The Credit Repair Professional

The credit repair business requires a clear grasp of the interaction of many factors. Credit bureaus, creditors, and collectors are each regulated under their own set of federal laws. There are state laws that may supercede the federal laws. In the background of all of this activity is Fair Isaac and Company that formulates your FICO Score based on the makeup of the information on your report. Credit repair professionals must have a working knowledge of all of these factors and more.

And the Not-So-Professional

True credit repair professionals provide an incredibly valuable service. But there are also those that misrepresent themselves and the services they offer. These deceptive practices will waste your money, and in some cases leave you worse off than ever. Here is our list of the top offences…

Authorized User Alert

Some so-called credit repair companies have been brokering “authorized user” status on credit card accounts. This involves making the customer an authorized user on someone else’s credit card to boost the customers FICO score. This is not illegal, but you should be aware that Fair Isaac and Company, in response to this practice, has eliminated authorized user benefits from the new FICO scoring model. According to Fair Isaac, one of the three credit bureaus will begin using the new scoring model in September 2007. The other two credit bureaus will adopt the new model by mid-2008.

The New Identity Trap

There is a busy little credit repair sub-culture that offers to help you establish a new identity by applying for an Employer Identification Number (EIN) which they suggest that you use in place of your Social Security Number. This amazes us! And it is a serious crime that could put you in prison. Steer clear.

Promises Promises

Watch out for companies that guarantee results such as a specific increase in your credit scores in a specific period of time. Professional, reputable credit repair companies can produce dramatic results! But given the fact that there is no way to predict the responsiveness of the credit bureaus, creditors, or collectors it is inappropriate to make such promises, and a sure sign of bad business.

The One-Dimensional Credit Repair Problem

Beware of credit repair companies that offer credit bureau disputes, and nothing more. They are most likely using software that simply pumps out dispute letters - repeatedly. This one dimensional approach to credit repair is certain to produce disappointment. Effective credit repair requires the skill to challenge the bureaus, creditors, and collectors alike; all with the knowledge and understanding of the legislation that governs them, and a grasp of how each change in your report can affect your FICO scores.

Power Corrupts

I’m going to stray a bit from the category of credit repair scams and touch on two of the more egregious offenders in the credit reporting industry. Many people mistake size for honesty. Power can corrupt, and the journey to the dark side is often led by corporate attorneys who constantly test the limits of consumer’s tolerance. Credit repair can be tricky enough, but getting hoodwinked by the credit bureaus can be downright discouraging. Here are offenders that we encounter on a daily basis.

False Credit

Every day untold numbers of consumers go to TransUnion’s “True Credit” website and pay for what they believe to be their credit scores. What they get are deceptively named “TrueCredit” scores which vary significantly from the FICO scores used by lenders. Here is the (almost impossible to find) small print from the TransUnion website. “TrueCredit is not connected in any way with Fair, Isaac and Company; the credit score provided here is not a so-called FICO score. The credit scores of TransUnion may not be identical in every respect to any consumer credit scores produced by any other company.”

Not Free Credit Report

Are you starting your credit repair effort? You can get all three of your credit reports for free, one time per year, from AnnualCreditReport.com. Don’t be fooled by Experian’s freecreditreport.com website! Here is the fine print: “When you order your free report here, you will begin your free trial membership in Triple AdvantageSM Credit Monitoring. If you don’t cancel your membership within the 30-day trial period, you will be billed $12.95 for each month that you continue your membership.” And it may not be so easy to cancel. The Office of the Attorney General of Florida lists the following issues in their investigation of Experian: “Deceptive advertising, misleading domain name, and failure to honor cancellations in violation of Chapter 501, Part II, Florida Statutes (Florida Deceptive and Unfair Trade Practices Act).”

