2017 Top Credit Tips

Top Credit Tips of 2017- Credit Law Center

 

Top Credit Tips of 2017- Credit Law Center

There is a ton of information out there about credit repair, credit tips, credit myths, credit fixes and things you can do yourself to fix your credit score. What we want to talk about today is what you can do yourself to repair your credit or fix your score.

1st tip is to review your credit report visit identityiq and see what is reporting. It is just as important to review your credit report to insure your positive accounts are reporting just as much as it is to insure there are not negative items reporting. It is not uncommon to find that positive history is not reporting as it should. Creditors are not required to report your information to the credit bureaus, however most major creditors will report. If you find that your positive history is not reporting, contact the creditor and request they report. If they do report and the account is not there, it could be due to a miss reporting of an address or incomplete information that is not allowing it to pass through and report to your credit report.

2nd tip is to pay down revolving credit down as close to zero as possible. Your credit card balances are like a grade you would receive for writing a paper in school. Look at it this way, 1% balance to 10% balance would be a grade of A+ to A- (1%-10%) see chart below.

n  0-10% = A

n  10-30% = B

n  30-50% = C

n  50% and above = D

n  Late Payment in last 24 months = F

3rd After you review your report, do not just go and pay off negative accounts. It’s common sense to think if you have a negative account and pay it off it will improve your score, but that is not always the case. You should review the item and verify that all of the information on the account is reporting accurately. If there is incomplete information or inaccurate information you should challenge it. If you find all of the information to be complete and accurate you should contact the company reporting the information and negotiate a payment for deletion of the account. When doing this always get it in writing..

We hope you found this information helpful and your can improve your score on your own. If you need assistance or have questions please contact us we are here to help.

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Free Credit Scores - Credit Law Center

Are free credit scores a waste of your time?- – Credit Law Center

Are free credit scores a waste of your time?- Credit Law Center

Last week, 2 of the big 3 credit bureaus were ordered to pay $23 million for deceiving customers. The CFPB accused the credit bureaus of misleading marketing of false information of credit scores and products being sold to the public. According to the regulator, “TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. When in reality the lenders do not use the credit scores provided at all. So you can imagine the frustration of going to get a loan, when your score is different from the one the lender is using.

 In many cases, the Vantage Score was the score being provided to the consumers. Which the CFPB clearly states that Vantage Scores are not typically used for credit decisions. Does that mean your Vantage score is useless? Well the short answer is no. You just simply need to know what to do with it. It is designed to be used as a tool or guide. Add that with a detailed credit report with credit history, then it allows you to know if the information on the report is accurate or not. If you have collection, the chances of that debt being reported correctly is pretty low. A trained credit analyst can walk you through the probability of a deletion, or inaccurate information that is hurting your credit score.

There are 2 types of credit scores, there are FICO and Vantage scores. FICO scores are what most lenders use to base a loan approval. However there are several different versions of FICO score algorithms out there and it’s almost impossible to know which lender is using what without doing your homework.

 If you visit the FICO website, you will see the claim that “90% of lenders use FICO scores when making lending decisions.” It is important to read this carefully. Just because a FICO score is being used in a lending decision does not mean it is being used exclusively.

The only product where you explicitly know the credit score being used is a Fannie Mae or Freddie Mac mortgage. In these cases, the credit score for a mortgage is explicitly disclosed in Seller’s Guide online.

 

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Equifax - Credit Law Center

2 of the big 3 credit bureaus busted for deceptive marketing – Credit Law Center

2 of the big 3 credit bureaus busted for deceptive marketing – Credit Law Center

The Consumer Financial Protection Bureau bust 2 out of the 3 major credit reporting bureaus due to the marketing of their over-priced, under-performing credit monitoring subscription products.  Combined fines and  consumer restitution total $23 million.  CFPB will more than likely also bring a case against the remaining bureau, Experian. Experian doesn’t prevent identity theft, nor do they always accurately disclose your credit score.

The CFPB has busted similar “add-on” enforcement actions against many of the largest credit card banks, which sell similar products. The CFPB has returned nearly $2 billion to consumers for credit card add-on marketing, including $727 million in its case against Bank of America.

