info from the Credit Secrets Bible

CREDIT REPAIR FACTS and FALLACIES: 6 Ways to Separate Fact From Fiction!

Credit bureaus like experian, equifax and trans union are not government agencies. They are privately held for profit companies….

So many consumers freak out about their credit report and the credit bureaus. It’s the like the credit boogeyman is chasing them in a bad credit dream (or credit nightmare).

So much information is conflicting it’s easy to get confused. Most banks and credit bureaus like trans union, equifax and experian would love you to believe that the only thing that can repair your credit report is time.

Laughs….

How about all the errors and inaccurate information? Can that only improve or heal over time as well?

let’s face it. You’re worth more to the credit bureaus and banks with bad credit then good. You’re worth more with a low credit score than a high credit score. So, is it any surprise the system is slanted and almost all the errors are in the favor of the banks and credit bureaus like experian, equifax and trans union?

Hmmmm….

Can 100% accurate information be removed from your credit reports? Actually, contrary to popular belief, it can. Nothing prohibits a credit furnisher of information (FOI) from removing accurate information from a credit report.
Even if it is negative or derogatory. Remember, credit bureaus are really in the business of selling information.

It just happens to be that negative information is more profitable than positive (wait a minute. That sounds like the news). Anyway…

Even if you’re a “good citizen” you have to understand that each bureau has it’s own sources and methods for calculating your credit score. It does not all come down to a company called Fair Isaac, FICO or www.myfico.com in Minneapolis Minnesota.

Different credit bureaus generate different consumer credit scores. Sorry. We don’t make the rules. We just help you learn how to play the game better.

And no matter what anyone says, credit repair is not INSTANT and guaranteed (even if Johnny Cochrane comes back from the dead and becomes your personal credit attorney).

The credit system is really unpredictable and part of the process is a random roll of the dice. In the end, it is persistence and experience that makes the difference.

A good credit restoration company will do a better job that you ever could on your own but it will not happen for $49 a month. To do it right it will cost much more.

Credit restoration can be done on your own and every situation is different. Whether you choose to do it on your own or hire a company that fact is that it is better to do something than nothing.

Unfortunately, most people are doing nothing (at least right now anyway). Don’t make this mistake. The time to invest in your credit is NOT when you need it, but 1 to 2 years BEFORE you need it.

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For credit card debt settlement, http://jamesmontgomerylaw.com/credit-card-debt-settlement

http://improvecreditscore.the-recommendation.info

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However, if you want an approximation of that score, there are a few companies that will provide them for free.

But keep in mind, that each free attempt will in fact add an inquiry to your report which has been known to lower your score. See credit score myths below.

And all [except MY FICO] are the credit scores developed by the credit bureaus themselves, Experian, TransUnion, and Equifax, and are not your actual FICO scores.

Only the FICO score from myfico.com is used by lenders to determine your credit worthiness.

CreditKarma.com:

Gives you your TransUnion score. But it is Advertising-supported.

E-Loan:

Experian score. If you visit their website, be sure to scroll down to “One-Time Credit Snapshots” and “Free Credit Score (Credit Score Only)”

Prosper:

Experian score.

Feel free to ask any credit related questions in the comments section of this video. I’ll be happy to answer them if I can.

ALSO, PLEASE FREEZE YOUR CREDIT REPORTS!!!!!!

and please go to www.optoutprescreen.com to opt out of all offers of credit and insurance for 5 years. Don’t bother with the permanent opt-out.

Credit score myths:

Myth: You have only one credit score.

You actually have three scores, one from each of the three bureaus (Experian, TransUnion, and Equifax). They use the same “equation” from Fair Isaac Corporation but they each collect their own data, they each have their own slightly different weightings on the score components, and they each make their own share of mistakes. This is why it’s important for you to review each of your credit histories each year using government sponsored AnnualCreditReport.com. Some lenders pull your score from all three and use the middle value, some only pull from one. In the end, you need to ensure your information is 100% accurate.

Myth: Checking your score will hurt it.
There are two types of inquiries – soft inquiries and hard inquiries. A hard inquiry is when a financial institution uses your credit history to determine whether or not to extend you credit. A hard inquiry will appear on your report and negatively impact your score (this is why experts recommend you avoid applying for credit cards right before a mortgage application). A soft inquiry is when an institution uses your credit history to confirm your identity or when you personally review your credit history. Since it’s not used for a lending decision, it doesn’t negatively impact your score. Checking your history or score will not hurt your credit.

Myth: Shopping around for the best loan will hurt your credit score
Shopping around for the best loan will result in a lot of hard inquiries on your credit report but this is a special case. For mortgages, home equity, and car loans, a flurry of hard inquiries won’t hurt your score if they are within a 14 or 30 day window. Credit bureaus understand you will be making numerous inquiries to get the best deal. This rule does not apply to credit card application inquiries, each one of those will hurt your score regardless of how quickly you do them.

Myth: My FICO score dictates whether you get credit and at what interest rate.
Truth: The FICO score is a very important part of determining whether you get credit and at what interest rate but it’s not the only thing lenders use. When you apply for a loan, lenders will ask you for your bank account statements, your paystubs, and your outstanding debts in addition to pulling your credit. Lenders want to know whether you will be able to repay the debt and they cannot rely just on the score alone. If you have a lot of debt compared to your income and a high credit score, lenders could deny you credit. If you have little debt compared to your income and a low credit score, lenders could still extend you credit. Score is not the final arbiter, just a part of the equation.

Myth: Getting married will hurt (or help) your credit score.
After you are married, each spouse still has the same credit worthiness they had before they were married. Your scores won’t increase or decrease because you were married. The reason why people believe this myth is because when you start applying for loans, you’ll be applying for a joint loan where both spouses will be responsible. In this case, your aggregate score can go up or down. However, the act of getting married doesn’t change one’s credit worthiness.

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Yes! You are at the right place at the right time….I know, its TAX season and you’re going to get your income tax check and Invest it in yourself! I am soo proud of you…taking action at the beginning of the year so you can no longer complain about your credit!

For more information on the 100,000 of people we have helped go to http://www.credit-debt-vendetta.com and see for yourself…..Men Lie, Women Lie, but numbers # don’t!!

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Financial Chemotherapy LLC
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