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

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Credit Repair and FCRA Reporting LimitsThe Fair Credit Reporting Act (FCRA) is the law that stipulates the amount of time derogatory information can remain on your credit report. Most people attempting credit repair are aware that most derogatory information can report for up to seven years. This is easy to calculate for a simple item like a late payment. If you were 30 days late on a credit card payment in January of 2001 the late payment can continue to report until January of 2008.Credit Repair and Modified Reporting LimitsThe FCRA offers a different approach to calculating the reporting period for charged off accounts and collections. If you are in a credit repair program and trying to calculate drop-off dates you need this information. Rather than limiting the reporting period to seven years for these two events, the FCRA instructs the credit bureaus to count seven years plus 180 days from the original default date. And there are good reasons… Charge Off Reporting LimitsA charged off account is unique inasmuch as it is not an isolated event but rather the outcome of an earlier default. The seven year plus 180 day rule creates a measurable start date for reporting period calculations. So, if you were 30 days late on a credit card payment in January of 2001 and never made another payment, the last date derogatory information can show on your credit report is June of 2008. This is the case regardless of when the creditor charged off the account.Collection Reporting LimitsReporting periods for collections are counted in the same way, but for different reasons. Collectors live in a world of their own, buying and selling collection accounts with a surprising frequency. There are many reasons for this behavior; the chief reason being that as soon as a collector determines a debt is uncollectable the only value it has is as a salable commodity. Because collections change hands so often people attempting credit repair are often confused about reporting period limits.Reporting Periods Cannot be ResetThe reporting period for a collection begins with the original default date on the original debt and ends 180 days plus seven years later. And nothing can reset it. The FCRA is clear that nothing can reset the reporting period including the sale of debt, payments made to a collector during the life of the debt, or any disputes about the account made to creditor, collector, or credit bureau. But don’t confuse the reporting period limits with Statute of Limitations on collectability…Reporting Period Vs Statue of LimitationUnderstanding SOL rules will allow you to exercise several powerful credit repair possibilities. The Statue of Limitation (SOL) on a debt is the length of time it can be collected through the courts, and varies from state to state. You can easily find your state SOL on the internet. Of interest to anyone in a credit repair program, the expiration of an SOL will not stop collectors from attempting to collect. Collectors are well aware that most people have no concept of SOL and are happy to take advantage.Don’t Ignore a SummonsAside from basic collection efforts like phone calls and letters, collectors will often attempt to obtain a judgment after the expiration of the SOL. You may be surprised to hear that they often succeed. If you get sued by a collector beyond the SOL you must file a response with the court within the time allowed in the summons. If you do not respond the collector will prevail in spite of the expired SOL. You must positively affirm your SOL defense! Credit repair requires action.Collections beyond the Statute of LimitationIf you get a collection letter check the SOL. If the debt is beyond the SOL you have several fantastic options. If you want the collector to leave you alone, just send a Cease Communication Letter demanding they stop all attempts to contact you. Once they get the letter there is nothing further they can do. Here’s a great credit repair tip. If you want to pay the debt you have a major edge in negotiating a payoff. Just make it clear to the collector that you are aware of the SOL and they should be happy to settle. Try calling the last week of the month. You may even be able to negotiate to have the collection removed altogether from your credit report. That’s credit repair gold.Credit Repair and Cease Communication Vs Debt ValidationBe careful about using a Cease Communication Letter on debt that is within the SOL. You might push them into legal action. If you get a collection letter on a debt that is still within the SOL send a Debt Validation Letter instead. It’s a great credit repair tool; the Fair Debt Collection Practices Act requires collectors to provide proof of their legal right to collect as well as an accounting from the original creditor of the amount claimed. You have 30 days exercise your rights. If they respond you will have peace of mind knowing they own the debt and the amount is correct. But there is a fair possibility that the collector will not be able to furnish the proof you have requested. If that is the case you will not hear from them again and they will have to stop reporting. Not a bad outcome either!Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

Students are increasingly worried about credit and credit scores - and for good reason. Student debts are rising and the numbers of students who leave school with ruined credit scores is rising as well. Many experts blame larger credit card debts and rising tuition costs (that lead to larger student loans). Despite the pressures, it is possible to leave school financially sound and in fact, to develop good financial habits that can lead to a lifetime of financial success. Here are a few tips that can make the college years a credit-booster instead of a credit disaster:

If you are a student, you have a great secret weapon for credit repair and free credit repair advice - your school’s financial aid office. If you are a college student, your school’s financial aid office should be one of your first stops at the campus. Few students visit this office regularly while they are in school, and this is a mistake. The financial aid office at most universities and colleges can offer students free credit repair advice to help you keep your credit score in tip-top shape.

