Beware of Bogus Credit Repair Companies! Written by Omar M. Omar
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Law enforcement agencies have shut down many credit repair outfits, but it is hard to stop a fraudulent credit repair outfit unless people complain about it. Therefore, be careful about responding to credit repair ads and be sure to complain to agencies listed below if you think a credit repair company took advantage of you. For more information ·The Federal Trade Commission (FTC) publishes information for consumers on subject of credit and enforces federal laws on credit. For a list of free publications, write to FTC's Public Reference Department at address given below. While FTC does not handle individual cases, it can act when it sees a pattern of possible law violations develop. Complaints about credit reporting agencies and credit repair scams must be in writing. Send them to: FTC Credit Practices Division, 6th St., N.W., Washington, DC 20580. ·Contact your local consumer protection agency or your state Attorney General's office. Many Attorneys General have toll-free consumer hotlines. These numbers may be listed in "self-help" or government sections in front of your phone book. These agencies can offer you advice and may also be able to help resolve your complaint. ·Consumer Action's free complaint/information switchboards offering non-legal consumer advice and referrals can be reached from 10 a.m. to 2 p.m. on weekdays. Chinese, English and Spanish are spoken. Call either (415) 777-9635 (San Francisco office) or (213) 624-8327 (Los Angeles office). Consumer Action has a free list of secured credit card banks that do not charge application fees. To receive a free copy, send a self-addressed stamped envelope to: Consumer Action Secured Credit Card Survey, 717 Market St., Suite 310, San Francisco, CA 94103. (Available in English only.) ·The Consumer Credit Counseling Service (CCCS) assists consumers who have problems in paying their bills--before their good credit ratings suffer. Your local CCCS office can help you work out flexible payment plans to make debt repayment more feasible. Call (800) 388-CCCS for an interactive recording that will provide you with phone number of office nearest to you. Spanish-speakers can call (800) 68-AYUDA (800-682-9832) between 8 a.m. and 7 p.m. central time. ·Before you sign a contract with any company, check it out with local Better Business Bureau (BBB), a non-government service which advises consumers on fraud prevention. Call your local BBB. If you cannot find a local number listed in phone directory, call Council of Better Business Bureaus at (703) 276-0100 for a referral to office nearest you. © Copyright - www.deleteuglyredit.com
Omar M. Omar is the owner of http://www.deleteuglycredit.com and - Author of "The Credit Repair Bible" book. The website is dedicated to providing credit consumers free advice on how to repair credit. It also provides credit consumers numerous information about their credit report, credit laws, and their rights as a consumer.
| | et Your Credit Score To Soar In The Twinkling of An Eye.Written by Omar M. Omar
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·How many and what types of credit accounts do you have? Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider type of credit accounts you have. For example, under some scoring models, loans from finance companies may negatively affect your credit score. Scoring models may be based on more than just information in your credit report. For example, model may consider information from your credit application as well: your job or occupation, length of employment, or whether you own a home. To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, and not taking on new debt. It's likely to take some time to improve your score significantly. How reliable is credit scoring system? Credit scoring systems enable creditors to evaluate millions of applicants consistently and impartially on many different characteristics. But to be statistically valid, credit scoring systems must be based on a big enough sample. Remember that these systems generally vary from creditor to creditor. Although you may think such a system is arbitrary or impersonal, it can help make decisions faster, more accurately, and more impartially than individuals when it is properly designed. And many creditors design their systems so that in marginal cases, applicants whose scores are not high enough to pass easily or are low enough to fail absolutely are referred to a credit manager who decides whether company or lender will extend credit. This may allow for discussion and negotiation between credit manager and consumer. What happens if you are denied credit or don't get terms you want? If you are denied credit, Equal Credit Opportunity Act requires that creditor give you a notice that tells you specific reasons your application was rejected or fact that you have right to learn reasons if you ask within 60 days. Indefinite and vague reasons for denial are illegal, so ask creditor to be specific. Acceptable reasons include: "Your income was low" or "You haven't been employed long enough." Unacceptable reasons include: "You didn't meet our minimum standards" or "You didn't receive enough points on our credit scoring system." If a creditor says you were denied credit because you are too near your credit limits on your charge cards or you have too many credit card accounts, you may want to reapply after paying down your balances or closing some accounts. Credit scoring systems consider updated information and change over time. Sometimes you can be denied credit because of information from a credit report. If so, Fair Credit Reporting Act requires creditor to give you name, address and phone number of credit reporting agency that supplied information. You should contact that agency to find out what your report said. This information is free if you request it within 60 days of being turned down for credit. The credit reporting agency can tell you what's in your report, but only creditor can tell you why your application was denied. If you've been denied credit, or didn't get rate or credit terms you want, ask creditor if a credit scoring system was used. If so, ask what characteristics or factors were used in that system, and best ways to improve your application. If you get credit, ask creditor whether you are getting best rate and terms available and, if not, why. If you are not offered best rate available because of inaccuracies in your credit report, be sure to dispute inaccurate information in your credit report.© Copyright - www.deleteuglyredit.com
Omar M. Omar is the owner of http://www.deleteuglycredit.com and - Author of "The Credit Repair Bible" book. The website is dedicated to providing credit consumers free advice on how to repair credit. It also provides credit consumers numerous information about their credit report, credit laws, and their rights as a consumer.
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