How To Fix Your Credit Problems In This Economy

Now is the time to start to fix credit problems to position yourself for the future.  The global recession, unfortunately, has touched almost every American consumer and business in a negative way.  Perhaps you have felt the effects personally, having lost your job, having your employer go out of business or possibly reducing your hours or wages. The result of these events can be devastating.  You may have started by cutting back on going out to eat and reducing other expenses as much as possible.  But as time goes on, there simply is no more to cut back on and there just isn’t enough money to satisfy all of your obligations.  At this point you start to juggle the bills, missing the electric bill this month hoping to pay it next month, while you pay your auto loan this month and skipping it next month.  All the while trying to pay your mortgage, but little by little things slip away.  One month turns into three and finally there is just no way to do it all.  Then things really take a turn for the worse and the repo man shows up, and your house gets foreclosed on.  Unfortunately, this is the story of too many hard working individuals who are trying to do the best that they can.  The problem is that these unfortunate problems will haunt you through your credit report and credit score for years to come unless you take action and start to fix credit problems now with an eye to the future. So what are some of the things that you can do to start to fix credit problems now? 1)    Don’t be an ostrich! You need to understand your current financial situation and where you stand before you can develop a plan to fix credit problems for the future.  First, review your credit reports from the three major bureaus, Equifax, Experian and TransUnion.  Know what you owe, who you paid late, who charged-off your account and all the other derogatory information.  With this knowledge comes power. 2)    Know your objectives. Once you know your current situation, you can develop a plan to fix credit problems in the priorities that make sense.  For example, if your house has been foreclosed, the immediate concern is where do you live.  Sure staying with relatives or friends is a good temporary solution, but long term you need to have a plan.  Perhaps that plan involves renting an apartment.  So now you know to prioritize what items you need to work on first to fix credit problems to rent an apartment.  Generally, when renting an apartment the landlord or management company is not looking for perfect credit, only good...

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Credit Disputes – Go it alone, or get Professional help?

One of the questions we are often asked is should I do my credit dispute by myself, or get some help?  There are many things to keep in mind when deciding what is the best answer for you.  Let’s walk through some of the things to consider before making your decision. We have developed a 3-part framework for you to walk through in determining what is the best option for you and your personal circumstance.  The 3 parts are: Are you prepared to do a significant amount of legal research? Are you prepared to develop a set of strategies and a plan to effectively beat each of the three credit bureaus? Do you have the time, and the willpower to follow through and stay on top of your plan for as long as it takes to achieve your credit dispute goals? 1. Are you prepared to do a fairly substantial amount of legal research?  The process of doing a credit dispute is predicated on a number of Federal Laws passed by Congress giving you, the consumer, the right to do a credit dispute on any of the information contained within your credit report maintained by the three major credit bureaus, Equifax, TransUnion and Experian.  The primary laws include the Fair and Accurate Credit Transactions Act (FACTA), Fair Credit Reporting Act (FCRA), and the Fair Debt Collection Practices Act (FDCPA). As these laws were written by Congressional Legislators (the same people who write the IRS Laws) you can bet you’ll have to do a good bit of research to make sure you understand not only your rights, but all the hoops you’ll have to jump through and hurdles you’ll have to clear.  It is precisely these hoops and hurdles that can stop you dead in your tracks and turn a slam-dunk credit dispute into a blocked shot. 2. Once you understand what the laws say do you have a set of strategies and tactics to be able to have a high success rate with your credit dispute?  Think about it this way, if you are going to build a house, and this is your first time building a house, do you think it will go as easy as say, the contractor who has been building thousands of houses over the last 10 years.  Will you know how to get things done as quickly and efficiently as possible to make sure that the house will not only be safe and comfortable to live in, but also to pass the requirements of the local inspector on the fewest number of tries? 3. Finally, do you have proper systems in place and the time to keep up with the constant flow of paperwork...

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Your Credit Score Range – What It Means, What It Costs.

Unfortunately, in our fast paced technology centric society your credit score range means everything to your finances and possibly your quality of life.  Lenders, banks, employers, insurance companies and a host of others look at what credit score range you fall within.  Lenders and Banks use this to determine if they will actually make you a loan and what interest rate you will receive.  Employers also look at your credit score range as a measure of how good of a person you are, and whether you are trustworthy with maintaining the companies assets and may actually use this to determine whether to hire you or not.  Insurance companies, as well, use your credit score range to determine whether to insure you and to determine how much to charge you for your premiums.  While not fair, this is the reality.  Therefore it is important to know what your credit score range is and to take all measures to improve it. How your credit score range is calculated. So let’s start by taking a look at what your credit score is.  Your credit score range is determined byapplying a complex mathematical equation to the data in your credit report to determine how likely you are to pay back that loan, or in some instances how “good” of a person you are.  Your credit report records almost all of your financial dealings for at least the last 7-10 years, every loan, every credit card, every financial transaction in which someone has extended you credit.  It also attempts to record every time you paid on time, every time you made a late payment or missed a payment, every account defaulted on, in addition to how much credit you currently have available and what is the balance you owe and how much your monthly payments are. Based on this comprehensive amount of data the complex mathematical equation is applied to determine your credit score range.  In general 35% of your credit score is comprised of your payment history (were you late on a payment, or have paid everything on time every time).  The amount you currently owe, and how much available credit you have outstanding accounts for an additional 30% of your credit score.  The length of time that you have had credit accounts for approximately 15% of your score, while new attempts to obtain credit (inquiries) makes up 10%.  The final 10% of your score is made up of what type of credit you currently have (i.e. do you have a mortgage, do you have major credit card, do you have an auto loan, etc.). Contrary to popular misconception however, there is no single credit score.  Instead the mathematical formula used is different...

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The testimonials and results provided, although exciting, are provided for illustrative purposes only and are not typical, your results will vary. We promise only to perform the work agreed to in the terms and conditions of our retainer agreement with you, the client, and to charge each month only for work already completely performed. As with any legal services, no specific outcome is promised or guaranteed. The services of, backed by Centurion Law Firm may not be available in all states. No guarantee of, nor representation that YOUR credit score will increase is made by these illustrative past results, your credit can only be improved in accordance with federal laws requiring the information on your credit report not be inaccurate, unverifiable nor misleading. YOUR RESULTS WILL VARY.

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