Additionally, the financial aid office offers one-on-one financial counseling, information about scholarships, tips on budgeting, books on money, and many more resources. The officers at your university or college financial aid office can offer you help on almost any aspect of financial help - including helping you figure out a financial plan that can keep you out of debt.

Plus, many financial aid offices have workshops that can teach you about dealing with money and credit, and even offer free tax filing services - services that are extremely useful. In fact, the financial aid offices at most colleges and universities are so useful that you may want to call the school you attended in the past to ask whether alumni are eligible for any services at the financial aid office. The free credit repair advice and other resources that you a get from these offices, are simply too good to miss.

Another thing that students can do to protect their credit is to try to pay for education through means other than loans. Student loans are becoming a problem for more and more students. Many parents and students are now waking up to the fact that huge student loans can be a terrible financial burden after graduation. While it is true that most college and student loans do not have to be repaid until after graduation, the time after graduation usually carries some large financial responsibilities.

Many college graduates want or need a car, a good job, and possibly their own home or apartment. Each of these things requires a good credit standing, but too large student loans not only require larger monthly repayments but also may affect credit scores by overextending credit. As tuition fees rise, larger student loans are becoming the norm, leading to financial hardship - and in many cases disaster. To avoid this, you should try to live within your means and rely on such resources as jobs, savings, scholarships, bursaries, and other forms of financial aid to pay for your tuition and living expenses.

Another thing that students can do is save money by taking advantage of student discounts on student life. One of the advantages of student life is that it is inexpensive. Student housing or rooms rented with roommates create inexpensive living, on-campus facilities offer great services at discount rates, and many businesses offer student-only deals.Try to take advantage of these offers to make your student money stretch further.

Look around to find the best student-deal offers, ranging from travel deals to free tax filing services, available from your campus and from surrounding businesses. Make use of the free services on campus - such as renting movies for free from the film department or working out in the school gym - rather than paying for these same services outside the campus.

Many students fall in love with their credit cards. Credit card companies know this, too, and routinely heavily advertise on college campuses, even offering students free food or gifts to fill out a credit application. While the convenience of credit cards is tempting, it is a good idea to stay away from credit cards altogether. This is because studies have repeatedly shown that those who pay cash for items routinely spend less than those charging or using credit cards to pay.

An alternative to using a credit card is a prepaid debit card. Prepaid debit cards are a great asset to students because it can teach students great financial management skills. Using a prepaid debit card for entertainment and other small needs ensures you won’t spend more than you have to and also ensures that you won’t end up paying for months for something that is long gone.

Following the free credit repair advice give in this article can help you with credit repair before it becomes a necessity. More importantly, this information can help you to establish good credit habits early and will help ensure that you have a long (and good) credit history by the time you graduate from college.

If you’ve never done it before, you can try to bake cookies without a recipe. Sooner or later you’ll get something edible, but there will be a mess in the kitchen.

If you’ve never done it before, you can try to repair your car’s transmission by yourself. Chances are you’re not going to drive your car for a while. And there will be a big mess in the garage.

And if you’ve never done it before, you can try to repair your own credit report. Using that trial-and-error method could make things much worse, not better. You only have one credit history, and if you burn that, it will be years before you can get the mess cleaned up.

Think how much faster you’d have great cookies with an expert baker helping you. And how much better those transmission repairs would be with a master mechanic standing by. It might even be worth spending a dollar or two getting the help.

So while many would have you believe repairing your credit is so simple a caveman could do it, fixing your credit can actually have as many complexities as fixing your transmission. There’s much more involved than just sending a letter or submitting an online form.

Law firms specializing in credit repair understand the process, and know what to say and how to say it. Making a single improper statement can result in your dispute being dismissed. Working with someone who can lead you through all the tricks and traps might even help shorten the time it takes to get results.

Be wary of the phrase “There’s nothing a credit repair firm can do for you that you can’t do yourself for free.” One thing a reliable, proven law firm can do for you is keep you from making an error that will set back your efforts.

As anyone can tell you, there are good and bad chefs out there. There are good mechanics, and scam artists with wrenches. The credit repair world is full of vultures, too. But there are also solid, established, consumer-focused credit repair law firms whose counsel can be valuable. And they can keep you from making a mess too tough to clean up.

