Bad Credit Repair Myths Hurt Credit Scores!
Posted on February 18th, 2010
Bad Credit Repair teaches Tim from Idaho how easy it can be to face up to and overcome bad proof of desert challenges.
You really can improve your credit with good information and a solid game plan.
You do NOT have to get a master’s degree in credit repair to get the scores you want.
You do NOT have to clean up everything bad on your reports to get whatever it is you want from from “good” credit.
You simply NEED to do plenty so you can get whatever it is you want from “good” credit. This is what I told Tim from Idaho, who asked me for help.
Click Read More below now for Tim’s bad credit situation. What Tim thinks is harmless actually could HURT (not repress) his credit.
WHAT YOU DON’T KNOW ABOUT CREDIT REPAIR CAN HURT YOU!
Tim, like many other people, believes credit repair only is about finding the magical dispute letter. Firing off dispute letters WITHOUT strategetics can get you sued!
Unfortunately, Tim makes other potentially dangerous assumptions about credit repair.
Question: Dear Mike, I am 39 and I want to face my bad doubt not. I don’t know exactly (yet) how bad it is but I know it’s in the 400s. Most of my debts are 8 years and older. I plan to have a buddy who works at a bank pull my credit for me. I want to find specific information on how to remove old debts from my credit report. (ex. To whom do I write my letters? What should my letters say? What exactly should I do, step by walk?). I have heard about secured credit cards for improving credit. What do you recommend? Most of my debts 8 years and older are cell phone bills, use store credit, medical bills etc. . Thank you in advance for your help. I look forward to improving my life, with your help. –Tim, Idaho
Answer: Tim, do NOT allow your buddy to pull your credit reports…EVER! This has nothing to do with how close your buddy and you are. Instead, when someone else pulls your credit, you get penalized. Additionally, a bank pulls what is called a “tri-merge.”
Now, to have scores in the 400s, you must have other bad credit reporting OR you have no active credit in real standing.
The older the bad credit, the LESS impact it has on your scores.
You say “most of my debts are 8 years and older.” These debts (probably) are BEYOND the statute of limitations on collecting.
I don’t know in which state you live and/or incurred these debts. Confirm SOL in the state in which you LIVE.
Once you confirm not one court action in anticipation of you, dispute with ALL credit bureaus reporting (derogatory) credit account information. Steve mentioned disputing.
However, do NOT expect credit reporting agencies to dele unverifiable or inexact account information from your reports w/o a fight. Fight?
Understand this, the BIG 3 make money (TONS of riches) off bad credit reporting. They do NOT surrender this money w/o a fight…that is, firing back “verified as accurate” response letters. What do you think most people do when they receive a “verified” response letter?
That’s right…they give up their dispute despite being in the RIGHT! Credit bureaus WIN; consumer LOSES!
Step 1: Grab INDIVIDUAL copies of EACH of three bureau reports. They’re free. You won’t get your scores free, however. To discover how EACH bureau is reporting EACH account, you need to compare each account on each bureau’s account.
Regarding secured credit cards, I only agree (if)… you use the card & PAY OFF the balance EACH month. The other day, CNN reports First Premier Bank (a big player in “bad credit” credit cards) assesses customers 72% APR.
72%!!!!!! Absolutely do not carry a balance and this absurd APR will not matter to you.You have to be careful before applying for and accepting any secured card. Without dispute, all secured cards are not created alike.
Check out my CD for answers to your other common questions I get, 8 SECRETS TO A 680 CREDIT SCORE! Go to the top right of this page and enter your email address to check it out.
It’s likely you have more recent bad money due reporting, causing ugly scores in 400s. Otherwise, you have no active (good) credit countering the experienced, bad credit.
Hope this helps you, Tim, and everyone else seeing
Mike
Bad credit repair BEGINS with good information and a solid game plan. Clearly, you can do it on your own, and you do NOT need A+ credit to get whatever you want from “good” credit. That’s the best part. Please scroll down to the box to offer your suggestions to Tim. What works or doesn’t work for you?
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