Duarte/Downey Real Estate Agency, Inc



Posted by Duarte/Downey Real Estate Agency, Inc on 2/9/2014

If you have credit trouble it can be difficult to get back on the right track. Poor credit impacts your ability to secure a loan, credit cards, and even a job. Credit ratings are also used by insurers, employers and leasing agencies. So where should you turn for help to repair your credit? There are many credit repair companies and while some are reputable some are not legitimate. The Federal Trade Commission (FTC) offers these signs to tell if the company is legit or not:

  • The company asks for money up front. The Credit Repair Organizations Act forbids repair companies from requiring you to pay fees before they have completed the promised services.
  • The company doesn’t want you to contact the three national credit reporting agencies (Equifax, Experian and TransUnion) yourself.
  • The company encourages you to dispute all the negative information in your credit report, regardless of its accuracy.
  • The company recommends attempting to create a new credit identity and history by applying for an Employer Identification Number to use instead of your Social Security Number.
While a credit repair company may be helpful there are some things you can do yourself to repair your credit.
  • Once every 12 months, check your credit report.  Credit reports are available at www.annualcreditreport.com.
  • If you find errors, dispute incorrect information in your report.
  • Negotiate the removal of outstanding debt. Even without a credit counseling agency, you can contact the collectors of your outstanding debt to negotiate a pay-off settlement.
 





Posted by Duarte/Downey Real Estate Agency, Inc on 10/20/2013

Did you know your credit score is always changing? Your credit score could be one number on one day and a different figure the next and even vary from one credit reporting agency to the next. Your credit score also known as your FICO score is based on the information contained in your credit record. Since your credit file is always changing so is your score. Your credit record changes every time a company you have credit with reports an on-time payment — or more important, a missed payment that's now more than 30 days late. Your score changes each time your credit card balance changes or you apply for new credit. There are three main credit reporting agencies; Experian, TransUnion and Equifax. Another factor that could affect your score is that not all lenders report to all agencies. To know your credit score you can pull a free credit report from all three agencies once a year. Look for missing or incorrect information. It is important to get that resolved as soon a possible. Click here for more information on obtaining a free credit report.