The TRUTH About Credit Repair...

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 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!

Either way, it all starts by requesting a free copy of your credit report here:

http://www.annualcreditreport.com/

In the next segment we'll talk about:

"Is Your Credit Score Costing You A Fortune?"

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The "CREDIT SECRETS BIBLE" has been in print since 1994 and is published by
Consumer Publishing Group.
For more information on the "CREDIT SECRETS BIBLE" you may visit:
http://urlfreeze.com/JCV/CreditSecretsBible/
=======================================
John V
http://urlfreeze.com/JCV/CreditMastery/

John C. Vincent/CEO/The Opt.In Magic System
http://The-Way-To-Weight-Loss-blog.blogspot.com
http://The-Hair-Loss-Site.blogspot.com
http://The-Dating-Game-Blog.blogspot.com

Using The Snowball Effect To Eliminate Your Debt

Personal debt levels are at record highs thanks to years of cheap and easy access to credit. For some people, debts can get out of control and become a real problem, threatening their financial futures and even leading to bankruptcy. For most people, however, debts are a burden which cause stress and worry without seriously risking insolvency or foreclosure.

If you're one of these people, you've probably already tried various schemes to try and reduce your debts, from consolidation to improved budgeting, but you might not have heard about a simple yet powerful technique for eliminating your debt: the debt snowball. This debt repayment strategy is only suitable for people who can meet their minimum repayments plus a little extra, so if you're struggling to make ends meet you're probably better off pursuing a more aggressive strategy such as consolidation or debt management. So how does the snowball work?
The first step is to sort out your debts in order of size, starting with the smallest and ending with the largest. Work out a budget that will let you make the minimum repayment on all of them. Although it's generally good advice to make more than the minimum repayment on debts, this isn't necessary with the snowball method: you need to concentrate all your efforts on a single debt while just treading water with the others.

Once you've worked out your budget, you need to somehow find a way to pay a fixed extra amount off your smallest debt every month. It doesn't have to be a large amount, just enough to set the snowball in motion. Keep repaying this slightly higher amount until the smallest debt is completely cleared - how long this takes will obviously depend on the size of the debt and how much extra you've allocated to its repayment.

Once the smallest debt is paid off, the power of the snowball effect will become clear. You now need to allocate the entire monthly payment you've been making on the cleared debt, and direct it towards the next smallest - adding it on top of the minimum repayment you've already been making. Repeat this process, moving up the chain of your debts, until even the largest debt has been cleared.

So what makes this method so effective? As well as the obvious effect of increasing your repayment amounts on each debt in turn over time without actually using more money, you also get the powerful psychological boosts associated with clearing a debt. This helps to keep you focussed on the task in hand, in contrast to the sense of helplessness that indebtedness can so easily bring.

The key thing to remember is that at no time should your resolve to clear your debts slip, and you should never be tempted to siphon off some of the snowball amount you've built up over time - it's only by building up the repayment amount on each debt in turn that you overcome the effects of interest charges, leading to a debt free future faster than otherwise possible.

About the author: Martin writes for http://www.debtsorter.co.uk/

where you can read more about debt elimination and the snowball effect at http://www.debtsorter.co.uk/debt-snowball.html


John V
http://urlfreeze.com/JCV/CreditMastery/

John C. Vincent/CEO/The Opt.In Magic System
http://The-Way-To-Weight-Loss-blog.blogspot.com
http://The-Hair-Loss-Site.blogspot.com
http://The-Dating-Game-Blog.blogspot.com

Five Things Every Woman Should Know BEFORE Signing Any Credit Application!

Have you ever wondered if banks have a tendency to approve
credit cards and loans for one sex more than the other? If
you are married (or plan to be) I will share with you five
vital keys every married person should know before signing
any credit application.

VITAL KEY #1: According to the Federal Equal Credit
Opportunity Act (FECOA) creditors cannot deny consumers
access to credit because of their sex. However, on average
(in surveys) it's reported that women earn less money than
men. Regardless of what the FECOA states, the relationship
of credit to income is very strong.

In our society if you make less money you will get less
credit, period. The sad fact is that women on their own
have less access to credit. It's for this reason (I
believe) it is imperative that women learn and acquire more
knowledge about credit than men. Knowledge is power; and in
the world of credit that knowledge will often times prove
to be priceless, especially for women.

VITAL KEY #2: If you are a married woman with JOINT credit
(meaning all your credit accounts are jointly held with
your husband) you have NO CREDIT yourself. Many women in
America find this out the hard way every year when they get
divorced and lose all their credit privileges since all
their accounts were jointly held with their spouse. If you
are a woman in this position you can greatly benefit by
beginning to build your own credit in your own name
starting today! The benefits are two fold.

1.) If your spouse has financial difficulties (for any
reason) and is forced to file bankruptcy or their credit
becomes derogatory, you and your spouse will have your
credit in reserve to survive on.

