American Credit Builder

I found this review of It’s very interesting and well worth your read. I really enjoy it when someone reviews a product or a service for the sake of information and not to use it to sell you the product.

Nice job Chuck Jaffe.

American Credit Builder helps members build their credit rating by making sure nontraditional payments are part of the mix. Credit bureaus normally focus on charge cards and consumer loans, but American Credit Builder gets them to look at utility payments, rent and other regular expenses. Reporting these payments to more than 175 credit bureaus is supposed to help establish a responsible credit history.

Hard to tell what fix is in with this credit-repair service – MarketWatch

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Credit Scores

Texas has the lowest average credit score, 650, but as the article points out that score is not that bad. Read on for more details.

A lower score leads to higher interest rates on everything from credit cards to mortgages, Orman saidA score of 850 is the highest one possible, and an ideal score is around 760 or above, according to Orman. Anything below 700 will leave consumers with high interest rates, and anything below 600 will take at least three years to repair.Repairing credit scores starts with paying off credit cards, starting with the one with the highest interest rate, Orman said.”Keep paying the minimum on all the rest,” Orman said. “As you keep doing that, you roll it down and roll it down and guess what? Before you know it, you’ll be out of credit card debt.” – News – Good Credit Scores Vital

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Truth about Credit Repair Companies

This should not come as a surprise to you that no company can guarantee they can remove negative credit marks.

The only ones who can permanently remove the debt from your record are the credit bureau or the creditor, and there is nothing that a credit repair service can do for you that you can’t do for yourself.There are a number of credit repair agencies out there making promises that they can give you a fresh start and remove all negative items from your credit report, even the accurate ones. This just isn’t possible. Understand how credit repair works and what credit repair companies CAN do for you – legally – before you plunk down more money you don’t have for empty promises.

Fraudulent Credit Repair Companies Make Promises They Can’t Keep

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Consumers Are Suing Credit Bureaus

This is really big. The courts are backing the consumer on accurate credit reports. This is a big win for the consumer. What is shouldn’t mean is we go an sue as soon as something is inaccurate, but rather us as a last resort.

Last month, the 5th Circuit Court of Appeals ruled that the credit bureaus are ultimately responsible for the reinvestigation of disputed information in their systems and cannot shirk that responsibility by blaming another group for the false information. Morris v. Equifax Information Services, 2006 WL 2043567.

More and More Consumers Are Suing Credit Bureaus

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Rapid Rescore

Ever wonder how mortgage companies can re-score your account in days to see if you can qualify for a loan? Check out this site below. Very interesting…

What is rapid rescore? Rapid rescore is a way of improving your credit score quickly, by correcting items and then having your credit score “rapidly” corrected. With rapid rescore, things such as charge offs and collections can be corrected. If you pay off a balance on a credit card that can also be taken into account, and can improve your score. Unlike with your typical credit report where changes in your score can take months or even years, rapid rescore makes those changes to your score in days.

Rapid rescore: Increase Your Credit Score Quickly – Associated Content

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Credit repair in an hour

Sounds super fishy to me!!! Has anyone used these guys? If so let us know…

Preferred Credit Solutions provides personalized credit consulting. They review all three credit reports and identify all negative items (derogs) and errors. After the complete review, they create a 2 page credit analysis and action plan detailing exactly what steps need to be taken to improve the consumer’s credit and raise their credit scores. This is all done over the phone and normally takes one hour. The cost is a one time fee of $179. Preferred Credit Solutions offers an unconditional money back guarantee and will refund all $179 if the consumer is not completely satisfied with the service. After the initial credit consultation, Preferred Credit Solutions will also answer all future credit questions for no additional charge. – New Service Announces 1 Hour Plan to Improve Credit Scores

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Fix credit errors now

I could not agree more with Mrs. Weston. Collection Agencies are ruthless and car not what they do to innocent people. Pull your credit once a year and review and fix errors. At the end of this snippet there are numbers and websites you can contact to get a copy of your credit report.