A list of ten credit repair tips follows. This is by no means a complete list, maybe just enough to get you started.

Credit Repair Tip #1 Look for free information before you buy anything. Did you know that the three major credit bureaus, Experian, Equifax and TransUnion, are required to provide consumers with one free copy of their credit report every year? If not, you are not alone. Companies which sell credit reports and other credit repair tips are betting that most people do not.

Credit Repair Tip #2 Visit www.annualcreditreport.com. At this site consumers can view and print the information accumulated by the credit report agencies or credit bureaus. There is no charge for these reports, but the credit bureaus are allowed to promote the products that they sell, such as credit repair tips, on this site. Credit Repair Tip #3 There may be a lot of information on your credit report or just a little, depending on the types of credit that you have and the length of time that you have been using credit. Print the reports out and begin the process of reviewing the information that the credit bureaus have been accumulating about you. Use a yellow highlighter to highlight information that you believe may be inaccurate, misleading or unverifiable. This is information that you will dispute.

Credit Repair Tip #4 One of the credit bureaus has an on-line dispute system, but it is not very user friendly. The window is tiny and in order to read a sentence, you have to scroll from left to right. The best way to notify the credit bureaus of your disputes is to send them a letter. Letter writing suggestions are included in many books with credit repair tips, but you can view a perfectly usable example of a dispute letter at the Federal Trade Commission’s credit website.

Credit Repair Tip #5 Wait.

Credit Repair Tip #6 If you have not received a response from the credit bureau or bureaus within thirty days, send a follow-up letter: “Please remove these items from my credit report immediately. I have waited a reasonable amount of time.”

Credit Repair Tip #7 Wait.

Credit Repair Tip #8 If you receive no response from the follow-up letter, you will need to contact a lawyer, preferably one that specializes in credit repair issues. The credit bureaus are allowed to disregard disputes that they consider frivolous. There are no guidelines for disputes which might be considered frivolous. Credit Repair Tip #9 Sometimes options are recommended which are illegal, such as file segregation. Do not create more problems for yourself.

Credit Repair Tip #10 Visit creditrepairsoft.com for more credit repair tips. This site also shows how different actions affect your credit score.

There are several sources on the internet for credit repair tips. As with most information, there are hundreds of books full of credit repair tips, software programs with credit repair tips and credit repair specialists that charge for their credit repair tips, but there is a lot of free information as well. For more credit repair tips, vistit the Credit Repair Blog at

After twelve years of credit repair, credit score repair and writing credit repair letters to all sorts of creditors, collection agencies and credit bureaus, I realized that it was necessary to provide my services at a serious discount to consumers in need. I realized that not all consumers could afford my credit repair services. As a result, I created a hot line to answer credit repair and credit score questions. However, I noticed that it was becoming an overwhelming task for my staff and at much expense in order to provide the free credit repair services.

A little over two (2) years ago, a couple of my clients suggested I should write a booklet (20 pages) about credit score, how credit score is calculated, what to look for when calculating credit score, what is the best way to repair credit and some of the main topics of credit repair. They suggested I should provide this ebook for a price of $9.95. I thought about doing so for some time as I was thinking that 20 pages of credit repair ebook would not be enough to even touch the surface on so many subjects that needed to be covered. You see the entire idea of credit repair (credit score repair) or credit repair letter writing is not a simple task that even 50 pages would be enough. However, it was also bothering me to charge $9.95 for some limited number of pages.

Then I realized, I could sit and think and continue contemplating about writing a credit repair - fix credit summary pages until I turn blue, or if I truly want to help consumers with their credit repair and credit score issues, I must take a step and start now. That was two (2) years ago.

As I was writing, in August 2006, I realized, we’ll have a major problems with the mortgage loans being granted so easily due to the unethical practices of mortgage lenders, brokers and direct lenders. You must understand this point. For the past eleven (11) years, I was directly involved in assisting my clients get loans after their credit repair was reasonably completed and their credit score was around 740 or higher. Initially, I was just fixing credit and let them enjoy the luxury of such good credit score. However, after communicating with my clients a couple of months later, I noticed that they were getting rubbed by “mortgage brokers” and the so called “Direct Lenders” or even the loan servicing companies. It was unjust then and it continued to be unjust now. Since this is a separate issue of its own, that I must share it with you and teaches you what to watch-out for, I am going to create a separate article about Creditors, lenders, mortgage brokers and the “direct lenders.”