The credit bureaus have long gotten away with selling defective, error-ridden credit reports. For years, they ignored efforts of the Federal Trade Commission to improve their accuracy. The CFPB has been granted many more tools by Congress than the FTC has been given. The FTC, in 2005 and 2007, mildly punish Experian for deceptively linking its marketing of subscription monitoring products to free credit reports available by law since passage of 2003 amendments to the federal Fair Credit Reporting Act.

Equifax, Experian and TransUnion have each leveraged consumer concerns about low credit scores and/or identity theft to scare consumers into signing up for underperforming and overprice credit products.

As the CFPB points out in its release, Trans Union and Equifax violated the law by:

  • Deceiving consumers about the value of the credit scores they sold: In their advertising, TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. In fact, the scores sold by TransUnion and Equifax were not typically used by lenders to make those decisions.
  • Deceiving consumers into enrolling in subscription programs: In their advertising, TransUnion and Equifax falsely claimed that their credit scores and credit-related products were free or, in the case of TransUnion, cost only “$1.” In reality, consumers who signed up received a free trial of seven or 30 days, after which they were automatically enrolled in a subscription program. Unless they cancelled during the trial period, consumers were charged a recurring fee,

The CFPB, since 2012, has also taken over examination and supervision of the biggest credit bureaus. These deceptive marketing cases are important, but expect more scrutiny of the accuracy of credit reports sold by the credit bureaus from CFPB going forward. The big 3 credit bureaus act as gatekeepers to who gets a loan and how much they pay.

 

 

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Merry Christmas from Credit Law Center

Merry Christmas and Happy New Year from Credit Law Center

Merry Christmas and Happy New Year from Credit Law Center

Tis the season of giving and celebrating life. Credit Law Center would like to take a moment and thank all previous and current clients, referral partners, and employees for making Credit Law Center what it is today and giving us an opportunity to help you. At Credit Law Center we take pride in changing peoples lives, by helping clients repair their credit to get them automotive or mortgage ready.

We had a great 2016 because of our referral partners trusting us with their clients and have great reviews, we are happy to share.

The After New Year Plan

We have a lot of exciting things planned for 2017. Credit Law Center is in the process of relocating to a bigger building in Lee’s Summit, due to growth. Credit Law Center and Credit Protection USA is preparing to release their very own Credit CRM, that has been years in the making. This new CRM is going to provide referral partners ROI and lead tracking.

Credit Law Center and Credit Protection USA are also scheduled to attend NADA, Digital Dealer, and PNC Summit in Dallas in the 1st and 2nd quarter of the year. We will be sending out RAS invites soon for some of our local events to our referral partners.

Thank you once again to all of our clients and our referral partners, who trusted Credit Law Center. Our staff wishes you and yours a Merry Christmas and Happy New Year.

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Do It Yourself (DIY), Credit Law Center

Self Credit Repair – Credit Law Center

Self Credit Repair- Credit Law Center

 What is self credit repair? Sounds like a silly question but this industry can be confusing to consumers. The credit reporting agencies only want self credit repair because

When considering self credit asks yourself a couple of questions; do you change your own oil? Do you do your own taxes? If the transmission went out on your vehicle would you repair it yourself?   I am not listing these questions out to talk you out of self credit repair, but merely to point out that there are several things you could do yourself but choose not to. If you were to do some of the things mentioned above you, would probably Google it or find some directions on how to. Because we know there are some people that want to repair their credit on their own, so we have listed out our instructions and process right here at Credit Law Center.  

So if you want to do your credit repair yourself, then more power to you and we truly hope you are successful. But if you’re not successful reach out for some help. Credit repair is just like anything other profession, there are good and bad doctors, mechanics, accountants and there are good and bad credit repair companies.

If you need help we are here.  Our company does not charge for review advice or even guidance, in fact we only charge if we are successful. When vetting companies for help, make sure you only work with law firms. If you are working with a credit repair company that is not a law firm, they cannot do anything you can’t do yourself especially if you have already started the credit repair process.

If you have any questions please contact us we would love to help you.

