Dispute Negative Information
You must write a dispute letter. In this letter you have to identify the listing you want removed and give a reason why the listing is inaccurate. Reasons often include; account paid in full, item is out of date, information is wrong and etcetera. You will need to send this letter to every credit bureau.
If the vendor does not respond to the credit bureau, the item will be removed by default. Don’t count on this as the easy way to remove negative items. Nothing will replace your deligence in prompt payment of accounts, watching credit accounts and not over-extending yourself with needless debt.
Remember, You didn’t get in a bind with debt overnight. You won’t get out of it overnight either. Stay deligent and focused. WIth time and persistance you can turn your credit around!
Categories: credit repair Tags:
Secured and Damaged Credit
Most people end up with a damaged credit when they experience a financial difficulty. Having a damaged credit can make it hard for you to obtain a new one. Those credit mistakes you made in the past can be nearly impossible to live with, especially when your new creditors and lenders are reluctant to provide you with a second chance. And so, in order to reestablish your credit, but cannot obtain a credit card, you only need to get a secured credit card.
The Secured Credit Card
The secured credit card is not that different from the regular credit card. It operates just like the usual credit card but it requires you, the cardholder, to make a deposit against the credit limit of the account. The deposit is utilized by the creditor as a security in case you default on your payments.
Usually, secured credit cards have a credit limit of 50% to 100% of the deposit you make. For instance, if you make a $1000 deposit for the secured credit card, the credit limit will be between $500 and $1000.
More so, these kinds of credit cards normally have fees that regular credit cards do not have. These fees will include processing fees, application fees, and annual fees. However, always be on the lookout for those cards with high fees since they can significantly decrease your deposit and eventually your credit limit.
Taking Advantage of the Secured Credit
Damaged credit is the effect of having poor payment habits, most of the time. If you cannot obtain credit through traditional methods, secured credit can greatly help you demonstrate improved habits in your payments. Since you cannot prove a renewed capability to make payments on time until obtaining a new credit card, having a secured credit card is a big help.
However, before applying for one, you must guarantee that the creditor reports to all the three major bureaus for credit. Otherwise, the card would not be beneficial in the issue of reestablishing your credit for the reason that future creditors would not have a process of looking at the history of your payment. Additionally, it would not be incorporated in your credit score or in your credit report.
If your application gets approved, always keep in mind that your sole purpose for the card is to rebuild your damaged credit and eventually create a positive credit history. It is important not to use the card to incur debt and instead, use the card to buy small things that you can actually pay full in a month. Moreover, it is important not to charge any item that you cannot afford to pay on the card.
Managing your secured credit card and developing good habits in payment can help you move into an unsecured credit card. There are several credit card companies that allow a consumer to convert to an unsecured credit card after the course of one to two years of timely payments. Even though you cannot change your secured credit card, you can still submit an application for an unsecured one with another company.
Remember not to repeatedly apply for credit cards after you have been denied of an application; this would only make you look desperate. What you can do instead is to continue to make your payments on time on your secured credit card and apply again after the span of six months.
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Helpful Information
Given todays tough economic climate and the tightening of credit. You should be aware of all resources that are helpful. Please review the following information in this post and share it with someone who may need help!
First-Time Home Buyer Extravaganza: Learn about government programs and get free money as well as available mortgage options and more, 6:30 p.m. Nov. 11 and 10 a.m. Nov. 15 at 1200 S. Sheldon in Plymouth. Sponsored by Success Mortgage Partners. Free. 888-776-3703.
Avoid foreclosure: Learn about selling your home even if you owe more than the market value, 7-8 p.m. Tuesdays at RE/Max Suburban, 43599 Schoenherr Road, Ste. 100, Sterling Heights. Free. Call 586-262-5163.
Short-sale seminar: Learn about short-selling your home, 6-7 p.m. Thursdays at Remerica Hometown One, 50429 Independence, Canton. Free. Call 734-395-8346.
Reverse-mortgage seminar: For homeowners 62 and older who want to tap into their home’s equity, 6 p.m. Tuesdays and Thursdays at 30800 Telegraph, Ste. 1801, Bingham Farms. Free. Call Jeff Catulla, 586-214-4339.
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Identity Theft and the Dead
As terrible as it sounds you are even a more likely victim for this type of theft. As sad as it sounds there are predators out there who find the dead an irresistible target. Why? Because the dead can’t fight back!
While you’re dealing with loss, grief and burial costs now you have to deal with identity theft. The matter can be cleared up by producing a death certificate. The problem is it could be weeks or months before the problem comes to light. Often times it could be years before you realize that your loved ones identity was stolen.
scam artists like to target the dead because it can take much longer for fraudulent activity to be detected than if the victim were alive and kicking. They then proceed to run up charges on existing accounts, open new accounts, and even drain funds from the decedent’s deposit accounts. So how can you protect yourself? You can’t — you’ll be dead before it ever happens! But you can reduce the chances that your dear departed loved ones will be targeted.
First off, keep the obituary short and sweet. The less info you give, the less a crook has to go on. Second, request a copy of the decedent’s credit report and check it for nefarious activity. Then have their report flagged with a “deceased” alert — and be sure to contact each agency individually, as they apparently don’t share death information amongst agencies. Who else should you notify? Start with the Social Security Administration, credit card companies, banks, stockbrokers, loan/lien holders, mortgage companies, etc. Note that while the federal government keeps a ‘Death Master File’ that gets transmitted to financial institutions, it can take awhile for information to trickle down to the appropriate entities, and not everyone makes it onto the list.
The most important thing is to be aware and go on the offense to head off this type of unscrupulous behavior. Correcting identity theft can make months or even years. Checking your credit report on a regular basis is probably the most proactive thing you can do to safeguard against this type of theft. Don’t leave yourself or your departed loved on vulnerable to this type of abuse.
Categories: consumer info Tags: fraudulent activity, identity theft, irresistible target, unscrupulous behavior