ConsumerVictoryCredit.com
"Fix Credit Problems Like a Pro"
"Fix Credit Problems Like a Pro"
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| _________________________________________________________________________________________ Table of Contents Chapter 1: Understanding Your Rights Page 4 Section I. What You Need to Know Section II. How to Stop Collection Agencies From Calling You Chapter 2: Your Credit Report & the Credit Bureaus Page 9 Section I. Order a Copy of Your Credit Report Section II. Reviewing & Understanding Your Credit Report Section III. Understanding Equifax Credit Reports Section IV. Understanding TransUnion Credit Reports Section V. Understanding Experian Credit Reports Section VI. Understanding Your FICO Score Chapter 3: Disputing Negative Items & Credit Repair Page 19 Section I. Draft Letters to the Bureaus to Correct Errors Section II. Old & Open Accounts with no Balance Section III. Only One Late Payment on an Account Section IV. Old Items on Your Report Section V. Disputing Late Payments on Closed Accounts Older Than 2 Years Chapter 4: You’ve Sent the Letters, What Happens Now? Page 24 Section I. A Few Things May Happen Section II. Disputing Items on Open Accounts Section III. Statute of Limitations Section IV. Negotiating With Creditors Chapter 5: Bankruptcy, Liens, Judgments, Repos, etc Page 33 Section I. Bankruptcy Section II. Tax Liens Section III. Liens Section IV. Repossessions Chapter 6: You Still Haven’t Achieved Desired Results Page 36 Section I. Additional Remedies Section II. Accentuate the Positive Section III. Credit Cards Section IV. Loans Chapter 7: Congratulations & Good Luck Page 43 Appendix: Review & Sample Letters Page 44 Section I. Review Section II. Sample Letters Bonus Chapter 8: How to Boost Your Credit Page 69 Score with One Simple Phone Call Bonus Chapter 9: Bad Credit Buying Power Page 70 Glossary Page 76 __________________________________________________________________ CHAPTER ONE: Understanding Your Rights You may have heard the expression, “ignorance is bliss”, but with the credit repair process, “knowledge is power”. Just knowing your rights as a consumer is half the battle, and it provides you with the confidence needed to get the job done. Below are a brief list of points and most will be discussed in more detail, later in the course. A Quick Note About Credit Repair Companies: Unfortunately, there are many credit repair companies that prey on the consumers’ fears, concerning credit. In most cases, we do not recommend hiring a credit repair company. They will most likely be following these same methods (and possibly creating more debt), and the tools you need are right here at your fingertips. Be wary of anyone offering you a 100% guarantee. They are making exaggerated claims. After reading this course, you will see how some credit repair companies can actually do more harm than good by “blasting” letters to the bureaus. If you do decide to use a credit repair company, check with the Better Business Bureau at www.bbb.com, and make sure they explain everything to you clearly and thoroughly. Also, if a credit repair company negotiates monthly payments with your creditors, make sure they will report to the bureaus that your payments are on time and current. Some companies, although you are making payments for a negotiated agreement, will report the payments as late because they are not the original agreed payments. Insist on getting this in writing. By following this course and the instructions exactly, you will be able to accomplish your goals of repairing your credit. At the time this course was written, we thoroughly researched and implemented the procedures to deliver an accurate and easy-to-follow instruction book for you, the consumer. If however, you feel that you are not in a position to take the time and follow the instructions, you may want to hire a Credit Repair Company. We must emphasize again, that you must proceed with extreme caution. Unfortunately, there are a lot of tricksters out there. Section I: What you Need to Know: > You cannot be arrested or put in jail for having bad credit. If a collection agency tells you this, report them immediately to the Federal Trade Commission (FTC). > You have the right to know what is contained in your credit report (We will discuss later how to order a copy of your report). You also have the right to know of everyone else who has requested to view it. And, you have the right to know if a credit bureau is investigating you, and interviewing others about you. > You must be informed if anyone has viewed and used your credit report to deny you credit. You have the right to know the name, address, and phone number of the bureau that provided the report. > You have the right to dispute any inaccurate information that is on your report. The bureaus usually have about 30 days (business days, not calendar days) to conduct their investigation and they must supply you, in a written format, with their results. We will discuss later this very important process of removing negative items on your report by disputing them with the bureaus. > Inaccurate information has to be deleted from your report within 30 business days, and it is usually permanent. It is possible for it to reappear, but it’s not probable. We will discuss this law later as well. > Any information that is older than 7 years must be removed from your report. For bankruptcies, it is usually information that is older than 10 years. In addition, a creditor cannot report information that is older than 7 years to an agency. > You have the right to insert missing information into your credit report. If you were granted credit, and you made all of your payments on time, but the creditor doesn’t report to the bureaus, you have the right to add that information to your report. > You have the right to insert your own personal statement into your report. This is a 100 word letter explaining your personal situation to any future creditors. You also have the right to insert into your report a 100 word letter if you have disputed an item in your report, and the lender has verified it, but you feel that you weren’t treated fairly. You can insert a letter of explanation stating your side of the story. > You have the right to remain silent about any negative information about you that doesn’t show on your credit report. > You can sue a