Collection agencies have become increasingly aggressive about seeking payment on old debts, and some of them aren’t too picky about making sure they’re going after the right people. The result is that someone else’s collection account can land on your credit report, as apparently happened here.Start by pulling your credit reports from all three major credit bureaus: Equifax, Experian and TransUnion. You’re entitled to free reports from each of the bureaus once a year under federal law by calling (877) 322-8228

Don’t let credit-report errors fester – MSN Money

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Credit Score Seminar

I found this online, and I can’t vouch if it’s good or not. I may check in on Saturday and see what they are up to… Check them out here. Sounds like they maybe using this free credit repair site as a way to up sell mortgages. so take their info with a grain of salt.

“Raise Your Credit Score” Seminar to debut

Broken Credit, LLC will debut its free online seminar titled “Raise Your Credit Score” in July.  The seminar is approximately thirty minutes in length and will be streamed at 12:00 noon on Saturdays.  The seminar is free; however, advance registration will be required.

Some topics that will be discussed:

(1)  Why errors exist on credit reports

(2)  How to obtain a copy of your free credit report

(3)  The proper way to dispute inaccurate items

(4)  How to re-age a derogatory account to delete the derogatory history

(5)  How to remove collection accounts from your bureau

(6)  How to improve your credit score even if you have no bad credit

This free online seminar is for anyone who desires to improve their credit score THE RIGHT WAY.  Broken Credit, LLC has seen a tremendous need for the general public to have this information and it is our great pleasure to bring this seminar to you for free. 

For those of you who will be buying or refinancing a home, this free thirty minute seminar could make your dream of homeownership possible and save you tens of thousands of dollars in interest!


10 Bad Credit Habits

10 bad habits that lead to debt disaster

I found this article on MSN written by By Leslie Hunt,
This is Dave Ramsey! She basically took his baby steps and re-wrote them. If you follow Dave Ramsey at all everyone of these steps should look familiar to you. She even uses some of the same terminology, "emergency fund"…

Bad Habit No. 1: Misusing balance transfers
Bad Habit No. 2: Not checking credit reports — you can’t change them anyway.
Bad Habit No. 3: Failing to alert creditors about a financial hardship
Bad Habit No. 4: Thinking of ‘budget’ as a dirty word
Bad Habit No. 5: Using retail store credit cards to make use of discounts
Bad Habit No. 6: Procrastinating on creating an emergency fund
Bad Habit No. 7: Paying bills in no particular order
Bad Habit No. 8: Charging purchases instead of paying in cash or with a debit card
Bad Habit No. 9: Making credit payments late
Bad Habit No. 10: Making the minimum payment only

If you would like to read the story in full click here.
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Repair Credit History

Be very careful when looking at Credit Repair Companies

“For a fee, they promise to clean up your credit report so you can obtain a car loan, a home mortgage or even get a job. Unfortunately, many of these companies can’t deliver. After paying these companies hundreds or even thousands of dollars in upfront fees, these companies do nothing to improve your credit report; many simply vanish with your money…”

The only thing that really will change your credit report is time and acurate disputing of inaccurate negative marks on your report.

The truth is, no one can legally remove accurate
and timely negative information from a credit report. But the law does
allow you to request a reinvestigation of information in your file that
you dispute as inaccurate or incomplete. There is no charge for this.
Everything a credit repair clinic can do for you legally, you can do
for yourself at little or no cost.

Advise you to dispute all information in your
credit report or take any action that seems illegal, such as creating a
new credit identity by obtaining a federal employer identification
number to use instead of a Social Security number. If you follow
illegal advice and commit fraud, you may be subject to prosecution.It’s
a federal crime to make false statements on a loan or credit
application, to misrepresent your Social Security number or to obtain
an employer identification number from the Internal Revenue Service
under false pretenses.”

The Daily Advertiser – – Lafayette, LA

You can always get a free copy of your credit report from www.annualcreditreport. com and please be very careful of any company asking you to do anything illegal. Breaking Federal Law is not worth it.

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