Repairing credit?

Question

In my more reckless days, I amassed quite the debt i.e. school loans, bar tabs, dining and did i mention bar tabs. Well with that being said since then i have reached a crossroads in my life were i'm rebuilding my credit and i just want the fastest and most effective way to get that 800. I do realize the first step is paying off that debt, done. So with that said anybody got any loopholes or federal voodoo i should explore ?

Answer 1

There are a variety of credit repair scams on the internet so beware.  I have done credit repair for my clients but unluckily the credit reporting agencies are getting smarter about verifying accurate information so it's getting harder and harder to restore credit.  The only way now is to just pay your bills on time and wait the 7 years when the negative info is erased.  Sorry man.

Answer 2

No, there are no shortcuts.  Just honest, real work and a PLAN.   There is a really good site that can help.  But avoid anyone that offers you "credit repair" for a fee.  Most of the time, it isn't legit.   The only legal credit repair is paying down debt in an aggressive manner and don't get deeper into debt.   Check this site out for credit repair tips.   And no, it is not my site.

http://www.credit-cards-comparisons.com/...

Answer 3

Negotiate with creditors, you pay the debt in exchange for them cleaning your credit

Answer 4

You have different types of debt, and there are different ways to attack each one.

Student loan derogatory marks are not going anywhere...sometimes even if they are blatantly wrong, but especially if they are accurate. If they are in default, you need to contact your lender(s) and ask about rehabilitation. They will come out of default after a certain number of timely, consecutive payments (usually 12 months).

Bar tabs??? Pull your credit reports for free at annualcreditreport.com and see if they are reporting to any of the bureaus. Unless you're getting drunk at Bank One, I cannot imagine them reporting it to any bureau...much less all three bureaus...unless they sold your tab to a collection agency.

Ditto for dining out.

If those bar tabs/dining tabs/collection agency accounts are listed, dispute them with the credit bureaus and see if they answer. After you do that, you'll be safe in assuming that you actually do owe these people the amounts listed.

At that point, start contacting those people and asking them to do pay for deletion agreements.

These aren't really loopholes or Federal voodoo. These are your rights under the Fair Credit Reporting Act. Use them.

Answer 5

California Credit Solution

What We Do

CCS offers credit investigation, verification and mediation services for mortgage companies, real estate agencies, and consumers. We offer expert answers to modern credit concerns. We are not a credit repair service that

just sends letters to the bureaus in the vain hope of getting verifiable accounts deleted. We deal directly with the creditor and the credit reporting agencies to ensure  the best results & the best score possible!

How We Do It

Through thousands of phone-calls mediating debt & credit reporting with creditors & collection company's, California credit Solution has developed the knowledge and experience to determine which accounts can be deleted, or how low we can get the creditor to settle the debt for, maximizing the clients money, as well as improving their credit scores! Knowledge of their policies and procedures enables us to determine if the accounts are accurate, complete and verifiable.

We aim to get negative deleted whenever possible, and we know all the permissible purposes to delete the accounts that the creditors will accept.

Upon completion of these services, an error-free credit report consistent with the results of our investigations will be generated. This is accomplished by securing the necessary documentation or deletion letter to update or correct the account status. These materials are then forwarded to all three credit bureaus for Update, and the standard factual company for Rapid Re-Score if necessary.

The credit bureaus will update their records within 10-30 days. Our part of the procedure time is 15-45 working days, but we can speed the process up for special needs.

We Guarantee It! (View Refund Policy)

It's very important that you learn the In's and out's of credit repair before you attempt to start repairing your credit on your own. You can actually hurt your credit even further by disputing negative items the wrong way.

If you're sick of having bad credit, let the professionals at

California Credit Solution take care of it for you.

We Amend & Delete all kinds of negative credit including:

bankruptcies, bankruptcy re-lists, foreclosures,

repossessions, charge-offs, judgments,

tax liens, collections, late payments,

identity theft investigation & more.