bureau or a creditor for damages if they have violated your rights. If you are successful, you will receive money for damages and possibly court costs and attorney fees. But conversely, if you lose or the court determines that you sued in bad faith, you may have to pay the defendant’s court costs. > Not just anyone can view your credit report. There are laws that state anyone who wants to view your report must have a permissible purpose such as: when you apply for credit in writing, if it has been subpoenaed by someone, and similar reasons. Some companies may also obtain your information to solicit business. You do have the right to contact the Credit Reporting Agencies and remove yourself from any future offers or lists, and we will discuss this information later in the course. > You have the right to report a creditor or debt collection agency, if you feel you are being harassed. We will discuss this in further detail. Hopefully now that you know your rights, you will feel better and empowered on your mission to improve your credit. In addition to your rights, here is a list of some other important factors you should know regarding your credit: (Again, we will be discussing them in further detail later in the course.) Consumer Credit Tips: o Inquiries affect your credit. An inquiry occurs whenever someone views or requests a copy of your credit. Every time you apply for a credit card, credit through a store, apply for a mortgage, etc - it is an inquiry. If a lender sees a lot of inquiries, they may reject your application for credit, and inquiries also lower your points (we will discuss the point system later). o You can contact your current creditors and try negotiating with them to not report you to the bureaus, give you an extension for a bill, not charge you late fees, and contact them directly to work out payment, instead of paying a collection agency. You can save yourself money, and credit points by just talking to them. After all, they are all people too. We have had experiences where people and companies have worked with many of our previous clients, as long as they stayed in communication with them. If you avoid them, they may not help you. But if you stay in touch, make partial payments, tell them about an extenuating circumstance, etc, they may be willing to work with you and try to help you out. o If you pay off a delinquent account, you should make them send to you, in writing, a letter stating that they will contact the bureaus and remove any negative reports from that account. Usually, if you are willing to pay off the debt, they will do that for you. But, get the letter before making the payment. o There are many bankruptcy attorneys promising you a clean slate and a new start by filing for bankruptcy. You should try to avoid filing for bankruptcy as a solution. If you have filed for bankruptcy, don’t despair, as there are still ways to improve your score, or remove it completely. We will discuss these methods later in the course. o You may hear about ways to repair your credit by obtaining a new social security number, or using a tax ID number. This is an illegal and risky maneuver. You could end up in jail, because tampering with a social security number is a federal offense. o If you have a current credit card, and you notice an incorrect charge, or that you have been a victim of identity theft, notify the credit card company immediately, not the bureaus. In most cases, the credit card companies will investigate it and immediately reimburse you. The disputing we will be discussing in this course is for inaccuracies in the past. Now that you are armed with more knowledge about credit, we can proceed further with the credit repair process. Keep the tips and your rights in mind as we continue through the course. We recommend that you continually check back and re-read your rights, as you progress through the course. During your credit repair journey, you may be receiving incessant phone calls from creditors and collection agencies, demanding their money. In the next section, we will discuss your options, and how to cope. |
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Free Sample Letter:
Request for Free Credit Report or Recent Credit Denial. Use this form when you have
recently been turned down for credit (usually within 60 days), thereby allowing you to request a
free copy of your report.
Your Name
Your Address
Your City, State, Zip Code
Date:
Equifax/TransUnion/Experian
Address
City, State, Zip
RE: Credit Report for [enter your Full Name & Social Security # here. This will probably be the
last time you use your SS# in the RE: section. When you respond to the bureaus, you will use
their file number or case number]
Dear Sir or Madam:
I applied for credit within the past 60 days, and was denied credit. I was denied credit by [Insert
name of Creditor here]. Enclosed is a copy of the credit denial letter. As a result, I would like to
order a copy of my credit report. It is my understanding that there is no charge for this service,
based on my denial. Below, I have provided the necessary information I believe you will need to
complete this order:
> Your full name, first, middle & last, including Jr., Sr., I, II, etc.
> Your current address
> If you have lived at your present address for less than 5 years, list your previous address
> Your Social Security Number
> Your Date of Birth
> Verification of your current address (Driver’s License, utility bill, etc)
Thank you in advance for your attention to this matter.
Sincerely,
Your Signature
Your Printed Full Name
Enclosures
_____________________________________________________
_____________________________________________________
Credit Bureau Info To Order Your Free Credit Your Report: (Limit is 1 Per Year Per Person) Equifax: P.O. Box 740241 Atlanta, GA 30374 www.Equifax.com 888-685-1111 Transunion: Post Office Box 2000 Chester, PA 19022 www.TransUnion.com 800-916-8800 Experian: 475 Anton Blvd. Costa Mesa, CA 92626 www.experian.com 888-Experian |
Credit Bureau Info To Order Your Free Credit Your Report: (Limit is 1 Per Year Per Person) Equifax: P.O. Box 740241 Atlanta, GA 30374 www.Equifax.com 888-685-1111 Transunion: Post Office Box 2000 Chester, PA 19022 www.TransUnion.com 800-916-8800 Experian: 475 Anton Blvd. Costa Mesa, CA 92626 www.experian.com 888-Experian |
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