How To Clear Your Credit Report

If you're being turned down for credit left and right by every mortgage broker, credit card company, and landlord, or you're not even able to refinance your own house, that is an indication that you have some negative items on your credit report that are scaring away lenders. You have two choices: You can either walk away and decide to wait out the next seven years until those negative items drop off your credit report, or you can take control over the situation and learn how to delete negative items from your credit report.

You may have seen those advertisements where those law firms or credit counseling companies promise to fix your credit, raise your FICO score, and get you a fresh start. How do you delete negative items from your credit report? The answer is based on a law passed by Congress in the latter half of the twentieth century known as the Fair Credit Reporting Act. This law was passed to protect consumer's rights to access their credit report and play an active role in ensuring that it does not contain any inaccuracies or misrepresentations of your true credit profile.

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If you have derogatory information contained in any of the credit reports issued by the "big three" credit bureau, you simply need to write a letter to each respective creditor disputing the accuracy of that particular entry in your credit report. By law, then the bureau must contact the creditor to verify that specific item that is in dispute. And here is where the law works in your favor: If the bureau is unable to verify the accuracy of the information within 30 days, they are required to delete that item from your credit report altogether!

How To Clear Your Credit Report

Here is an example of how you would do this: Let's say that you were late for your mortgage payment in May of last year, you simply write a letter to the credit bureau that is reporting that late payment, detailing that entry, and including your name, address, and social security number, in which you state that in accordance with the Fair Credit Reporting Act, you are disputing such and such entry as you believe it may be inaccurate. And in this letter, you must state that, in accordance with the Act, if the agency does not verify this information within 30 days, then they are required to delete the information from your credit report.

Now what if the bureau is able to contact the creditor and verify the information within the 30-day timeframe? Well, then the information stays on your credit report. What if the creditor is a little slow but gets back to the bureau within 45 days? Then yes, even though the bureau deleted the item after 30 days, the information can be added back in the subsequent month. But through patience and persistence, if you follow this method, you will eventually be able to improve your credit score. There is no 100% guarantee, however, which is why shouldn't pay anyone to fix your credit for you, unless they offer a money back-guarantee if your credit score doesn't improve within a specific period of time.

A couple of bits of advice: Write one separate letter to each bureau for each disputed item. For example, if you have five derogatory items on your report, that were reported to all three bureaus, then you should write fifteen letters. This way you can track the progress of each dispute, plus it guarantees that the credit agency will pay individual attention to each one. Give them more paperwork to process and they will be that much more backlogged to meet their thirty-day deadline.

And one final bit of advice: The Fair Credit Reporting Act also allows the bureaus to disregard your dispute if it s frivolous in nature. In other words, if you do something to cause them to suspect that you are just filing disputes that you know are more than likely to be accurate, just for the sake of flooding them with requests, then they can disregard your inquiry and not take it seriously. Therefore, be careful not to do things like repeatedly dispute the same item over and over again if it keeps on getting verified. The law was passed to protect the legitimate needs of consumers against credit fraud or data entry errors.

How To Clear Your Credit Report

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How to Remove Inquiries - Delete Inquiries Permanently From Your Credit Report

Did you know whenever a credit inquiry is done, your score goes down? Getting financing can be challenging if you have a low fico score. There are ways how to delete inquiries from your credit report before the normal 2 year time period. Whether any negative information is your account or not it does not matter. The most important question is, can the item be verified.

There a two types of inquiry.

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The first type is known as Soft Inquiry. An example of this type is whenever you request a copy of your own credit report. It does not impact your credit score negatively.

How to Remove Inquiries - Delete Inquiries Permanently From Your Credit Report

The second type is known as hard inquiry. This does impact your fico score and all creditors can view it. If you have a lot of hard inquiry then you will have hard time getting loans or other type of financing.
It is very important to learn how to remove inquiries from your credit report before you apply for any financing.

The first step to start repairing your credit is by ordering all three of your reports. Once you check your report you will notice each bureau report will include an inquiry section. Now the inquiry section will include two types of inquiry, soft and hard.

The next step is to identify the items you want to challenge. Once you have figured out which inquiry is causing you problems, start with writing a dispute letters to remove negative credit from your report. Once the bureau receives your dispute letter they will investigate the item. Make sure to send your letter via registered mail so you can get a return confirmation that it was delivered. The bureau has to respond to your request in timely manner so this confirmation is a legal proof you have against them. The Fair Credit Reporting Act is legislation that congress passed to protect the consumer. This law says bureaus must investigate and remove inaccurate or unverifiable item.

You can learn how to remove credit inquiries from your credit report. You just need to know what to write, how to say it and who to send your request.

