Credit Repair Tips You Might Not Know

1. You can have a spotless record with a credit card company and they can increase your interest rate because of high balances or a delinquency on another card.
2. With risk-based pricing, your interest rate could go up to 28.9%, 30.9% or whatever super high interest rate that is in the creditor service agreement.
3. PDO is short for  Points to Double Odd and it means that for every 40 points difference in your score you either are twice as good or ½ as bad in a lenders eyes.
4. The following service providers often use credit scores to decide whether you can buy a service and at what price: a. Home Insurer b. Mortgage Lender c. Credit Card Lender d. Cell Phone Company e. Electric Utility f. Landlord
5. Chapters 7 & 11 Bankruptcies stay on the credit report for 10 years from the filing date.
6. Its important to use your credit cards every 6 months because if you dont, the card will become inactive with the credit bureaus.
7. The Credit Scoring Model relies on: a. Averages of a like group b. Only information in the credit report
8. Asking for credit limit increases will decrease your debt ratio, ask every 6 months.
9. Insurance carriers are legally allowed to pull a customers credit report to reset premiums based on their FICO scores.
10. A legitimate debt is NOT truly erased only when: a. When it is paid in full b. Erased in Bankruptcy Court c. It is paid in full, with all acceptable fees and charges
11. The best thing to do when contacted by a collection agency about is to hang up and walk away without a conversation
12. If a debt collector calls the consumers place of employment after being told the consumer can not receive collection calls at work is considered harassment under the FDCPA. (Fair Debt Collection Practices Act)
13. You can expect a bankruptcy filing to hit your credit reports within a few days.
14. It is NOT illegal for a creditor to delete accurate information from your credit report.
15. A Collection Agency can NOT always get the Original Creditor to delete their listing on the credit report.
    Charlie Houssiere Mortgage Loan Credit Specialists with Secure Mortgage Company, specializes in helping to show his clients their hidden retirement account. You can confidentially contact him at 713 331-1894 or at choussiere@comcast.net

Comments

[John]

If looking to hire a credit services company, be sure to check if they are a member of NACSO.