Category Archives: Credit Repair Tips

Automatic Bank Withdrawal Fraud Prevention Guide

Automatic Bank Withdrawal Fraud Prevention Automatic bank withdrawal fraud prevention first attracted my attention because of an unpleasant personal experience.  I had purchased a 1 month limited run of banner advertising from a well known online directory for $99.00.  The advertising was totally ineffective.  I was ready to chalk it up as a loss and move

Craigslist Bad Check Scam Alert to Craigslist Sellers

Craigslist Bad Check Scam Alert You decide to sell some furniture on Craigslist.  You list an item at a fair price, provide a nice picture and wait for emails from potential buyers.  Oh look….here’s an offer at full price sight unseen from someone out of state.  This is really good because they are going to

Creditor’s Legal Judgment Credit Nightmare

What is a Creditor’s Legal Judgment? Recent credit reporting rule changes make it a lot less likely that a creditor’s legal judgment will appear on your credit report.  Stricter verification rules have helped the consumer.  Judgments are hard to verify when challenged.  Their status frequently changes unnoticed by the credit reporting agencies.  If you have

e-OSCAR Automated Credit Dispute Verifications

e-OSCAR Automated Credit Dispute Verifications Wizard of Oz e-OSCAR Automated Credit Dispute Verifications (Online Solution for Complete and Accurate Reporting) is a system used by creditors and Credit Reporting Agencies as a short cut to truly fulfilling their legal responsibility to thoroughly investigate consumer’s disputes of negative credit report entries.  This system essentially makes a mockery

Debt Collector Skip Tracing Techniques

Skipping Town on Debts is not Easy Debt collector skip tracing involves finding people who want to avoid their debts by “getting lost”. These debtors are referred to as “Skips” in the debt collection industry.  This comes from the age old expression “to skip town” as used to refer to those who think that if

Credit Score Knowledge Gaps Large

  Credit Score Knowledge Needs to be Taught in Schools I’ve long been a proponent of teaching young adults how the credit scoring process works as part of their regular school curriculum.  A recent survey of adult’s credit scoring knowledge conducted jointly by the Consumer Federation of America and Vantage Credit Scoring shows just how

Fabricated Identity Theft Fast Growing

Fabricated Identity Theft One of Four Types of Identity Theft The FTC has reported that Identity Theft continues to be the highest ranking consumer complaint it receives.  Fabricated Identity Theft is the fastest growing class of Identity Theft according to the FTC.  Fabricated Identity theft presents the victim with a hassle that will not be

Telephone Consumer Protection Act Restricts Robocalling

Keeping Robots in their Place The Telephone Consumer Protection Act (TCPA),  47 USC, Section 227 is a federal law that places certain restrictions on the use of auto dialers by telemarketers and debt collectors.  The law imposes detailed requirements on those who are the masters over the robots that are gradually invading our lives and

Student Loan Process Government Inquiry

Student Loan Process and your FICO Score Student loan debt factors into your FICO score in the same way as any other debt.  It makes no difference if the loan is government or private to FICO.  Deferred status receives no special treatment either positive or negative by the FICO scoring algorithm. Past positive performance is

Looser Credit Drives Better Automobile Sales

  Looser Credit Drives Better Automobile Sales Because looser credit drives better automobile sales auto dealers this year have enjoyed their most robust sales since the beginning of the recession in 2007.  Looser credit drives better automobile sales as well as driver’s pent up need to replace older vehicles.  Many have made do with what

Effective Credit Report Dispute Letters

Effective Credit Report Dispute Letters Effective credit report dispute letters are the foundation of a credit score improvement campaign.  After examining the free annual reports available at annual credit report.com you will probably find mistakes and questionable items that you would benefit greatly from eliminating.  The goal is to completely expunge all the negative items

Internet Car Shopping Pointers

 Internet Car Shopping Pointers Don’t be too smug because you think you know what the dealer himself paid for a car through internet sites.  In reality knowing the published price has little real meaning other than being a helpful start.  This figure is inflated to make the naive buyer think the dealer is paying a

Credit Card Debt at all time high…yet banks easing standards

Credit card debt at all time high…yet banks easing standards A study by the Federal Reserve shows that the number of American consumers using credit cards to pay daily expenses is at an all time high.  A report by Georgetown University also shows credit card debt and bankruptcy filings have skyrocketed revealing that consumers are

Business credit cards can affect personal credit

Business credit cards can affect personal credit Business credit cards can affect personal credit if the holder is not particularly careful with their use.  The CARD ACT provides important protections to consumer’s credit cards that do not apply to business credit cards. 45 days notice to change terms after the first year is not required

FICO Needs Credit Limit Reported!

 FICO needs credit limit reported! If your credit card does not have a set limit to report on each statement submitted to the credit reporting agencies you have a potential problem.  FICO needs a credit limit reported!  FICO’s computers will otherwise assume that the highest balance you ever had represents your limit. Call and ask

Credit repair businesses under fire

Credit Repair Businesses are controlled by Feds The Consumer Financial Protection Agency is now studying Credit Repair Organizations and may come up with new regulations at some future point.  Until that point is reached this is the current state of the law. The Federal Credit Repair Organizations Act (CROA) is the law that governs businesses