Wednesday, April 1, 2015

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Credit Repair Solutions - Don'ts for Credit Repair

Friday, March 27, 2015

Credit Repair Dispute Letter

Here is a sample credit dispute letter. Please, remember to use COPIES not originals and get your FREE credit report from Credit Karma  make a copy to send with all your documentation. Send it certified mail return receipt requested. Also, keep a copy of your letter for your records. Be looking out for a video this week coming up on proper documentation and how to keep files of all disputes and actions taken. 

[Your Name]
[Your Address]
[Your City, State, Zip Code]

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 why]. I am requesting that the item be removed [or request another specific change] to correct the information.

Enclosed are copies of [use this sentence if applicable and describe any enclosed documentation, such as payment records and court documents] supporting my position. Please reinvestigate this [these] matter[s] and [delete or correct] the disputed item[s] as soon as possible.


Your name

Enclosures: [List what you are enclosing.]       

Completely Free Credit Score

Thursday, March 26, 2015


Consumer Finance: 
According to the FTC  

 Millions of Americans have been struggling with their finances as a result of tough economic times in recent years, and stopping scammers from stealing consumers’ last dollars is an ongoing priority for the Federal Trade Commission. The FTC has a range of tools to do this, including the FTC Act, which prohibits unfair or deceptive business practices. The agency also takes action by issuing regulations to protect consumers, including rules covering mortgage foreclosure assistance services, credit reports, mortgage advertising, debt relief services sold by telemarketers and other financial products and services. The FTC’s authority covers for-profit entities such as mortgage companies, mortgage brokers, creditors, and debt collectors – but not banks, savings and loan institutions, and federal credit unions. The agency also has law enforcement and, in some cases, regulatory powers under the Truth in Lending Act, the Home Ownership and Equity Protection Act, the Consumer Leasing Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Credit Repair Organizations Act, the Electronic Funds Transfer Act, and the privacy provisions of the Gramm-Leach-Bliley Act. The FTC’s extensive consumer education efforts help consumers manage their financial resources, avoid fraud and deception, and learn about emerging scams.


 In 2010, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, Dodd-Frank establishes a new Consumer Financial Protection Bureau with the authority to supervise and regulate entities that offer or provide consumer financial products or services. The CFPB will enforce over a dozen consumer financial protection laws, including the Fair Credit Reporting , Fair Debt Collection Practices Act, and Truth-in-Lending Act. In addition, the CFPB will have the power to stop practices that are “unfair, deceptive, or abusive.” The FTC shares authority with the CFPB to enforce the consumer protection laws with respect to non-bank financial institutions.      

  Source of this entire article the sole property of the FTC and this links directly to FTC page.

  Your Credit Goals are Within Reach 300x250

Wednesday, March 25, 2015

Credit Dispute Letters

The Fair Credit Reporting Act or FCRA of 1970 has recently been strengthened in order to allow anyone to dispute negative items on their credit report. This must be done with a letter of dispute then the credit bureaus must either delete the listing within 30 days or verify it with the company who reported the listing. The key to repairing bad credit is to write a properly formatted letter of dispute to one (if it’s only listed with one bureau) or all 3 credit bureaus and send them out via registered mail (return receipt requested) for your records. Always include copies of your credit in the letter or letters, not originals (because you will NOT get your originals back). Below is a step-by-step guide to writing a letter of dispute. Also, this week on my blog, Facebook, and website 

Get Your Credit Report 

Once you have received your credit report and noticed that there is an error, outdated listing or a bad listing that does not have anything to do with you, or has been reported incorrectly, it is important to look over the details and dispute these mistakes first. Make sure that for each listing on your credit report, you check the personal identification information. Like your name (correct spelling) address or addresses you have lived. Often, a listing that is not yours can end up on your report because it seems to match up with your details. If you dispute these types of errors first, other mistakes on your credit report will be corrected only if it’s really not yours.

  LifeLock Ultimate

Make a List of Items to Dispute 

Once you have made sure that each of the incorrect personal detail listings are accounted for now look at all of the other derogatory marks on your credit report. List these from most damaging (will be doing a video later this week on how to start) right down to neutral. For instance, a bankruptcy, repossession, short sale (I will go over short sales in a later post) far more harmful than a late payment or credit rejection.