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Credit Law Center Bad Credit Cosit

What Bad Credit Really Cost You – Credit Law Center

What Bad Credit Really Cost You- Credit Law Center

In today’s economy a good credit score is a must. Some consumers don’t realize how much of an impact a bad credit is score can have on their financial picture.  Did you realize that a low credit score can impact how much you pay for insurance, the amount of interest you will pay for cars, the interest rate on a mortgage or whether you get that promotion at work?

Your credit score is used as a deciding factor in much more decisions than most people think. Let’s look at what you would pay for a mortgage with a bad credit score, average credit score and a good credit score.

$250,000 home paid over 30 years:
CREDIT SCORE RATE PAYMENT COST OF BAD CREDIT
Good 3.9% $1,179.17 $0.00
Average 5.0% $1,342.05 $58,637
Bad 6.3% $1,547.43 $132,574

For people with bad credit, higher interest rates will further increase their cost of living, making any purchases even small purchase seem difficult. A bad credit report will cost you thousands of dollars a year in high interest, or can keep you from being approved altogether.

For the reasons listed above we founded Credit Law Center in 2009 and we have helped thousands of consumers save money. Our company’s mission is to increase consumers buying power. We complete our mission through the credit repair process which includes; education, correction and litigation. We use Federal laws as leverage to achieve incredible results for our clients. Our process is simple; we audit a consumer’s credit report and assist them in disputing the inaccurate, incomplete and unverifiable information contained in their credit reports.

Our process does not take years in most cases it’s just a few months. The Fair Credit reporting act states that they have 30 days to notify you of the status of your dispute and up to 45 days to complete and investigation. To keep it simple and risk fee our company’s motto is “You don’t pay unless it goes away” meaning there are no upfront fees and you only pay for results. Please call us today for a free review 1-800-994-3070

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Giving Thanks - Credit Law Center

Giving thanks on Thanksgiving – Credit Law Center

Giving thanks on Thanksgiving – Credit Law Center

Tis the season to give thanks. Credit Law Center would like to thank every client that believed in us, to help them with getting back on track. Whether it be stopping debt collectors from harassing you, improving your credit score to buy a house or automobile, or simply monitoring your credit to assure you are protected. Credit Law Center is thankful for the opportunity to serve you. There are many credit repair companies nationwide, but you chose to go with Credit Law Center. Credit Law Center takes pride in our “you don’t pay until it goes away” model. Unlike most credit repair companies we take pride in not charging our clients a monthly fee, because we look at our clients than as a more than just a opportunity. Credit Law Center gets their clients on their way in days, not months. While other credit companies milk their clients for money for months, before any results are completed.

It is a rewarding feeling to be able to contact our clients with overwhelming results. Knowing that a person can wake up everyday and change a life or give a person a 2nd chance, is potentially one of the coolest jobs in the world.

Hearing our clients give their own unscripted testimonial is something we look forward to, whether it be written or by video.

Thank you to our referral partners

Credit Law Center would also like to thank our referral partners in allowing us to help their clients get the home or automobile their clients desire. We are fortunate to have partnerships with different markets in order to change the buying cycle and help with the American dream. Thank you to United Real Estate, Cornerstone Mortgage, RedRock Mortgage, Lee’s Summit Subaru, Lee’s Summit Honda, Eddy’s CDJR to name a few. Each and every referral partner trust Credit Law Center with their clients, and has established a wonderful working relationship with not just the analyst, but the owners.

It’s rewarding to have our referral partners do unscripted testimonials either through video or written form.

Thank you once again to all of our clients and our referral partners, who trusted Credit Law Center. Our staff wishes you and yours a Happy Thanksgiving.

 

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Credit Score After A Chapter 13 Bankruptcy

Credit Score After A Chapter 13 Bankruptcy

How do I improve my credit score after a chapter 13 bankruptcy?

     After you have completed all of your obligations for a Chapter 13 Bankruptcy and it is now time to move on and one of the first questions you many want answered is what do I do to improve my credit score after a chapter 13 bankruptcy.   Getting your ideal credit score after a chapter 13 bankruptcy can seem like an impossible, very large, up hill battle that could feel like you may never accomplish.  The reality of the situation is that you can rebuild your credit score after a chapter 13 bankruptcy and if you are focused and diligent you could accomplish this relatively quickly. 