Let’s stick with issue regarding credit repair.

Most consumers fall in the trap of over extended credit when banks and credit cards companies offer one card or loan after another. The consumers think the best way to get-out-of debt is borrowing more. In other words, “steal from Pete to pay Paul.” This is one of the major misconception consumers have that puts them in a deeper debt and causes even more problems for them to the point that they have credit collapse (beyond credit crunch). They experience receiving a lot of called from collection agencies, having late payments, collections and charge off entries on their credit files (credit reports) and their credit score goes down to 400 or 500 level.

As I was typing my so-called ebook (according to push my clients given), I noticed that the summary book was expanding to over one hundred pages and I was not even touching half the issues. Then I decided to continue and make the book a “credit repair” book called “Your Credit = Your Life, Fix It Now!” Since August 2006 realization that we will have mortgage problems, my only option was to inform as many people as I could either by emailing or calling, I was not able to reach all consumers. However, “Your Credit = Your Life…” book addressed all issues.

Other misconceptions consumers have, is the fact that some of them think, a credit repair is a quick fix. They think, they can just wave a magic wand and their credit score will go up from 495 to 720 or more. That’s not how it works. A true credit repair or improvement in credit score takes time (several months to a couple of years). Don’t be fooled by what you hear as quick “credit repair fix.”

In order for you to do self credit repair which is the best method, your must follow several steps. Those steps are lengthy and require patience. It requires dedication, willpower and application of your own gradual experiences. For the past several years, I have a sign on my office door so that everyone can clearly see. I also have the quote on my business cards, letterhead, books I wrote and talk about it repeatedly. It says, “more is lost by indecision than by bad decision.”

Think about it for a couple of second and then relate these words to what has transpired in your life thus far. Just as I was contemplating to write 20 pages for an ebook and sell it for $9.95, I was thinking of two things:

a. It is not possible to write just 20 pages,

b. I wouldn’t have the heart to sell a summary book for $9.95.

I lost the track of my own quote. “More was being lost be my indecision…” I wanted to help teach others how to fix credit; I hired a staff teaching them the credit repair concepts, but wasn’t grabbing my keyboard to type what was in my heart and mind. As my clients were pushing me, I was lost in my indecision.

Most consumers do exactly the same as I did for a couple of months. Think with yourself. How many times were you planning to do something and you kept contemplating if you should do what was in your mind or suggested to you? I bet you did that a few times. I bet part of your problem was the same as mine. Where do I start? How do I approach it? What would be my next step? And, a long list of other questions. You know something. Unless you take the first step, you wouldn’t know what the next step is. Unless you set your goal, mind and heart to take an action, it will never happen. You will contemplate and continue in your indecision yet time passes you by and all you do get deeper and deeper in debt, pay more for simple loans, get drowned in debt to a point that you will take your credit or financial anger on your loved ones. ALL BECAUSE YOU DID NOT MAKE YOUR DECISION IN DOING SOMETHING TO TURN YOUR LIFE AROUND.

My dear friend, stop feeling sorry. Here, I am pushing you to do something. Make a decision and do something about it NOW. It is never a bad idea to have a better credit so that you could have a better life and save more money. It took me several months to prepare the book that offers all you need to know about your credit. Believe me, I have seen so many credit reports that yours would not be half as bad as what I’ve seen. There is hope for everyone, especially you. You only become hopeless when you don’t get up, shack off feeling sorry and do something to turn your credit life around.

Please let it be now. Here are a few steps in what you can do.

1. Get copies of your credit reports. You must obtain recent copies for all three (3) credit bureaus. One credit report won’t do. Why? Different creditors and collection agencies report to different credit bureaus. See the book.

2. Compare each entry shown on your credit reports with the account statements you have. Whether it is an open account, closed account, a collection, a charge off or late payment account. You don’t know how many times, I seen credit reports where the consumer did not have any such account and it was creditor or credit bureaus mistakes. Read the book.

