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Credit Management
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As you must already know, when you apply
for a mortgage loan, one of the primary elements analyzed will be your
credit report. It is not, of course, the only
factor in accepting or rejecting your application, but your credit report is
essential . A key elementsin the report is your
"FICO" score. The amount of your use of credit, the positive or
negative input of your creditors concerning how you have paid your debts,
and other similar considerations, will determine your 3 credit scores, as
established by the credit agencies or "credit bureaus". It is common
that, throughout the years, people may have different kind of issues
affecting their credit. This can haunt them for years and
significantly affect their lives. But there is hope. You might have heard about many businesses dedicated to "repairing" or "improving" people's credit. I personally believe that a large part of them lack seriousness and even border with what we could call "scams". Even though I cannot and will not recommend any of these companies, I know one of these services, whose director has been in this kind of business for years. I am not affiliated to this company, I do not endorse them, and I receive no compensation for referring people to them. My only interest is that, if one of my clients would need to improve his credit status, for the purpose of purchasing a home, he could get the best available help from people who are apparently good at what they do. Their name is BETTER THAN CREDIT REPAIR, and here is a transcript of how they describe their services: Call me if you decide that you would like to contact them: (954) 296-6741
Better
Than Credit Repair services concern the
necessity for fair and accurate credit reporting from the three major credit
reporting agencies: Equifax, Transunion, and Experian. How It WorksWhat will happen after I sign up? Once we receive your signed documents, proof of social, proof of address, and credit management deposit, Crednology, Inc. will order all three credit reports directly from the nationwide credit bureaus: Equifax, Experian, and Transunion. These credit bureaus will go to your current mailing address. Please forward these reports to Crednology, Inc. as soon as you get them. This request does NOT count as an inquiry and will NOT affect your credit score. Online Trimerge Credit File Once your reports are acquired, Crednology, Inc. will then build your Online Trimerge Credit File, that you can access 24/7 with username and password. Our trimerge shows you what accounts were on each of the three credit bureaus when we started, which accounts have been updated to a better status, and which have been deleted from the credit file all together. View a portion of our Online Trimerge Trimerge Credit Analysis This allows you and our customer service to get a complete picture of your credit situation to begin the credit score raising process. A trimerge credit analysis is then generated explaining the good and derogatory on your report. View a portion of our Credit Analysis Point Deductions Then we will establish which accounts to address first, both positive and negative using two tactics. First the report is run through a program called Action Plan (A.P.) which will give us the point deductions per trade line per credit bureau. This allows us to address which items are affecting your score more efficiently. These point deductions are then stored to your Online Trimerge File for your viewing. View a portion of our Online Trimerge highlighting these Point Deductions Statistical Calculations Next we match this with our creditor statistical calculations which will tell us which creditors respond more favoraby to the credit bureaus request for account verification. View a portion of our Online Trimerge highlighting these Calculations Credit Updates Once this process is complete, usually taking just a matter of seconds, we will contact the credit repositories for you at no additional cost to have your file updated properly allowing you the correct score based on your credit history. The dates of last contact with the credit repositories is then reflected on your Online Trimerge Credit File for your viewing. How long will it take? Ninety-five percent of our customers see a huge credit score increase within 30 to 45 days. The entire process may take as little as 60 days depending on your credit file, but we will continue hosting your Online Trimerge for one year at no additional cost. Consumer RightsYou have a right to dispute inaccurate information in your credit report by contacting the credit bureau directly. However, neither you nor any 'credit repair' company or credit repair organization has the right to have accurate, current, and verifiable information removed from your credit report. The credit bureau must remove accurate, negative information from your report only if it is over 7 years old. Bankruptcy information can be reported for 10 years. You have a right to obtain a copy of your credit report from a credit bureau. You may be charged a reasonable fee. There is no fee, however, if you have been turned down for credit, employment, insurance, or a rental dwelling because of information in your credit report within the preceding 60 days. The credit bureau must provide someone to help you interpret the information in your credit file. You are entitled to receive a free copy of your credit report if you are unemployed and intend to apply for employment in the next 60 days, if you are a recipient of public welfare assistance, or if you have reason to believe that there is inaccurate information in your credit report due to fraud. You have a right to sue a credit repair organization that violates the Credit Repair Organization Act. This law prohibits deceptive practices by credit repair organizations. You have the right to cancel your contract with any credit repair organization for any reason within 3 business days from the date you signed it. Credit bureaus are required to follow reasonable procedures to ensure that the information they report is accurate. However, mistakes may occur. You may, on your own, notify a credit bureau in writing that you dispute the accuracy of information in your credit file. The credit bureau must then reinvestigate and modify or remove inaccurate or incomplete information. The credit bureau may not charge any fee for this service. Any pertinent information and copies of all documents you have concerning an error should be given to the credit bureau. If the credit bureau's reinvestigation does not resolve the dispute to your satisfaction, you may send a brief statement to the credit bureau, to be kept in your file, explaining why you think the record is inaccurate. The credit bureau must include a summary of your statement about disputed information with any report it issues about you. The Federal Trade Commission regulates credit bureaus and credit repair organizations. For more information contact: The Public Reference Branch, Federal Trade Commission, Washington D.C.
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