2.) If you ever get divorced down the road (over 50% do
and 76% in the state of California) you will NOT end up in
financial hardship due to no credit and/or derogatory
credit. Instead, you will have your credit to transition
to and (believe me) this can be the difference between
sailing off in the sunset or drowning in a storm.

VITAL KEY #3: If you are currently married (with some
credit or no credit) to a spouse who has excellent credit,
you can leverage their credit to build credit in your own
name much faster than if you had to build it by yourself.
Later, once you have established enough accounts on your
own, you may choose to cancel accounts that were held
jointly with your spouse.

VITAL KEY #4: If you are a single woman with excellent
credit and are getting married you may want to think twice
about adding your new lover to all your credit accounts.
If he messes up or you end up in divorce down the road your
credit will end up taking the beating (regardless of how
many years you diligently spent building it up). For this
reason, I strongly suggest married couples keep their
credit separate. Why?

In most cases spouses have far more to lose than to gain.
Naturally, some credit will have to be joint no matter what
you do. If you purchase a home (which may require both
incomes to qualify) this will appear as a joint account on
the credit report. However, the potential abuse with a
home mortgage is almost non existent as opposed to Credit
Cards.

VITAL KEY #5: Spouses have more to gain by each building
strong individual credit reports rather than joining all
accounts and building one joint report. For obvious
reasons, banks and credit card companies love the "credit
ignorance" of spouses who join all their credit accounts
upon marriage.

Here's why: If you take 500,000 couples with credit before
they got married, those 500,000 couples actually represent
one million credit accounts and liabilities for the banks
and lenders. When those couples got married, those one
million credit liabilities were instantly were cut in half
from one million to only 500,000. For banks this is a very
advantageous situation. For the couples getting married
(if they have financial trouble) the deal is a little raw.
If they have trouble, although they are two people, they
are represented by only one credit report. The bank now
has the right to go after two different people for one
account (regardless of who was financially negligent).

For moment, let's play out the same scenario with a couple
which is financially savvy (note: they're both on the same
"team" but financially savvy). In this scenario, the
couple gets married, but instead of joining account each
builds their individual credit reports. Now this couple
(team) has not one credit report representing them but two.
Metaphorically, if the perfect storm (financially) is to
rise, this is the difference between the couple being in
the ocean with two ships instead of one. If the one ship
starts to sink, the couple can always "jump ship" to the
second.

While some may criticize this thinking it is no different
than buying any kind of insurance. You buy insurance not
because you plan on a problem. You buy insurance because
you are thinking ahead. This type of thinking is no
different. However, if you want to be ahead of the pack
that you need to think ahead of the pack.

I cannot tell you how many times I have talked to loving
married couples in financial trouble who only WISHED they
would have known about these five vital keys before they
got into financial trouble. Take them, study them, apply
them to your life. As I heard one woman put it "In
business and in life I've learned to expect the best but
plan for the worst". I thought her words were brilliant.
However, I have found that when I expect the best... many
times I tend to get it! Take these five vital keys. Study
them. Apply them. Then pass them on to someone else who
can benefit from them.

About the Author:
The "CREDIT SECRETS BIBLE" has been in print since 1994 and
is published by Consumer Publishing Group. For more
information on the "CREDIT SECRETS BIBLE" you may visit:
http://www.squidoo.com/credit-secrets-bible/

John V
http://urlfreeze.com/JCV/CreditMastery/

John C. Vincent/CEO/The Opt.In Magic System
http://The-Way-To-Weight-Loss-blog.blogspot.com
http://The-Hair-Loss-Site.blogspot.com
http://The-Dating-Game-Blog.blogspot.com

Credit Card Debt as a silent financial killer

So what is Credit Card Debt really all about? My Report includes some fascinating information about Credit Card Debt -- info you can use, not just the old stuff they used to tell you.

If you find yourself confused by what you've read to this point, don't despair. Everything should be crystal clear by the time you finish.

Technology spoils people’s whims. It tends to cater to every human’s caprices. It feeds on the people’s undying thirst for easy, instant, and convenient. More often than not, it also causes them a lot of trouble—financial trouble through credit card debt—that is.

Credit Card convenience vs. Credit Card debt
We often see people pull out “plastic” to pay for everything they need. Why not? When all it takes is a quick swipe of the card through a little electronic box and a signature then, everything’s okay. You go home happy, content, and almost worry-free. On the other hand, not every one of these people realize that the convenience of using credit cards can lead to a false feeling of financial security. And this realization will strike them as soon as the bills arrive.

In fact, studies show that credit card debt and personal bankruptcies have increases bank profits to the highest level in the last five years. It only shows that more and more credit card holders were unable to manage their finances that lead to credit card debt. If you are a cardholder and having some credit card debt troubles at this early stage, it’ now time to think over the possible outcomes of this minor glitch so that a more serious problem with credit card debt would cease to arise. Credit card gives people the feeling of invincibility.

