Easy Way To Remove Negatives from Credit Report

This is the first step ....theres many steps , but the first step to removing negatives from credit reports is to simply Dispute them as not yours.

This method seems to be the easiest way because theres no back and forth , theres no strategy , theres no following up with proof or backup letters , all your doing is telling the big 3 credit reporting agencies that this item is not yours . And the law says that if you claim an item is not yours then the credit agency needs to a) remove it ..... or b) they can keep it on , but they need to investigate and find written documentation that this account belongs to you within a 30 day period. If they CANNOT find any proof that the account belongs to you , then they need to remove this item from your credit file.

The reason why this process of simply 'disputing as not yours' is so powerful is for a few reasons. When a consumer disputes an item , for e.g. a charged off phone bill, the credit bureau then contacts the company that is reporting the charged off phone bill and asks for verification.

There are so many reasons as to why this is THE easy way to get rid of negatives on your credit report. There are so many times that the company reporting the negative will not respond to the credit bureau's request for proof. Reasons being, Account was settled for a settlement amount , original company was merged or bought out and those records are not easily avail anymore, shady collection agencies that cant prove with written paperwork.

All you do is simply send a basic dispute letter by mail to the credit bureaus , i suggest that you mail everything with certified mail with returned receipt , because the big 3 credit bureaus get so many requests that they simply don't answer all , but a certified letter proves they received the request and by law they need to respond or risk a fine

A simple dispute letter can be found here for free on this website , www.BusinessDocumentsForFree.com . make sure the form has your name , address, social security # and list the name of the account that you are disputing as well as the account number associated with it , sometimes the credit file will show an account # with alot of X's ( for e.g. 42568384XXX ) , make sure to put the account number as it appears on your dispute form. When sending in the dispute form that i recommended , please make sure to edit whether its for Transunion or Experian or Equifax .

The 3 credit bureaus mailing address is

Experian mailing address ( experian is shady and changes the PO box # every so often)

Experian

P.O. Box 2104.

Allen, TX

75013-2104

Equifax Mailing Address

Equifax

P.O. Box 740241

Atlanta, GA

30374-0241

Transunion Mailing Address

TransUnion

PO box 2000

Chester pa 19022-2000

I highly recommend that if you have a few items that you want removed to send an individual letter for each , and i would also not send them all at once.

Once they get the dispute in the mail , they will have signed your certified letter and you will receive a receipt in the mail from the postal service.

Please don't hesitate to ask me questions or leave comments for me and i can help you out

First Step in Credit Repair ...

..or as i like to call it, credit management...

The first step in credit repair is getting copies of your credit REPORT. , credit REPORT and credit scores are 2 different things , let me explain ,

There a quite a few different companies out there that collect information about you , the most common 3 companies are equifax, experian and trans union. These 3 companies are very similar and they just collect info about all your financials. The way the information is collected is via the banks. Meaning, its up to the citibanks, or the other big credit card issuers to report your basic info every month , basic info includes usually your name , social security number, credit limit , credit balance, and whether you paid on time or were ever 30 , 60 , 90+ days late. , Same with the mortgage companies, or the car loan banks . In most cases , phone companies , and utility companies dont report on your credit report UNLESS, you are in default and they send a collection agency after you , so in that case you will probably have a negative.

Most of these banks update all your info to the major 3 credit bureaus , experian , trans union and equifax , so in most cases you will have the same info on all your credit reports. However , every once in a while , for some reason that is unexplained , a specific credit card account or a mortgage or whatever will somehow not be reported on one of the bureaus, or sometimes a charged off loan from a collection agency will only show up on 2 of the 3 ,... what im saying is , that sometimes the info is just a little different , sometimes the balances are different or not updated correctly on some of the credit reports. Thus making each of your credit reports a little different.

The first step in credit repair would be to get a copy of your three credit reports , these days you can get a copy for free because of some federal law that was passed sometime in 2004 or 2003 , try getting it from the government run website , it should be totally free without having to commit to anything and it wont ask you for your credit card info either www.annualcreditreport.com , you can only get it once a year for free .

Now dont be confused between credit SCORE and credit REPORTS , the reports simply display the info that they get from the banks , thats it!!!, they dont add anything of their own , they dont try to piss people off , they simply collect the data thats submitted to them and they display it on the reports....

credit SCORES are totally different , and ill explain. When someone wants to apply for credit or other financial privelages they fill out an application which is distinguished mainly by the social security number . A social security number is like a financial ID # that follows you and identifies you throughtout the financial world. So when you apply for credit or loans, the bank such as Bank Of America or some other bank that your using will decide to 'pull your credit' , meaning they obtain a copy of your credit reports and view the info on it and then decide whether you meet ther criteria for their loan or credit card. However , the application process these days is so quick , with decisions made within minutes or even seconds , its also very tedious for the banks to actually view each credit report and look over the info. in most cases , they will just pull one credit report from just one of the credit reporting agencies , since they feel they are about the same they can cut time and costs and just pull one . for example , in NY if you apply for an amex card , they usually pull trans union reports ...if i recall , citibank will pull equifax , theres actually a website that has a full , user submitted database of different banks and which credit report was pulled , and varied by the state as well , if someone wants me to post it ill research it in my notes and post it , leave a comment and let me know

theres a company called Fair Isaac & Co. , many of you never heard of this company , but perhaps you're more familair with its nickname , FICO , ..these guys had the brilliant idea of being the middleman between the banks submitting borrower applications and the 3 credit reporting bureaus. Fico would take every persons report and depending on the specifics of it , they would use a numerical scoring system , the range of scores is 350 - 850. So , instead of bank employees analyzing a credit report everytime someone applied for credit , they can now just decide that they are allowing anyone with a 620 or above is accepted , and 580 below is rejected and the in between they can do a manual review or whatever criteria . and this is how the fico credit scores work ....

Dont be fooled....... There are plenty of different companies selling credit scores , even each of the credit bureaus sell a credit score , and each of them have their own way of analyzing the data on the reports and ssome even have the same criteria as FICO , however , ALL these other scores are USELESS !! , Even the credit scores that trans union ,equifax and experian sell are useless , and the simple reason is because , 99% of the time , when a bank seeks a credit score to grant loans they will use the FICO score , so when purchasing a credit sore , make sure to purchase from www.myfico.com , which is the website for FICO , all other scores are useless

recap , get your Credit Reports in 2 ways , either directly from each credit bureaus website ,

Experian http://www.experian.com

Equifax http://www.equifax.com

Trans Union http://www.transunion.com ,

you can also get it cheaper at some 3 in 1 websites , like

CreditReport.com - http://www.creditreport.com

Free Credit Report.com http://www.freecreditreport.com

and for your credit SCORES , go to

FICO ( fair isaac & co. ) http://www.myfico.com

How I Went From No Credit to Great Credit

Over the past few years i have been constantly working and maintaining my credit scores in order to help me with m investment career as well as financial peace of mind . Over the course of the next many blog posts, i will detail many of the steps i took in order to get great credit .

I want to let my readers know in advance , that most people who discuss credit repair and other debt solutions are always trying to sell something, whether its a service , or a series of audio cd's or books , or whatever it is , I just want to tell everyone that i am not selling anything , i am not pushing any advice on anyone , i am simply chronicling my credit roller coaster as well as letting you guys know some of the great tips and tricks i picked up along the way .

everything i ever did was always legal and ethical , and please feel free to ask me any questions , i wont be trying to sell you anything , bec i have nothing to sell!!! so , again , keep the questions coming this way i know ppl are actually reading this ....

wow , blogging is so tiring , i need a break already , ill start off in my next post

later