Credit Repair
Credit Repair
Get your Credit Report from the following Agencies
The above companies use a scoring system called FICO.
This agencies use the following ratios to determine your credit score
35% Payment History
30% Amount owed to all creditors
15% Length of credit History
10% Types of credit Used
Your score is what all creditors use to evaluate your credit worthiness.
Check Your Report and report discrepancies
Report any errors to the credit reporting agencies, and the reporting creditor. Many times, you can get these removed within 30 days, and new updated reports sent to those whom requested your credit report.
If you report it to a credit agency, they will challenge the information with the reporting company which has 30 days to validate it. If they do not, it is taken off your credit report. However, if they re-affirm it after 30 days it will be placed back on.
If you report it to the credit company directly, explain everything along with documentation describing your case.
Negotiating Credit Debt
While their are many agencies that will do this for you, it is a great Idea to do it yourself. WHY ?
- You are rarely told that while you can get your amount owed reduced, that you will get a nice 1099 from them to the IRS for a statement of income covering the loss amount.
- You can do everything those agencies can do, without the cost overhead.
- You may be better off in bankruptcy court and they want your money and rarely tell you the truth regarding your options.
