A judgment on your credit report means you have been sued for payment of a debt. It is a legal proceeding that will give the creditor extra time to try and collect on the debt.
A judgment gives the debt collector up to 20 years to collect on a debt. This is beyond the 7 year statue of limitations that applies to most debts. Often judgments are granted on unsecured debts.
It is also becoming common for debt collectors to renew judgments. This means after 20 years if they have still been unable to collect the debt, they can renew the judgment and have the authority to collect on the debt for another 20 years.
A judgment will drastically reduce your credit score. Be aware that paying a judgment will not remove it from your credit report.
If you pay a judgment it only changes the mark to a satisfied judgment. It is still a negative mark and will not help improve your credit score.
The most effective way or removing judgments is done by disputing the judgment. This means you are challenging the accuracy or validity of the judgment.
This is done directly with the credit bureaus. It is done by writing a credit repair letter to dispute the judgment.
If a judgment is not verified as accurate it must be deleted by the credit bureaus. Often when listings are disputed they are removed regardless of their accuracy.
The listing will be removed because it costs the debt collectors money to verify the accuracy of a listing. Frequently debt collectors don't want to spend the money to verify a listing.
However you will have trouble getting the credit bureaus to investigate the listing. This is because it costs the credit bureaus potential profits to investigate listings.
This is why some people have hired professional credit repair service to dispute negative listings on their behalf.
For more online credit repair tips or for a free credit repair letter visit us.
Thursday, October 23, 2008
Wednesday, October 22, 2008
How You Can Remove Midland Credit Management from Your Credit
Midland Credit Management is a collection agency and a subsidiary of Encore Capital Group. They collect on credit cards, automobiles, unsecured consumer debt, and telecom accounts.
Encore Capital Group is a huge company that is traded on NASDAQ. Midland Credit Management has locations in Phoenix, Minnesota, and San Diego.
They purchase debts from collection agencies and lenders. They say they try and work with the customer in order to set up a settlement plan.
However there are reports of them frequently trying to use arbitration. In other words they will try to get a judgment placed against you for the debt.
A judgment is a very severe mark that you should avoid if possible. If you have a mark from Midland Credit Management I suggest disputing this mark with the credit bureaus.
You can dispute this yourself or hire a professional credit repair service. A well written dispute letter must be made and mailed to the bureaus.
In this letter you simply give the specifics about the negative mark and the reason that it is incorrect. Then you place this letter in the mail.
If you only have one or two negative marks that you need to have removed then you should dispute these marks yourself. However if you have multiple marks then you should consider a professional firm to dispute them on your behalf.
A credit repair firm will draft the dispute letter for you. They will monitor and keep up with the stall tactics the credit bureaus often use.
Credit bureaus commonly respond to the dispute letter with one requesting more information. This is done in hopes of the individual getting frustrated and giving up on the dispute.
The bureaus must pay for an investigation. The money to pay for this comes straight out of their pocket.
The credit repair companies frequently get the bureaus to hold an investigation faster than an individual can. This is probably due to the companies having credit attorneys that are well versed in credit laws, and the bureaus being fearful of being sued. The bureaus must be compliant with the Fair Credit Reporting Act.
This act made it law that credit bureaus must investigate disputes and delete any listings that are unverifiable or inaccurate.
In sum, the law is on your side and you have every right to dispute the accuracy of any mark on your credit report. You do not have to keep paying the high cost of bad credit.
For a free credit repair letter or to learn about lexington law a professional credit repair service visit us.
Encore Capital Group is a huge company that is traded on NASDAQ. Midland Credit Management has locations in Phoenix, Minnesota, and San Diego.
They purchase debts from collection agencies and lenders. They say they try and work with the customer in order to set up a settlement plan.
However there are reports of them frequently trying to use arbitration. In other words they will try to get a judgment placed against you for the debt.
A judgment is a very severe mark that you should avoid if possible. If you have a mark from Midland Credit Management I suggest disputing this mark with the credit bureaus.
You can dispute this yourself or hire a professional credit repair service. A well written dispute letter must be made and mailed to the bureaus.
In this letter you simply give the specifics about the negative mark and the reason that it is incorrect. Then you place this letter in the mail.
If you only have one or two negative marks that you need to have removed then you should dispute these marks yourself. However if you have multiple marks then you should consider a professional firm to dispute them on your behalf.
A credit repair firm will draft the dispute letter for you. They will monitor and keep up with the stall tactics the credit bureaus often use.
Credit bureaus commonly respond to the dispute letter with one requesting more information. This is done in hopes of the individual getting frustrated and giving up on the dispute.
The bureaus must pay for an investigation. The money to pay for this comes straight out of their pocket.
