Fix It Yourself Credit

 


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Credit problems are being faced by many Americans today not because they do not want to pay but because of the economy. A lot of job cuts, lay-offs and business’s closing has caused a lot of people to not pay on time and in some cases not be able to pay for six months to a year. That can totally wreck your credit report and cause a lot of anxiety. A lot of you might have already checked out different credit repair company’s and found out that they can be very expensive at best and no guarantee’s that you will be better off. Fix it yourself credit is the best option without much of an expensive or hassle. There is a law called the FCRA (Fair Credit Reporting Act) which was recently revised into the Fair and Accurate Credit Transaction Act (FACT ACT), and the FDCPA (Fair Debts Collection Practices Act). The government set up these two new laws in order to help you protect your credit rights. Fix it yourself credit is now very possible and easier for you to do.

First of all the two laws help protect your credit rights. These two laws hold your creditors and credit bureaus responsible legally responsible for any false or misinformation. That now opens up for you a whole new take on fixing your own credit. There are certain rules that you must understand before you go into the fix it yourself credit mode and we will try to convey to you some of the things that you should be aware. First please do not deny or make a false statement about your credit responsibilities. You can be gotten for fraud and prosecuted farther if you use the mail you can also be gotten for misinformation via mail. Make sure what you are stating is accurate and true to the best of your ability. I always suggest that you have proof to back it up like receipts, statements etc. Next when you do send a letter of dispute do not put original receipts with your letters. We suggest that you make copies of all your receipts to send along while you keep the originals.

Now you might be thinking, well some of the information is accurate because of my circumstances when I was laid off etc. Is their any use in even trying to fix my credit report? Yes there is because without good credit it makes it hard or even impossible to get a car or buy a home. Fix it yourself credit is a good way for you to go because you can start working on your credit problems right now and take the time you need to get your report cleaned up. How can you handle accurate derogatory information in your credit report well some times it takes time. Certain things that are derogatory stay in your report for seven years. There are certain exceptions:

  • Bankruptcy information may be reported for 10 years.

  • Credit information reported in response to an application for a job with more than $75,000 has no time limit.

  • Information about criminal convictions has no time limit.

  • Credit information reported because of an application for more that 150,000 of credit or life insurance have no time limit.

  • Default information concerning U. S. Government insured or guaranteed loans can be reported for seven years after certain guarantor actions.

  • Information about a lawsuit or an unpaid judgment against you can be seven years or until the statute of limitations runs out.

    The next step might be that you do not have enough reported credit that is good credit and need to have your credit file brought up to date. Fix it yourself credit can require you to work on the good credit you have already. It stands to reason that almost all department stores, all-purpose bank credit card accounts will be included in your file. The one’s that you need to look for are entertainment card companies, local retailers, and credit unions who normally don’t bother to make a report especially if your credit is good with them. Their reports can help you to show that you are a good credit risk. You can have the CRAs add them to your file if they are verifiable accounts for a fee. Just remember if these companies do file periodically then your file still will not be kept up to date. It is worth the effort to help clean up your file and maintain a good credit score.

    Author - Bill Darken - There are good articles and detailed information re credit, loans, mortgages & debt relief at Fix It Yourself Credit or if the previous link is not working, you can paste this link into your browser - http://www.loans-only.com

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