"Credit buzz" the blog that provides all the information needed to maintain good credit
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Welcome to my blog page where I offer for your review articles  centered around credit repair and general everyday living.

Credit  repair is not just about fixing bad credit it is also about protecting and maintaining your good credit

FREE CREDIT REPAIR INFORMATION

10 tips to improving your fico score

2/2/2016

3 Comments

 
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HOW ONE LADY WENT FROM ZERO FICO SCORE TO 741 IN JUST OVER SIX MONTHS.

Be careful how you use the card, best use it for everyday items that you would normally pay with cash, try not to go over 30% of the credit limit and VERY IMPORTANTLY pay it off every month
By:  Gordon Thomson


Rebuilding your credit:  You can pay a Credit Counsellor a lot of money to help repair and rebuild your credit but this is something you can easily do yourself,  with a little patience and perseverance you could begin to notice your credit improve very soon.

First you need to see your credit report: Credit Bureaus are required by law to supply free of charge one credit report per year.  By contacting each one separately you will then have a file number from the top of the report that you can use to dispute anything on your report that you believe is incorrect. 

Tip 1:     Once you have obtained your credit reports, go through them and highlight any negative entries such as collections, judgments, charge-offs, and accounts with late payments.  If there is anything you don't recognize, immediately file a dispute with the credit bureau, they will either verify the information within 30 days or have it removed from your report.
   If a disputed item was caused by illness or job loss or ?? you can write a 100 word explanation letter and have the credit bureaus add it to your report, lenders will see this and take it into consideration when reviewing an application for credit.

Tip 2:   Talk to your creditors...you may be surprised:  One strategy that works well is calling your bill collectors and other delinquent account issuers and having a conversation about your account.   Most collectors are willing to negotiate and settle old debts for far less than the balance owed, call and make them a reasonable offer. 

Explain your situation and that you want to pay the account, but you simply can't afford to pay more than a certain amount.   The worst they can say is no.
    Now, more than ever, it pays to settle collection accounts.  It used to be that "settled" and even "paid-in-full" collection accounts could seriously hurt your FICO score.  Now, under soon-to-be-implemented changes in the FICO formula, collection accounts that are settled will no longer have any effect on your FICO score.   If a few collections are the only negative information on your report, this could make an enormous difference.

Tip 3:  Try to get lenders to waive late fees and charges.   If you have missed some payments or made late payments, lenders will charge you a fee for non-payment.     Now you not only have to pay more on your bills you also get a ding on your credit -now your bills are more difficult to repay since the balance is now higher.  You can contact the lender and
 in most cases get the charge waived.   This is a secret that credit repair companies have long known and is one of the first services they will perform on your behalf.   However you can easily accomplish this for yourself, at no cost.   Lenders want to get paid, and if they think you will pay your bill more quickly they will most often gladly remove the fee in exchange for prompt payment.

Tip 4:  Credit card debt:  most companies will work with you to pay down your debt; setting up a payment plan, maybe lowering the interest rate, even discounting the amount owed if paid at once.  You will need the cards to help rebuild your new payment record so don't close out the account once you have paid off the old balance. 

Tip 5:  Secure Credit Card:  It is tough to build up a good credit score without at least one account in good standing.   There are credit cards designed for people with bad credit but most come with very excessive fees.
   Your best bet is to get a secured credit card, which works just like a normal credit card, except that it requires a deposit from you.   A $500 deposit will get you a credit card with a $500 limit.   The card itself doesn't appear any different,and the status will be reported to the credit bureaus just like any other credit card.   Most major U.S. banks offer secured credit card, so shop around and see which is best for you.   
 DO NOT carry a balance into the next month.   Just this one tip could boost your FICO score by 100+ points in less than 6 months.
Tip 6:  Make Payments on Time: This is a given but bears repeating, before you start your credit repair effort you must be able to make your payments on time from this point forward.    Credit repair is nearly impossible if you can't pay your minimum monthly payments and you keep adding new late payments to your report.                                       Cut out your morning latte if it helps you keep current on your payments. 

Tip 7:  Schedule automatic payments.  Use online bill pay through your bank to schedule automatic payments for your monthly credit card, utility, rent, mortgage and other bills.   Your payment history has the greatest effect on your credit score—contributing to over one-third of that important number—and missed or late payments are not easily fixed.   But the longer you pay your bills on time the more your score will increase.

Tip 8:  If you are a college student, your school’s financial aid office should be one of your first stops at the campus.   The financial aid office can offer one-on-one financial counseling.   The officers at your university or college financial aid office can offer you help on almost any aspect of financial help – including helping you figure out credit scoring and dealing with money and credit.   The financial aid offices at most colleges and universities are so useful that you may want to call the office at the school you attended in the past to ask whether alumni are eligible for financial aid services.        The resources that you a get for free from these offices are simply too good to miss.

Tip 9: 
 Adding Positive Information to Your Report:  You have received your credit report and noticed that there are accounts that you were current on that are not in your credit file.   Since you are trying to build a new positive credit file these are accounts that you really want added to your report.   Contact the credit bureaus and request the accounts be added to your file.    Be sure to include copies of current statements of the accounts you are requesting to be added. The credit bureaus will in turn contact the creditors and if the information that you gave is confirmed to be true, the item/s will be added to your credit file.

