We are lucky that there are methods of credit repair should we ever fins ourselves in need of it. Credit repair effectively means the “fixing” of a detrimental credit history. Aside from our standard rights as consumers there are other ways of fixing bad credit, but the first and foremost ideal is to avoid getting into a position where we need to employ these remedies at all.

Credit and debt unfortunately go hand in hand. We want something we cant afford to pay for, so we secure a credit card or consumer loan to acquire the goods or services. Once we sign on that dotted line and accept the funding, we are instantly in debt, and this debt along with interest and charges always needs to be paid back. One of the biggest mistakes that people make when considering a loan of any type, is the failure to consider any change in circumstances in the future that may affect their ability to repay the debt. (more…)

Most people make the mistake of thinking that a credit card debt or loan contract is nothing but a debt or burden. The smart people and some of the wealthiest people in the world however, know that the effective and constructive use of credit can in fact be as good for us if not better, than cash in the bank. What we mean by this is simple. Cash in the bank is good, but by spending it we deplete our cash reserves without building a credit history. When we consider the importance these days of a good credit history, it makes sense to use some of the cash we have, combined with some debt, to create a credit history that we can then utilize for future investment or spending.

There are many more organizations that simply finance companies and other lenders who are relying on access to our personal credit history to make decisions about us in one way or another. Some of these are employers, utility companies, rental or lease agencies, and many others, and they all have various access to our personal information in order to assess our credibility. In fact it would seem that our finance and credit history is speaking more about us as people, that our character or reputation. (more…)

Unfortunately there are many reasons why so many people are experiencing finance issues in the current climate. One of the important things to remember is that if you are in this position, you are not alone. There are literally tens of thousands of people experiencing this situation every day and there is no real end in sight. However because of the number of people experiencing trouble financially, there are more and more organizations ready to help where they can.

A lender will always look to certain things when determining whether or not you are a good or bad credit risk, or if in fact you are a worthy candidate for a job or other position that may be involved somehow with the finance industry. One of these is the level of effort that has been applied by you to fix your situation and address the reasons for the trouble in the first place. If you can show clear and effective efforts have been made to remedy your situation, and the lender can see that these remedies have in fact been in some productive, there is more likelihood that you will be seen in a favorable manner. (more…)

Unfortunately just like any other industry there is always one or two people or companies ready to pounce on unsuspecting victims and deliver scams. The finance industry is probably one of the bigger industries where these people are prolific. There is always someone waiting to prey on people who are in genuine trouble and possible hardship. This is why it is so important to make sure that any organization you approach in regard to assisting you out of a bad financial position is genuine.

Fortunately for consumers there is a law that encompasses the requirements of any organization purporting to be able to assist with repairing bad credit and you owe it to yourself to understand the requirements of these organizations prior to entering into any agreement, or handing over any money you may have. This law is known as the Credit Repair Organizations Act and it is there to protect the rights of all consumers as much as possible, against the unlawful and immoral practices of the few companies that deal in unethical practices. (more…)

One of the misconceptions is that it takes a professional to repair your bad credit. In actual fact there is absolutely nothing that the professional or company can do (legally) that you can’t accomplish yourself with time, and the right information. The problem with a lot of people who find themselves in need of such bad credit repair, is that they are emotionally attached to the situation and find it difficult to overcome this attachment to see clearly. Some do, but the majority do not.

Some companies offering credit repair services will promise to remove any negative marks from your credit file. The reality is that if the information contained within your credit report is incorrect, incomplete, or blemished in another way, you have the right under current law to dispute the information with the credit reporting bureaus. The bureau then has a set amount of time to remedy the errors or remove the listing until the facts can be established. This is simply a matter of obtaining a copy of, reading, and understanding your credit report, and does not need the input of any professional. (more…)

The debt to income ratio is one of those financial calculations that surface when you are trying to qualify for a mortgage, but they are hardly ever thought of before, or for that matter, after the mortgage issue is settled. A lot of people wonder, how is it possible to lower the debt to income ratio?

What exactly is the debt to income ratio?

The debt to income ratio gives a snapshot of your ability to repay your loans. Thus, it is simply a measure of your attractiveness to financial institutions. Banks prefer debt to income levels that are less than 35% because this means that currently 35% of your gross income is used to repay debt obligations. This is considered an acceptable level and generally indicates that you should be able to handle additional credit and still manage to stay on top of your other living expenses. (more…)

The Statute of Limitations sets the amount of time a creditor can demand payment for debts you have incurred. This “best before date” keeps the collectors and the original creditor from collecting indefinitely. Make sure, before paying off an old debt, that the statute of limitations hasn’t expired. Once it has reached the expiration date you may not legally have to pay. The collection debt statute of limitations should have an impact on how one would determine the best resolution of an old debt.

*How Long is the Statute of Limitations?

The Statute of Limitations begins on the account’s last date of activity. The time may be generous and it varies between three and eight years, depending on the state. California for example, has a Statute of Limitation of two years on oral contracts, and four years for credit card accounts. Wyoming, on the other hand, has an eight year Statute for oral and credit card accounts. (more…)

Got a Low FICO Score That Needs Improving?

The number one question that most people with bad credit usually ask would have to be is credit repair possible and can it work for me? The answer to that question is yes credit repair works and it can work for almost anyone, however everyone’s results will be different.

How Should I Fix My Credit Scores

The process of fixing your credit scores can be accomplished one of two ways. You can either pay a company to do it for you or you can perform do it yourself credit repair. both methods have positives and negatives associated with them as i will explain below. (more…)

Do you have a MedClr account posted on your credit report?

There’s a simple way to remove MEdclr from your credit report for good. It’ll take you about 10 minutes and can increase your credit score 10, 30, even 50 points.

In this article you’ll discover how this will easily dispute and remove MedClr from your credit report. They’re located at Warren Dedrick, Medclr, Inc. is located at 333 Glen St Ste 200 Glens Falls, NY 12801 in case you want to get in touch with them.

So the first step to disputing Medclr off your credit report is to first…

Step 1: Pull Your Credit Report

You’ll need your credit report to see exactly where Medclr is being reported at. It may come from Experian, Transunion, Equifax, or all three. You can get your credit report and credit score from either of those 3 sites or if you want to get it for free, you can goto AnnualCreditReport.com, but… they only give you the report, not the score. (more…)

Are you credit worthy? If you are, the next question would be, how credit worthy are you? Some companies might not be using the exact wording but at least before they lend you the money, their thoughts revolve on this particular idea.

Just how important is it to be credit worthy? If credit worthiness is defined as a debtor’s willingness to repay a debt, then apparently, it must be of utmost consideration to every debtor. Money lenders are in business because they want to make money, not to lose some. And no lender will take chances in giving loans to a person who does not seem to be credit worthy at all.

But how do these lenders or lending institutions weigh the credit worthiness of a person?

Your credit report will most likely contain the vital information needed by lending institutions to assess whether you are credit worthy or not. Truth be told, not everyone uses the same standards for assessment but at least there are common denominators in the assessment game. You can be assured that payment overdues, whether 30 days or 60 days or even longer, will leave a negative mark on your credit report and will almost certainly taint your record. Because if you are all the more willing to pay back the person or the institution which lent you money, then you should have given much thought about paying it on time. (more…)