Every consumer who uses credit has a credit report. You expect potential creditors to obtain a copy of your credit report when you apply for new credit - whether it be a credit car, home loan, car loan, or home equity line of credit, however the use of credit reports has expanded over time to include their usage by insurance companies who use them to determine premiums or deny coverage, and even potential employers may even want to check out your credit worthiness as an indication of how reliable you are.

It’s not surprising, therefore, that as credit reports, and the credit scores derived from the information contained in those reports, become more important, consumers are taking more interest in their credit reports and credit scores, and in repairing their credit reports to increase their score. Unfortunately, as the demand for credit repair rises, the number of credit repair scams rise as well.

So, if your credit report needs some cleaning up, do you do it yourself, or do you hire a professional? Correcting one error may average four hours, which includes time spent in applying for your credit reports, reviewing and highlighting errors, documenting the mistake(s), and writing to the credit bureau. Credit repair services offer, for a fee, to do the legwork for you. They pull credit reports, review for errors and send out dispute letters along with documentation. They save you time, the end product may look more professional, but is it worth the money?

Some credit repair agencies promise to erase bad credit, and even offer a 100 money back guarantee. Others advertise they can remove bankruptcies from your credit file, even recent bankruptcies. Do they have some secret method for erasing bad credit that the rest of us aren’t privy to? A loophole in the law? No. The only thing that will remove accurate negative information from your credit file is the passage of time. There is nothing, nothing at all, a credit repair service can do for you that you can’t do for yourself for free. A legitimate credit repair organization can only save you time, and cost you some money.

So, if credit repair agencies don’t have a secret formula for repairing your credit, or some legal loophole they can use to have accurate negative information removed from your credit, how are they removing negative items from your credit file? They aren’t. Too often consumers pay up front for credit repair services that are never performed, and when the consumer goes looking for their money back, the company has disappeared, changed its name and set up shop somewhere else. Other types of scams include credit repair services which dispute every item on your credit report. When some items aren’t able to be verified within 30 days (and this is inevitable at times), the item(s) are removed from your report, but later reinserted when they’re able to be verified. Still other scams include the creation of a new taxpayer identification number and the establishment of a new credit record - an illegal action.

Credit repair services must follow specific guidelines from the Credit Repair Organizations Act, which are intended to protect consumers. Never, ever, do business with an agency that :

Asks you to pay any amount of money for credit repair before services are provided.
Advises you to dispute all negative information in your credit report.
Promises you the impossible - that accurate records of negative information (bankruptcies, tax liens, etc.) will be removed from your file.
Offers to help you get a new credit identity.

There are no quick fixes in credit repair. It takes time and patience to correct your report, and more time for accurate negative items to be removed from your report. When it comes to credit repair, you are the expert because you know your financial history the best, and can spot mistakes more easily. Instead of spending money to repair your credit, spend your money to pay down your debt; You’ll kill two birds with one stone as paying down your debt will improve your credit score, and it will save you money you would have spent on interest.

For more information visit http://www.totalcreditrestoration.com

Most people know that they have a credit score, that magic number that lenders rely on to determine whether or not to extend credit, but don’t really understand what a credit score is, what factors influence their credit score, or how their credit score is calculated. Here is a basic primer on what credit scoring is, how it works, and some tips on improving your score.

What Is a Credit Score?

In short, credit scoring is a system many lenders use to determine how likely you are to pay back the money they lend to you. Your credit score is a snapshot of your credit risk at a particular point in time. The higher your credit score, the more likely you are to repay your debts on time, and the more likely you are to receive credit on favorable terms.

 

How Is a Credit Score Calculated?

The most widely used credit scores are based on the Fair Isaac & Co. (FICO) credit scoring model. FICO develops credit scores based solely on information contained in credit reports; it compares the information contained in a consumer’s credit report to the patterns of information contained in thousands of other credit reports, and calculates a credit score that predicts the level of future credit risk for a particular consumer.

While FICO is the most well known type of credit score, it’s not the only one out there – some check approval services also develop risk models and scoring that are based on check writing patterns in order to predict the risk of a particular check being returned. You may also have more than one FICO score as each of the three major credit reporting agencies collect and report information in slightly different ways; since your credit score from each agency only uses the information contained in that agency’s report, it’s possible to have three different scores.