 Once you have all of the necessary disputable listings set out in front of you, begin writing your first letter of dispute (will be doing a video later this week on how to start). Each of the three credit reporting agencies should be addressed, even if these derogatory listings only appear in one or two of the reports. If the three reporting agencies are addressed with a letter of dispute for each questionable listing, it will lower the possibility that, later on, these items do not appear on your other credit reports.

  LifeLock Ultimate

Send Each Dispute Separately

All listings, apart from incorrect personal data disputes, must be written out and sent separately (take the time do it right). If you try to dispute several items at once not only it is likely but almost guaranteed that the bureau will reject your claim on the grounds of it being irrelevant. Credit reporting agencies are required by law to investigate and accept that all disputes are legitimate unless they have evidence to prove otherwise. So don't give up.

  Personalize Your Letters

When writing the letters of dispute, some suggest handwriting them rather than typing them out. I disagree because I’ve seen some pretty bad handwriting (my dad and well me) so if you have bad hand writing don’t be upset just type it out. Make sure you use strong words that will make it clear to the TransUnion, Equifax, and Experian that the mentioned listing is being disputed. Examples of these words are erroneous, outdated, misleading or unverifiable. Do not spend time explaining things in your letter of dispute, explanations are not considered useful. When the reporting agency receives your letter, they are then required to investigate the listing you have disputed.

 If you are unsure of the format of dispute letters, I will post samples after this post (stay tuned). These samples give you a good idea on how a dispute letter should be formatted and what details should be completed to get the maximum effect.

 It will take between 2 weeks to a month to receive a reply from TransUnion, Equifax, and Experian letting you know that your letter has been received (you should already know it’s been received because you sent it certified/return receipt requested) and your dispute is being investigated. After a further 2-4 weeks, a new credit report should be received from the reporting agency to confirm that the item has been removed from you report or other actions taken.

 Once the updated credit report has been received, you can then address the next dispute that you have until you have had all of the disputed.

 •Sometimes, credit reporting agencies are slow to respond or choose not to respond at all. If this is the case, you will need to send another letter to them to remind them that they are obliged by law to address your dispute. If this becomes a problem I have sample letters written by attorneys that cover the laws.

 • Disputing items on your credit report is no easy task, you will need a great deal of patience and persistent and DO NOT give up. Remember that the credit reporting agencies are required by law to investigate your disputes, so don't let them bully you into thinking that it is not possible to have things removed from your credit report.

 • For those who don't have the time or are having difficulties with the credit reporting agencies, there are legal services available that will dispute the items for you at a small fee. (see add below)
  Legitimate, Effective Credit Report Repair

Wednesday, March 18, 2015

Understanding Your Credit Report

A credit report is a record of the borrower's financial record from various sources, including banks, credit organizations, gathering offices, and the government. In the United States, such reports are kept up by the three national credit reporting departments Equifax, Experian, and TransUnion. A borrower's FICO assessment is the result of a mathematical calculation connected to a credit report and different sources of data to anticipate future credit ratings and activity.

In numerous nations, when a client fills out an application for credit from a bank, store or credit organization, their data is sent to a credit authority. The credit department coordinates the name, location and other recognizing data on the applicant for data held by the agency in its documents. That is the reason it is vital for banks, moneylenders and others to give exact information to credit authorities.

This data is utilized by loan specialists, for example, Visa/MasterCard to focus a person’s credit value; that is, deciding a person’s capacity and reputation of reimbursing an obligation. The ability to
reimburse an obligation is demonstrated by how borrowers past installments have been made to different banks and other creditors. Moneylenders like to see purchaser’s obligation and commitments paid consistently and on time.  

There has been much talk over the precision of the information in credit reports. By and large, industry creditors the information in credit reports accurate as possible. The credit authorities point to their own investigation of 52 million credit reports to highlight that the information in reports is extremely accurate. The Consumer Data Industry Association affirmed before the United States Congress that under 2% (or just over 1,000,000) of those credit reports that had questions had information erased because of an error. Nonetheless, there is far reaching worry that data in credit reports contain errors. So Congress has authorized laws to determine both the mistakes and the perceptions of mistakes.  