Beware of those companies who will charge you hundreds of dollar to remove an inquiry from your credit report. The Truth is everything a credit repair company can do for you legally, you can do for yourself. With little inside knowledge and some action you can get your credit fixed.

How to Remove Inquiries - Delete Inquiries Permanently From Your Credit Report

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How Often Do Creditors Report to the Credit Bureaus?

Credit reports provide great details about a person including name, birth date, Social security number, home address, how payments are made, income, employment history, home ownership, previous address, court cases, judgments, and bankruptcy and foreclosure records.

Above all it gives details about a person's credit history. These include all the creditors with balances and accounts that are closed or in collections. It will also indicate if there are any late payments, and any other irregularity. In addition it will also list the requests for that credit report by creditors during the past year and requests for credit reports including those by employers for the past two years.

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These reports are maintained by three nationwide credit bureaus which use slightly different sources to compile the information. Based on the information they have credit bureaus calculate a figure called the credit score. The three credit bureaus Equifax, Transunion, Experian use different formulas to arrive at their score. The credit score can be considered a mathematical way of determining the likelihood of the borrower paying back a loan.

How Often Do Creditors Report to the Credit Bureaus?

This information can be accessed by creditors, insurers, employers, and others who have been legitimately allowed access subject to conditions through The Fair Credit Reporting Act (FCRA). It is clear that accurate information in the credit report is important to everyone concerned not only for the person about whom it is concerned but to anyone else who may want to rely on it for decision making. As such it is important to understand how the credit report is compiled and the accuracy of the information and sources on which that compilation is made.

It is important to know how and at what frequency credit information reaches the credit bureau. On examination of their procedure, it is clear that frequency of reporting varies depending on the creditor. While some creditors will report any changes in the customers' balances every day, others will report once a month or at longer periods. This is mainly due to efficacy reasons, since with most people there will not be much of a change in credit balances. Because of that creditors will only report if there are any changes in the credit balances. This therefore means that for some people their credit report will get updated about once a month while others may not see any change in their credit reports for 3 or 6 months. On the other hand creditors will report late payments and other negative activities quite promptly.

How Often Do Creditors Report to the Credit Bureaus?

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Short Sale Credit Repair - How to Remove Short Sales From Your Credit Report

As most of you know, short sales do negatively affect your credit. With regard to your FICO Scores, the credit ramifications are very similar to that of a foreclosure. In fact, the largest difference between the two on your credit report is the ability to obtain a mortgage. After a short sale, it is possible to obtain a mortgage in as little as 24 months (or even sooner, more on this later) whereas with a foreclosure, it typically takes 3-7 years for people to qualify for a home mortgage.

Moreover, if you've gone through any of the above scenarios, most likely your credit report is riddled with 30/60/90 day late payments which further reduces your FICO score, especially 90 day late payments (which has often been said to be as bad as a short sale or foreclosure itself).

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So here is the question of the day:

Short Sale Credit Repair - How to Remove Short Sales From Your Credit Report

Can Short Sale Credit Repair & Foreclosure Credit Repair Companies truly REMOVE these items from your credit report?

Many believe that this is not possible simply because of the fact that the items are negative. Well, as a nationally recognized short sale expert, I am here to tell you that this is far from the truth.

Within the Fair Credit Reporting Act, there exists a loophole that attorneys have taken advantage of for years on behalf of their clients. The key to removing negative items from your credit report is not to question the accuracy of the items, but rather, how verifiable the items are, according to FCRA requirements.

This is not something that people should try on their own. There is a specific list of items that must be documented in the event of these kind of disputes, and without proper knowledge of what these items are, creditors will not take you seriously. This is why attorneys are best known for this line of work. There are multiple, virtually unknown resources out there that have been proven to reduce & eliminate the typical consequences of a short sale & foreclosure. I highly suggest taking advantage of these built in "short-cuts" within our system.

Short Sale Credit Repair - How to Remove Short Sales From Your Credit Report

For more information on how this all works, feel free to check out my blog post by clicking the following link:

On Credit Repair

Kevin Kim is author of SeattleShortSaleBlog.com and founder of Short Sail Solutions, LLC, one of the largest team of short sale negotiators in the nation, with multiple offices in 13 states.

How to Remove Negative Items on Your Credit Report

Negative Paid Accounts

Unfortunately, you have no leverage in this case as the creditor has already been paid their money. The best strategy for accounts which were paid off a great while back and now just show up as a "Paid Charge-Off' or "Paid Collection Account" is to find something wrong in the reporting of the information so that you can initiate a reinvestigation for verification. The hope is that the accounts (now being an inactive paid account) may be stored on electronic files not in the main system of the creditor.

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This might create more work as far as research than the creditor wants to pursue just for
verification purposes. If so, the account must be deleted from your file for lack of a response from that creditor. The effectiveness of this method is hard to determine. It is as varied as the number of data storage systems in use today and the variety of people overseeing the process.

