Sorry, I read the rules after I posted.


Okay so I will use this to give you some free information instead. Some facts about credit repair.

Trying to repair credit on your own is a horrible idea. If you don't know what you’re doing you could permanently damage your credit.

Example: A person may think that they are doing themselves good by sending a copy of a collection showing it's been paid to the bureaus.
Reality: Now that you have provided them documentation that item belongs to you, you have permanently cemented that item on your credit report.

I had a client who had a collection that DID NOT BELONG TO HIM, but he paid it because he thought he could remove it that way. He sent the bureaus this documentation and now that collection although it says paid, it will remain on his report for the entire 7 years.

There are 5 factors to what makes up your credit score.

FIVE FACTORS

Payment History = 35%
Debt Ratio: Balance/Limits = 30%
Length of Credit History = 15%
Types of Credit = 10%
Number of Inquires = 10%

FIVE SOLUTIONS

Remove the "Bad Credit"
"Rapid Rescore" your existing credit
Add a "Seasoned Tradeline"
Add different "Types of Credit"
Remove "Inquires"

The point is that even if you are successful in disputing negative items off your report, you are still only affecting at best... 35% of what makes up your score... make sure you address all 5 factors.

Fact.... Repairing your credit on your own is like defending yourself in a court of law. Knowing what NOT to say is just as important as knowing what TO say.

Many online websites offer dispute your items online options... but they force you to choose a reason you were late or a reason why your account went to collection. Often your reason isn’t posted and often there is no option to choose that the item does not belong to you. Well without knowing many people just choose an option at random and permanently damage their credit by cementing that item on there. They basically unintentionally admitted guilt because the site tricked them into it.

The three credit bureaus make their money by selling credit scores, not by removing items off your report. Who do you think gets their scores pulled more? The guy with 720 middle score or the guy with a 580?

The worse your credit is the more likely it is to get pulled excessively making the bureaus more money. Banks also make more money off worse credit by charging higher interest rates. The scoring modules used by the credit bureaus were not designed to benefit the consumer, they were designed to benefit the banks and credit bureaus.

YOU cannot win the game of credit without understanding the rules..... funny how these rules are nowhere to be found on any of the bureaus websites nor will they send you the rules if you request them.

Coincidence?


Alina D. Nicol
Senior Account Executive