If you have a bad credit score, the best thing to do is to look into credit repair. However, you may be unsure whether a credit bureau or lender can help you. Here’s a look at when each organization can help you with your credit repair efforts.
There are a few different avenues to explore when it comes to repairing your credit. You can either go through a credit repair agency, work with your lenders or repair credit yourself.
Credit repair companies work with your creditors and credit bureaus to ensure the information is up-to-date and accurate. They also guide you through the process of disputing inaccurate entries and checking if there are fraudulent accounts. In addition, they also offer credit monitoring and advise you accordingly.
You may also be able to work directly with your lenders to try and remove negative items from your report. However, it can be time-consuming, and you may feel you are not getting results.
Another effective way to repair your credit is taking measures into your own hands. This includes paying off debt, disputing credit report errors, and maintaining good financial habits. Even though it takes some time and effort, it’s usually the most successful approach to improving and having a good credit score.
Credit repair can be tricky and time-consuming, so you might wonder if it’s worth paying someone to help you. Well, you can save money if you have the time and patience to do it yourself. But if you’re not comfortable dealing with the complexities of credit repair, it might be worth paying someone else to do it for you.
There’s no guarantee that paying someone will actually improve your credit score. If you are to pay for credit repair services, use credible credit repair companies because fraudulent companies make things worse for you. How can you tell apart credible from fraudulent agencies? Fraudulent agencies:
A legitimate credit repair company will only offer to help remove inaccurate information from your credit report that may harm your credit score. Remember, credible credit repair companies can’t do what you can’t do on your own.
Yes! A lender can fix your credit if you take proactive steps. First, you need to check your credit report for any inaccuracies and dispute any errors you find therein. If you can prove to the lenders that the entry is inaccurate, your lender is obliged to correct the mistake on your credit report.
Using a lender is often more effective than going through a credit repair agency, but it can still be time-consuming and might be difficult to get results.
Repairing your credit is crucial if you want to enjoy low-interest rates when taking loans. To repair your credit to raise your score fast, here are some steps you can take:
Credit repair can take as little as three months or longer if you have faced foreclosure, bankruptcy, or a history of late payments. At Ascent Network, our credit repair experts provide credit profile audits to see how they can help improve your credit score. They also help you improve your credit by verifying and restoring the correct entries on your credit report.
Besides credit repair and credit score improvement, Ascent Network offers debt settlement, foreclosure prevention services, debt consolidation, and education loan negotiations. Ascent Network also provides financial counseling so you can take charge of your financial freedom. Why not be among Ascent Network’s clients and have a FICO score increase of 105 or more?
Credit companies and lenders can help you improve your credit scores. If you use a credible credit repair agency like Ascent Network, they will contact the credit bureaus and dispute incorrect information found in your credit report. If you choose to use the lenders, you must be proactive and follow up using the information provided to repair your credit.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States. It is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.
When you fail to honor your debt obligation, your creditor sells your debt to collectors, and the negative information is reported to the three major credit bureaus (Experian, Transunion, and Equifax).
Collections accounts stick to your credit report for seven years from when your account became delinquent, making you look uncreditworthy to potential creditors. Here are some steps to increasing your credit score by removing collections.
To get collections off your credit report fast, you must be proactive and check your report thoroughly. Get your free credit report by visiting AnnualCreditReport.com or from the three major credit bureaus. Compare the details against your records. If you don’t have your payment records, log into the account to check your payment history.
To check for negative accounts, go to the credit history and accounts section to find information on missed or late payments. Check the account status to see if it’s paid, charged off, or closed. Check the account number and the date the debt became delinquent. Once armed with these details, you can take the following steps:
Dispute a collection account if:
A delinquent account falls off your credit report seven years from the date it went delinquent. However, you may still find the account is not closed. File a dispute with the credit bureau, so they can remove the collection report from your account.
If a collection report is incorrect, gather all the documentation to show the collection appears on your report erroneously. Send a dispute with your correct contact information, indicate the mistake with account numbers, and explain how the information is incorrect. The bureau will have 30 days to correct the errors.
The best dispute reason for removing collections is by asking the collection agency to validate the debt. Most often, documents get lost as debts are shuffled from one collection agency to another in an attempt to recover their money. In such scenarios, original documents get lost, and inaccurate details are passed on to debt collection agencies.