Many banks and credit unions offer credit establishment programs that work well for consumers that are rebuilding their credit scores after a chapter 13 bankruptcy.  Many of these programs required little to no money commitments upfront and in most cases they do not pull your credit or take your credit score into consideration when determining if these programs are a good fit for you so there is no fear of a decline. 

   Our professionals at Credit Law Center typically recommend that you ask your bank or credit union what programs they offer first, if they do not have any programs that fit your needs then we do have access to many options.  The web site www.freecredithub.com offers a few options as well. 

   Building your credit score after a chapter 13 bankruptcy does take a commitment from you and a little time but in most cases you can start the process as soon as the bankruptcy is discharged.  Always remember that there are many professionals that want to assist you in obtaining your financial goals and this is just a step in the process of making your goals your reality.

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Bangkok Thailand - June 17 2015 : A close-up photo of Apple iPad mini 2 start screen focused on App Store application icon. App Store is a digital distribution service for mobile apps on iOS platform developed by Apple Inc.

Credit Score Apps – Credit Law Center

Credit Score Apps

      What Credit Score app should you use to monitor my credit score and credit report?  Credit score apps are everywhere and each credit score app provides a little different content or information.   Not only is the content different from one credit score app to another but so are the prices.  The prices of credit score apps while most of the apps are free to download, some are only usable with a monthly membership to the site attached to the credit score app.  There are a few truly free services, Credit Karma is one of the most popular of the free sites.  The thing to keep in mind when utilizing a credit score app is that these are not true FICO scores as you would think.  The scores are actually calculated by the credit bureaus and they are referred to as Vantage scores.  The scores will be different from the scores that a bank or mortgage company will obtain if they pull your credit report. 

       It is said that 79% of all credit reports contain errors, so monitoring your credit score and report are not only a good idea but really a necessity in maintaining your financial health.  Your focus should be on the contend within the report and verifying that all the accounts and information on your report are accounts that you are familiar with.  If you get to your report and feel a little overwhelmed you are not alone.  The information can be confusing and you may not be familiar with all of the codes and abbreviations.  It is best to reach out to a professional or someone your trust if you find yourself questioning what you are looking at.  The credit professionals at Credit Law Center will provide you a free credit review and consultation to assist you. 

       Getting back to the original question, which credit score app should you choose.  If your bank or credit card company provides free access then take advantage of that, these are typically only one credit bureau (Experian, Exquifax, or Transunion), and Credit Karma is only 2 of the credit bureaus.  I suggest being proactive with your credit score and credit report and monitor all three credit bureaus, the credit score monitoring service we recommend is Identity IQ and if you use this link you can obtain a copy of all 3 of your reports for $1.

      Regardless of which credit score app you select always remember that something is better then nothing and having something is the right step in the direction of taking control of your credit report, credit score, and financial health. 

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Credit Report Dispute Score Form

Fast Credit Repair Kansas City

Fast Credit Repair Kansas City

   Fast Credit Repair is possible in Kansas City and nationwide, if you use Credit Law Center and their credit repair attorneys.   Most credit repair companies and consumers mail letters or online disputes to the credit bureaus over the course of months and sometimes even years.  This method may have limited success, but it takes a long time for any repaired credit or to raise the client’s credit scores

   Credit Law Center and their credit repair attorneys do use the dispute process with the credit bureaus to get the process started and to set legal timelines, that enact our consumer s rights under the law.  Upon receiving the results of our clients initial credit report investigation, we review these results for credit reporting accuracy and determine if the bad credit accounts are being reported properly and legally. 

   After Credit Law Center has reviewed the credit report versus the results we see from the credit bureaus, the attorneys and paralegals will go directly to the creditors that are reporting the bad credit or inaccurate credit that is being reported.    We often see many deletions and credit score increases in as little as 45 days with this precise and legal process.

If you are currently paying a monthly fee for credit repair, then you are paying to much. Credit repair shouldn’t put you further in debt, which is why Credit Law Center only charges if the item goes away. Contact a credit analyst at Credit Law Center today, and one of our credit analyst will help you get on track.

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