In the event that consumer questions data in a creditreport, the credit agency has 30 days to confirm the information. More than 70 percent of these consumer questions are determined inside 14 days and after that the buyer is told of the resolution. The Federal Trade Commission expresses that one huge credit agency noticed 95 percent of the individuals who file a grievance are satisfied by the result.

The other factor is whether a loan specialist will give a buyer credit or an advance is based on income. The higher the salary, all different things being equal, the more credit the buyer will most likely obtain. In any case, loan specialists take into account both capacity to reimburse an obligation (pay) and willingness (the credit report report) as demonstrated by a past filled with normal, unmissed installments or payments.

These components help loan specialists figure out how much credit maybe extended, and on what terms. With the risk-based pricing more prevalent in all most all lending and money related industries, this report has gotten to be significantly more essential since it is normally the sole component used to pick the yearly rate (APR), grace period and other contractual commitments of the Visa/MasterCard or other type loans.

Here is what the FTC has to say:

The Fair Credit Reporting Act promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies (CRAs). To ensure compliance, the agency pursues an aggressive enforcement program aimed at the main players in the credit reporting system – CRAs, those who send them information, and consumer report users. In recent years, the FTC has sued the three nationwide CRAs – Equifax, Experian, and TransUnion – obtaining nearly $3 million in civil penalties. The FTC also sued a major consumer data broker, ChoicePoint, Inc., and made them pay $15 million in penalties and consumer refunds for not screening prospective subscribers before selling them sensitive consumer information. The FTC also charged companies with furnishing inaccurate information to CRAs.

Denied due to bad credit?

Monday, March 16, 2015


Credit, Cash & SEX!!

So.....Now do I have your attention?

You're probably thinking right now, I know Credit and Cash have everything to do with this blog and all the information I need to maintain or correct my credit issues but Sex?  Well sex is a big part of our finances (cash) and credit (credit cards & payments) look around you, almost every advertisement from toothpaste, food, cars, travel, bank cards, clothes, fragrances and cologne (the last 3 are the worst) are half naked trying to get your money. Why? Because SEX SELLS!

Here is a quick history lesson sex in advertising or sex sells, is the use of sex appeal in advertising to help sell a particular product or service. Sexually appealing imagery may or may not pertain to the product or service in question. Examples of sexually appealing imagery include nudity, pin-up girls, and muscular men.

The use of sex in advertising can be highly overt or extremely subtle. It ranges from relatively explicit displays of sexual acts, to the use of basic cosmetics to enhance attractive features.
Sex has been utilized in advertising since its beginning. The earliest forms are wood carvings and illustrations of attractive women (often unclothed from the waist up) adorned posters, signs, and ads for saloons, tonics, and tobacco. In several notable cases, sex in advertising has been claimed as the reason for increased consumer interest and sales. The earliest known use of sex in advertising is by the Pearl Tobacco brand in 1871, which featured a naked maiden on the package cover. In 1885, W. Duke & Sons inserted trading cards into cigarette packs that featured sexually provocative starlets. Duke grew to become the leading cigarette brand by 1890 (Porter, 1971). (From Wikipedia, the free encyclopedia)

So are you still confused about this topic and why I'm writing about it? You shouldn’t be actually you should be a little upset right now. Your cash is being pulled away because of some half naked woman or man saying you need that product. Guess what you don't, if you're reading this today or have read in the past see ASSUME RESPONSIBILITY OF YOUR FINANCES 2015 which I go over making a financial list.

You want to keep your cash and even more your credit in good standing, don't fall for all the hype and sex in advertising. You spending outside your financial list on impulse buys will not give you six pack abs, no wrinkles, drop weight or whatever you think it will do for you. Impulse spending is dangerous for your financial and credit future. I promise you it may make you feel good now but when the credit card bill arrives not so much.

Bottom line is making your financial list and STICKING with it, you want a new outfit, tie, or car. That’s awesome get it, but only when you have accounted for it in your list. I’m giving you a little tough love but you’re taking steps to learn how to correct, repair, or maintain current credit status. One last thing from this point forward when you see these sexy advertisements  LOL because you know your cash and credit cards are staying in your wallet.