You should use this loophole to ask them to verify if the debt belongs to you. They will have to remove collections from your credit report if they can’t validate the debt.
When the above steps don’t work, you need to ensure you don’t cause much damage to your credit score. You need to continue paying your debt as you wait for validation from the credit bureau or until you pay your debt fully. You can arrange a payment plan with your creditor and stick to it.
Once a collection account is reported to the three major credit bureaus, the negative information will remain for seven years. Unfortunately, despite having paid your debt fully, some lenders will consider this information when offering you loans. This affects the interest rate because they consider you uncreditworthy and offer you loans with higher interest rates.
Consider writing a goodwill letter, sending it to the collector or creditor, and politely asking them for a goodwill deletion by pointing out that you have fully paid the debt. If the creditor or collection agency agrees, ask for a written agreement that you can present to credit bureaus just in case the agency fails to update them.
Credit score improvement depends on several factors, such as the scoring model used and other items found on your credit report. In fact, paying off your debt can hurt your score at first before you see major improvement. However, you may see some positive changes a month or two after updating the collection account.
Credit repair companies like Ascent Network are experienced in credit score improvement. They know how to negotiate with creditors to remove collections from your report to improve your credit score.
Credit repair companies get much better results than you would alone. They offer additional information that helps you improve your score even further. Before you choose a credit repair company, ensure they are reputable.
It is possible to remove collections from your credit report to improve your credit score only if you become proactive, check your credit report, analyze the information, and take the necessary steps. You can also use a reputable credit repair company with the experience to improve your score.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.
Credit repair is very important. If you have bad credit and cannot get approved for any kind of loan, you need to get your credit in order. The good news is that you can repair it yourself.
Yes, with the right information and guidance, you can improve your credit score.
Below are steps you should take:
Your report has all your credit information, and you can get a copy from the three major credit bureaus: Experian, Equifax, and TransUnion. Check your reports from all three bureaus because some creditors may not report to all of them. You can also get a free copy at AnnualCreditReport.com.
It is good to check your report monthly to see if there is a new entry you did not authorize. Or if there is an account that is time-barred.
If you find a new account in your credit report that you aren’t aware of, report it to your creditor. Call each of the three major bureaus and ask them to correct any inaccurate information in your report that may affect your score, ability to get loans, or other forms of financing.
Your credit report also shows if an account is past its statute of limitations (time-barred), so you can dispute and have it removed.
Paying your credit card bills on time helps you improve your credit score and helps you qualify for low-interest rates. You also save money from late payment fees that can be as high as $35.
Pay your cable and utility bills using your credit card to build a good payment history that helps improve your credit score.
Minimizing hard inquiries is an essential step in repairing your score. When you apply for new credit, it shows up on your report as a hard inquiry. A hard inquiry causes a drop in your score.
If you have multiple loans or credit card bills, it is easy to forget to make some payments. Debt consolidation is an easy way to combine payments into one new loan at a lower interest rate. Consolidating your debts helps improve your credit score if you make timely payments.
Given that you may be busy, it is easy for payment to skip your mind. Setting up reminders helps you make on-time payments that are crucial in improving your credit score and avoiding late fees. If you do not set payment reminders, you may end up paying late fees.
If you are behind on payments, call in advance so they can give you an extension before charging late fees or increasing interest rates on loans.
Credit repair may take three to six months, depending on the severity of your delinquencies and bad habits, such as late payments or accounts in collections or bankruptcy records that affect your credit score.
It may take up to 18 months to get your credit score from poor to fair.
So, can you make your credit perfect? Yes! You can do it on your own or work with a fast credit repair company like the Ascent Network to get the help you need. Here are some tips for repairing your credit:
Yes, using a credit repair company is an easy way to repair your credit. They have experts and know how to handle all the problems that may arise while repairing your bad credit ratings.
These companies provide credit repair services to help set up payment plans with creditors so that you can pay off any debts on your report. They also negotiate and make arrangements for how you will be making payments on overdue debts.
Credit repair companies are experts in credit laws such as The Fair Credit Reporting Act (FCRA), The Fair Debt Collections Practices Act (FDCPA), and The Fair Credit Billing Act (FCBA). They use their understanding of the law to help leverage them in your favor. Look at credit repair reviews from service providers to make sure they are legit and deliver as promised.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call at 1-877-871-2400. Ascent Network helps consumers all over the United States. It is available locally in Huntington Beach, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms, CA.
