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How To Repair Your Credit Yourself
Below are the bare essentials of what you'll need to begin repairing your credit. If
you own a home you will need to get a copy of your credit report from Innovis.
you own a home you will need to get a copy of your credit report from Innovis.
 | Credit Reports - all three | |
| Fair Credit Reporting Act | |
| A book to log progress | |
| Address & phone number of creditors | |
Rules To Remember:
• You are entitled to a free copy of your credit report if you’ve been denied credit,
insurance or employment and request the report within 60 days of notice, or if you
can prove that (1) you’re unemployed and plan to look for a job within 60 days, (2)
you’re on welfare, or (3) your report is inaccurate because of fraud.
• If your application for credit, insurance, or employment is denied because of
inaccurate or incomplete credit information, the company to which you applied must
give you the name and address of the reporting credit bureau.
• There is no charge to dispute mistakes or outdated information on your credit
record. Ask the credit bureau for a dispute form and submit it with any supporting
documentation.
Other facts you should know:
• Bankruptcy information can be reported for 10 years.
• Information about a lawsuit or judgment against you can be reported for seven
years or until the statute of limitations runs out, whichever is longer.
• Information reported because of an application for a job with a salary of more
than $75,000 has no time limit.
• Information reported because of an application for more than $150,000 worth
of credit or life insurance has no time limit.
• Seeking help from some credit and debt counseling companies will decrease
your score even more. Make sure you ask before services are employed.
Because this is a very time consuming process you’ll need a logbook.
Get a copy for your credit report from The Big 3. You 'll aslo need a copy from Innovis
if you own a home. Read the Fair Credit Reporting Act several times. It will make
mention to other acts, read those also. Underline the sections that have 30 days in
them. You’ll need to state that in the disputes that you send.
Your report is divided into 5 sections. You’ll see a section with negative marks.
Whatever is erroneous, misleading, obsolete, or inaccurate you need to challenge it
by sending each bureau a letter stating so. That’s one challenge x 3. Make sure you
send it certified return receipt requested.
Your credit report--a type of consumer report--contains information about where you
work and live and how you pay your bills. It also may show whether you've been
sued or arrested or have filed for bankruptcy. Companies called consumer
reporting agencies (CRAs) or credit bureaus compile and sell your credit report to
businesses. Because businesses use this information to evaluate your
applications for credit, insurance, employment, and other purposes allowed by the
Fair Credit Reporting Act (FCRA), it's important that the information in your report is
complete and accurate.
South Beach Credit suggests that you periodically review your credit report for
inaccuracies or omissions. This could be especially important if you're considering
making a major purchase, such as buying a home. Checking in advance on the
accuracy of information in your credit file could speed the credit-granting process.
Correcting Errors
Under the FCRA, both the CRA and the organization that provided the information to
the CRA, such as a bank or credit card company, have responsibilities for
correcting inaccurate or incomplete information in your report. To protect all your
rights under the law, contact both the CRA and the information provider.
First, tell the CRA in writing what information you believe is inaccurate. Include
copies (NOT originals) of documents that support your position. In addition to
providing your complete name and address, your letter should clearly identify each
item in your report you dispute, state the facts and explain why you dispute the
information, and request deletion or correction. You may want to enclose a copy of
your report with the items in question circled. Your letter may look something like
this sample. Send your letter by certified mail, return receipt requested, so you can
document what the CRA received. Keep copies of your dispute letter and
enclosures.
Investigating Errors
CRAs must reinvestigate the items in question--usually within 30 days--unless they
consider your dispute frivolous. They also must forward all relevant data you provide
about the dispute to the information provider. After the information provider receives
notice of a dispute from the CRA, it must investigate, review all relevant information
provided by the CRA, and report the results to the CRA. If the information provider
finds the disputed information to be inaccurate, it must notify all nationwide CRAs
so they can correct this information in your file. Disputed information that cannot be
verified must be deleted from your file.
• If your report contains erroneous information, the CRA must correct it.
