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A Guide to Getting a Bad Credit Remortgage
There are several reasons why you might be in the market for a bad credit remortgage. You might be wanting to try to lock in a lower interest rate, or perhaps you simply need to use the bad credit remortgage as a way to consolidate some of your...
Buying a Home With Bad Credit - Tips on Finding the Right Broker or Lender
You can buy a home with a bad credit record; you just need to find the right mortgage financing package. Before you sign up with the first company that offers you a loan, remember to research offers to be assured you are getting a fair deal. Know...
Credit Cards - The Basics
How Lenders Operate - And How They'll Make a Tidy Fortune from the Unknowing
Credit card companies might seem like immensely clever, money making enterprises that exploit every loophole to maximize the interest payments - and profits - they are...
Home Equity Loan or a Home Equity Line of Credit?
A home equity loan is good for items that require one large payment. This is why so many consumers use it for debt consolidation. The interest rates on home equity loans are low enough to be beat out the prevailing rates on almost every other type...
Is A Home Equity Credit Line Right for You?
Home Equity
Using credit lines against the equity of your home are one source of
consumer credit that is fast gaining popularity. Home equity is a valuable
asset which both lenders and borrowers can benefit from and as such, lenders...
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Do it yourself Credit Repair
Many of us believe that it is only through an agency that we
could possibly have any hope for repairing our own credit. Rest
assured that this is not true. It could possibly cost you more
money and time to arrange through an agency than it would to
just do it yourself. My recommendation, before contacting an
agency for assistance is to follow the steps below as you may
just be surprised at the results.
Repairing your own credit takes time, and definitely takes
patience. You first need to contact the credit reporting
agencies in writing requesting your credit report. You are
entitled by Federal Law to a free credit report every year.
There are three main credit-reporting agencies that you will
need to contact. The bureaus information can be located by
running a search on the internet for "Credit Reporting Agencies"
or looking through you local phone book. Include the following
in your written correspondence with the credit agency.
1. Written request for a copy of your credit report (You are
entitled to one free credit report a year). 2. Include a copy of
your state ID. 3. Send proof of your current address if it is
not current on your ID. 4. List your last known addresses for
the past 5 years. 5. Include a copy of your social security
card. 6. Sign the document
Allow at least 4-6 weeks to receive your credit report(s). If
you have already received an annual credit report from an agency
and are not entitled to the free yearly report, you may also use
any denial letter of credit within 60 days of its receipt. If
you receive a letter denying you credit, make a copy and enclose
it with your written request for a copy of your credit report.
Once you receive your reports from all of the agencies, review
each report for accuracy and differences. Design a spreadsheet
or written log to track the differences. Do not hesitate to make
use of disputes or accounts that are invalid. If you find
anything on your report that is worth disputing, most agencies
allow you to file an official dispute via their website. Your
credit reports should include contact and account information
for each
creditor. Organize all of your debt and creditors. Most
debts older than 7 years old will or may not appear on your
report, if this is the case, leave them alone, do not dig around
for them. Most creditors after 7 years of not having any contact
with you will write off the debt, some may continue their
pursuit to locate you, either way, don't open the Pandora's box
if the account isn't listed on your credit report.
Take it upon yourself to contact each creditor to make payment
arrangements, most are willing to work with you, some may make
your task very difficult. If a creditor is being difficult, feel
free to ask for his or her supervisor or speak with someone
else. Expect some creditors to be rude and unwilling to work
with you, do not feel discouraged, and just ask to speak with
someone else. Offer a settlement amount. Write down details of
the conversation as well as the person's contact information
every time you speak with a creditor.
It may take up to 6 months to feel like you are making any
progress at all on your credit with your payment arrangements
but rest assured that your credit will fall into place within a
year.
It is very important that while you are paying your creditors,
when you mail in your payment, that you pay by check or money
order and keep all of your receipts. Always include a SASE
(self-addresses stamped envelope) with your payment and request
a receipt for the payment from the creditor.
Obtain copies of your credit reports on a yearly basis from each
agency. Do not obligate yourself to any other creditors while
paying off your current ones. You will or may receive several
credit offers, throw them away. Stay focused on your goal to get
out of debt and keep track of all your activity such as
payments, contact with the creditors, their names, extension,
time and date you spoke with them and list any details of your
conversations and arrangements.
About the author:
Tony Robinson is a business owner with vast experience in all
facets of Credit and Credit Repair - for further tips and
techniques visit http://www.officialdebtfree.com
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