3. When you notice inconsistencies (whether it is an account you don’t recognize or misinformation about an account), call creditors and credit bureaus. Discuss, dispute and be persistent.

4. Ask for a conclusion, removal or correction letter.

5. Do NOT settle with collection agencies. If you do or have no other choice, you must do two things, settle for less or don’t pay unless they agree to correct the entry by removing it.

6. Do not trust a collection agent. They do NOT mean well.

There are so many things to talk about and so many techniques to offer. It is impossible to discuss all in this article. So, I ask you to do something useful and quick to improve your credit score, which is as a result of your steps in your credit repair. You don’t know how good it will do for you.

For a complete details of the list above and other topics use the knowledge base provided at link and pick up a copy of the book “Your Credit = Your Life, Fix It now!” I promise, visiting the website will worth every moment and/or penny and spent.

Best wishes

Mike Samadi

The majority of Americans have errors and other unverifiable information on their credit reports that could be dragging down their credit score. Odds are good that your credit score is lower than it should be. The unfortunate thing is that odds are you will be yet another one of the millions of Americans who will continue to suffer with an unfair credit score because you will do nothing to repair your credit.

Most Americans want to believe the credit reporting system works; that people earn their bad credit and there is nothing they can do about it but wait for seven years. But study after study shows the credit reporting system frequently does not work. This is why the Fair Credit Reporting Act and other consumer protection legislation give you the right to do something about it - the right to make sure your credit score is as good as it can be.

So why is it that, though everyone has the right to dispute the negative items in their credit reports, very few people do? It certainly can’t be because they don’t understand the importance of a high credit score. After all, it doesn’t take a genius to figure out the benefits of a good credit score when it can be the difference between paying $2,500/month and $2,000/month for the exact same house.

More likely, the reason people do not repair their credit is a mix of apathy and lack of understanding of the credit reporting system. Too many people assume the credit reporting system is some official government bureaucracy with an extensive system of checks and balances designed to ensure the safekeeping of their credit history. This couldn’t be further from the truth.

The credit bureaus at the center of the credit reporting system are not official organizations. Instead, they are massive, for-profit corporations that collect personal information from your creditors and make money by selling this information in the form of your credit reports.

So now you are asking yourself, how do they ensure this information is correct? If a creditor reports something that is wrong, how do the credit bureaus make sure it doesn’t end up on your credit reports?

The answer to both of these questions is: they don’t. Your creditors report information, the credit bureaus record it, and for most people, the story ends there.

Nobody at the credit bureaus or in the government is going to make sure your credit reports are accurate. The way the credit reporting system is set up, there is only one person who will ever bother to check up on your credit reports - and that person is you. You are the missing, and ultimately the most important, piece of the credit reporting puzzle.

Making sure your credit score is where it should be is your responsibility and repairing your credit reports is a task you will have to initiate because no one out there will do it for you.

It is your right and your responsibility to dispute the questionable negative items in your credit reports and the sooner you start, the better. You can work to repair your credit on your own or you can enlist the help of a credit repair law firm like Lexington Law.

Whether you attempt to repair your credit on your own or with the help of a credit repair expert, by taking an active role in the credit reporting system, you can ensure your credit score is as good as it can be and that you have the advantage over the millions of people out there with bad credit who haven’t taken action to do anything about it.

