Credit Repair News and Discussion

Credit Repair, Equifax, TransUnion ,collection agency, creditors, fix credit bad, credit bankruptcy News and Discussion

Friday, August 26, 2005

Be wary of fake 'free' credit reports

Be wary of fake 'free' credit reports - 2005-08-26
Be wary of fake 'free' credit reports - 2005-08-26


Equifax to pay incoming CEO $1.3 million salary

People are going to have to purchase alot of credit reports from Equifax to pay the $1.3 million salary for the new CEO!!

AP Wire | 08/26/2005 | Equifax to pay incoming CEO $1.3 million salary


Tuesday, August 16, 2005

How Credit Reports and Credit Scores Can Affect Your Buying Power

In fact, something as simple as paying down your credit card balance or correcting erroneous information in your credit report can boost your credit score enough to save you hundreds of dollars each year in interest or other charges.

DID YOU KNOW: Your credit score will be hurt if you're showing high outstanding balances on your credit cards and loans.
ie if you've got a credit card with a $15,000 limit and you owe $14,000 on it, it tells future lenders that you're possibly going to max out and not be able to pay them.

How Credit Reports and Credit Scores Can Affect Your Buying Power: "In fact, something as simple as paying down your credit card balance or correcting erroneous information in your credit report can boost your credit score enough to save you hundreds of dollars each year in interest or other charges."


Equifax exceeds Wall Street expectations | ajc.com

There IS money in credit reporting.
Revenue in this year's second quarter increased 15 percent to $363.4 million, compared with $315.4 million a year ago.

Equifax has operations where the do credit reporting and many other things all over the world.

To find out all of the businesses Equifax own and operate do a search for
Equifax on bbb.org


Equifax exceeds Wall Street expectations | ajc.com: "Credit reporting giant Equifax beat Wall Street's second-quarter estimates by a penny Thursday, showing a gain in operational income but an overall drop in net income.
Because of one-time gains that pumped up earnings in the second quarter of 2004, Equifax's reported net income fell to $62.6 million, or 47 cents per share, from $73.2 million, or 55 cents per share, a year ago."


Auburn Man Sentenced to Prison for Identity Theft in Bank Scam, Reports U.S. Attorney

It's nice to see somebody getting sentenced for Identity theft.


Auburn Man Sentenced to Prison for Identity Theft in Bank Scam, Reports U.S. Attorney

WORCESTER, Mass., Aug. 15 /PRNewswire/ -- An Auburn man, who was formerly employed by Sovereign Bank, in Worcester, was sentenced on Friday, August 12, 2005, for his role in a scheme that involved selling the personal identity information of bank customers that allowed others to gain access to the customers' funds.

Auburn Man Sentenced to Prison for Identity Theft in Bank Scam, Reports U.S. Attorney: "Auburn Man Sentenced to Prison for Identity Theft in Bank Scam, Reports U.S. Attorney

WORCESTER, Mass., Aug. 15 /PRNewswire/ -- An Auburn man, who was formerly employed by Sovereign Bank, in Worcester, was sentenced on Friday, August 12, 2005, for his role in a scheme that involved selling the personal identity information of bank customers that allowed others to gain access to the
customers' funds."


National City Selects TransUnion Cross-Sell Marketing Solution

National City Selects TransUnion Cross-Sell Marketing Solution

CHICAGO--(BUSINESS WIRE)--July 26, 2005--TransUnion, a leading global information solutions company, today announced that National City Corporation has selected TransUnion's advanced cross-sell marketing solution. National City Corporation, one of the nation's largest financial holding companies, has an extensive Midwest banking network and also serves selected markets nationally.

National City Selects TransUnion Cross-Sell Marketing Solution


Monday, August 15, 2005

LA Weekly: Education Suze Orman and Robert Kiyosaki

I found this article in LA weekly that features both Suze Orman and Robert Kiyosaki.
Suze Orman spends a great deal of time talking about how a person needs to get control of their FICO score and that it will save them $thousands.

I like the Money Rules! points below. These are some pretty strong points.
#1 Read something every day about money. This means concentrating on make money an actual priority.
Learning about it and getting into control with it. Reading about money programs your subconscious about it.
As you get money thoughts engrained into your head, you'll get better at understanding the short term and long term
implications of how you handle your money.



Are You In Control Of Your Money?
By Amy Sorkin
Advertising Special Sections Writer

Suze Orman and Ramsey suggest investing in a Roth IRA. "It’s the best retirement vehicle you’re going to find, bar none," says Orman.

"If you’re 30 years old and save only $100 a month in a ROTH IRA until you’re 70, you’ll have $1,001,000," says Ramsey. "So you can retire a millionaire on $100 a month. That’s pizza and cable money."

Robert Kiyosaki suggests being more proactive than simply investing for the long term and diversifying. But it’s an absolute prerequisite that if you take a more proactive route, you need to get well educated before you start making more risky investments.

Money rules!