• If an item is incomplete, the CRA must complete it. For example, if your file
showed that you were late making payments, but failed to show that you were no
longer delinquent, the CRA must show that you're current.
• If your file shows an account that belongs only to another person, the CRA
must delete it.
When the reinvestigation is complete, the CRA must give you the written results and
a free copy of your report if the dispute results in a change. If an item is changed or
removed, the CRA cannot put the disputed information back in your file unless the
information provider verifies its accuracy and completeness, and the CRA gives you
a written notice that includes the name, address, and phone number of the provider.
Also, if you request, the CRA must send notices of corrections to anyone who
received your report in the past six months. Job applicants can have a corrected
copy of their report sent to anyone who received a copy during the past two years for
employment purposes. If a reinvestigation does not resolve your dispute, ask the
CRA to include your statement of the dispute in your file and in future reports.
Second, in addition to writing to the CRA, tell the creditor or other information
provider in writing that you dispute an item. Again, include copies (NOT originals) of
documents that support your position. Many providers specify an address for
disputes. If the provider then reports the item to any CRA, it must include a notice of
your dispute. In addition, if you are correct-that is, if the disputed information is not
accurate-the information provider may not use it again.
Accurate Negative Information
When negative information in your report is accurate, only the passage of time can
assure its removal. Accurate negative information can generally stay on your report
for 7 years. There are certain exceptions:
• Information about criminal convictions may be reported without any time
limitation.
• Bankruptcy information may be reported for 10 years.
• Credit information reported in response to an application for a job with a salary
of more than $75,000 has no time limit.
• Credit information reported because of an application for more than $150,000
worth of credit or life insurance has no time limit.
• Information about a lawsuit or an unpaid judgment against you can be
reported for seven years or until the statute of limitations runs out, whichever is
longer. Criminal convictions can be reported without any time limit.
Adding Accounts to Your File
Your credit file may not reflect all your credit accounts. Although most national
department store and all-purpose bank credit card accounts will be included in your
file, not all creditors supply information to CRAs: Some travel, entertainment,
gasoline card companies, local retailers, and credit unions are among those
creditors that don't. If you've been told you were denied credit because of an
"insufficient credit file" or "no credit file" and you have accounts with creditors that
don't appear in your credit file, ask the CRA to add this information to future reports.
Although they are not required to do so, many CRAs will add verifiable accounts for
a fee. You should, however, understand that if these creditors do not report to the
CRA on a regular basis, these added items will not be updated in your file.
An Example of Credit
A question we are frequently asked is, “Why do companies say I can’t repair my
credit myself?” You can!
If everyones credit report was accurate, consumer would be able to save much
more money on major purchases. Let's take a look at the below example:
Jane and John both purchase an identical $100,000 house right next to each other.
Jane, a wise consumer, goes through my program and restores her credit. Once
the inaccurate negative information has been deleted or modified her score rises to
a number she is pleased with. John, chooses not to enroll in the program. Jane is
able to get an interest rate at 6% now due to her good credit and John gets an
interest rate of 8% due to his poor credit. In interest, over one year Jane pays only
$6000 while John pays $8000. Jane, the wise consumer saved herself $2000. Now
multiply that savings to Jane - or loss to John over 30 years.
That's why you should enroll in our credit program
Credit Seminars & Lectures
Employee Assistance Program
If your company or business is
interested in having a seminar
give us a call.
We Cover In Detail:
Credit and the credit Industry
ID Theft:
Counter Measures & Protection
Debt Management:
Collections, debt consolidation &
negotiation.
interested in having a seminar
give us a call.
We Cover In Detail:
Credit and the credit Industry
ID Theft:
Counter Measures & Protection
Debt Management:
Collections, debt consolidation &
negotiation.
Benefits to Companies/Employees
- Increased employee productivity
- Decreased worker conflicts
- Reduction of unnecessary
administrative costs
South Beach Credit "Securing Your Financial Future"
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