How to Remove Negative Items on Your Credit Report

I have heard about using the term: ESTOPPEL in some cases. What I have read is this: The creditor has already been paid and the consumer makes the claim that, when the debt was paid, the consumer was under the impression that the creditor would make a favorable entry on the consumer's credit report. BUT, when the credit report showed a PAID COLLECTION, this damaged the consumer's credit rating. So, the consumer files a lawsuit claiming damages.

The logic to this is that because the creditor already has the funds, what more can they gain by defending this lawsuit. Especially, if they are in another town. So, the creditor either loses by default or succumbs to the consumers demands. Personally, I think that this type of action requires guidance from your trusted attorney.

Old Delinquent Accounts:

(EXTREMELY IMPORTANT) MAKE SURE YOU DON'T MISS THIS)

This has long been probably the most unfair provision in the FCRA. The original 1970 law allows for a seven-year waiting period before negative collection accounts were automatically removed. This is referred to in Section 605(a)(4) "Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years."

That seven-year clock begins ticking from the time reported as the last activity. If you have an account that never was fully paid, that you have not made a payment on in five or six years, beware!

If you go make a payment on it now, you will restart that clock and have to wait another seven years for it to be removed. There is a distinct wording in Section 623(a)(5) of the Fair Credit Reporting Act that reads "the seven year period of reporting derogatory entries begins when an account is FIRST late and never get caught up. That is fact and there have been numerous court cases where Collection Agencies have been fined millions of dollars for violating this statute.

Confused, guess what? So is the system. BUT, you can rest assure that when a collector or mortgage broker tells you that by paying on an account you restart the seven year clock, that is hogwash. It begins when the account was first late and NEVER gets caught up. It is directly identified in Section 623(a)(5) of the Fair Credit Reporting Act.

Is it fair to be sentenced to seven years in a credit prison only to have your sentence increased for good behavior? I don't think so!
As you can see, in some cases, you may have to make a decision whether to live with a charge-off for another year, or, a paid charge-off for seven more years. A paid charge-off will trigger a credit denial almost as easily as one that hasn't been paid. It's a shame that our system provides no more incentive to pay these old debts.

Credit Fraud

How do you know if you are a victim of credit fraud? The signs can vary, but typical indicators of fraud include: Unusual purchases appearing on credit card bills

· Calls or letters advising that you've been approved (or denied) for credit for which you've never applied.

· Calls or letters from collection agency about accounts you don't have.

· Or you suddenly stop receiving your credit card bills, or all of your mail

Even though you didn't cause the problem, your credit is adversely affected. As with any other crime, as soon as you know or suspect that you are the victim of credit fraud, you should contact that creditor's fraud department and FILE A POLICE REPORT. You must advise the creditors of the fraud. Remember, the criminal may have used your identification to open the account, so the creditor may have no knowledge of the fraud until you report it. In order to establish the crime and to identify and possibly prosecute the criminal, creditors may ask you to complete certain paperwork.

Additionally, the bureaus have fraud departments to review cases and assist you, however assistance has not always been forth coming.

How to Remove Negative Items on Your Credit Report

Regis Sauger is a licensed Mortgage Broker in Florida, an author, lecturer on credit awareness. He has conducted seminars for underwriters, attorneys, mortgage lenders, realtors and the general public.

http://getoutofcreditprison.com/

How to Clean Up My Credit Report? 3 Simple Tricks For Fast Credit Repair

Are you wondering "how to clean up my credit report"? Are you fearing applying for a mortgage or auto loan because of a low credit score? Are you unwilling to pay thousands of dollars in high interest? Is finding employment in your area getting harder, because of the mandatory credit checks performed by employers? Whatever your specific problem is, raising your score is always a good solution. Raising your score FAST is even better. Contrary to the general myth that credit repair takes time and considerable financial effort, there are a lot easier and quicker ways to improve your score. The only requirement for success-credit knowledge.

1. Don't be the misinformed victim. Educate yourself.

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When it comes to credit repair, knowledge is vital. A lot of creditors and debt collectors actually prey on the huge crowd of misinformed people. They threaten, intimidate and leave you with the impression that paying what you owe in FULL is the only option if you want to raise your FICO. In reality that's more bark than bite. Do you know how your FICO score is calculated and which are the most important credit factors? Why paying off your debt in full can actually lower your credit? Why having items deleted from your report is the most successful tool for credit score increase? Do you know how to dispute with credit bureaus and debt collectors? How to ask for validation of debt every time you dispute an item? How to file paperwork in court and have legal judgments deleted from your report? How to pressure creditors and debt collectors if they fail to meet their obligations under the Fair Credit Reporting Act? Credit knowledge is your best offense and defense. The more you know about the loopholes in the system, the better you chances to raise your score.