The credit repair companies frequently get the bureaus to hold an investigation faster than an individual can. This is probably due to the companies having credit attorneys that are well versed in credit laws, and the bureaus being fearful of being sued. The bureaus must be compliant with the Fair Credit Reporting Act.
This act made it law that credit bureaus must investigate disputes and delete any listings that are unverifiable or inaccurate.
In sum, the law is on your side and you have every right to dispute the accuracy of any mark on your credit report. You do not have to keep paying the high cost of bad credit.
For a free credit repair letter or to learn about lexington law a professional credit repair service visit us.
Sunday, October 19, 2008
Charge Offs - Read Before You Pay
When you get a charge off on your credit report it will negatively impact your credit score. This comes about when an account becomes delinquent and no payment is made for 6 months.
An effective way of erasing a charge off from you credit history is to dispute the listing. This is accomplished by sending a credit repair letter to the credit bureaus.
In your dispute letter you should explain why the listing is incorrect. For example the account has never been paid late, it's not your account or information is wrong.
Our credit system is flawed and you are assumed guilty until you can prove otherwise. It is common for incorrect information to show on your credit history.
Congress passed the Fair Credit Reporting Act in response to complaints of inaccurate information being reported by the credit bureaus. This legislation simply says that if a listing can not be verified then the credit bureau must remove it from your credit report.
It is common for one charged off account to turn into numerous negative listings and a bad credit score. I will explain the process of what happens to an account once the lender reports it as a charge off.
The charged off debt will be sold to a collection agency by the lender. That collection agency will make efforts to recover payment. If they are unable to then the collection agency makes a new negative listing on your credit report.
The collection agency will then sell your account to another collection agency. The new agency will also try and collect and if unable they will report yet another new negative listing.
This process will continue through any number of collection agencies. It depends upon the size of the delinquent account. You can see how one account can ruin your credit score and turn into multiple negative listings.
If you get multiple negative listings your credit will be in bad shape. It will become extremely difficult to get approval for any new lines of credit.
This is good to know before you pay an outstanding bill because payment does not mean that the listings will be removed. Instead I would recommend disputing the charge off before you take any step to repay the debt.
To get a free sample dispute letter and more tips to credit repair visit us, or to read an e zine article about what is a charge off.
An effective way of erasing a charge off from you credit history is to dispute the listing. This is accomplished by sending a credit repair letter to the credit bureaus.
In your dispute letter you should explain why the listing is incorrect. For example the account has never been paid late, it's not your account or information is wrong.
Our credit system is flawed and you are assumed guilty until you can prove otherwise. It is common for incorrect information to show on your credit history.
Congress passed the Fair Credit Reporting Act in response to complaints of inaccurate information being reported by the credit bureaus. This legislation simply says that if a listing can not be verified then the credit bureau must remove it from your credit report.
It is common for one charged off account to turn into numerous negative listings and a bad credit score. I will explain the process of what happens to an account once the lender reports it as a charge off.
The charged off debt will be sold to a collection agency by the lender. That collection agency will make efforts to recover payment. If they are unable to then the collection agency makes a new negative listing on your credit report.
The collection agency will then sell your account to another collection agency. The new agency will also try and collect and if unable they will report yet another new negative listing.
This process will continue through any number of collection agencies. It depends upon the size of the delinquent account. You can see how one account can ruin your credit score and turn into multiple negative listings.
If you get multiple negative listings your credit will be in bad shape. It will become extremely difficult to get approval for any new lines of credit.
This is good to know before you pay an outstanding bill because payment does not mean that the listings will be removed. Instead I would recommend disputing the charge off before you take any step to repay the debt.
To get a free sample dispute letter and more tips to credit repair visit us, or to read an e zine article about what is a charge off.
Saturday, October 18, 2008
Remove a Charge Off
A charge off is a very detrimental mark for your credit score. Having this on your credit history will make getting approved for a new credit line very difficult.
When approval does happen you will be forced to pay exuberant interest rates or make a hefty down payment. This is how lenders penalize people when they are incapable of making their payments.
The system does not allow for unexpected events. Sometimes these events will force a good person to choose between repaying a debt and providing for their family.
Credit bureaus want you to think that when a charge off occurs you are stuck. That you will have to pay the penalties until the negative listing is naturally removed with time. This is false.
The FCRA or Fair Credit Reporting Act states that a credit bureau must remove a listing that is inaccurate of can not be verified. Lenders will rarely spend the time or money to verify an old debt.
Regardless of the veracity of the listing it is typically removed when an investigation occurs. However complications happen in the initial stage of requesting the investigation.
This happens because the credit bureaus only motive to conduct an investigation is to be compliant to the Fair Credit Reporting Act. The bureaus don't earn any extra money from conducting an investigation and instead spend money that would otherwise be profit.
