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Improving and Fixing Bad Credit Score

Improving and Fixing Bad Credit Score

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Published by Jason Acidre
A detailed research how to improve credit scores.
A detailed research how to improve credit scores.

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Published by: Jason Acidre on Mar 02, 2011
Copyright:Attribution Non-commercial

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03/02/2011

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     IMPROVING AND FIXING BAD CREDITSCORE
Entry originally published at: Consumer Credit Capital 
          
 
   Improve Credit Score
Improve credit score and save interest costs with a better credit score.  Improve yourcredit score and save thousands of dollars when borrowing.  Improve your credit scoreand save hundreds when buying car insurance.  Improve your credit score and open upjob opportunities. Let's look at the difference between a bad credit score and a bettercredit score below.Tom went to buy a car and got turned down at the car dealership for a bad creditreport with a low credit score. The car dealership was not able to finance him becauseof bad credit with a bad credit score below 600. He went down the street and bought ata "we finance here" car lot. Based on the usurious interest charged he bought a carpayment he couldn't afford. Several months later and several thousand dollars poorerTom's car was towed away, repossessed, and his credit report was trashed. Even hadhe been able to pay the car payments, at the interest rate agreed, the paymentschedule cost more than $3,000 than had he fixed bad credit from the beginning. Thepoint is to improve credit score and save thousands prior to a major purchase decision.Tommy went to buy a car and got approved for financing but due to an error on hiscredit report, unknown to him at the time, he ended up paying a higher interest ratewhich cost him several thousand dollars over the life of the loan. Unfortunately, Tommynever knew, never was told, about this error and its impact on his credit report and hiscredit score. In this case, it was a small collection account. Apparently, a debt collectioncompany had added a collection account to his credit report without his knowledge. Henever got a letter in the mail, never got a phone call, never got notice whatsoever of anattempt to collect a debt. His first knowledge of the error was in the car dealership atthe finance officers desk. While Tommy was appreciative of the finance managerpointing out the collection account on his credit report what the finance manager leftunsaid was the lowest interest rate was no longer available to Tommy. Instead thefinance manager was forced to charge a much higher interest rate and Tommy endedup spending thousands of dollars more over the life of the loan. The point is improvecredit score prior to a major purchase and save money.Thomas went to buy a car, but prior to the major purchase he calledConsumer CreditCapital and they reviewed his credit report with him and his credit score: For Free!What he discovered through the free evaluation is a bad credit score can be improved.
 
After checking his credit report, that day on-line, he found a collection account thatwas not his. Within 24 hours Consumer Credit Capital prepared a credit dispute letter,to improve credit score. Thomas mailed the credit dispute notifying the credit bureau of the error on the creditreport. In this case the credit bureau investigated the credit dispute and sent a "creditbureau results of investigation" back to Thomas informing him they would not removethe collection account, they would not improve credit score. Thomas forwarded theresults of the credit investigation to his credit repair specialist and the credit repairspecialists followed through with the credit repair plan and together 60 days later thecredit bureau resent Thomas a letter this time informing him they had deleted thecollection account from his credit report. His credit score improvement was 60 points inless than 90 days. He was able to obtain a zero interest cost loan with no money down.Focus on improving a credit score and better credit scores saves thousands of dollars.Increasingly you need a better credit score in the 700's to get the same financingavailable in the mid 600's just 2 years ago.
Improve Credit
To improve credit starts with a review of your credit report and credit score. Evidencesuggests credit reports are prone to errors. You have the right to improve credit byremoving questionable, inaccurate, incomplete, untimely negative credit remarks.Your credit score is only as good as data reported on the credit report. As the crediteconomy has exploded over the past 10 years your credit report is increasingly prone toerrors and fraud. Identity theft is the number one consumer reported complaint in theUnited States and complaints against the credit bureaus and furnishers to the creditbureaus are not far behind. Improve credit by reviewing your credit report. Creditreport complaints, credit disputes, to the credit bureaus include disputing questionable,inaccurate, unverifiable, untimely, and biased information on the credit report.Improve credit by reviewing your credit report maintained at the three major creditbureaus: Experian, TransUnion and Equifax. According to the Federation of State PublicInterest Research Groups, 79% of all credit reports contain errors. The problem of inaccurate credit reports seems to be growing according to Dan Buell, Vice President of Experian as noted in an interview December of 2009, "As charged-off debt and wholeloans are being bought and sold numerous times, the process of establishing the chainof title generally has been complicated, making it difficult to validate and resolvecollection accounts." Improve credit by removing collection acounts where title isunsubstantiated.

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