Credit Repair For Court Reporters. When Bad Dings Happen To Good People. By Julie Samford Realtime Ready. Julie Samford

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1 Credit Repair For Court Reporters When Bad Dings Happen To Good People By Realtime Ready 1

2 $96, difference! That s $5, straight out of your pocket when you could have had 0% interest! (Info from creditrepairmastery.com) 2

3 Top 10 Credit Repair Myths Myth #1: When I pay off a past-due account, such as a charge off or a collection account, it will show "paid" and will no longer be negative. Myth #2: If I succeed in deleting a negative item, it will just come right back on my credit report. Myth #3: There are negative listings, such as bankruptcies and foreclosures, that are impossible to remove from the credit report. Myth #4: Disputing the credit report is easy and any consumer can do it himself for the price of a few postage stamps. Myth #5: If I declare bankruptcy, I can begin my credit report all over with a clean slate. Myth #6: If you are not satisfied with the results of your credit bureau challenge, you may file a "100-word statement" on your credit report explaining your side of the story. Myth #7: By changing numbers in my social security number or by using an EIN tax number, I can fool the credit bureaus into creating a completely clean, new credit file under my name. Myth #8: If I build enough good credit, it will offset my bad credit and make me credit worthy. Myth #9: I can improve my credit score by closing down some credit cards. Myth #10: It is illegal for creditors to take a negative, accurate listing off my credit report. 3

4 FREE form letters for disputing credit information: Click on Consumer Info Click on Sample Forms Your Name 123 Your Street Address Your City, ST The Credit Bureau Bureau Address Anytown, State Date Dear Credit Bureau, This letter is a formal complaint that you are reporting inaccurate credit information. I am very distressed that you have included the below information in my credit profile due to its damaging effects on my good credit standing. As you are no doubt aware, credit reporting laws ensure that bureaus report only accurate credit information. No doubt the inclusion of this inaccurate information is a mistake on either your or the reporting creditor's part. Because of the mistakes on my credit report, I have been wrongfully denied credit recently for a <insert credit type for which you were denied here>, which was highly embarrassing and has negatively impacted my lifestyle. optional With the proof I'm attaching to this letter, I'm sure you'll agree it needs to be removed ASAP. The following information therefore needs to be verified and deleted from the report as soon as possible: CREDITOR AGENCY, acct ABC Please delete the above information as quickly as possible. Sincerely, your signature Your Name SSN# Attachment included. 4

5 Get one free credit report per year here: Emergency credit card: Lexington Law Firm 5

6 Analyzing your credit report (From Lexington Law Firm) When you first receive your Trans Union and Equifax credit reports, you will be totally lost. The information is coded in a way that is not immediately readable by the average consumer. Each credit report should arrive with a key that interprets the codes and indicators on the credit report. Sit down with the credit report and the key and study it until you understand what each number and code means. Don't write on your original credit report -- yet. Make all of your notes on a copy of the report. You will be sending your original report with your dispute letter, so you should make at least two copies of each new report. The original goes with the dispute, one copy is for notes, and the other copy is what you will send in to the credit agency. Gather a yellow and orange highlighter pen. Whenever you identify a negative listing, mark the listing in yellow on your scratch copy of the credit report. Very often, it is difficult to tell if an item on the credit report is negative or positive. The following table will help you identify every negative listing on your credit reports. Negative Credit Indicators If the listing contains one or more of these indicators, then the listing is negative. If the listing contains none of these indicators, then the listing is positive. Experian (formerly TRW) Credit Report any item marked with an asterisk any inquiry Trans Union Credit Report any item rated higher than I1, M1, or R1. any item listed as repossession, foreclosure, profit and loss write-off charge-off paid profit and loss write-off, paid charge off, settled, settled for less than full balance, or included in bankruptcy any collection amount, whether paid or not. any court account, including a lien, judgment, bankruptcy chapters 11, 7, or 13, divorce, satisfied lien, or satisfied judgment. any item showing one or more thirty, sixty, or ninety day late payments in the column to the far right. any inquiry. 6

7 Equifax Credit Report any item rated higher than I1, M1, or R1 (such as R2 or I9). any item proceeded by a ">>>>" icon. any item listed as repossession, foreclosure, profit and loss write-off charge-off, paid profit and loss write-off, paid charge off, settled, settled for less than full balance, or included in bankruptcy. any collection amount, whether paid or not. any court account, including a lien, judgment, bankruptcy chapters 11, 7, or 13, divorce, satisfied lien, or satisfied judgment. any item showing one or more thirty, sixty, or ninety day late payments in the column to the far right. any inquiry. Those I2 and R9 codes - what do they mean? R- Revolving (usually a credit card) I - installment (like home or auto loan) R1 or I1 = pays as agreed never late R2 or I2 = 30 days late R3 or I3 = 60 days late R4 or I4 = 90 days late R5 or I5 = 120 days late R7 or I7 = making regular payments under wage earner plan R8 or I8 = repossession R9 or I9 = charge off Generic FICO Scores It's more common nowadays to use a shared scoring system. The "branded" name is FICO and it's quickly becoming the "generic" term (much like Band-Aid and Q-Tip respectively). This scoring system allows lenders to see your "big picture" without needing to look line by line to see if you've been naughty or nice. Some lenders will have automatic disqualifiers such as Bankruptcies, Charge Off's or simply from being late in the last 6 months etc. regardless of your score. What it means: O = Open (entire amount due each month i.e. AMEX) R = Revolving (payment amount variable i.e. VISA) I = Installment (fixed number of payments i.e. Auto loans) 0 = Approved, no rating 1 = Paid as agreed 2 = 30+ days late 3 = 60+ days late 4 = 90+ days late 5 = 120+ days late or collection 7 = Making regular payments under wage earner or similar plan 8 = Repossession 9 = Charged off to bad debt 7

8 J = Joint I = Individual U = Undesignated A = Authorized User T = Terminated M = Maker C = Co-Maker/Co-Signer B = On behalf of another person S = Shared 8

9 What makes up your FICO score? Here are the 8 scores credit card issuers use for a variety of situations whether to extend credit, what types of marketing to send, when to send your account to collections, etc. Response score: the likelihood you will respond to a credit offer. Application score: the favorability of your income, how long you ve lived at your current address, how long you ve worked for your employer, and other data entered on your application. Bankruptcy score: the likelihood you ll declare bankruptcy. Revenue score: how much your account will earn the issuer (through interest fees, late fees, interchange fees, etc.) Attrition-risk score: the likelihood you ll abandon your card. Behavior score: the reliability of your payments and whether you pay your balances off slowly, quickly, or completely every month. Transaction score: the likelihood of legitimacy for any individual transaction (that is, whether this particular charge is possibly fraudulent). Collection score: the ability to pay your delinquent account if sent to a collection agency. Want to see your numbers to see what your credit card issuers really think of you? You can t; it s a secret. 9

10 Hang in there and get that ugly credit cleaned up It s worth it! And now for the GOOD NEWS Check it out! Hope you have a big stack of cash coming your way! 10

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