Here are a few money rules to keep in mind, based on the collective knowledge of our experts:
• Read something every day about money.
• Save something — even if it’s as little as $10 — every month.
• Never loan money out of a 401K plan or use it to pay off credit card debt.
• Never close down your credit card accounts once you’ve paid them off. If you do this you’ll hurt your FICO score.
• Never open up a lot of department store cards where you use more than 50% of the available credit. That will hurt your insurance premiums.
• A will is not enough in most states. You also need a living revocable trust (this applies to California).
• If you don’t yet own a home, that should be your number-one financial goal.

LA Weekly: Education: "
Are You In Control Of Your Money?


LA Weekly: Education -Suze Orman - Fico Scores

Here Suze Orman is pretty excited that everyone get into control of their FICO score.

It's worthy $thousands for you to increase your fico score so that you'll get lower interest rates with your current and future lenders.

LA Weekly: Education: "FICO! FICO! FICO!
Orman urges people to immediately start raising their FICO score. 'Most people don�t understand the ramifications their FICO score has on every single aspect of their financial life. They just think it�s enough if they even understand what it is.' (By the way, it�s the number that determines the interest rate you pay on your credit card, your car loan and home mortgages.) 'The truth is it�s far more than that. It�s the number that will determine if a landlord will rent to you, in many cases if an employer will now hire you, and how much you will actually pay in premiums. It has to do with every aspect of your financial life.' "


Suze Orman -FICO scores and Her Fico Kit..

I was interested to see that Suze Orman has her own page on the MyFico.com website.
I guess she must be doing a show on credit reports and credit repair.

Suze Orman - Contact Us

It looks as if Suze's going to have a special show about using your FICO kit on August 20, 2005.
This must be sponsored by Fair Isaac Corporation.

If you're in Canada and want to talk about your credit reports, please come by www.canadian-money-advisor.ca

If you're in the U.S. and want some help with your credit reports, just leave a comment here.

I'm going to watch the August 20 showing of Suze Orman to see what she's talking about. Looks like CNBC is her television channel that she's working for.

CNBC... isn't that the one Howard Stern works for.. I'll never forget Private Parts where Howard Stern is practicing saying C"N"BC with Pig Vomit.
I just about died laughing. I've never heard anybody call pig vomit before.

Check out the next Suze Orman show and then come back and let me know what you think about what she says about FICO scores and Her Fico Kit..

Suze Orman's next show schedule's are on:
August 20, 2005
Sept 4, 2005
Sept 5, 2005


Friday, August 12, 2005

Credit Card Condom Contraceptive.

This is the most important thing to stop credit disease in years.
THE NEW CREDIT CARD CONDOM PICTURE

This will give you the greatest excuse with all of the credit bureaus, Equifax, TransUnion, Experian.

Dear Equifax,

I thought I would be protected from Late payments, judgements, identity theft if I faithfully used the Credit Card Condom.

I thought this was the only protection I needed.

SEE IT HERE Financial Maturity
& other Money blabs: NEW!! - Credit Card Condom Contraceptive.


Thursday, August 11, 2005

You can't remember your debt..??!!


Sometimes you just have to get a chuckle with things.
I had a client in today who was the nicest person possible. We'll call this person Mrs X.

Mrs X has bad credit and we had a lovely chat while reviewing her credit reports, of course with both Equifax and TransUnion.

I found a surprising response to most of my questions. My questions weren't all that difficult. They went something like this:
ML "Is this your debt. What can you tell me about this debt?"

The reply to most of the items was, "I honestly can't remember.!"
At that point I wasn't shocked that this person had bad credit.

If you've got credit and don't have a head for numbers.. PLEASE make very loud reminders for yourself when things need to be paid etc. Make notes of every contract that you've signed with every company.

Quite frankly.. not remembering your debts is not an eligible excuse for not paying them. Creditors will still get mad at you and sue you for not paying them.

SERIOUSLY.. this person had credit items that were literally 10 years old and still plaguing her. (They were credit items for 5 and then went into collections for another 5) This is the penalty of not paying attention to your debts.

In short... the best way to repair your credit is by a great deal of planning and forethought about how to keep your debts current every month.


Monty Loree - President
Express Credit Repair


Wednesday, August 03, 2005

Tip for credit repair. Write letters


Here's my tip for credit repair.

When communicating with credit bureaus, creditors etc, always write letters to them.
Make copies of your letters. Date stamp your letters when you send them and when you receive correspondence back from them.

I hear time and time again people say that they spoke to so and so creditor to try to fix their credit. I ask them.. "did you ever hear back from them?" Their reply is usually "no.. and I forgot when I called and what I said."

Even though writing is alot of work, you'll get much further with your dispute, especially when you've got back up documentation.

If you're not getting any results with your written documentation, the next thing is to take your folder full of letters to your local justice department and start complaining there. When the justice department asks for what happened between you and the creditor, you pull out your folder and hand it to the clerk.

When you write letters you've got a concrete history of events that is really hard to dispute.