When people are just starting out building their credit or want to improve their credit score, often the fastest way to get started is by becoming an authorized user on someone else’s credit card. An authorized user is a person who has permission from the primary account holder to use the account. While authorized users don’t have to make payments on most accounts, they can still take advantage of their share of the credit limit.
An authorized user is someone who is added to a credit card account by the primary cardholder. The primary cardholder is responsible for making payments on the account while you get the authorization to use the credit card.
For example, you have a credit card, and your son, Tom, wants to have his credit card. You can call your bank, ask for an additional card, and tell them that you want Tom as an authorized user. They will send you another credit card, which you can give to him.
Once Tom makes purchases using that card, the information about those purchases will show up in your credit report and in his credit report. That way, both you and Tom are responsible for the debts on that account.
An authorized user gets a credit card tied to the account but won’t make changes to the account. This means they don’t have the authority to add other authorized users or request a credit increase.
Authorized users are often spouses, children, or other family members of the primary cardholder. By adding an authorized user, the primary cardholder enables another person to purchase using the primary cardholder’s account.
Your credit history is built from many different aspects of your financial life, including:
? payments (both on time and late)
? credit limits
? account balances
? length of time the accounts have been open
? types of accounts (credit cards, student loans, mortgages, etc.)
? new lines of credit opened
When another person adds you as an authorized user to their account, you are given access to that card. All of the payment history and credit limits associated with it go onto your report. This helps you:
1. Build your credit in several ways. If the account has a long history of on-time payments and has a high credit limit compared to the balance on the card, it means a low utilization rate.
2. It helps you repair your credit. If you suffered bankruptcy or missed payments, being an authorized user helps you repair your credit as the on-time payments will reflect on your credit account
3. It helps you manage expenses. You only spend money on necessary items, so you don’t go over the limit. Married couples manage bills well when they are authorized users of each other’s cards. Thus, helping them manage their budget and reduce the credit utilization rate.
The cardholder also benefits from having an additional authorized user on their card. The cardholder will have to increase the overall credit limit. They will now be able to spend more than they would with just their accounts. This may reduce their credit utilization ratio, which may increase their FICO score.
Tip: To calculate the utilization rate, divide your total credit card balances by your total credit card limits.
The person who has the credit card is known as the primary cardholder. He can add you to his account by calling the card issuer and giving them your full name, date of birth, and Social Security number.
If the issuer approves you being added. After that, you should receive your credit card. A family member or an employer can add you as an authorized user by logging on to their online account and adding you or contacting the card issuer by phone.
To process this request, the primary cardholder will need:
? your name
? address
? date of birth
? social security number
The person who added you as an authorized user won’t be affected by your credit history. A credit card company looks at the credit of the primary account holder, not the authorized user. As long as the primary cardholder makes an on-time payment, your credit shouldn’t be affected.
The performance of an authorized user is not factored in when calculating the primary cardholder’s score. But just because it won’t hurt you doesn’t mean you shouldn’t be careful.
As much as you want to help others build their credit history or repair their credit, you have to take certain precautionary measures to maintain a good credit history. Below are some of the measures you should consider.
Avoid overspending
No matter who it is, the authorized user can do a lot of damage to the primary account holder if they get carried away with spending on their card. If that happens, it could cause enough added debt for the primary account holder to have trouble making their payments. And if they miss one payment, their score could plunge some points — enough to cause problems for both your credit scores.
Don’t let your authorized users keep too high a balance on their cards
That can hurt both your credit limit utilization rate and your FICO score. For example, if a card has a $5,000 limit and you spend $3,000 and add an authorized user who spends $1,500, you’re already carrying 50% of your limit in debt before you add them to your account. Ensure you only add an authorized user if you can stay on top of your finances.
Keep tabs on spending habits
To curb overspending and for this arrangement to work, it’s important that you keep tabs on the authorized users’ spending habits. Adding an authorized user makes it easy for someone to rack up debt and negatively affect your credit score.
