New Credit File Free

New Credit File Free

Good News - Bad News On Using A Credit Repair Firm

If you do a search on the term credit repair in Google, the first website that comes up in the natural listings is the Federal Trade Commission. And the first thing they discuss is that people should really do their own credit repair work.

The reason why? Because of all the scam artists out there that profess to be an expert on credit repair and take advantage of many unsuspecting consumers. And they use every trick in the book to misrepresent the services they provide. The worst part of it (other than losing your hard earned money) is that they can actually do more damage to your Credit Score.

There are a lot of very good and honest organizations that can help you Repair Your Credit Score. Such as local civic organizations, churches, and legitimate non-profit agencies that will guide you through the maze. Our credit system has a lot of zigs and zags and it can be confusing to someone not familiar with the terms and laws that govern the industry.

And it does require some diligent effort on the consumer's part. And these days there are way too many companies that grant credit just to make a sale and ignore the fact that the consumer may be soon overwhelmed by the debt. So it's a lot easier to get into trouble than get out.

Why is Good Credit so important? Because your credit score (and other considerations) will determine the interest rate you are charged for any loans. It can mean the difference in 3+ interest points (on a new car the good credit rate is around 8% so if you have a low score that could mean up to 12%).

Insurance companies and employers are even starting to use Credit Score To determine rates and job offers. If you have a low score even car insurance can cost more. And you may not get that great job offer either.

Credit repair companies that make unrealistic claims, ones that are too good to be true, often are just taking advantage of the general lack of knowledge of most consumers. It got so bad a few years ago that congress passed an updated bill to help control the madness. Not that I'm in favor of too much government but in this case they did help the consumer.

Anyone who gives you a 100% guarantee to eliminate Bad Credit, remove a bankruptcy, liens, and judgements are not being honest. Any company that offers to make you a new credit file, give you a new identity, or asks you to apply for a new social security number is not doing you any favor and can land you in jail.

The good news is that you can Improve Your Credit Score, and in most cases sooner than you think. And all you have to do to start is learn a little bit about the credit system and how it works. Making the decision to start is the first step.

In order to get an accurate appraisal of your Current Credit Score, you have the right to request a Free Credit Report from each of the three Credit Bureaus (Equifax, Experian, and TransUnion) each year. You can find out how by going to www.ftc.gov/credit or call 1-877-322-8228 and ask for information.

The next thing to do is take an accurate look at what you owe, current status of payments, and what income you have to work with. Once you have a good picture of the current debts, make a realistic monthly budget. Getting the facts straight help you come up with a good plan.

The Federal Trade Commission website above has very easy to understand instructions on how to address incorrect information, how to contact the credit bureaus, and what can be challenged on your credit report. Take you time and read over the material.

You may well have incorrect information on your credit report that can be removed. You can also contact creditors to work out a viable payment plan and arrangements to get you back in good standing. Most companies are more than willing to work with you.

One word of caution though, if you are dealing with a collection agency, be careful. Most collection companies work on a percentage basis, and if you don't keep an open eye on them they can take advantage of you. To get the real scoop on what they can and can not do go to this website of the Federal Trade Commission: http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm

Depending on the individual situation, most consumers can improve upon their credit score in as short as 30-60 days. I've seen people get back in the high 600s or low 700s in 12-15 months which is very good. Since your credit score can dictate the interest rate on any large purchase, I would wait until I have a good score (it can mean 1000's of dollars over the period of the loan or purchase agreement).

About the Author

Get The Best Self Help Credit Repair Advice On The Internet. For Free. Learn how to get Free Credit Reports and Raise Your Credit Score in 30 Days. Click here For Free Credit Repair Information

Should I file bankruptcy?

I used to be on drugs really bad and maxed out Credit Cards that I never payed. Cell phone companies I owe money ,Hospitals, and over draft fees at 2 different banks. I have made no attempt to pay them but have my life straightened out now with a job but not enough money with a wife and three kids to attempt to rebuild My Credit and pay off over $25,000 . Should I just file bankruptcy and hope that this will give me a new beginning with creditors? I am only 28 but I live rent free with family and my wife does not work. I make $8.75 an hour and get paid bi-weekly if this helps....

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
With limited exceptions, people who plan to file for bankruptcy protection must get Credit Counseling from a government-approved organization within 180 days before they file. They also must complete a debtor education course to have their debts discharged.

The Department of Justice’s U.S. Trustee Program approves organizations to provide the mandatory credit counseling and debtor education. Only the counselors and educators that appear on the U.S. Trustee Program’s lists can advertise that they are, indeed, approved to provide the required counseling and debtor education. By law, the U.S. Trustee Program does not operate in Alabama and North Carolina; in these states, court officials called Bankruptcy Administrators approve pre-bankruptcy credit counseling organizations and pre-discharge debtor education course providers.
Counseling and Education Requirements
As a rule, pre-bankruptcy credit counseling and pre-discharge debtor education may not be provided at the same time. Credit counseling must take place before you file for bankruptcy; debtor education must take place after you file.

Here is a link sponsored by the FTC to seek a local credit counceling agency in your area, many will waive fees if you meet the income means test.

http://www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm

Govt approved credit counseling agencies.

Here is another site to see what filing bankruptcy is all about, it's free legal advice.

http://www.moranlaw.net/consider.htm

Hope this answers your question.
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

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