How to repair credit rating?

2 Comments

1. JennyKS says:

   September 13, 2009 at 8:19 am

   Most companies are a scam, especially if they ask for money upfront which is illegal per the credit repair organizations act (http://www.ftc.gov/os/statutes/croa/croa.shtm).

   Anything one of these companies promises to do, you can do yourself.

   In short, there are 3 ways to raise your score in the next year:

   1. pay your bills on time. simple as that, time takes care of a lot. Payment history is 35% of your FICO score.

   2. 30% of your score is utilization (how much credit you are using). If you can get your credit card usage paid down to less than 10% of your limits, you should see an increase simply by paying cards down.

   3. Get your free annual credit reports and dispute negative and/or wrong information contained in your report. It’s your right.

   Before you feel pressured to pay a collection agency (if you have any bothering you), please note that FICO does not distinguish between a paid collection and an unpaid collection. Both hurt equally.

   Also, check the statute of limitation for debts in your state (google can help). Collection agencies are notorious for collecting on debts beyond the limitations for a consumers state.

   Three sites (that DO NOT sell anything) that I can recommend for more information than I can provide in one post is:

   Time heals a lot of wounds (derogatory information can only stay on your reports for 7 years), but by disputing information contained in your report and keeping your utilization down, and paying all your bills on time….. you will see a score increase.
2. timer v says:

   September 15, 2009 at 10:42 pm

   Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.fateback.com