The primary benefit of being an authorized user is that you have a credit card in your name that reports positive payment history to the three major credit bureaus, which helps you build good credit. This is especially valuable if you’re new to credit, are recovering from a poor financial situation, or want to improve your score.
A more positive outlook toward a more financially secure future starts today. Give the Ascent Network a call today at 1-877-871-2400. Ascent Network helps consumers all over the United States and is available locally in Huntington Beach, CA, Coachella Valley, Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Desert Hot Springs, Indian Wells, La Quinta, Indio, and Thousand Palms.
Across all media platforms today you will find credit myth information on almost any topic or subject, but sadly, much of the information concerning credit is inaccurate.
In older Fair Credit Reporting Act (FCRA) models, inquiries had a greater effect on your score because they counted every inquiry for automotive and every inquiry for a mortgage. So if you were shopping around for the best deal on an auto loan, or shopping around for the best deal on a mortgage, your credit score got dinged for each one.
The FCRA models realized that this was discouraging intelligent consumers from getting the best deal, so they adjusted the model to only count automotive and mortgage inquiries that are done within a certain period of time to be counted as one single inquiry.
This is one of the widespread credit myths. In actuality, it’s an ongoing process to improve one’s credit. It doesn’t take a certain amount of time. Most negative items will remain on your credit report for up to seven years, as long as they are accurate, can be verified, the credit bureau and creditor reporting the item can and will provide the appropriate validation of the debt and the debt actually occurred within that period of time being reported.
Of course, many items are NOT accurately reported and are not verifiable, therefore they can and should be removed.
Regardless of whether or not individual line items can be corrected or deleted, though, you can start to improve your credit. It can be done by maintaining a positive payment history, maintaining lower balances, and low utilization rates on your credit cards. It can also be done by establishing new accounts to get your new payment history going smoothly again.
Foreclosures will remain on your credit report for seven years, Bankruptcies can linger for seven to ten years: this is entirely dependent upon how the bankruptcy gets filed. Chapter 13 will remain for seven years, whereas Chapter 7 will remain for a decade. Note, however, that the actual bankruptcy in the public records section will remain there for ten years either way.
One must remember that the reporting of a Foreclosure or Bankruptcy on a credit report must meet the same criteria that any other item must meet in order to stay on a person’s credit report and that is that all reported information pertaining to that foreclosure or bankruptcy be reported accurately and be able to be verified and validated by both the party reporting the item and the party recording the item.
Absent of that verification and validation the item must be removed from the credit report regardless of when it originally took place.
The important take-away point is that although these are certainly long periods of time, it’s not permanent, and there are many things you can do after a financial crisis to reestablish your credit and get your credit back on track.
These are just a few of the Credit Myths you find today reported online, on TV, and published on Social Media and other news outlets. Don’t be fooled, you can take control of your financial and credit future by handling your current finances responsibly and demanding your rights under the law that ALL information that is being reported about you be 100% accurate 100% of the time.
If you have a bad credit score, the best thing to do is to look into credit repair. However, you may be unsure whether a credit bureau or lender can help you. Here’s a look at when each organization can help you with your credit repair efforts. Who can help you repair your credit? There … Continued
Read MoreWhen you fail to honor your debt obligation, your creditor sells your debt to collectors, and the negative information is reported to the three major credit bureaus (Experian, Transunion, and Equifax). Collections accounts stick to your credit report for seven years from when your account became delinquent, making you look uncreditworthy to potential creditors. Here … Continued
Read MoreCredit repair is very important. If you have bad credit and cannot get approved for any kind of loan, you need to get your credit in order. The good news is that you can repair it yourself. Can I Fix My Credit Myself? Yes, with the right information and guidance, you can improve your credit … Continued
Read MoreWhat is an Authorized User? An authorized user is someone who is added to a credit card account by the primary cardholder. The primary cardholder is responsible for making payments on the account while you get the authorization to use the credit card. For example, you have a credit card, and your son, Tom, wants … Continued
Read MoreAcross all media platforms today you will find credit myth information on almost any topic or subject, but sadly, much of the information concerning credit is inaccurate. Here are some common credit myths being thrown about: Credit Myth 2: “It will take you seven years to improve your credit.” This is one of the widespread … Continued
Read MoreWE COMMUNICATE WITH ALL THREE CREDIT BUREAUS FOR YOU:
