Seven Things Nobody Told You About Credit Restoration. - PowerPoint PPT Presentation

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Seven Things Nobody Told You About Credit Restoration.

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For the uninitiated, credit restoration refers to the process of improving one’s credit scores after something like bankruptcy or foreclosure has caused them to plummet into the less-than-stellar territory. Unfortunately, it can be difficult to get quality information about credit restoration from reliable sources due to misleading information and bad advice from companies that make money off of selling expensive credit restoration services. Today we’re going to look at some of the most common myths about credit restoration and explain why they just don’t hold water. Website - – PowerPoint PPT presentation

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Date added: 5 November 2022
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Title: Seven Things Nobody Told You About Credit Restoration.


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Seven Things Nobody Told You About Credit
Restoration.
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1.Credit bureaus have unlimited power
  • For the uninitiated, credit restoration refers to
    the process of improving ones credit scores
    after something like bankruptcy or foreclosure
    has caused them to plummet into the
    less-than-stellar territory. Unfortunately, it
    can be difficult to get quality information about
    credit restoration from reliable sources due to
    misleading information and bad advice from
    companies that make money off of selling
    expensive credit restoration services. Today
    were going to look at some of the most common
    myths about credit restoration and explain why
    they just dont hold water.

Its no secret that credit bureaus have a lot of
power when it comes to your financial life, but
what you might not know is that they can be held
liable for things like falsely reporting
incorrect information, or purposely being slow in
getting information updated on time. In other
words, credit bureaus are like little angels to
lenders if something isnt working as it should,
take your complaint to a different level of
authority and see if you can bring about change.
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2.All your information goes into one report
  • If all else fails, you could always consider
    taking legal action against them through one of
    many class-action lawsuits that are active at any
    given time in America today though doing so is
    by no means easy or cheap.

Contrary to popular belief, debt settlement is a
terrible idea for an average American trying to
improve their credit score. Debt settlement
companies are often little more than scams that
take your money with no guarantee of any results
or refund. With a little self-education and some
patience, youll be able to handle your credit
issues on your own in no timeand save yourself a
ton of cash in the process!
3.Dont hire an attorney right away
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  • If you think its necessary to hire an attorney
    immediately after a black mark hits your credit
    report, there are some things you should know
    first An attorney will probably cost thousands
    of dollars, even if they end up getting your case
    dismissed or withdrawn and depending on how long
    ago your mistake happened, it may not be worth
    trying to repair your record anymoreespecially
    if its been more than seven years since you made
    a major error on your report. As tempting as
    hiring an attorney is, follow these steps first.
    See if one of them helps resolve your issue
    before paying someone else to get involved in
    such a personal matter. Credit bureaus value
    customers that can prove their identity, so try
    one (or all) of these methods before jumping into
    action Get a credit freeze Credit freezes can
    help protect you from identity theft for about
    10-20 per bureau per year. Its free at Equifax
    and TransUnion in certain states like Texas,
    Michigan, Connecticut, and California for
    everyone. Add additional security features to
    accounts Many creditors offer additional
    features (like call centers) that add extra
    layers of security between yourself and
    fraudulent activity from happening again.

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4.The debt settlement companies that call you are
scammers
  • True, unless you want to give up your money for
    nothing in return. Instead of signing with a debt
    settlement company, consider trying to negotiate
    directly with your creditorsyou might be
    surprised at how much theyre willing to knock
    off your balance when you offer to pay in full.
    If that sounds like too much effort, try calling
    them yourself instead of letting another company
    do it for you. Creditors would rather hear from
    you than have a third party call and haggle on
    your behalf, but even if they wont cut you any
    deals face-to-face, being knowledgeable about
    whats available and discussing your options will
    give you an advantage next time someone calls
    offering debt consolidation or credit repair
    services.

5.These companies want to take as much of your
money as possible
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  • A lot of these credit restoration companies are
    out to make a quick buck off your desperation for
    an easier life. They will promise you that they
    have a way of fixing your credit, but then only
    give you a short time to pay their exorbitant
    fees.

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6.There is no quick fix
  • If you do not pay those exorbitant fees, they
    will pull back on their service and ultimately
    leave you in your difficult situation with even
    less hope than before you hired them. The best
    thing to do is avoid any services like these
    altogether instead, look into ways where other
    people have helped themselves by restoring their
    credit report and take advantage of that
    knowledge as well rather than paying someone else
    who has no incentive to help you whatsoever.
    These people could care less about helping you,
    only making money off of you. Its more important
    than ever to check up on yourself and work hard
    towards getting ahead rather than fall victim to
    another person trying to profit from your
    misfortune. Be smart! Be safe!

Get a copy of your credit report and score from
each of three agencies (experts say at least).
Look for errors or inaccuracies and dispute them
with that agencys bureau, says Consumer Action.
Some mistakes can be easily fixed by you for
example, if someone stole your identity and
opened an account in your name, contact creditors
to let them know it were not you who opened that
account.
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  • Dont believe it when a company claims they will
    help with removing negative information from your
    report if you sign up todayit doesnt work that
    way. It takes time.
  • In general, dont pay money upfront to get help
    repairing your credit. Credit repair companies
    must register with state authorities and follow
    their rules regarding fees and disclosures, but
    there are still rip-offs out there so take care
    when choosing a credit repair firm.
  • If youre offered debt consolidation to pay off
    multiple debts at one time using another
    loanbeware! You may be better off just paying
    more toward what you owe, Henderson says.
    Consolidation should always provide some sort of
    economic benefit.
  • While no amount of credit repair is going to hurt
    your credit rating once you have paid all bills
    on time consistently, credit repair is only legal
    during the year leading up to a mortgage
    application.
  • Keep copies of everything related to fixing any
    credit problems, including correspondence with
    creditors and proof that payments were made. This
    will help any future creditor or lender see
    youve been proactive about improving your
    financial situation by turning things around.

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7.Here are some things you can do on your own
  • Credit bureaus do make mistakes and if yours has,
    fight back to correct it. Many states require
    these credit bureaus to investigate disputes
    before taking action against you.
  • Take advantage of your rights under Fair Credit
    Reporting Act(FCRA) even if your dispute isnt
    resolved immediately. That might mean writing
    letters directly to credit bureaus or even small
    claims court in extreme cases.

Verify your identity Enroll in a
credit-monitoring service and check your credit
reports for inaccuracies Shred old documents
that contain personal information like Social
Security numbers, bank account numbers, etc.
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  • Freeze your credit reports at each of three major
    bureaus, which prevents potential creditors from
    gaining access to them without permission
    Monitor your accounts for fraudulent charges and
    activity contact any company immediately if you
    notice anything strange Consider signing up for
    an individual security program (IPSP), like one
    offered by Experian or Equifax, or a similar
    service through TransUnion or Innovis Credit
    Union. These services monitor your account on an
    ongoing basis and provide another layer of
    protection against fraud. They have their
    drawbacks but are still worth considering. Once
    youve cleaned things up as much as possible,
    its time to address what happened.

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Contact Us
  • Address - 3409 Chandler Pkwy Bellingham, WA 98226
  • Phone - 360-312-7164
  • Email - info_at_whatcomcreditrestoration.com
  • Website - https//whatcomcreditrestoration.com/
  • Blog - https//whatcomcreditrestoration.com/seven-
    things-nobody-told-you-about-credit-restoration/
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