| There is much fallacy learning how to raise credit | | | | you. If they are unable to complete their investigation |
| score and I get enough mail each week alerting me | | | | within that time, they are required by provisions in the |
| that people just do not know how the process works. I | | | | Fair Credit Reporting Act, to delete the negative |
| am also tired of rip off companies taking money for | | | | notation from your credit report. (Bankruptcy is 10 |
| services that people can do themselves. This has led | | | | years). |
| to my insider tips to raising credit score. I have | | | | If you are to be successful in pursuing the dispute |
| compiled all the insider tips and dirty secrets the credit | | | | route, give yourself the best chance of success by |
| reporting agencies do not want you to know about. | | | | following two basic rules (6 & 7). |
| Insider Secret #1 | | | | Inside Secrets #6 |
| After you write a dispute letter, the best way to | | | | Always include a copy of your drivers license or other |
| remove accurate information from your credit report is | | | | identification showing you are indeed the petitioner. The |
| to negotiate directly with the company who is reporting | | | | FCRA allows for fines and imprisonment to employees |
| it. You can make two very compelling cases for | | | | of the Credit Reporting Agencies who violate privacy |
| removal: | | | | policies and give your credit information to just |
| 1. payment in full by installments | | | | anybody. If you do not comply with their identification |
| 2. partial but immediate payment | | | | process, you will not be given an investigation. |
| Using a Credit Repair Service costs you money and | | | | Inside Secrets #7 |
| time. If you exhaust the dispute process with the | | | | Knowing the Credit Reporting Agencies have 30 days |
| Credit Reporting Agencies, you may have no choice | | | | to complete their investigation, always send |
| but to negotiate directly with the lender. Do so yourself | | | | correspondence to the Credit Reporting Agency by |
| instead of using an outside source. | | | | certified mail-return receipt required. This small fee you |
| Insider Secret # 2 | | | | pay will be worth a lot if you are required to prove that |
| If the credit bureau refuses to remove negative | | | | the 30 day statute was violated. Keep good records |
| information from your credit report, you have the right | | | | and follow up on the 31st day. |
| to have a consumer statement added to your credit | | | | Inside Secrets # 8 |
| report. Only do this as a last resort and only after you | | | | Get a secured Credit Card and never charge more |
| have exhausted all means of disputing, including direct | | | | than 25% of the limit. This limit will be the amount of |
| negotiation with the company reporting on the status | | | | money you deposit with the credit card company. Pay |
| of your account. The consumer statement you insert | | | | the balance in full faithfully every month and do not be |
| into your credit report is supposed to be sent to | | | | late. You will soon see that your credit report scores |
| anyone who requests your report. I find this is | | | | will increase and you may see offers of more credit |
| effective only with employment or housing as loans | | | | arriving in the mail. |
| are score driven. | | | | Inside Secrets # 9 |
| Insider Secret #3 | | | | Closing old accounts usually lowers your credit score. If |
| When reviewing your credit report look carefully to | | | | you have old credit card accounts which you do not |
| see if you are the subscriber or if you are a signor on | | | | use, leave them open as it adds to the available |
| the account. For instance, a married couple shares the | | | | balance and this is one way to keep your scores up. |
| same credit card, but the card was issued in the wifes | | | | Closing these accounts lowers your available balance. |
| name. The husband might have use privileges and | | | | There are time when closing accounts is a good idea |
| may have even been responsible for running up the | | | | and this is usually when you move and do not alert the |
| debt, but he is not responsible for that debt and the | | | | card company. If you close an account make sure you |
| account should not be on his credit report if negative | | | | are the one who invokes this and not the lender. |
| information is being reported. Dispute this and have | | | | Check your credit report making sure a notation is |
| these accounts removed. | | | | "closed by account holder." |
| Insider Secret # 4 | | | | Inside Secrets #10 |
| The other way to deletion is through time. The Fair | | | | Pay your bills early. Credit scores are partially a result |
| Credit Reporting Act spells out the term limit for | | | | of a ratio between credit available and credit used. |
| charge-offs, late payments, tax liens and judgments. | | | | The trick is to stay in the 25% range of credit used |
| After 7 years these items must be removed from | | | | and this can be accomplished by simply paying your |
| your credit report. The statute of limitations for a | | | | bills early-before the reporting period. Late mailings |
| Bankruptcy is 10 years. Comb through your credit | | | | many times will equal late fees and this is just another |
| report and dispute every negative entry that is older | | | | way for credit card companies to extort money from |
| than 7 years. You will be surprised how many | | | | you. Pay them early. After all, it is their money. Not |
| accounts you can find. | | | | yours. |
| Insider Secret # 5 | | | | You can learn to raise credit score easily if you follow |
| Credit Reporting Agencies have 30 days from the | | | | these simple rules with the credit repair procedure. |
| time when they receive your dispute, to respond to | | | | |