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The Inside Truth About Credit Repair

March 17th, 2008

Have you ever wondered what companies send you when they claim you can erase bad credit overnight?

How about those ads that say you can get any major credit card without a deposit or a credit check? Ads abound almost everywhere these days (online and off) selling books, systems and secrets to help you fix your credit. Many of these programs have claims which read like the covers of supermarket tabloids:

“In 3hrs my credit score jumped from 580 to 676!”…

“Erase bad credit and smash your debts with just 2 Magic Letters!”.

Are these types of claims ALWAYS too good to be true? The answer is “Yes and… no”.

While many people would love for you to believe the only thing that can fix bad credit is time; in reality… nothing could be further from the truth. The fact is, time is only one factor which can fix a credit report, but it’s a far cry from being the only factor. How can I back this up? Easy.

Under a consumer protection law known as the Fair Credit Reporting Act (a.k.a. the FCRA) the only negative information which can remain on your credit report is not what is accurate… but what can be proved as accurate under the FCRA. What’s this mean to you? It means any negative item on your credit report can only remain there if it is accurate and CAN BE PROVED AS SUCH under the guidelines of the FCRA. This undisputable fact presents consumers with both good news and bad news. The good news is that through the FCRA your credit score can most likely be improved dramatically in a very short period of time with only a modest amount of effort on your part.

The bad news is that while the actual “work” will take very little of your time, it is vital that you have good information on “how” to go about it. This is the bad news; 9 out of 10 courses on restoring your credit will do nothing more than lead you into snake pits because they will provide you with what the industry refers to as “Boiler Plate” dispute letters. These are nothing more than form letters and… quite frankly (more bad news) the Credit Bureaus and Creditors will laugh at you if you try to use them.

While I agree with the Federal Trade Commission (FTC) that “Anything a Credit Repair Clinic can do for you legally, you can do for yourself at little or not cost”… the key element you need for success with credit repair is the latest inside techniques and procedures to get the results you want. This involves strategies such as “Proof of Contract”, “Constructive Notice”, “Challenge of Procedure” or “Restrictive Endorsement” and many others. All these terms may “sound” impressive but they are really quite simple. In the end, it is nothing more than a method of communication which exercises your consumer protection rights, gets the results you want and raises your credit score. Even more impressive, once you learn how simple it can be by doing it for yourself, you will find there is a fortune to be made doing it for others! It all starts by requesting a free copy of your credit report here: FreeCreditReport.com

- Article by Terry Price - author of The “CREDIT SECRETS BIBLE”
(C) Copyright Terry Price
All Rights Reserved - Reprinted with permission

For more information on visit the CREDIT SECRETS BIBLE website.

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How Identity Theft Can Destroy a Life

February 28th, 2008

LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!! Click here to get a 10% discount.

If you have been a victim of identity theft, then you can understand how this crime can seriously ruin your life. If you haven’t, then you either have no idea, or only have a faint clue to what it feels like.

The consequences of identity theft are very real and are very distressing. It doesn’t matter for what purposes your identity has been stolen, serious damage can be caused. If somebody has found your details, they can use them for a number of things. For example, next time you throw away an old bank statement or credit card receipt, just think of what could happen if somebody were to find those scraps of paper. Not only will they contain your name and address, but they also contain details of your bank, and credit card details. It doesn’t take a genius to work out that these sorts of information can be used for.

If your letter box isn’t secured, as many aren’t, then it only takes someone to walk by and grab your mail. Imagine if there was a check book in there, or a new credit card? All they have to do is wait a couple more days to get the Pin for it, which is sent separately. Think of the havoc that can be caused and the consequences of identity theft in situations like this. Once they have your credit card, they can put their own signature on the back. With the Pin number, they can go ahead and buy all kinds of things, without you even realizing, and many people don’t for a while. With bank details, it isn’t difficult for people to try and get loans or mortgages in your name. Think of the devastation that can be caused by this? Imagine if they were successful in their applications? You would have a loan for any amount in your name which they wouldn’t have to pay back. It would be you and your credit rating that would be ruined. That sort of action would have a devastating effect on your credit rating. You can say goodbye to any mortgages you may want to try and get, and you can forget about a loan if anything bad should happen and you need the money!

To think of it another way, imagine what could happen if somebody had a fake I.D card with your name and address on it. What if they were caught in some sort of criminal activity? They would be able to give your details if they get caught and the warrant would be out with your name on it! It would be on your record, this criminal activity, and therefore you can expect problems getting any future employment. You could even end up in prison!

Whichever way you look at it, and for whatever reasons behind somebody stealing your information, the consequences of identity theft are dire! Not only does this crime have monetary losses involved, it can have personal consequences. All you need to do is to have a look on the internet for consequences of identity theft, and you will find thousands of stories of people’s lives that have been ruined by these actions.

If you believe you have been a victim of identity theft, do not wait to find out what the consequences will be. Contact the authorities before it is too late and some real damage is caused!

About the Author:
Author and internet entrepreneur Bernard Pragides offers expert advice and tips regarding identity theft. Learn more about identity theft and fraud by visiting his blog at http://www.LifeLockblog.com

LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!! Click here to get a 10% discount.

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Tips for Dealing With Debt Collectors

January 29th, 2008

Dealing with debt collector can be one ofthe most stressful and annoying things to deal with in life. The thought of debt collectors sending you threatening letters and phoning you day and night is not only intimidating, it can can make you feel sick with fear and worry. Thankfully you can protect yourself from debt collectors and there are laws in place so that you don’t feel intimidated.

The Fair Debt Collection Practices says that debt collectors can’t phone before 8am or after 9pm, they can’t take your wages or harass you with phone calls at all hours of the day and night.

