Can You Acquire Good Credit Overnight? You Bet.Written by Omar M. Omar
Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to credit bureaus : Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don't. If you've been told that you were denied credit because of an "insufficient credit file" or "no credit file" and you have accounts with creditors that don't appear in your credit file, ask credit reporting agency to add this information to future reports. Although they are not required to do so, many credit bureaus will add verifiable accounts for a fee. However, understand that if these creditors do not report to credit bureau on a regular basis, added items will not be updated in your file. Sample Letter to Add Positive Information to Your Credit RecordDate Credit Bureau Name Address City, State Zip To Whom It May concern : After reviewing my recent credit report from your company, I noted that my credit report does not include information that I know is important to providing a complete picture of me as a credit using consumer. Therefore, I request that you add following account information on my credit file. Creditor : Address : Account Type : Date Opened : Credit Limit :
| | Bad Credit folks helped by New FICOWritten by T.Pikus
(NextGen FICO Scores)New FICO Score eases bad credit repair as FICO Corp. 'relaxes' scoring model. Bad credit folks who sign up for Credit Counseling or Debt Consolidation plan hear this a lot: "your Beacon score is too low...", "you must improve your FICO score...". Little do they know that their FICO score may've improved already without them noticing. Every 5 points up counts! According to Fair Isaac Corporation (NYSE:FIC), new FICO is a more predictive and consumer friendly score now... And forget about Beacon score - name is NextGen now! What? You didn't know? According to research done by Bad Credit Advisor.com, it's true, most people don't know that three major credit agencies TransUnion, Experian and Equifax are now using new and more friendly NextGen scores. How people with bad credit history can benefit from these new and improved scores? They can get better rates. And more people will get loans, and for larger amounts... It would also help their credit repair! FICO NextGen scores go easier on Sub-prime loan seekers! On their web site, FICO Corp. states: [new scores] "... allow for more scoreable files (credit reports), updated treatment of mortgage and auto inquiries to better reflect consumer rate-shopping (low interest rates), and more consumer-friendly treatment of finance trades(!) and low-balance collections(!) and public records(!)." Why these improvements? Bad Credit Advisor thinks that FICO Corp. is trying to meet sub-lenders requirements for more applications processed and better interest rates offered. With such low rates, sub-lenders are making all money by giving 'great' deals to people with bad credit history. The new scores let more people in range of allowed FICO scores, thus creating more business for lenders. And keeping housing industry strong.
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