 

What Factors Influence the Credit Score?

Your credit score takes all factors into consideration; no one piece of information or one factor will determine your score, although some factors are weighted more heavily than others.

 

Payment History – Your payment history determines approximately 35% of your total credit score. This factor looks at whether you pay your bills on time, or late. If they’re late, how late are they? How often do you pay late? How recent are your late payments? How many accounts show no late payments? Have you had accounts turned over to collection or a judgment entered against you? Have you filed for Bankruptcy?

Amount Owed – How much you currently owe determines approximately 30% of your total credit score. This factor looks at the total amount you owe, and on what types of accounts. How many accounts have balances? How much of the total credit line is owed? How much is owed now in relation to how much you borrowed originally (i.e. for auto loans)?

Length of Credit History – The length of your credit history determines approximately 15% of your total credit score. In general, a longer credit history will increase your score. This factor also looks at how long you’ve had certain credit accounts, and how long it’s been since you used certain accounts.

New Credit – Approximately 10% of your credit score is based on how many new accounts you’ve established. This factor looks at how many new accounts you have, how long it’s been since you opened them, how many recent requests for credit you have made, and the length of time since credit report inquiries were made by potential lenders. Rate shopping should not affect this factor because the inquiries will be made for a particular type of credit during a short period of time.

Overall Credit Mix – Approximately 10% of your credit score is based on the overall mix of credit cares, installment loans, mortgage loans, etc. The more balanced the mix, the more likely this factor is to improve your overall score.

Checking Your Credit Score

You can order your credit score, for a fee, through any of the three major credit reporting agencies, or through various online services, including MyFico.com, which offer to get your report and score from each of the three credit reporting agencies for a combined fee. It’s important to check your score approximately six months before a major purchase in order to give you time to improve your score, if necessary.

 

Improving Your Credit Score

There are several things you can do to improve your credit score, both in the short term and over time.

Pay your bills on time.
Pay down your debt.
Check your credit report and correct any inaccurate items.
Limit how frequently you apply for new credit and how much you charge on existing credit.
Don’t close old accounts – this can shorten the length of your reported credit history.

Understanding your credit score can help you make smart credit decisions and improve your overall financial situation.
For more information contact http://www.totalcreditrestoration.com

If your credit report contains errors or inaccurate information, you will need to contact the credit reporting agency to dispute the errors and request that the information be corrected or removed. The more specific you are about the item that is disputed, and your reasons for disputing the item, the more likely you are to get the item corrected or removed the first time you ask.

It may take several tries to get inaccurate or outdated information removed from your report, so don’t get discouraged if it doesn’t happen right away, be persistent, and keep copies of everything you send (always use certified mail, return receipt requested) or receive from the credit bureau so you can provide a paper trail of what you’ve done to correct the errors if you end up having to seek professional assistance from an attorney.

Credit Report Dispute Letter

Date

Complaint Department
Name of Company
Address
City, State, Zip Code

Re: Your Name
Your Date of Birth
Your Social Security Number

Dear Sir or Madam:

I am writing to dispute the following information in my credit report; I have circled the items I dispute on the attached copy of my credit report.

Item 1: (identify item by name of source (i.e. creditor) and type of item (i.e. credit card account, judgment, etc.) This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be removed (updated, modified, etc.) to correct the information.

Item 2: (if applicable, etc.)

Enclosed are copies of documents (i.e payment records, court documents, cancelled checks, etc.) which support my dispute of the above-referenced item(s). Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,

Your name
Your Address

cc: creditor(s)

Enclosures: (List what you are enclosing)

 

 

For more information please contact us at http://www.totalcreditrestoration.com

 

A spending plan is a fancy name for a budget, and is an important step in getting control of your personal finances. A spending plan allows you to set financial goals, and gives you the information you need to make effective decisions in developing, and achieving those goals.

Financial goals don’t always come with a dollar amount, but rather can be as ambiguous as increasing your savings, reducing your expenses, or eliminating your credit card debts. Whatever your goals, your spending plan will let you know if your goal is financially possible, and how to achieve it.

