Repair My Credit - Learn The Secret's Of The Pro's
By: Rich Arnold, Current Not yet Rated

REPAIR MY CREDIT
Secrets of the Pro's
Welcome,
My name is Rich Arnold and I have spent most of my working life in and around the credit industry either granting, securing, or collecting loans and debts.
I am going to tell you the simplest and easiest method to Repair Damaged Credit YOURSELF, for FREE, the secret the Pro's use to Repair Damaged Credit.
Let's Get Started.
1. Obtain a copy of your credit file from the credit bureau. This can be done online (recommended) as it will make things easier, later.
I ONLY suggest going to:
http://annualcreditreport.com
This is the free government site where you can get your credit report FREE once a year from the 3 credit bureaus. I suggest getting all three of them. There is no cost, no monthly fees, nothing to sign up for and completely FREE. You will be asked by all three of them if you want to get your credit score, it will be somewhere between $7-$10 and I would suggest you get it from Equifax, BUT IT IS NOT NECESSARY. It is just nice to know what your score is.

If, for whatever reason, you choose not to use the FREE site you will have to pay to receive your credit file. I have listed below the three credit bureau's for your reference. Equifax has a credit bureau special of around $30-$40 for all three.
Equifax Credit Information Services, Inc
Online: www.equifax.com
TransUnion LLC Consumer Disclosure Center
Online: www.tuc.com
Experian National Consumer Assistance Center
Online: www.experian.com
2. Print your credit report so it will be easier to use and read.



3. Verify all personal information, including Name, Address, SSI, etc.

Any issues, write them down, including any misspellings, addresses you did not live at, wrong SSI or multiple SSI numbers and incorrect names.
4. Highlight the following:
Name of Creditor
Original Creditor or Plaintiff if a Judgment
Date Opened
Reported Since
Last Reported
Balance
Status / Status Details
Responsibility (Cosigner, Joint, Individual)
5. Look for debts that are paid off but still showing as open with a balance.

You will usually see them with auto loans, mortgages and small local credit card companies that do not report to the credit bureau after the account has been paid. Remember, it costs the company to report to the credit bureau. They pay by the file, so if they can save a few cents they will.
6. Look for any debt you do not recognize.
Highlight or circle them. These may be debts sent to a collection agency.
7. Look for all debts that have a last reported date of more than 2 years.
Highlight or circle these debts since we will be coming back to them.

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8. Ok, now we get to the easy part. When you received your credit report you received a username and password for each of the sites. Go to each of the sites and there will be a link to CONTEST or DISPUTE information on the credit file.
This is where you will Dispute any issues you found on the credit bureau. There will be a section with a drop down box and you will put your information in. DO NOT WRITE A BOOK. Simply say, I never used that name, never lived at that address, never had an account at XYZ company, this account is paid off, etc.
DO NOT DISPUTE JUDGEMENTS OR OTHER ACCOUNTS THAT RESULTED FROM YOU BEING SUED IN A COURT OF LAW UNLESS YOU ARE NOT LEGALLY RESPONSIBILE TO PAY THEM.
9. You may find debts that are duplicates. Contest these.
You may see a debt that you had with XYZ Company several years ago for $600 and it shows a balance of $600. You also see a debt from ABC Company for $600 and you have no clue who they are. XYZ may have sold your account to ABC for pennies on the dollar. The problem is you don't have $1200 in debt like the credit bureau is showing. It should only be $600 because XYZ should have marked the account $0 when it was sold to ABC.

If the debt is over 2 years old you will contest them both saying you never had an account with ABC or XYZ.
If the debt is less than 2 years old, contest ABC as you never had an account with them (you didn't), and contest XYZ as paid. (You did pay them didn't you).
They will need to PROVE the debt is yours.
You are not trying to get out of paying a debt you owe, you are just making the creditor prove that you owe it.
One client I helped had over $120K worth of bad credit from a divorce, however everything had been sent to collection agencies and never marked with a $0 balance, so it was $60k more than what she originally owed. In addi4tion she had a divorce decree that stipulated that her ex-husband was responsible for the debts.
She contested everything and only had to pay $6k from a credit card she had in her name.
Once the credit bureau cleared everything (approx 60 days) she bought a new car.

So What Does This Do For You
Usually, when I work on a credit bureau I can get anywhere from 40-80% of the negative credit removed from a file. This is how the Pro's repair credit. Most of the time there are numerous duplicate files and/or credit that is over 2 years old.

DOES THIS WORK FOR EVERYONE?
Sorry to say, No. If your derogatory credit is less than 2 years old then it is too soon to get things removed from your file.
You cannot get judgments removed. These stay on your credit for 10 years and are RENEWABLE. NEVER EVER allow a judgment to be placed on your credit. Do whatever it takes to pay the account off or reach some type of settlement agreement.
Just a quick word about bankruptcy. If you filed bankruptcy and it has been DISCHARGED then all the accounts should show a $0 balance. Contest any account that has been discharged thru bankruptcy that does not have a $0 balance.
The reason you want to get rid of balances that are paid or discharged and still showing a balance is because when a creditor gets a credit file the first page shows the outstanding balance in each category of debt; mortgage, auto loans, installment loans, credit cards, unsecured debt, etc. It is extremely important to have correct information.

WHY DOES THIS WORK
When you contest/dispute anything on your credit report the credit bureau only has 30 days to verify it's accuracy. That is not much time. Once they receive your notification they send a letter to the company requesting verification. Over 50% of the time the company will not respond. Why? An account that is over 2 years old probably is no longer kept on site. It is in a storage facility somewhere and for a low balance they are not going to send someone to research it.
So what happens?
If the credit bureau doesn't receive a response within 30 days the law says that they must REMOVE the listing from your file. NOT UPDATE IT, REMOVE IT.
Banks that have changed names (which one's haven't) are prime candidates because they are not going to research an old account from a bank they took over unless it is an extremely large bad debt.
WHAT ARE THE DRAWBACKS?
If the company takes the time to verify the debt, you have just given them the information they need to start attempting to collect it.
However, remember you are not trying to get out of paying legitimate debts that are PROVEN to be yours, just debts that are old and no longer verifiable.
I DON'T WANT TO DO THIS ON MY OWN.
We can help, contact us at http://repairmycreditsite.com

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Rich Arnold has been in the Financial industry for over 25 years in some capacity. With experience in direct lending, collections, 1st and 2nd mortgages, auto finance and general financing, he has been helping people repair their damaged credit for over 15 years. Questions email me at: support@repairmycreditsite.com Visit our website at repairmycreditsite.com For more Credit Repair Tips

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