Credit Repair

Credit Repair is a poor name for what we do. Saying that your credit needs to be repaired is saying your credit must be broken. It isn't broken, it never was. It is simply that your rating is not as high as it could be. Our job is to improve your credit score rating.

But let us give you this little insight about credit first. Life is all about perception. Most of us live in fear of our credit score. We are not quite sure what the number is and we don't really want to know until we have too. It is this fear that credit lenders use against you.

How often have you walked into a car dealership and the manager says, well, with your credit rating we could only get you this loan rate at this interest rate. It's 72 months at 29.99%! Outrageous!

And yet, we are supposed to be thankful because our perception is that we aren't worthy of better than 29.99% and this 'manager' must surely be looking out for our best interest. WRONG! WRONG! WRONG!

In order to repair your credit, let's start right now by changing your perception.

The credit manager works for the dealership. Dealers don't make very much money when they sell a car. Maybe a thousand dollars, if that. But, they make lots of money when the finance a car! All that interest gets paid back to the lender, Ford Motor Credit, GMAC, whoever. It is in their interest to max your interest rate and your loan term. That way they make more money. Now ask yourself, does that seem like they are in acting in your best interest?

Once you change your perception, you begin to see the possibilities. You should not perceive your credit in a negative way. You deserve to pay the same 2.9% rate that everyone else does, the same rate that the car dealer advertises on television! The only thing standing between you and that 2.9% interest rate is you saying - "No, I don't want to pay 29.99%. I want to pay 2.9%." If the manager tells you that he can't do that, politely pick up your belongings and walk out the door. It is amazing how quickly new deals are found as you near the exit!

Don't believe me? Go try it some time. I expect you will be impressed by the results.

OK, now that we aren't calling it credit repair anymore and you know now that you are entitled to good credit, let's talk about raising your credit score.

There are very few people in this world with perfect credit. The National Average is in the low 600s. We want you to fall into the 700 range. 850 is perfect. 680 is considered good credit.

Why is it important to raise your score? Because the lenders out there use a risk based lending matrix when they decide whether or not you are worthy of their money. One of the biggest factors in making that decision is your credit score. If your credit score is low, your interest rate on the loan will be higher. In the case of a mortgage loan, this can add up to thousands of dollars you will pay because of poor credit.

If you have good or excellent credit, the interest rate will be significantly lower and you will be able borrow more money at a lower payment. This means you can buy more house and pay less than the guy who has average or poor credit.

Having a good credit score is key to building wealth.

Our firm assists our clients with undertaking legal action and clarification with credit bureaus to ensure that the information on the reports are accurate. We try to stay vigilant on the bureaus to make sure that they are reporting accurate and truthful information. Remember that your credit bureau has a duty to report 100% accurate information. If they are not, then this may be cause for litigation.

We have developed a series of methods designed to rebuild your credit over time. It can take about 2 years, but the results from our former client's have been astounding.

Since the FICO score is nothing more than a weighted algorhytm, we have spent years trying to determine the actual formula. Regrettably, no one has full access to the formula and it is difficult to figure out. However, we believe we have done so and the results from our clientele tend to bear this out. It does take time, but it is worth it. Imagine buying a home for 6.2% instead of 7.9%. Over the life of a 30 year loan, depending on the amount of the loan, you will save 1000's of dollars.

There are many 'scams' out there who will do 'rapid rescoring'. This will work great for 2 days, however, as soon as the creditor rereports the debt later in the month, your credit score will go right back to where it was and may in fact, be even lower. To our knowledge, there is only way to rebuild your credit and that is the method we have used.

To learn more about rebuilding your credit, please feel free to contact us. All client's who use our firm for bankruptcy automatically receive our credit rebuilding package as part of their 'Bankruptcy Case Management' Program.

FACTA, which was enacted on December 4, 2003, amends the FCRA and requires, among other things, that the three nationwide consumer reporting agencies (CRAs) - Equifax, Experian, and Trans Union - provide to consumers, upon request, a free copy of their credit report once every 12 months. The Federal Trade Commission's final ruling on the issue of providing U.S. citizens with free access to their credit reports at: http://www.ftc.gov/os/2004/06/04062 4factafreeannualfrn.pdf

You have the right to request one (1) free credit report from each of the three (3) credit reporting agencies each year. We suggest that you request a free credit report EVERY FOUR (4) months on a rotating basis. For example, request your report from Experian on January 1st, Trans Union on May 1st, and Equifax on September 1st. Unfortunately, you must pay for your summary credit score.

However, unless you have corrected many factual errors or experienced major changes in your personal finances, the purchase of your credit score once per year should be sufficient for monitoring your credit report. Currently, you can purchase your FICO score directly at www.myfico.com as well as examine personal financial attributes that can improve your credit score at the FICO simulator.

After December 1, 2004, you may request your free credit report via the internet at www.annualcreditreport.com or request the report by phone: Toll-free number: (877) 322-8228.

You may also make your request by writing to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Requests by phone or mail will be processed within 15 days of receipt.

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