First you must see how much money you have available to work with. Gather together copies of your paycheck stubs, bank statements showing additional regular monthly income, and any other paperwork which shows what your monthly income is.

Then, estimate your expenses - look through your check register, credit card statements, and your debt card transactions to make sure you’re including purchases that aren’t included in your usual monthly expenses.

Write down your average monthly income and outflow; these are the numbers you have to work with to achieve your financial goals. If you want to save more money, or save for a specific event, then you’ll need to figure out how much money you have available to put into a savings account, and then determine if you need to increase income or reduce expenses to meet your longer term financial goals.

For more information go to http://www.totalcreditrestoration.com

Statutes of limitation (SOL) concern the amount of time within which a legal remedy may be sought to assist with the collection of a debt. The SOL is set by each state, and it varies based upon the type of contract which gives rise to the debt. Typically, the longest designated time frame is for judgments, while the shortest are for actions on revolving accounts such as credit card debts. The SOL is totally unrelated to the period of time during which a debt can be reported on your credit report.

The SOL generally begins to run on the date of an account’s last activity – in the case of debts, the last payment that was made; a partial payment or a written promise to repay the debt at any point, even after the SOL has run out, can restart the running of the limitations period. A debt collector may continue to collect on a debt after the SOL has run, however, he may violate provisions of the Fair Debt Collection Practices Act (FDCPA) if he threatens to file a lawsuit after the SOL has expired. Section 807(5) of the FDCPA provides that collectors may not threaten action they are not legally allowed to take or do not intend on taking.

Recently, courts have held that the collection of time barred debt is not a per se violation of the FDCPA. While a statute of limitations bars the use of judicial remedies to enforce a particular right, it does not eliminate the underlying right. Therefore, in most cases, while the expiration of the statute of limitations may prevent a debt collector from filing a lawsuit to collect a debt, it doesn’t eliminate the existence of the debt, nor the collection agency’s right to contact the consumer regarding the debt, provided suit is not threatened. Some states, such as Wisconsin and Mississippi, have laws which state that when the SOL has expired, the underlying right – or in this case debt – has expired as well, and collection activity in those states after the SOL has run would violate state law, and by extension, the FDCPA.

If you are being contacted by a collection agency about a debt for which you believe the SOL has run, you do have the right to demand that the collection agency "cease&desist" from further collection efforts on the debt. At that point, the collection agency is required to stop any further efforts to collect on the debt, nor is the agency legally allowed to transfer or sell the debt to another agency.

LEARN YOUR RIGHTS! We can help you to determine if the statutes of limitation has runout! Contact us today and we will help you!!!

Here at Total Credit Restoration you will find information on how we can help eliminate credit card and other forms of unsecured debt by negotiating a debt settlement with your creditors!

What ever your situation we understand how stressful financial difficulties can be for families. Especially when you maybe unsure of which choices are right for you. That is why we make it our business to give you those choices, and just as important we do it by establishing a personal caring relationship with you. We work nation wide with people from all circumstances. Our professionals value your privacy and they take pride in earning your trust and confidence. You may count on them to guide you thru every step of our program always providing courteous sensitive and nonjudgmental services.

To learn more about our debt settlement program, especially when comparing making minimum payment or resorting to less desirable  alternatives such as those heavily promoted debt consolidation programs from the consumer credit counseling industry.

This Privacy Statement describes how Total Credit Restoration collects and uses information about you when you use the Total Credit Restoration web site ("Site").

Collection and Use of Personal Information by Total Credit Restoration, its Service Providers and Affiliated Vendors

We request and collect information that personally identifies you or allows us to contact you when you register to use the Site and in other instances, (e.g., a Site user survey, order submission, and promotions). Such information may include your name, e-mail alias, user identification password and other information collected by our cookies (described below) (collectively "Personal Information"). You may also provide us with Personal Information in the process of submitting questions and answers while interacting with other members of the Site. Total Credit Restoration, the service providers for this Site, and any vendor providing products or services through the Site, use your Personal Information to operate the Site, to effect your transactions initiated at the Site; to create and share reports about your transactions among themselves, and to enforce or investigate contracts formed at the Site and claims regarding them.

