Credit Repair Specialist Targets
A credit repair specialist focuses on FICO score growth and nothing else. Preparing for a consultation with a credit repair specialist is comparable to picking up the house and doing some cleaning before the house cleaner comes. We don’t want to waste the house cleaner’s time with a sink full of dirty dishes we can easily clean ourselves. We wouldn’t dream of leaving dirty laundry on the floor. We want that house cleaner’s time to be well spent on deep cleaning, washing difficult windows and waxing floors with better equipment than we have and doing it better than we know how to do.
The credit repair specialist is going to save us a lot of money. We don’t want to waste their time doing things we can easily do ourselves. We also don’t want to jump the gun by doing the wrong things first and creating difficulties that way. What is the ideal way to prepare and present our financial picture to make the best use of the credit repair specialist’s time?
Credit Repair Specialist Expectations
Any credit repair specialist will tell you that you must be up to date on your current obligations or you are not going anywhere towards building a better credit score. Timely payments represent 35% of your credit score. This has to be Day One of heightened responsibility for your financial obligations. https://onhomebuyingandcreditrepair.com/credit-repair-ultimate-guide/
1. If you are behind on any payments that show on your credit report catch up even if you have to make more than minimum payments and pay late fees and penalties. Call customer service and seek forgiveness and expungement of the late notifications. Late payments must be a thing of the past from here on. Even one recent late payment is devastating to your credit score. Older late payments lose their negative power as years go by.
2. Get copies of your free annual credit reports at annualcreditreport.com and check for errors. Don’t take any actions until you consult with the credit repair specialist. Mistakes are costly and there are tricks to every trade. In particular, wait to settle collections and charge offs until after your consultation. The damage has already been done and the specialist will show you how to settle up while mitigating the negative effects of the collections and charge offs going forward.
3. Start making an effort to pay down credit card balances. If you have been unable to get a credit card see if a relative or friend with a good track record will let you become an authorized user on one of their cards. Get a secured credit card for as little as $200.00. The best site for this is https://www.creditbuildercard.com/onhomebuyingandcreditrepair.html Don’t double up on installment loans such as car payments. You may need that money to settle collections and charge offs.
4. You are going to need to check your progress on a monthly basis. Go ahead and join the best credit report monitoring service available:
5. Start getting into the credit repair mindset by reading authoritative Essays on credit repair while forgetting the rumors and old wives tales that never stop coming from unqualified sometimes well meaning people.https://onhomebuyingandcreditrepair.com/product/credit-repair-coach-platinum-unlimited-coaching/
Collections and Charge Offs Strategies
Now that you are ready for your expert consultation you will be focusing on how to get rid of the collections and charge offs that are so deadly to a high FICO score. First check the age of the claims and see how close they are to dropping off from old age anyway.
Next come the collections that will agree to delete for settlement. These are the low hanging fruit that leads to fast results. Do you really owe at least something? Make a call with payment ready in exchange for an email promising deletion. This is especially effective with original creditors. It can work with collectors also. Don’t believe them if they say they can’t do it because it is not contrary to their agreement with the credit reporting agencies as they sometimes claim.
More recent collections are more important. Smaller collections hurt you just as much as larger collections. It is the fact that the collection is there that counts, not the amount of dollars.
What are Charge Offs?
Charge offs are older debts that have been taken as tax write offs. The fact that the creditor has gained some tax advantage by giving up on collecting does not mean that you do not still owe the money. It does mean that they will usually settle for quite a bit less than face value since it is money they never expected to see. Don’t be too concerned that the debt will be marked as “settled for less than face value” if you negotiate settlement for a fraction of face value. This notation does not hurt your score as much as many people think. A dollar in your hand is worth 2 in someone else’s hand.
Hiring the Specialist was the right thing
With the guidance of a qualified specialist you will sleep much better at night and get much further along much faster. Do not feel like you should have been able to repair your credit yourself. Credit repair has a tough learning curve and there are many tricks to the trade. It is very easy to get lost in the weeds. An impartial trained eye will see many things that you do not see. That specialist will save you many times their fee in the long run.