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Fix Credit For U.S. Veterans

Veterans Can Fix Their Own Credit Challenges

DIY Software Makes Credit Repair for Veterans Fast, Easy, and Effective

Read the entire article here: va-home-loans-today.com/fix-credit/

Credit repair can seem overwhelming, however it is not rocket science. Putting all the pieces together and then disputing errors on your credit report would be almost impossible if there were not some laws in place to protect you and your rights. Knowing these laws can help you to dispute and remove inaccurate, incomplete, outdated and unverifable information in your credit file. One of the most important of these laws is The Fair Credit Reporting Act.

The Fair Credit Reporting Act

The FCRA is a United States federal law that was originally passed in 1970 and is enforced by the US Federal Trade Commission. The FCRA was written, among other things too regulate the collection, dissemination, and use of consumer information, including consumer credit information by the Credit Reporting Agencies ( CRA's) and provided by Information furnishers ( usually Lenders).The FCRA spells out responsibilites for the CRA's, Information furnishers and the Users of that information that deal directly with your credit report and credit dispute rights. It is important to you for many reasons including because it is designed to protect your rights regarding what can and can not be included on your credit report. Items deemed as inaccurate, incomplete, outdated and unverifable must be removed from your credit file.

You have the right to dispute any errors directly with the Credit Reporting Agencies ( Equifax, Experian and TransUnion or any of the "nationwide specialty consumer reporting agencies" such as insurance, medical , employment etc...), and / or with the company that reported information (an information furnisher) to the CRA.

In 2003 an amendment to the FCRA was added that lets you request your annual credit report every year by phone, mail or through AnnualCreditReport.com ( the government-authorized website). The Federal Trade Commission states that-  " AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that's yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months."

While the FCRA is the Federal law regarding your credit reporting rights, there may be additional state laws that apply as well.

There are other laws that relate to your consumer credit and debt rights that will be included in future postings. Some of these are The Fair Credit Billing Act, The Fair Debt Collection Practices Act  and The Credit Repair Organizations Act.

  *Please note that while you are entitled to a free report annually ( and possibly additional reports under special circumstances) you will have to pay in order to get a copy of your credit scores even through AnnualCreditReport.com.

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Even the Federal Trade Commission says You Can Repair Your Credit Yourself :

"Credit Repair: How to Help Yourself

You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail, and maybe even calls offering credit repair services. They all make the same claims:

“Credit problems? No problem!”

“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”

“We can erase your bad credit — 100% guaranteed.”

“Create a new credit identity — legally.”

The Federal Trade Commission (FTC) says do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan. " FTC

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FICO Credit Score - Where Does It Come From?
			FICO Credit Score Components 35% Payment History 30% Amounts Owed 15% Length of Credit 10% New Credit 10% Type of Credit
			If you’re trying to improve your FICO credit score, you may need to focus on one or more of the components above.
	Improve Credit Scores Step-by-Step Improve Credit Scores - Payment History Category · Pay on time, no magic secret here · If you can’t pay on time, notify your lender that you need to work something out · Get current on past due accounts Improve Credit Scores - Amounts Owed Category · Keep low balances relative to your credit limit - 35% or lower is best. · Don’t open new accounts just to lower your used credit capacity - having too much capacity is a risk too Improve Credit Scores - Length of Credit Category · Consider keeping old accounts open if you’ve been a good borrower · Start building credit as soon as possible Improve Credit Scores - New Credit Category · When shopping for new credit, keep it all within a short time frame such as 14 days or less · Borrowers with a bad history can improve credit scores by opening a new account and managing it responsibly Improve Credit Scores - Types of Credit Category · Installment debt (where you pay fixed monthly installments to eliminate the debt) is “better” than revolving debt (open-ended credit card debt) · Certain finance company debts (like buying a product with retailer financing) can lower your score In general, you need to know that it takes time and discipline to improve credit scores.

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