How to Clean Up My Credit Report? 3 Simple Tricks For Fast Credit Repair

2. Not all debt is created equal.

It's important to keep in mind that different types of debt have different impact on your overall FICO score. In general the more current the debt, the bigger influence it has. That's why missing a single payment on your car or house can lower your score more than several old negative items. Examine your report in detail and focus on the most detrimental accounts.

3. Learn your rights and...exercise them.

When it comes to credit repair, you have many rights. By law you can dispute any item in your report that you find outdated, inaccurate, biased, incomplete, questionable, unverifiable. You can file disputes with credit bureaus and with the companies reporting to credit bureaus (the so called 623 dispute). You have the right to ask for verification of debt. If the credit bureaus or the debt collectors fail to provide proper documentation, they have to remove the item from your record. You also have the right to be notified when a negative item is placed on your report. The creditor is in violation of the Fair Credit Reporting Act if no written warning is sent to you within 30 days. In a nutshell-you have various rights. The key to credit success is to use those rights.

The answer to the question "How to clean up my credit report?" is simple -- Educate yourself on the shortcuts and the loopholes in the system. There are easier and faster ways to clean credit report once you start thinking outside the credit box.

How to Clean Up My Credit Report? 3 Simple Tricks For Fast Credit Repair

Author: Irena Bocheva
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How to Write a Dispute Letter to Challenge a Collection Account on My Transunion and Equifax Report?

Collection accounts on any of your three credit reports can cause serious problems when it comes time to use your credit rating to make a big purchase such as a car or home. Some lenders will take a look at just one of your three reports but most want to see the contents on all three.

For this reason you want to make sure that you work to improve each one separately. The secret to having collection accounts removed from your report lies in the law that governs how the main bureaus input accounts on your files, it's known as the Fair Credit Reporting Act, (FCRA). Collection agencies simply tell the bureaus what information to put on a consumers report, and within a few days it shows up on the person's file. The problem with this is you (the consumer) never got to be part of this process.

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This is where writing a dispute letter helps, the FCRA allows you to challenge any accounts that you think are incorrect or misleading. The bureaus at that point must investigate the account in question and request proof that it is valid and accurate. Without this proof they must delete the entry from your files. In theory it's that simple but you must use the proper language in your letter to let the bureaus know that you are aware of how the process works.

How to Write a Dispute Letter to Challenge a Collection Account on My Transunion and Equifax Report?

That's the only way you will see the desired result of a restored credit rating. By making sure your letter references your awareness of the law, and the process that must be followed, Equifax., Transunion and Experian will take your dispute letter with the seriousness it deserves.

How to Write a Dispute Letter to Challenge a Collection Account on My Transunion and Equifax Report?

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Annual Credit Report Request Form - How to Request For Your 3 Credit Scores in 1 Report For Free

Annual credit report request form is required by an individual when he wants to check his credit ratings. It is very essential to avail the annual report due to numerous reasons the prominent among them is the detection of identity thefts. It is also a fact that the issues of fraudulence would also get wiped off if each and every citizen initiates to check the annual credit report without fail.

Is it necessary to check the Annual Credit Report?

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Well the answer is yes. The report would actually act as the gateway which would help you to fulfill all your wishes without any fail. As a matter of fact, if you possess good status then your can lay your hands on the best loan programs and avail the best rates of interest. Furthermore, checking the status before applying for a loan would also help you to rectify your score by 50-100 points as there are many easy methods of doing so.

Annual Credit Report Request Form - How to Request For Your 3 Credit Scores in 1 Report For Free

How to request for your 3 Credit Scores in 1 report for free?

Americans are actually entitled to avail free credit reports from the three major bureaus every year. The three national bureaus i.e., Equifax, Transunion and Experian provide free copy of report to the consumers once in every twelve months. It is also a fact that the reports of these three national bureaus are not necessarily the same. You are actually required to check all the three reports to make sure that you are maintaining a good profile. Moreover, a healthy profile would help you to grab the best loan programs and that too at the best rates. This is particularly because the lenders before approving the loan check the status to analyze how the consumer has utilized his credit in the past.

As per the 2003 Fair Credit Reporting Act (FCRA) a consumer is entitled to get a report from all the three major bureaus at least once in a year. Moreover, these reports would just add to your advantage. Now in order to request for 3 fico scores in 1 report for free one can seek the support of the Online medium. It would definitely help you to get a clear idea of your status and offer you the scope to rectify it at ease.

Annual Credit Report Request Form - How to Request For Your 3 Credit Scores in 1 Report For Free

Get Your All 3 Credit Reports Free

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