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DO IT YOURSELF CREDIT REPAIR
Our entire country, government and individuals alike, are in over our heads in debt. It gets worse by the day. Studies have shown 90% of all Americans own at least one credit card, and use it excessively!
There is a balance between $7,000 & $10,000 on the average American family’s credit cards. There is over $1,000 in interest alone every year. Some families even owe much more.
Overall, $1 trillion is spent every year on credit cards, and over $500 billion of it is owed still. If debt continues to increase at the rate it is now, then one out of a hundred families is going to end up in bankruptcy. More than 90% of the average American’s disposable debt is used paying back debts. When you put regular every day bills together with credit card debt, some bills are going unpaid and/or being paid late.
With all this in mind, it may seem near impossible to ever get out of debt and/or obtain the credit you need for important things like buying a home or a car. However, truth be told, you can return your credit to where it was before you had credit problems. It will just take some time and effort on your part.
Most things, like loan approvals, heavily depend on your credit score. Your score determines whether or not you can get approved for a loan, how good your interest rate will be, and what amount of money lender will be willing to give you. A positive middle score is around 750, but you should always try to go as high as you can to be financially stable.
It is always a better idea to stay away from credit; it’s just not an entirely possible option. Let’s face it, most people don’t have the money to buy a home or car out-of-pocket. This is the purpose of credit, to be able to afford the things we would other wise be unable to.
People tend to get themselves in trouble with debt because they use their cards for everyday purchases such as groceries and gas. Eventually, the bills become so large that they can only pay the minimum payment each month. That will cause them to be paying on it forever. Also, some people will continue to charge things even when the balance on the card is already through the roof.
You want your credit score to be as high as possible, because it is how businesses define you. There are ways you can bring your credit score up no matter how low it may be. You just need to start repairing it right away.
Chapter 1: How To read your Credit Report
First off, you will need to find out what your score is and what it means. Because of the FACT Act passed by legislation, you are allowed to get one free copy of your report each year. The report lists every debt and payment history of those debts.
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Chapter 2: Fico & You
A company called Fair Isaac developed a unique system back in the 1960’s that determines the credit worthiness of people that apply for loans. They used a complicated mathematical computation to be able to study a person’s credit history to determine the exact number that would represent the likelihood that the person would be able to repay a loan they were trying to obtain.
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Chapter 3: Finding your Score
You may have originally thought that finding your credit score would be easy. It kind of is, but only because the research of all the many websites has already been done. It would seem like the logical thing to do by having your score appear on your credit report, but that just is not the case.
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Chapter 4: Establishing Good Credit
So you don’t have any credit, but you have come to realize all of your future plans depend on it? Maybe you just finished college or you are newly married and eager to buy your first home.
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Chapter 5: Fixing Your Credit
Dont get too upset if your credit score and credit history are less than desirable. We are all human and everyone makes mistakes. It is a natural part of life. You just need to realize that your spending habits are out of control and your credit is hurting because of that, and then promise yourself after you repair your credit never to go back to your old ways again
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Chapter 6: Bankruptcy
Bankruptcy is a way for people that have found themselves in serious financial trouble to lighten the burden of what they have done and give them the chance to start fresh. Even though society has a negative connotation for it, and businesses frown upon it, bankruptcy can be a life saver if you have no other options.
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Chapter 7: Debt Consolidators and Credit Counselors
These companies are around every corner these days. It seems like they are everywhere and are really able to help you with your credit problems. But is this really true?
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Chapter 8: Mistakes Happen
It is a give in that your credit report and credit score are very important to you. We are all human and all the information contained in your credit report is entered in by human hands. There are going to be mistakes made.
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Chapter 9: Identity Theft
Criminals know how to steal your identity, and worst than that it really is not that hard to do. For example, if you do not shred the credit card applications that you receive through the mail, criminals can use them to steal your identity.
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Chapter 10: Improving your credit score
If you are in the market to buy a house but your credit score is around 650 instead of 720, what can you do? As you already know, a score of 720 or higher will get you the best rate on a home loan. So, if you want to raise your score quickly, there are steps you can take to guarantee a great home loan or any other type of loan.
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Chapter 11: Final Review
The first step in raising your credit score is to obtain your free annual credit report and figure out what your credit scores are. When you receive all 3 reports from the bureaus: Equifax, Experian, and TransUnion, you will want to take the time and review your reports for any errors and inconsistencies. You want to correct any errors or inconsistencies as quickly as possible. This is the most important step in improving your credit scores because mistakes can and will happen.
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Dispute Letters
Here are several examples of leters sent for different reasons
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