Thus credit bureaus are very resistant to granting an investigation. They have a formula in place to discourage and frustrate an individual when they request an investigation. This is the common reason people will hire a professional credit repair firm.
For a free credit repair letter to dispute a negative mark on your credit report or to learn about lexington law a credit repair service or online credit repair visit us.
When approval does happen you will be forced to pay exuberant interest rates or make a hefty down payment. This is how lenders penalize people when they are incapable of making their payments.
The system does not allow for unexpected events. Sometimes these events will force a good person to choose between repaying a debt and providing for their family.
Credit bureaus want you to think that when a charge off occurs you are stuck. That you will have to pay the penalties until the negative listing is naturally removed with time. This is false.
The FCRA or Fair Credit Reporting Act states that a credit bureau must remove a listing that is inaccurate of can not be verified. Lenders will rarely spend the time or money to verify an old debt.
Regardless of the veracity of the listing it is typically removed when an investigation occurs. However complications happen in the initial stage of requesting the investigation.
This happens because the credit bureaus only motive to conduct an investigation is to be compliant to the Fair Credit Reporting Act. The bureaus don't earn any extra money from conducting an investigation and instead spend money that would otherwise be profit.
Thus credit bureaus are very resistant to granting an investigation. They have a formula in place to discourage and frustrate an individual when they request an investigation. This is the common reason people will hire a professional credit repair firm.
For a free credit repair letter to dispute a negative mark on your credit report or to learn about lexington law a credit repair service or online credit repair visit us.
Friday, October 17, 2008
Two Tips to Raise Your Credit Score
You can improve your credit score by having an open major credit card. On this credit card you should try and keep the monthly balance around 10% of your available credit line.
In other words if your limit is $1,000 then try to keep the balance around $100. This shows the credit bureaus two things:
1. Your credit is being used.
2. You have a good ratio of available credit to debt.
In other words you have available credit at your disposal. The credit bureaus weight this factor heavily when they calculate your score.
By showing you have credit that is not being used; your score will get a bump. This method is most effective with a revolving line of unsecured credit.
Another tip, if your credit is to low to be approved for an unsecured credit card. Then ask a friend or relative with good credit to add you as an authorized user to their credit card account.
This is commonly referred to as piggyback credit. There have been recent reports that the credit bureaus are no longer going to give any credit score benefits to an authorized user.
However the credit bureaus are such large bureaucracies that this new policy will not take effect immediately. It is estimated that authorized user's credit score will still get a bump for the next 6-8 years.
Make sure to use good judgment when choosing a friend or relative. The account will show both positive and any negative information that can be reported. So if the account became delinquent it could hurt your score.
For you to be added as an authorized user, the account holder needs to call the credit card issuer and request you to be added as an authorized user. This can all be accomplished over the phone.
You then will have a copy of the credit card with your name on it mailed to your house. I recommend returning the credit card to the account holder.
The accounts' details are then reported on the original account holders' credit and yours. This way you receive the benefits of on time payments and available credit.
This method of building credit is in the process of being discounted. However for the time being it is by far the easiest and cheapest method to building positive credit.
For more credit repair tips or for a free sample dispute letter to remove negative information on your credit report or to learn how to dispute equifax visit us.
In other words if your limit is $1,000 then try to keep the balance around $100. This shows the credit bureaus two things:
1. Your credit is being used.
2. You have a good ratio of available credit to debt.
In other words you have available credit at your disposal. The credit bureaus weight this factor heavily when they calculate your score.
By showing you have credit that is not being used; your score will get a bump. This method is most effective with a revolving line of unsecured credit.
Another tip, if your credit is to low to be approved for an unsecured credit card. Then ask a friend or relative with good credit to add you as an authorized user to their credit card account.
This is commonly referred to as piggyback credit. There have been recent reports that the credit bureaus are no longer going to give any credit score benefits to an authorized user.
However the credit bureaus are such large bureaucracies that this new policy will not take effect immediately. It is estimated that authorized user's credit score will still get a bump for the next 6-8 years.
Make sure to use good judgment when choosing a friend or relative. The account will show both positive and any negative information that can be reported. So if the account became delinquent it could hurt your score.
For you to be added as an authorized user, the account holder needs to call the credit card issuer and request you to be added as an authorized user. This can all be accomplished over the phone.
You then will have a copy of the credit card with your name on it mailed to your house. I recommend returning the credit card to the account holder.
The accounts' details are then reported on the original account holders' credit and yours. This way you receive the benefits of on time payments and available credit.
This method of building credit is in the process of being discounted. However for the time being it is by far the easiest and cheapest method to building positive credit.
For more credit repair tips or for a free sample dispute letter to remove negative information on your credit report or to learn how to dispute equifax visit us.