Tip 10:  Time barred-debts: If you have old debts the statute of limitations  could prevent collectors from being able to sue you to collect on them.  These unpaid debts are considered "time-barred." Meaning a debt collector cannot sue you for not paying a debt that's time-barred.
The statute of limitations varies from state to state and for different kinds of debts but averages around four years.   In some states, if you pay any amount on a time-barred debt the debt is "REVIVED".    This means the clock resets and a new statute of limitations period begins.  It also could mean the collector can sue you to collect the full amount of the debt,   Don't get fooled by a collector who asks you "to make a payment now and the rest whenever you can" because you will just open the door to being sued for the full balance including additional interest and fees.      If you have funds available to pay down your delinquent debts start with the newest and leave the oldest until last, and of course if you are current on any keep them current.

   Delete Letter:  A critical factor in negotiating a settlement is a letter to the creditor that requests their agreement to delete the account upon receipt of your payment.  A delete letter will remove this item from your credit report completely as if it never existed and almost immediately your credit score will jump up by 20-30 points.  Ask that the letter be sent directly to you by fax or email then it will be your responsibility to deliver to the Credit Bureaus saving time and ensuring the Bureau processes it to your file.

Final Note:  Whether you are trying to repair/rebuild your credit or maintaining your good credit it is important to monitor your credit report at least every four months, to do this order your free report from the big three credit bureaus one at a time every four months this way you can file disputes or have positive information added quickly.
Don't hide from your creditors they will simply not go away, talk to them and explain your situation, believe me they are very willing to negotiate a settlement if they are guaranteed a smaller payment than none at all.  
3 Comments

Has your computer been hacked or hijacked

3/18/2015

0 Comments

 
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refunds for customers crammed by T-Mobile 

2/15/2015

1 Comment

 
02/15/2015                                                    
Refunds for customers crammed by T­Mobile  
 

FEDERAL TRADE COMMISSION CONSUMER  INFORMATION

Refunds for customers crammed by T­ Mobile
December 19, 2014 by Cristina  Miranda
Consumer  Education  Specialist, FTC


Some current and former T-­Mobile customers are about to get their money back.

As part of a $90 million dollar proposed settlement, T­-Mobile is refunding customers who were unfairly billed third­party charges by the    company.

According to the FTC, T-Mobile charged customers not only for regular phone services, but also for content provided by other companies. Some charges from other companies were sneaked on to customer’s monthly bills, and included charges for monthly subscriptions for ringtones, wallpaper, horoscope texts, flirting tips, and celebrity gossip that consumers never knew about, or agreed to pay    for.

T­Mobile has been contacting all of its current and former crammed customers to let them know about the refund program and claims process. Customers can get more information  about  T­Mobile’s refund  program  at www.t­mobilerefund.com.

Your best defense against paying phone charges you never knew about or said yes to? Read your mobile phone bill each month – line by line, and page by page. It can save you lots of money. And if you suspect you’ve been crammed, contact your phone carrier about the charges, and file a complaint online with the FTC.

 

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Beware of false charity

11/21/2014

1 Comment

 
Say no thanks to charity cheats 

As fall weather cools down, plans for Thanksgiving and the charitable giving season are heating up. Here come the requests for donations -- in your mail and email, in person, on social networking sites, through your mobile devices -- you name it. Want to express your thankfulness with a gift to a charity? Find an organization that spends wisely on a cause you support, and screen out any requests scammers send your way.

If you get a request from an unfamiliar group: 

Double-check the group’s name to see if it’s legitimate. A scammer may use a name that looks or sounds like a reputable organization and hope you won’t catch it.

Go to the group’s website to see how it spends its money. Some charities use money effectively to support their missions; others spend a large share on fundraising or administrative costs.

Look into the group’s mission. An organization with the word “children” in the title might support research about children, give books to children, or work with kids locally or internationally. Find a charity that supports the issues that matter to you.

See what others say about the organization. The Better Business Bureau’s (BBB) Wise Giving Alliance, Charity Navigator, Charity Watch, and GuideStar rate charities.

Use this Internal Revenue Service (IRS) site to see if the organization is eligible to receive  tax-deductible contributions.

Say ‘no’ if anyone asks for money,   but: 

refuses to give you full details about the group’s identity, mission, costs and how it will use your donation

uses high-pressure tactics, like trying to get you to donate immediately, before you can do research or think it over

asks you to send cash or use a money transfer

promises to enter you in a sweepstakes or give you a prize for donating.

1 Comment

open season for identity thieves

11/20/2014

1 Comment

 
by Lisa Weintraub Schifferle
Attorney, FTC


It’s open season for everyone who wants to switch health coverage. As you select your health insurance plan, watch out for scams. Whether you are on Medicare, selecting a
plan through the Affordable Care Act (ACA), or have private insurance, here are some tips to help you more safely navigate the open enrollment season.

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extra money  for your retirement

11/2/2014

2 Comments

 
By: Gordon Thomson
retirement money Picture
Would you like to be receiving more money each month to pay bills, do a bit of shopping or travel, if you answered yes then read on because you may qualify for additional Social Security benefits. 