Click Here To Begin Your Free Credit Report Analysis

http://www.californiacreditsolution.com/...

Answer 6

It is true, there are a number of credit repair scams on the Net but at the same time, there are a number of legitimate credit repair companes that have stayed ahead of the curve and are still able to produce positive results for their clients.

The law gives you the right to dispute anything on your credit reports that you feel is inaccurate, misleading, biased, and a few others.  If you feel that any of the negative items on your credit report give lenders an unfair perception of your true credit worthiness, you have the right to dispute those items.

There aren't any real "loopholes" in the system (that are legal that is), but you may find that credit repair is more effective than it really "should" be.  This is because when the credit bureaus investigate your disputes by contacting the creditors and collections agencies who reported the item, they are relying on those creditors to confirm the listing. Many times, creditors do not bother to do so because of the costs associated with the manhours required to field the bureaus' requests, investigate the credit accounts, and properly respond to the credit bureaus. Verifying your credit listings is not mandatory for creditors and as such, is an expense that many simply avoid.

Take some time to learn your rights under the FCRA, FDCPA, etc. and you'll have a good head start on repairing your credit reports. Of course, if you don't have the time or desire to do so, you can have a credit repair company manage the process for you.

Answer 7

Сredit repair workеd fine for me. I used this service - http://creditreport.undonet.com - They disputed and removed lots of bad items from my credit report.

Answer 8

5 Ways to Raise Your Credit Score - And Fast

If you are looking to improve your credit score quickly, now is the time to get started.  In the meantime, here are some great strategies you can utilize right away to give your score a little boost.

Create Some Balance: While paying down installment debt (car, school, mortgage, etc.) will definitely boost your credit score, paying down or paying off revolving debt, such as credit cards, can cause a quick jump in your credit score. The trick is to get and keep your balances below 30% of your credit limit on each card. For faster results, attack those cards with balances closer to their respective credit limits first, as opposed to those cards with simply the highest debt. Remember, if you pay off any credit cards completely, do not close your accounts without discussing it with your credit  professional first. Cancelling those cards may inadvertently undo all of your hard work.

Know Your Limits: Make sure that your credit card issuers are reporting the correct limits on your accounts to the three major credit bureaus. Without an available limit, your account will appear to be maxed out at its highest reported balance each month. This could cost you up to 80 points in certain instances. Some creditors, such as American Express® and certain cards issued by Capital One®, actually have a policy of not reporting available credit. However, most companies will report your credit limits if you ask them in writing.

Take Some Credit: If you have a credit card account in very good standing, make sure that all three credit bureaus know about it. Just like your credit limits, some creditors don't report your information to all three credit companies - this is why credit scores often vary between bureaus. If this is the case, give them a call to find out why. Correcting this oversight could provide a significant boost to your score. Also, if you're in very good standing, ask your creditor for a lower rate or higher credit limit. This will increase the gap in the debt you owe versus the credit you have available. Sometimes hinting about closing an account can suddenly bring out the generous spirit of certain card issuers. Give it a try. The worst they can say is no.

Protect Your Interests: Your credit is calculated based solely on the information available to your creditors. If you have a HELOC, make sure it's listed as a mortgage or an installment account on your credit reports and not a revolving debt. If you had a bankruptcy, be sure that all items associated with the bankruptcy are being reported correctly, that is with a zero balance. This action could increase your score by 50-100 points. Because simple mistakes like these can wreak havoc on your credit score, it's important to monitor your credit every four to six months.

Even the Score: If you find information on your credit report that you believe is inaccurate or incomplete, then you have the right to dispute it free of charge. For the fastest results, visit the appropriate credit bureau's website and file a complaint online. If supporting documents are necessary, you have to file your dispute by mail.

If you'd like more information or a copy of our Sample Dispute Letter, go to our website. www.harrisandassociatescreditrepair1.com

If you or anyone you know has any questions about credit scores or what can be done to repair them, please don't hesitate to have them contact us also.