Your Credit Repair LifelineNo matter how bad your credit might be there is a quick way to get your credit scores moving in the right direction. The FICO scoring model places considerable weight on your ability to manage your debt; and credit cards offer the perfect way to demonstrate your responsibility and influence your credit scores quickly.Get Back in the Action Right NowIf the events of life have left you without credit cards, now is the time to get back in the action. It does not matter what your credit report looks like. Forget the past. Credit repair is about the present. Forget your fear of denial. You can do this now. Secured credit cards are the perfect credit repair option.Secured Cards Done RightOpen two new secured credit cards today. Secured cards require a small savings deposit that will secure a modest line of credit. Once you have your cards it is time to work the system. It’s credit repair magic. Just maintain your balances under 20% of your credit limit. Don’t pay them off, and don’t let them go above 20% of the limit. Do it right and watch your scores improve.Pay Down Your BalancesIf you have plenty of credit, secured cards are not for you. But here are some facts that should aid your credit repair efforts. The FICO credit-scoring model is very sensitive to the relationship between your current balance and your high credit limit. FICO acknowledges six different balance-to-limit ratios: 20%, 40%, 60%, 80%, 100%, and over 100%. The first two are positive, 60% is neutral, and 80% and 100% are increasingly bad. To go over the limit is credit repair suicide.Up Your LimitsPay down your credit card balances and your scores will improve on the next reporting cycle. The affect can be dramatic. But there is another way. While you work on paying your balances down you should try this easy credit repair strategy. Call the credit card issuers and ask them to increase your limit. The affect on your credit score will be the same as if you paid your balance down. Can’t hurt to ask!Give Uncle Bob a CallAdditional card member accounts still work! For those unfamiliar with the concept, here is an overview. Let’s say old uncle Bob has fantastic credit. If he is willing to make you an additional card member on one of his well-managed credit cards you will miraculously inherit the credit history of the card as if it were yours. It’s a real credit repair boost. So if you are on good terms with uncle Bob, give him a call.A Caution About Additional Card Member AccountsThere is a downside to the additional card member strategy. Fair Isaac and Company, the creators of the FICO scoring model, are well aware of the loophole and have already blocked the benefit in the latest release of the software. The credit bureaus always take time to adopt a new release; you just might have another year to use this credit repair trick. If you take this route, you should also open two new secured cards and start building real credit of your own.Pay off an Old JudgmentHere is an interesting credit repair trick. Unpaid judgments can report for seven years or the state statute of limitation, which ever is longer. Statutes of limitation on judgments are usually longer than seven years, and they can be re-filed in most states. Paid judgments are a different story altogether. Paid judgments are removed by the credit bureaus seven years from the original filing date. So if you have a judgment that is seven years old, payment will cause it to be removed from your credit report.Negotiate That Collection AwayIf you have a collection account on your credit report chances are that there is a collector that would love to hear from you. Collectors play hard, but they also know that something is better than nothing. And if you hang up without making a deal, they get nothing. You can always try to negotiate with a collector, but there is one circumstance where you are virtually guaranteed to succeed…Credit Repair and the Statute of LimitationCollections can only be enforced through the courts for a limited time. Once the statute of limitation expires a collector may talk big, but they have no way to force payment. They can’t get a judgment, and if you send them a cease communication letter they can’t call you again. The collection, on the other hand will linger on your credit report until the seven years are up. Are you past the statute of limitation? Want to get rid of the collection for ten to twenty-five cents on the dollar? Call your collector, and make them an offer. Your credit repair efforts will pay off.Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

Unfortunately, credit repair companies have a pretty bad reputation in the credit repair industry. In fact, the credit repair industry itself has a bad reputation. Many people don’t even really know what credit repair is. Is credit repair even possible? Is credit repair legal? Yes and yes.

The first thing you should know about credit repair is that everything a credit repair company can do for you legally, you can do for yourself at little or no cost. It should also be known that you can file bankruptcy yourself. You can also repair your own car, change your own oil, clean your own carpet and paint your own house. Are you starting to see my point?

While you can definitely do certain things in life by yourself, it is sometimes better to hire a professional to do it. There will always be people who prefer to do it themselves and there is absolutely nothing wrong with that IF they are able to get the job done efficiently and effectively.

Credit repair is no different. If you know what you are doing, then you should absolutely do it yourself. If not, you have a few choices: Learn do it or hire a professional credit repair company to do it for you. If you chose the latter, be very careful to go with a reputable company. Do your research! Contact the Better Business Bureau to see if the company has any complaints about them.

Under the Credit Repair Organizations Act, credit repair companies cannot require you to pay until they have completed the services they have promised. By law, credit repair organizations must give you a copy of the “Consumer Credit File Rights Under State and Federal Law” before you sign a contract. They also must give you a written contract that spells out your rights and obligations. These laws were written to protect you from shady companies. Read these documents before you sign anything.

If you prefer to repair your credit by yourself, check out the solid advice given in the Credit Secrets Bible - by far the best book I have read about credit repair.