectiveness of your credit repair, it is important to do more than dispute the negative information. It’s important to do Method of Verification follow-ups, Debt Validation, GoodWill intervention, Permissible Purpose Verification, etc… in order to get more removals. Just make sure that the information that you’re purchasing from that site includes more than dispute templates, which you can find online for free. Make sure that the information that you are purchasing includes all of the techniques I mentioned, and more so that you can get the most out of your credit repair.

If you have any questions, feel free to contact us at any time.

Are you ready to get started on your journey toward a better 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 3-5 days.

Support. Award-winning customer service guarantees your satisfaction.

CreditFirm.net Review

10 Credit Commandments

June 4, 2018 by  
Filed under Blogs, Credit Score

 

10 commandments

Your credit scores are determined by the information reporting in your credit reports which is an overview and history of the decisions that you have made while maintaining your credit.

Every decision you make to apply for a new account, open a credit card, pay your bills, charge your credit card, etc… impacts your credit scores and determines your ability to acquire credit in the future. This is why developing healthy habits is to vital maintaining and growing your credit scores. Ultimately, you’re in control of your credit scores by managing your credit responsibly.

So, let’s take a look at some healthy habits that will ensure a higher credit score.

1. Pay your bills on-time
Paying your bills on time is the single most important factor in responsibly maintaining and improving your credit scores. One late payment can drop your credit score over 100 points so pay your bills on time – every time.

2. Maintain a low Credit Utilization
The percentage of balance that you maintain on your active credit accounts in proportion to your credit limit or high credit amount typically accounts for 30% of your credit scores. It’s difficult to quickly pay down installment loans like mortgages and auto loans but, you can manage your credit card utilization. Don’t max out your credit cards, keep your credit card balances below a 20% credit utilization rate (balance/credit limit) to get the most out of your credit scores. For example, if the credit limit on your credit card is $1,000 – keep your balance at $200 or less.

3. Don’t close your oldest accounts
Length of credit history is another important factor in determining your credit scores. The longer your credit history – the better your credit scores. Length of credit history is determined in 2 parts; the age of your oldest active account and the average age of all of your active accounts. Keep growing your credit history by maintaining activity on your accounts and by not closing your oldest accounts.

4. Maintain a Mix of Credit
Lenders want to see that can be responsible for managing more than just one type of account. Maintaining a healthy mix of installment accounts (mortgage, auto loan, student loan) and revolving accounts (credit cards and department store cards) will ensure a higher credit score.

5. Limit your Inquiries
Every time you apply for credit, whether it’s a credit card, department store account, auto loan, mortgage, or any other financial instrument, an inquiry is placed on your credit report as a record of your application. Having too many inquiries on your credit reports makes you look desperate for credit and throws up a red flag for lenders. Limit your applications for credit to a maximum of one inquiry every 6 months.

6. Check your credit reports
According to a study by the National Association of State Public Interest Research Groups, 79% of all credit reports contain errors. 54% contained inaccurate personal information such as misspelled names, incorrect social security numbers, wrong dates of birth, addresses, etc…. 30% listed closed accounts as opened, 22% had duplicate accounts, 8% were missing a major trade-line such as a mortgage or auto loan, and most alarming, 25% contained serious errors that could cause consumers to be denied credit. On top of all that, identity theft is now the fastest growing crime in America so, check your credit reports often to make sure that the information being reported about you is 100% accurate and won’t cause you issues when applying for credit.

7. Protect your personal information
As already mentioned above, Identity Theft is now the fastest growing crime in America. With recent breaches to Equifax, Saks Fifth Avenue, Orbitz, Yahoo, LinkedIn, AOL, among others – you can rest assured that your private information is out there on the dark web. Be diligent about checking your credit reports of any unauthorized inquiries or accounts, check your credit card statements for any suspicious charges, change your passwords every 6 months, don’t use the same password for all of your accounts, use 2 factor authentication when available, get a shredder and don’t open any suspicious emails, click any suspicious links, or download any suspicious files. Be safe, be diligent and protect your identity and personal information.

8. Don’t Co-Sign for anyone
This is a tough one because it’s human nature for us to help those close to us but, we have seen so many cases where credit scores were ruined because of a co-signed loan. If the person your co-signing for needs a co-signer it probably means that they have not done a good job of maintaining their credit responsibly. Unforeseen circumstances like a job loss, medical issue, or personal problems can derail not only your credit but, also your friendship. So unless you’re ready and willing to take over 100% of the payments and responsibility on the loan, if the personal you’re co-signing for can’t meet the financial obligation, don’t co-sign. Protect your credit for yourself and your family.

9. Maintain an Emergency Fund
Maintaining a 3-6 month emergency reserve can save your credit and help you overcome financial difficulties brought on by job loss, medical issues, natural disasters, or relationship problems. It’s easier said than done but, start by opening up a separate bank account and designating it as your emergency fund, then, put aside 5%-10% of your income into that fund every month until you have a 3-6 month reserve to live off in case of an emergency.

10. Work on Your Credit
If you have derogatory information reporting on your credit reports, work on removing it by leveraging consumer protection laws such as the FCRA, FDCPA, and FCBA. Investigate your information with the credit reporting agencies, validate your debt, request method of verification on verified accounts, try goodwill requests and permissible purpose verification, and everything allowable by law to remove as much derogatory information from your credit reports as possible.

If you need help, CreditFirm.net has helped thousands of consumers remove negative information such as late payments, collections, charge-offs, repossessions, judgments, tax liens, etc… from their credit reports and increase their credit scores.

 

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 3-5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

Can I Repair My Own Credit?

September 5, 2013 by  
Filed under Blogs, Credit Repair

by: .

Can I repair my own credit?
diy credit repair

Absolutely! The FCRA gives you the right to challenge any information in your credit report and puts the burden of proof squarely on the creditors, to prove that all of the account information is timely, 100% correct, and complete.

With enough study and research, you can repair your own credit reports and improve your credit scores. It is similar to your right to legally represent yourself in a court of law instead of hiring an attorney.

However, many consumers choose to hire CreditFirm.net to represent them during the credit repair process because of the level of knowledge and experience we bring to the table.

When choosing between repairing your own credit reports or hiring a professional credit repair company such as CreditFirm.net, consider the amount of time that will need to be invested in efficiently and effectively repairing your credit.

In our experience, most consumers simply do not have enough the time in their daily lives to devote to properly researching and performing the necessary steps required to effectively repair their credit.

In contrast, CreditFirm.net has over 15 years of experience and a trained staff of professional credit consultants with the knowledge and know-how to successfully repair your credit reports and improve your credit scores.

Hiring CreditFirm.net will give you the highest possible return on your investment of $49.99 per month, as our provent credit repair strategies will help you save time and money.

Since 1997, we have worked tirelessly to improve and refine our credit repair processes, in order to provide our clients with the best possible results in a timely manner.

Having said that, if a consumer has the desire to repair their own credit, we always encourage them to do just that, so long as they have the time and the knowledge to be successful.

 

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