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Holidays and Credit Repair

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’Tis the season, for: Christmas trees. Office Christmas parties. Christmas gatherings with friends and family. But ho! ho! ho! The holidays wouldn’t be complete without your maxing out your credit cards, would they? It’s true; like drinking too much eggnog, our natural inclination to overspend during in December will force many of us to focus on credit repair in an Unhappy New Year …

Yes, Virginia, your credit score determines if a lender will extend you credit and at what interest rate, aka Who’s been naughty and Who’s been nice. Even an average score in the 600s today struggles just to qualify for a loan from conventional mortgage and auto lenders. A leading contributor to a sliding score is credit card debt, and another is late or missed monthly payments. Overspending during the holiday season feeds this situation … which leads to high credit card balances … then when January and February roll around, too many shocked consumers realize that they can’t make their monthly payments on time. And then they wish they had asked Santa for credit repair.

Credit repair is a reaction. The one sure way to escape this seasonal predicament, of course, is to not spend so much on the holidays. We ARE in the throes of the worst recession in generations, with double-digit unemployments and foreclosures and bankruptcy on everyone ‘s mind, and no one will fault you for cutting back this Christmas. Make the commitment to not abuse your credit cards to fill your stockings this year.

If it’s too late, make credit repair your New Year’s resolution. Repair starts with paying bills on time, paring down the credit card debt, and cutting up those cards you no longer use. Credit repair: the gift that keeps on giving. Credit Repair.

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Credit Repair

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coming soon…

Credit Repair Blog

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Chances are if you need credit repair, you’ve got an underwhelming score. And you probably feel like a loser because of it. I did, although I wasn’t. Alas, in our contemporary economics, the credit agencies wield enormous power with that FICO score. At the dawn of the current recession, I felt particular helpless as my score kept tumbling. My middle-class life, balanced by consumption, debt and a steady job, once translated to an average score of 711. A few months later, after my employer trimmed salary and benefits, I was in the low 600s. Following my wife’s health scare and unexpected hospital bills, with more borrowing and late payment, I was down in the 500s and feeling lower. What to do? There is no Credit Repair Emporium at the mall, and when I asked for advice from creditors, their party line was: “You don’t want to dig a deeper hole.” Bankruptcy? That would be conceding defeat. Luckily, I elected to think my way out of the hole — accumulating information and learning everything about credit repair on my own. In less than a year, my score improved to 798, and it’s pushing the mid 800s today. Moral: When your score is bad, you’ll naturally feel bad, and there is no immediate fix … but if you do the homework and keep your wits while making tough decisions – you WILL repair your credit!

Credit Repair Letters

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An essential tool in credit repair is the dispute letter. The concept and objectives are simple – written correspondence to the consumer reporting company, providing information on what you think about your credit report is inaccurate, so your credit report and score can be improved. However, the myriad details required in a successful credit repair letter aren’t always so easy to compile. Including your complete name and address probably seems like a given. The credit repair letter should also identify each item in your report you dispute; state the facts and the reasons you dispute the information, and ask that it be removed or corrected. You’ll want to include copies (not originals) of any documents that support your position. It’s a good idea to enclose a copy of your credit report, and circle the items in question. And be sure to send your credit repair letter by certified mail so you can document that the consumer reporting company received it. Like most steps in the credit repair process, following these steps to the letter can seem be a time-consuming chore, but they’re important. And there’s no harm in seeking assistance from a credit repair company to ensure your dispute letter is complete. It’s smart!

Credit Repair Business

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At the risk of putting the cart before the horse: Can you see yourself employed in the credit repair business? It’s a comparatively new industry. But, of course, people have needed help in recovering from debt for decades and centuries. Today the numbers of people drowning in subpar credit scores are now at an all-time high. Which means there’s a bull market in the business of helping people understand and making credit repair. If the latest federal legislation governing the banking and credit industries seemed too confusing and complicated for many members of Congress to understand, you can imagine how many millions of mere citizens felt bamboozled. Actually, the credit repair business is no more multi-layered or tricky than the componentry of many other everyday industries. After achieving a better understanding of the basic rules of borrowing and payment, and applying the principles employed by creditors in today’s economics, basic knowledge will qualify you as a credit repair “mechanic.” You’ll be able to share your smarts and experiences with others in similar situations — friends, family and would-be business clients interested in paying for your expertise! Credit repair offers the potential for profit after you’ve learned how to save money. That qualifies it as a business.