And it also gives them tons of uncertainty about their financial management capability when they encounter problems with their credit card debt. Although it is true that that credit cards solve financial matters especially when it comes to safety and convenience, credit cards also creates hassle especially when the person using it doesn’t know what you he or she’s getting into.

Indeed, paying off credit card debt may take a long time especially if the person has high interest rates. But, it doesn’t mean that you can do nothing about efficient management of credit card debt. When you find yourself overwhelmed with credit card debt, don’t fall into a pit of depression. You can get through it with discipline and a change in spending patterns. Start eliminating problems with credit card debt by getting tips and techniques on how to pay off your balances easier, how to consolidate of frequently encountered problems, look for free debt consultation agencies that can help you, and try—inch by inch—to rediscover ways on how you can regain your financial freedom by reducing you credit card debt.

The power to eliminate credit card debt
People who are having problems managing their credit card debt or those who are near in bankruptcy often don’t realize that the power to eliminate their credit card debt troubles totally is in their hands. Today, more and more Americans need credit card debt help badly. The main problem is that these families are having difficult times paying high interest for credit card debt.

And instead of lifting the burden of credit card debt, more people are paying much in interest every month than that of the actual expenditure.

There are actually more lawful and moral ways to zero-out thousands of dollars in credit card debts. And if you only take the time to research and know your rights and how bankruptcy laws have changed, you will discover that there are valuable facts to eliminate credit card debt.

Actually, the possibility of reducing or eliminating the high interest credit card debt is now more possible when a person takes action to get his or her finances back on track.

Apart from knowing your weapon in terminating credit card debt, it is very important that you develop a sense of control and perseverance first. Since credit card debt elimination process requires organization, clarity, and commitment to your own growth, it is a must that you are ready for the responsibility and to stand free and independent.

For those people who consider having a credit card indispensable but afraid of getting one because of the possibility of credit card debt nightmare, you must remember that credit card can be a powerful tool in managing your finances but there will always be glitches when not used properly. Of course, there are countless reasons why you should and shouldn’t get one depending on your needs. Whether you decide to get one or not, managing finances it still takes a sense of good budgeting, willingness to change spending habits, and the humility to avail low interest consolidation loans when you are already burdened by too much credit card debt.

Don't limit yourself by refusing to learn the details about Credit Card Debt . The more you know, the easier it will be to focus on what's important.

John V
http://urlfreeze.com/JCV/CreditMastery/

John C. Vincent/CEO/The Opt.In Magic System
http://The-Way-To-Weight-Loss-blog.blogspot.com
http://The-Hair-Loss-Site.blogspot.com
http://The-Dating-Game-Blog.blogspot.com

Warning Signs Of Credit Problems

Are you consistently charged late fees on all your bills? Is it hard to decide which bills to pay each month? Do you spend more than 20% of your net monthly income to pay for your credit cards? Have you ever borrowed money to make payments on existing loans? Are your credit cards maxed out most of the time? Do you have so many credit cards that you can only pay the monthly minimum? Have you ever put off something important, like going to the doctor, because you didn't have enough money?

If you answered yes to any of these questions, you're not
alone. You probably have friends or family members who've been
in some of these situations before. You might even know people
who've struggled to stay afloat financially their whole lives.

It's easy to fall into the trap of financial instability. But,
while it may seem difficult at first, it's not impossible to
get yourself out of the trap. If you can recognize the warning
signs of credit problems, you can do something about it.

Credit experts at ACCION recommend that you call your lenders
and creditors when you recognize the warning. Let them know
you're having financial difficulties. Work with your creditors
to get on a payment plan. However, don't make promises with
creditors that you can't keep. If you really can't afford to
make a payment until next month, tell the truth. Don't be
discouraged. It might take longer than you predicted for your
financial crisis to go away. Be persistent with your creditors.

Establishing a good relationship will get you farther than
running away from your obligations. This is very important -
your future financial stability is at stake. Pay yourself
first. As you start to pull yourself out of the financial
crisis, remember to set aside money for savings. This will give
you a cushion for financial crises in the future.

Go ahead, take action and breathe again knowing that you are on
the road to financial health!

About The Author: Your Money & You Staff have written a series
of finance related articles. For additional information on
related topics, visit http://yourmoney.accion.org

John V
http://urlfreeze.com/JCV/CreditMastery/

John C. Vincent/CEO/The Opt.In Magic System
http://Filing4Bankruptcy.blogspot.com
http://The-Way-To-Weight-Loss-blog.blogspot.com
http://The-Hair-Loss-Site.blogspot.com

How To Use A Credit Card To Help Repair Your Credit

Getting into a state of bad credit is never fun. It does not,
however, mean that your fun is entirely over. There may be some
rather simple things that you can do about it. One of these is
to get another credit card. Not just any credit card, but one
that will help you to repair your credit. Here are some things
you need to know about it.