Saturday, October 4, 2008
You Can Remove NCO Financial From Your Credit History
NCO Financial is a collection agency. They work with financial services, healthcare, utilities, education and more.
They started doing business in 1926 and are both first and third party debt collectors.
They are headquartered in Horsham, Pennsylvania. They currently have over 140 operation facilities spread out over 9 countries.
There mission statement says they are customer oriented and committed to integrity, teamwork and quality.
NCO Financial participates in credit reporting. Another way of saying this is they can create a negative listing on your credit report and cause your score to be damaged.
There is hope; you can have this listing removed. There are two options to have a listing removed from your credit report.
1. Directly dispute the listing with the credit bureaus.
This is done yourself by sending a dispute letter to the credit bureaus or you can hire a credit repair firm to handle the dispute process on your behalf.
If you decide to dispute the listing yourself you must send a dispute letter to each credit bureau. The dispute letter says that you are disputing the listing because the information is wrong, you have never paid late, it is not your account, etcetera.
2. You can come to a settlement agreement with NCO Financial. However I would suggest disputing the listing first. If that does not work then consider making a settlement offer.
However before you pay you should negotiate a settlement offer. Often you do not have to pay the full amount. I would suggest offering 50% of the balance.
You should have NCO Financial agree in writing to remove the negative listing on your credit report as part of the settlement agreement. If you do not do this paying the debt will not help your credit score. The listing will remain it will just be changed to a paid collection.
You should know that NCO Financial may not be the only person that creates a negative listing on your credit report for this account. The original creditor probably has created a negative listing for this account also.
It is common for collection agencies to sell accounts that they are unsuccessful collecting on. Thus NCO may have sold your account to another collection agency that has created a negative listing on your credit report too.
If you have the same account reported more than once on your credit report then I would suggest consulting with a professional credit repair firm because making payment to one company will not remove all the negative listings from your credit report.
If the debt is legitimate and you decide to settle do not pay the full balance. Collection agencies buy delinquent accounts for pennies on the dollar. If you pay the full amount you will be giving the collection agency a big profit.
Be aware that NCO only has the authority to remove a negative listing that they have created. They will not be able to remove any other listings that have been created by other companies even if it is for the same debt.
Keep all communication with NCO in writing. Just in case there is a problem you have written proof of your settlement agreement.
In sum, dispute the listing first and if unsuccessful then make a settlement agreement. Put the agreement in writing and remember to have them remove the listing in exchange for your payment.
They started doing business in 1926 and are both first and third party debt collectors.
They are headquartered in Horsham, Pennsylvania. They currently have over 140 operation facilities spread out over 9 countries.
There mission statement says they are customer oriented and committed to integrity, teamwork and quality.
NCO Financial participates in credit reporting. Another way of saying this is they can create a negative listing on your credit report and cause your score to be damaged.
There is hope; you can have this listing removed. There are two options to have a listing removed from your credit report.
1. Directly dispute the listing with the credit bureaus.
This is done yourself by sending a dispute letter to the credit bureaus or you can hire a credit repair firm to handle the dispute process on your behalf.
If you decide to dispute the listing yourself you must send a dispute letter to each credit bureau. The dispute letter says that you are disputing the listing because the information is wrong, you have never paid late, it is not your account, etcetera.
2. You can come to a settlement agreement with NCO Financial. However I would suggest disputing the listing first. If that does not work then consider making a settlement offer.
However before you pay you should negotiate a settlement offer. Often you do not have to pay the full amount. I would suggest offering 50% of the balance.
You should have NCO Financial agree in writing to remove the negative listing on your credit report as part of the settlement agreement. If you do not do this paying the debt will not help your credit score. The listing will remain it will just be changed to a paid collection.
You should know that NCO Financial may not be the only person that creates a negative listing on your credit report for this account. The original creditor probably has created a negative listing for this account also.
It is common for collection agencies to sell accounts that they are unsuccessful collecting on. Thus NCO may have sold your account to another collection agency that has created a negative listing on your credit report too.
If you have the same account reported more than once on your credit report then I would suggest consulting with a professional credit repair firm because making payment to one company will not remove all the negative listings from your credit report.
If the debt is legitimate and you decide to settle do not pay the full balance. Collection agencies buy delinquent accounts for pennies on the dollar. If you pay the full amount you will be giving the collection agency a big profit.
Be aware that NCO only has the authority to remove a negative listing that they have created. They will not be able to remove any other listings that have been created by other companies even if it is for the same debt.
Keep all communication with NCO in writing. Just in case there is a problem you have written proof of your settlement agreement.
In sum, dispute the listing first and if unsuccessful then make a settlement agreement. Put the agreement in writing and remember to have them remove the listing in exchange for your payment.
Subscribe to:
Posts (Atom)