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Empowering Advice From The
Nation's Best
"My Credit Report Is In The Tank
And I'll Never Be Worthy Again!!!"
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Empowering Advice
From The Nation's Best
"My
Credit Report's In The Tank
And I'll Never Be Worthy Again!!!"
How many times do you
think I've heard that from consumers all over the country?
Millions of consumers are in the tank, at least in the eyes of the
credit reporting bureaus. And what ever the credit bureaus say about
you-right or wrong-is usually the gospel in the eyes of the
credit granting community. Okay...so here goes my
lecture one more time:
1. Think you've
got a great credit report, huh? Even though the credit
reporting community likes to tell Congress and the media that according
to their estimates, only 3/10 of 1% of all credit reports contain
erroneous information, my estimates from the last 6 years of studying
their systems and interacting with consumers pegs the number at more
like 50%. That's right...in my opinion, one-half of all credit reports
contain some form of erroneous information. So the chances of you having
problems buying or leasing that new home or new car are much higher than
you think!
2. It's gotta be
true if it's in my credit files, right? In the world of
credit reporting, everyone is guilty until proven innocent. So it's
absolutely crucial that the consumer follow my extremely aggressive and
pro-active position in dealing with them. Especially if their
information is incorrect!!
3. There's no
such thing as being "kinda pregnant."
So there's no such thing as being kinda right when it comes to
a credit report. It's either right or wrong...even if the information on
your report is "kinda right" it's wrong.
For instance...if you had a Visa card with a balance of $1,000 that you
stopped making payments on let's say, on 1/1/90...and on 11/7/98 the
credit bureau reported you with a balance of $4,500 that was
"charged off" on 7/15/91. It's wrong--wrong--wrong!!!
Why? Because the charge off date doesn't matter.
- It's the date of last activity, which is the date
of last charge or date of last payment. If the person stopped paying
on 1/1/90 then they would have "defaulted" on the repayment
on the terms of the account by (at the outside) 3/1/90 (since
revolving charges normally require a payment every 30 days).
- And knowing that the date of last payment was on
1/1/90, we also know that the debt should have dropped off the credit
report by no later than 3/1/97...almost 3 years ago!
4. Get smart
early in the game!!! Get copies of all three of your
credit bureau reports so you can see what everyone's saying (and the
lending community thinks) about you. It's easy...a
sample letter is available here. And all of the
addresses you need to send your letters to get the ball rolling in your
favor are located here.
Some things to remember when you're sending in for copies of your credit
reports:
a.
If you've been declined credit for any reason in the last sixty (60)
days, you should have received a letter from the credit grantor telling
you which credit reporting bureau gave them the information they based
their decision on. In this instance, you are entitled under federal law
to receive a free copy of your credit report. (The letter should contain
instructions on how to order the report.)
b.
If you've been denied employment based on information provided by a
credit reporting bureau, you are entitled under federal law to receive a
free copy of your credit report. (The letter should contain instructions
on how to order the report.)
c.
If neither case applies and you're simply being pro active as I urge
consumers to become when they're looking for big ticket items, plan on
spending $8 per report ordered; if you're married, get a copy of your
spouse's report as well.
d.
Be sure to include a copy of your Texas driver's license (positive ID)
with your request letter and check/money order.
5. Finally,
remember that leasing a pre-owned car can be one of the
smartest (financial) things you do the next time you're thinking
about getting a new set of wheels. There are lots
of great deals to be had...and financing options change with the wind,
so know what all of your options are before pulling the trigger on
your next auto acquisition. Contact the best in the business at Manufactures
Auto Leasing: (972) 980-0050
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