Depending on just how bad your credit is, there may be more
than one thing you can do. Be sure to look over your credit
report and find out if there is any misreported information
there. Things that have been entered by mistake, for instance,
or things that occurred a long time ago but have since been
properly taken care of. Many times, a creditor will be willing
to make some changes for you if you will talk to them.

One type of credit card that will help repair your credit is
one for people with bad credit - if you are already there. This
kind of card can be obtained from many credit card companies and
usually comes without any kind of frills whatsoever. Although it
may offer low interest, it usually makes up for this with plenty
of fees and very low credit limits. The fees may be worth it
because, with timely payments from you, your account will be
evaluated every now and then, and your credit limit can be
raised - along with better offers. Make sure, though, that the
company regularly reports to the major credit bureaus.

Other credit cards for people with bad credit have much less
fees and a greater deal of flexibility. Look carefully and you
may be able to find a credit card that will fit your lifestyle
a little better and give you better rates. The interest rate on
this type of card can be above 19%, and it can also include
yearly fees, too.

Another type of credit card that you can get if your credit
rating is better, is a balance transfer credit card. This will
allow you to reduce your credit card debt (if you have any) by
giving you the possibility of paying down your debt without any
interest. Check on the time period of this, though, and get as
long of a period as possible - try to get a year or longer. The
better cards will have no fees attached for this privilege.

No matter what kind of credit card you get, though, it could
lead to further trouble with bad credit if you do not handle
your credit card right. This means you need to make your
payments each month on time and seek to keep your balance down
to zero - if possible. Make sure your credit card agency does
report regularly to the credit bureaus and before long, you
will find that your credit rating has improved. You will want
to destroy other credit cards when they get paid off, if you
are the kind that will probably start charging again.

About The Author: Joe Kenny writes for the UK personal finance
sites http://www.creditcardstore.co.uk and also
http://www.cardguide.co.uk

John V

JohnC.Vincent/CEO/The Opt-In Magic System
http://LawOfAttractionSite.blogspot.com
http://Filing4Bankruptcy.blogspot.com
http://ForexWealthMaker.blogspot.com

How To Use A Collection Agent To Repair Your Credit

Your credit rating is determined by your credit report. If you
obtain a loan from a bank, credit card company, or other loan
establishment, your ability to make your payments on time is
reported to a credit reporting agency. Credit reporting
agencies then compile this financial information into a
personalized credit report, the key to a positive – or negative
– credit rating. Any negative notations within your credit
history will haunt you for up to seven years, and could prevent
you from getting another loan.

If you begin to fall behind with your payments to a creditor,
the creditor will attempt to receive payment in a variety of
ways. After a long series of “warnings,” your debt will
eventually be sold to a collection company. The creditor
basically "writes off” the loan, and allows the collection
company to buy it at a drastic discount. The creditor has
pretty much decided that they won’t recover the loan from you
and will sell the debt for sometimes half of its original value
just to end up with something. The creditor then informs the
credit reporting agency, and you are stuck with a black mark on
your credit report which stay there for the next seven years.

One extremely important step to credit repair involves taking
steps to ensure that the creditor doesn’t "write off" of your
debt. As soon as a collection agent contacts you, it is time to
act. Don’t contact the collection agency – contact your creditor
and try to make arrangements with them. Many times, if you can
offer to repay the amount immediately, they can delete the
“collection” flag from your credit history. This is the
quickest method of credit repair.

If you can’t pay the debt all at once, or for some reason your
creditor won’t accept immediate payment in full, you'll have to
deal directly with the collection agency. At this point,
remember that that black mark on your credit score can't get
any blacker since the debt is in collections already, so be
sure to consider your options before acting. Collection agents
are usually aggressive and demanding, implying that will end up
in court if payment is not immediately received, and it can be
tempting to do whatever they say to get them off your back.

But remember this: that collection company probably bought that
debt at about half of the original value, so if you pay a higher
amount than that, you are providing them with a profit. Offer to
pay less than the full immediately. Many times, the collection
agent will accept and want to wrap the situation up as quickly
as possible so they can move on the next debt.

You want to achieve successful credit repair quickly, so try to
pay your creditor directly and have your “collections” negative
mark removed. If your creditor refuses and you must work with
the collection agency, try offering them less than the full
debt amount. Usually anything above half constitutes profit to
a collection agent, so make a full payment your last resort.

About The Author: For more free credit repair information like
this article, please visit:
http://www.Free-Credit-Repair-Advice.com

John V

John C. Vincent/CEO/The Opt-In Magic System
http://Filing4Bankruptcy.blogspot.com
http://LawOfAttractionSite.blogspot.com