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keep your personal information secure

10/20/2014

1 Comment

 
How to Keep Your Personal Information Secure

FEDERAL TRADE COMMISSION CONSUMER INFORMATION
 

Protecting your personal information can help reduce your risk of identity theft. There are four main ways to do it: know who you share information with; store and dispose of your personal information securely, especially your Social Security number; ask questions before deciding to share your personal information; and maintain appropriate security on your computers and other electronic devices.

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get a credit card to help rebuild your credit

9/24/2014

3 Comments

 
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A prepaid or secured credit card is a great first step in rebuilding your credit
By: Gordon Thomson

Paying Your Bills
This is like getting interest free credit:   pay your everyday bills with the secured credit card that you normally pay with cash; utility bills, telephone, water, car loan groceries. 



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credit counseling is it right for you?

9/24/2014

9 Comments

 
credit counseling Picture
By:  Gordon Thomson

Living paycheck to paycheck
?  Just can't seem cope with mounting bills, being hounded by debt collectors? If this sounds familiar, it may be time to consider the services of a credit counselor.  Reputable credit counseling organizations can advise you on managing your money and debts and help you develop a personalized plan to deal with your money problems.  An initial session typically lasts an hour, and maybe some follow-up sessions and workshops.


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FTC to abusive debt collectors: You’re outta business!

9/23/2014

2 Comments

 
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By: Colleen Tressler
Consumer Education Specialist

Imagine getting a phone message like this:

This is the Civil Investigations Unit. We are contacting you in regards to a complaint being filed against you, pursuant to claim and affidavit number D00D-2932, where you have been named a respondent in a court action and must appear… Please forward this information to your attorney in that the order to show cause contains a restraining order. You or your attorney will have 24 to 48 hours to oppose this matter… Call 757-555-1234.



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Dealing With Creditors

9/22/2014

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Dealing With Your Creditors
By: Gordon Thomson

Often you will run across negative remarks that cannot be deleted without creditor cooperation because the dings are accurate and the creditor persistently cooperates with the bureau’s request for verification. Your goal then is to persuade your creditors to soften their stance by either toning down or entirely deleting their remarks on your credit report. Here are some different tactics to attempt to persuade the creditor to remove the damaging remarks completely.


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My picks for work at home jobs

9/21/2014

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By: Gordon Thomson

The option of running a business out of your home has been a long held dream that offers greater flexibility and opportunities unlike anything you can get by working for an employer. In my decade long search for that one opportunity to make my mark and create a steady income I have produced and sold couple of E-Books, compiled information on subjects that others were willing to pay for, and of course used my own systems to generate a comfortable living. 


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scammers! they are after your money

9/6/2014

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scam Picture
By: Gordon Thomson
and contributions from others


It could be hard to recognize an imposter through the lies they
tell. They use a variety of tricks to get your attention and your money.
Don't be fooled by their stories of how "you just won the lottery" or "I am auditor from your bank".
The scammers never sleep except to dream up new ways to get your hard earned cash.


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medical debt and credit scores

9/5/2014

2 Comments

 
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Medical vs. Non-Medical Delinquency 
By:  Gordon Thomson


There’s been a recent study released by the Consumer Financial Protection Bureau’s (CFPB) Office of Research about how medical debt collections are reflected on the credit records that nationwide credit agencies maintain. 


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Houshold budget

8/30/2014

6 Comments

 
household budget Picture
Do you have too much month left at the end of your paycheck?
By:  Gordon Thomson

Many people believe that if they only had more money they could improve the family's lifestyle and have money left over for savings or special occasions; the secret is that it is not your income that decides your lifestyle.  You could be earning $300 000 a year and still be in terrible debt and financial shape due to unorganized spending.



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    Author

    Gordon Thomson

    Contact me at:
    gordon@repaircredit4free.com

    ARCHIVED ARTICLES
    Credit Repair Scams
       ______________
    What Is Phishing?
       ______________
    Former Owners Hoping To Buy After A Short Sale
       ______________
    Identity Theft, What To Look Out For
       _______________
    Rent Skimming Explained
       _______________
    Too Many Inquiries Can Raise A Red Flag
       _______________
    The Ethics Of Derogatory Debt Removal
       _______________
    Don't Get Crammed
        _______________
    Beware of False charity
    FEATURED ARTICLES
    How Credit Unions Help Raise Credit Scores
        ________________
    Find Your "Magic Number" For Retirement Savings 
       _________________
    This Family Proves Just How Expensive It Is To Be Poor
       __________________
    3 Crucial Steps Toward Credit Repair
       __________________
    Warren Buffet; How To Turn $40.00 Into $10 Million
       __________________
    Synthetic Identity Theft
        _________________
    Study: 
    35% of Americans face debt collectors
        _________________
    BitCoin-Who's minding the store?

        _________________
         

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    • CO-SIGN ON A LOAN ?
    • YOUR PERSONAL INFORMATION
    • IT'S NEVER TOO EARLY
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    • FREE VACATIONS?
    • PROTECTION FOR IN-HOME PURCHASES


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