Due to these practices you have a number of options. Tobegin with, you don’t actually have to take any debt collection calls. You can choose to use your answering machine to screen calls before you answer the phone. There are even call blocking services for filtering them out completely. Using a cellphone as your primary contact is also advisable because in many states, debt collectors are not allowed to call numbers that are in the tier-C or cellphone assigned numbers.

If you do decide to pick up the phone, the best thing to do is simply and politely ask them not to call again. If they give you an argument, politely tell them that they are violating state and federal laws regarding harassment as proposed by the FairDebt Collection Practices act and that can be held accountable for their actions. Legally they have to conform to your wishes, and you don’t have to send a “cease and desist” letter, a verbal acknowledgement is suffucuent. Legal action costs a lot of money so should be avoided if you can. There are other ways you can deal with this as well.

At the end of the day, if you took out a debt then you should make arrangements to pay them. This may sound difficult if you are struggling with money however it’s possible to negotiate a lower rate. By keeping up with your payments, the debt collector phone calls will end. While it may not seem like it, debt collectors are people too and are just doing their job, once an agreement has been set up and you stick to it, they will simply leave you alone and target other debtors.

Another important tactic is to start a diary and take notes of calls made and received along with the content of the conversation. If you decide to record the calls, make sure to tell the advisor what you are doing. When debt collectors know the call is being recorded, more often than not they’ll be on their best behaviour. Keeping an accurate A diary or recording can become very important if you have negotiated a better deal on the debt or if you have to approach the situation from a legal standpoint.

It may not be apparent to you but most debt collection agencies can reduce the amount you owe because they receive a percentage of the collected amount. They may think it’s worthwhile to have 50% of something than %100 of nothing. When you make an agreement about payment, you should ensure that the collection agency doesn’t add more black marks against your credit report. You should also be firm about them reporting quickly about payments you make and adjust the total amount due.

Make sure that all agreements are down in writing before sending large amounts of money. You should first send a small amount to show that you are committed to paying the debt however if you send too much they may not bother binding to your agreement.

The most important thing is to stay calm and patient throughout your conversations because you don’t want to get on the wrong side of them and make matters worse, nor do you want to stoop to their level. Always keep in yourmind that you are better than them and that the money that was loaned to you, the debt they are trying to collect is bearing interest and that thedebt collectors will get a piece of your money if you reach a settlement with them. As the old saying goes, “You can’t get blood from a stone”, this holds very true with debt collectors and if you make it very clear to them that harassing you will nto accomplish their intended results, they will also relinquish the time wasted trying to deal with you.

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Should You Pay Off a Mortgage Early?

January 22nd, 2008

While some homeowners perceive carrying a mortgage on their home as a financial burden and work to pay their mortage off as early as possible, there are positive aspects of carrying a mortgage that can be beneficial in the long run. Just mentioning the word mortgage to some people and they may be apprehensive because they know that mortgages are tedious, carry enormous amounts of interest and require a stable financial base for a long period of time. On the filp side, there is the quesion, “Is paying off your mortgage the most financially beneficial approach?” Some people think that it might be, while others disagree. Here are a few reasons why continuing to carry a mortgage may not be so bad after all.

Several positive aspects of carrying a mortgage

• Building equity - Some people think that they will build equity by paying off their mortgage quickly. But actually you are building up equity whenever your home appreciates in value. So, paying off your mortgage is not as effective in the home value process as you might think.
• Low payments = more in your savings
• If you want to pay off your mortgage quickly, then you will have very large payments. This does not allow you to save very much of your money. If you want to save some money, then a long mortgage is not all that bad. You will have lower payments; therefore you can put some money in a savings account.
• Your home’s value is not affected

The majority of homeowners purchase a house with the idea that it will rise in value over time. One thing that will not help or hurt is your mortgage. You will not see a decline in your house’s value if you have a mortgage. So do not fear your mortgage, because your home is going to rise and fall in value regardless of the way you have financed it.

Don’t Fear the Mortgage!
A mortgage is not something that you need to fear. So do not panic and count off the days until the mortgage is gone. It is an annoying payment that must be made, but it is not much more than that. You can work with your mortgage in order to save some money, and put some money away for a rainy day. So is paying your mortgage off overrated? Well, you still want to pay it off! But it is probably not as urgent as you originally thought it was.

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LifeLock Identity Theft Protection - Free 30 Day Trial

January 18th, 2008

We’d previously written about how consumers can “Protect Your Identity With LifeLock” using the revolutionary service which protects your credit accounts from identity theft and offers a $1 million guarantee on their services. If you have been deliberating using LifeLock’s services, perhaps you might be interested in a LifeLock Promotion Code which offers a free trial period and a significant discount on their services. With the LifeLock Promo Code you can receive 30 days free trial of their identity protection services and a 17.5% annual discount on your subscription.

LifeLock Provides You With This:

• LifeLock provides you with assistance when you apply for credit
• Locking down your credit so only you can use it
• Pre-approved credit card offers will no longer be mailed to your residence
• Junk mail will be reduced
• LifeLock’s $1 million guarantee that is backed by Lloyd’s

LifeLock works by contacting the major credit reporting bureaus to set fraud alerts on your behalf. They continue monitoring your credit rating in all of those credit reporting bureaus and if there is any suspicious activity such as new accounts being opened in your name, unusual activity or anything suspicious, LifeLock will contact you right away with what needs to be done to make sure your credit rating and good name are not damaged. If you are a victim of identity theft while Lifelock is monitoring, they will do whatever it takes to help you recover your good name and will spend up to $1,000,000 on your behalf for investigators, accountants, case managers, whateverit takes.

To learn more about this special offer, visit Lifelock.com Promotion Code and begin your free trial today.

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