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Cookies are very small text files placed on your hard drive by a computer server. It serves as your identification card and is uniquely yours. A cookie can only be read by the server that gave it to you. Cookies tell us that you returned to a specific Web page on our Site, and help us track your preferences and transactional habits. Cookies recognize your password and help us personalize your experience at the Site by permitting our computer server to "remember" who you are. If you reject a cookie you may still use our Site; however, your use will be limited in some areas of our Site. For example, you will not be able to use certain features on the Site, such as the ability to save trails to a My Trails list. Some of the advertisers on the Site use cookies to collect similar information, but we do not control the use of cookies by other web site operators or advertisers.

Personal Information Used for Promotional Purposes

We may send you information from time to time about Total Credit Restoration promotional offerings and we may share your Personal Information with third parties who wish to send you promotional offerings. Your consent to receipt of promotional offerings may be indicated in the appropriate check boxes within the Site signifying your preferences. You may be entitled to stop the delivery of promotional information from Total Credit Restoration by sending e-mail to info — @  — Total Credit Restoration .com and, for third party promotional offerings, by contacting the source of that promotional offering.

Children’s Privacy

Children under the age of 13 are not allowed to purchase products on the Site. Total Credit Restoration does not knowingly collect Personal Information about child under the age of 13 or allow them to place orders on the Site. If Total Credit Restoration learns that a child under the age of 13 is placing orders on the Site, Total Credit Restoration will close the child’s account and delete all information collected about the child. Notwithstanding the foregoing, Total Credit Restoration may choose to retain the child’s e-mail address as a means to prevent the child from re-registering with Total Credit Restoration.

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We take reasonable steps to protect Personal Information and use technology such as SSL encryption, access control procedures, firewalls and physical security. If you use Netscape Navigator or Internet Explorer, SSL displays a "lock" to signify that a page is secure. We urge you to use a password to protect your account from unauthorized access by others. If others, including family or household members, access and use the Site through your password, you are responsible for the actions of those individuals.

Other Situations in which Personal Information May Be Disclosed

We may store and disclose Personal Information allowed or required by applicable law or when deemed advisable by us. This means that we may make disclosures that are necessary or advisable to conform to legal and regulatory requirements or processes and to protect the rights, safety and property of Total Credit Restoration, users of the Site, and the public.

Changes To The Total Credit Restoration Privacy Statement

Total Credit Restoration may make changes to this Privacy Statement from time to time. We will post changes to our privacy statement here, so be sure to check back periodically. We may also notify you of significant changes by e-mail or in other ways.

Questions, Comments, Concerns

If you have any questions or comments about our use of Personal Information, please contact us at Total Credit Restoration. We will use reasonable efforts to promptly investigate any complaint you may have regarding our use of Personal Information.

You may contact us by leaving your; name, phone number, and email address

 

 

 

 

 

 

 

 

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Our purpose at Total Credit Restoration is to assist those that are in a legitimate hardship to get out of dangerous debt situations - ethically and completely. We provide debt relief by using our unique debt settlement process to help ensure that our clients get back on their financial feet so they can succeed in life. We are dedicated to accomplishing this while providing you the highest quality of service and the debt relief you need.

We help those people with unsecured debt who are in over their heads and have no workable way out. Typically, our clients are those who, due to a hardship (this could be the loss of a job, health problems, or some other situation), find it difficult or impossible to keep up with their obligations. They may be falling behind in their payments and could be at, or near, the point of bankruptcy.

We settle with the lender on behalf of our clients to reduce, as much as possible, the total amount of debt they owe. Our product is unique; working within the client’s budget, we negotiate mutually agreeable settlements on the total debt owed, not just on the interest as with most other debt management companies, in turn, saving you money and bring you the debt relief you need.

Each prospective client receives a free, confidential, no obligation debt consultation. During which, we will determine whether our program is right for you. If it is not, we will point you in the right direction. Getting started with one of our debt settlement programs is as easy as giving filling out our short online debt consultation form.