Fraud & Credit Repair

So your credit was trashed when your file was “blended” with another person’s of a similar name or Social Security number, and then a scammy credit repair service charged you an exorbitant upfront fee and did nothing.  While mistakes do happen, fraud and credit repair also occur.  You may be able to take action on your own in the case of a credit report inaccuracy and avoid being a victim twice from the same incident. No credit repair service can erase bankruptcies, judgments, liens, or band loans, nor can they create a new credit identity legally.  Only time heals accurate negative information in your credit report; however, the bankruptcy you did NOT file…that is an error you can report. Tell the credit reporting company about the inaccuracy.  The Federal Trade Commission offers the following sample letter to help you communicate your dispute.   [Your Name] [Your Address] [Your City, State, Zip Code] [Date] Complaint Department [Company Name] [Street Address] [City, State, Zip Code] Dear Sir or Madam: I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received. This item [identify item(s) disputed by […] Read More

What If Your Credit Report Is Wrong?

Only time heals accurate negative information in your credit report.  No credit repair service can erase bankruptcies, judgments, liens, or bad loans, nor can they create a new credit identity legally.  So what do you do if something wrong shows up on your credit report? Consumers make mistakes; they buy things they cannot afford.  It may have been a mistake for you to max out your credit cards while you were still paying off your boat, but the bankruptcy you never filed…that is an inaccuracy on your credit report. Tell the credit reporting company about the inaccuracy.  The Federal Trade Commission offers the following sample letter to help you communicate your dispute. [Your Name] [Your Address] [Your City, State, Zip Code] [Date] Complaint Department [Company Name] [Street Address] [City, State, Zip Code] Dear Sir or Madam: I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received. This item [identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.] is [inaccurate or incomplete] because[describe what is inaccurate or incomplete and […] Read More

Help Yourself to Better Credit

Credit is important.  Your credit determines your purchasing power to buy items like a house, a car, a student loan.  Bad credit can limit your ability to get more credit.  Beware of credit repair services…they can be more expensive than legal. Creditors look at your bill-paying history, whether you pay your bills on time, collections actions against you, your outstanding debt, how many accounts you have and what kind they are, and if you have applied for new credit lately.  They use this information to determine if you would be a good risk for repayment, or if you are a deadbeat.  Creditors want their money back, and they want to make interest on the loan. A credit problem is a problem.  And it is your problem to fix.  Despite what a credit repair service claims it can do, no one can legally remove current, accurate negative information from your credit report. You may have poor credit.  That does not mean you have to use poor judgment.  Here are some credit repair scam symptoms: 1. Up-front fees before services are rendered 2. Lack of information regarding your rights and what you can do for yourself for free 3. Recommendation of no […] Read More