THE MVET WAY CEMN NEWSLETTER_APR_MAY_JUNE_2018

By John Allen

Technically, credit repair can involve fixing your bad credit in any way, shape or form, but when most people use the term, they’re referring to the process of dis- puting errors on credit reports. This is only part of fixing your credit. There are five main areas of your credit profile that will help or hurt your scores. * Payment History-Are you making your payments on time? Balance to Debt Ratios on your credit cards-Keep your credit card balances below of the limit of the credit card. * Length of History-You will need some active accounts on your credit profile-The older the account the better. *You need the right types of accounts-You only have two kinds of credit on your credit profile. You will need both of them to have the ideal credit profile. * Revolving Account - Example: a credit card Installment Account- Example: car or a mortgage payment * Inquires- Too many Inquires will hurt your scores.

How long does credit repair take? Getting negative, inaccurate information off your credit report is one of the fastest ways to see in improvement in your scores. Since credit bureaus have to respond and resolve a dispute within 30 days, there are a few exceptions that may extend this to 45 days. It’s a short timeline and can help consumers who want to buy a home, get a new car, or open up new credit cards soon, and don’t have the time to wait to build good credit with other ways. Most people are under the impression that fixing credit is impossible and will take seven years for the negative issues just to fall off. The good news is that this process, in most cases, can be fairly fast.

How to improve your score Remember, there are lots of reasons why credit may be in rough shape, and most are related to your spending habits so for instance, if you missed a few payments for your debt levels are too high anything over 30% on your credit cards. Disputing errors Is just the beginning of the process. Negative effects on your credit will lessen over time, so long as new blemishes don’t emerge. That shouldn’t dissuade you however from getting started on disputing negative issues on your credit. Remember, a bad credit score can cost you some serious cash over your lifetime. You can lose hundreds of thousands of dollars to bad credit scores. That’s pretty shocking number, and it should be. Bad credit means higher loan interest rates higher insurance premiums and that all adds up over the years. Bad credit can hold you from achieving major life goals like buying a home, going back to school, taking a dream vacation, or even retiring on schedule. Fortunately, you are necessarily saddled with bad credit for life. Once the errors have been identified, and we do a dispute on your behalf the bureaus, and the data furnishers will receive the dispute. They will then work with us to determine if the item should be removed from the credit report. The major law dictating your rights when it comes to credit reporting Is the Fair Credit Reporting Act, but it’s not the only law on your side when it comes to credit repair. A good credit repair company will scrub questionable credit report items against other laws-like The Fair Credit Billing Act, which regulates creditors. The Fair Debt Collection Practices Act, which oversees Collection Agencies and others that address medical illness, military service, student status, and other life events.

So the good news is, we are on your side and will guide you through all the turns in this road. In most cases, it will only take a couple of months to start to see significant improvements in your credit profile.