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Tips to Raise Credit Score

Tips to Raise Credit Score

Many people when needing or wanting to raise credit score immediately find someone else to do it for them. They call a credit repair company and assume that is the best they can to do increase their credit score. Enlisting the help of a credit repair company to raise credit score is a good idea in most cases. But there are other steps people can take as well to increase their credit score.

What is Credit Repair?

Credit repair is using federal law to remove derogatory items from credit reports that are erroneous, obsolete or unverified by a creditor. It can be very effective but in most cases will not remove every negative item from a credit report. Why? Let’s consider a negative item that is not an error and the date of the last activity on the account is within the last 7 years. The only way that item is going to be removed by the credit bureaus is if the creditor does not respond to a dispute of that item. If the creditor continually responds stating that item is accurate, it’s not coming off until the 7 years is up.

So then why is credit repair effective? Because many creditors don’t respond to the dispute sent to them by them credit bureaus. It’s as simple as that.

Tips to Raise Credit Score

Credit repair is one step that someone should take but there are other steps as well.

Balances on Revolving Accounts

Many people think that if they simply make their minimum payment every month on their credit cards they are doing their best to maintain or raise credit score. That’s not true if the balance on the credit card is higher than 30% of the credit card limit. So, pay down your balances to under 30% of the limit.

Late Payments

Late payments are one of the worst enemies to a high credit score. As we work with clients sometimes we are removing negative items and they call us upset that their credit score has gone down. After investigating we find that they have made a recent payment late such as a car payment. Late payments can reduce credit score by as much as 60 points. By making future payments on time the score will increase again. But if someone is trying to raise credit score don’t make late payments.

Positive Accounts

Many people don’t realize that even if they have very few or no negative item on their reports they are not going to have an excellent credit score unless they have positive accounts as well. The more positive accounts the easier to raise credit score. Find ways to add positive accounts to your credit reports. Don’t spend money you can’t pay back on time. But find a company that reports to all 3 credit bureaus and open an account. Make a small purchase and pay it down to 30% of the credit limit given to you immediately. Depending on current credit score perhaps go to a bank or credit union that has credit builder loans. Even if it’s just $500. They will put the money in a savings account and you can pay back the loan from the savings account. It will cost you some interest but will raise credit score.

To clarify, we are credit repair experts. Credit repair is a very positive step. But we also educate our clients on what I’ve shared above and other things depending on their personal circumstances. We also provide other tools for our clients to raise credit score at no extra charge that other companies don’t. Click “Book a Phone Appointment” below  or visit the Credit Repair Page on our website.

ERA Credit Services is an Independent Agency representing a 501(c)(3) non-profit organization and does not directly provide credit repair services or accept funds from clients for credit repair services.
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Tampa Credit Repair

Tampa Credit Repair – A Complete Plan to Increase Your Score

If you face challenges with your credit score such as not qualifying for a loan, you may search online for a solution and call a Tampa credit repair company. All credit repair companies will attempt to remove negative items from your credit report. Some will do a better job than others. But credit repair alone will not give you the maximum increase in your credit score.

Your credit score is not just based on negative items on your report. You need a total plan that will impact every aspect of your credit score. First, we analyze your reports with all 3 credit bureaus (Equifax, Transunion, Experian). Then we provide you with a plan to increase your credit score that includes our A+ Better Business Bureau rated credit repair service to maximize your credit score.

This plan is called the Credit Protection Plan. We start with credit repair. We’ve been a top rated credit repair company since 2004. We have become the company of choice for real estate companies, mortgage companies and banks for Tampa credit repair.

Companies such as Keller Williams, Evolve Bank & Trust, Charles Rutenberg Realty, Cadence Bank, and American Express Open all send their clients to us to improve their credit score. We are also proud members of the Central Pinellas Chamber of Commerce.

The Tampa Credit Repair Protection Plan

Central Pinellas Chamber of Commerce MemberThe plan starts with you own online account so you can see the progress of what we are doing. You’ll see the negative items we are working on for you. We dispute all your items immediately unlike other Tampa credit repair companies that want to prolong your service with them.

But we don’t stop there. You need to see your credit score and be able to access your credit reports online 24/7. How else will you know if credit repair is working? We provide that to you on day one.

But what about other steps you can take to increase your score? We give you steps to take that will optimize your credit score. This knowledge will help you for the rest of your life so you can always have the best credit score possible.

We then protect your identity through PrivacyArmor. Why? Because as you increase your credit score you become a higher risk to have your identity stolen. That would disrupt any plans of buying a home, getting a business loan, buying a car, etc.. We prevent that from happening.

What about your existing debt? We teach you how that affects your credit score and give you a plan to pay down then debt using the same amount of money you currently use to pay debts now. Not only does it increase your credit score but you save thousands, potentially tens of thousands of dollars in interest.

Then we make sure your family and assets are protected by giving you a Will, Living Trust and medical and financial Powers of Attorney. Everyone needs these vital documents but less than 20% of people have them.

How About a Credit Repair Plan That Helps You Save Money?

Would you like to save some money on purchases you currently make anyway? Of course! Because of the number of clients we have, we can give you buying power. We can save you money with online shopping, travel, insurance, and prescription drugs.

This is a full credit score and money savings plan of action. If you like to know more click below.

tampa credit repair


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Credit Restoration- Does It Work?

Most people when they learn about credit restoration, or what most people call credit repair, are skeptical that it is possible to have derogatory items removed from their credit report regardless of the reason those items are on their report. It simply comes down to understanding the law and perhaps using logic as well.

credit restoration

What Can Be Removed From a Consumer Credit Report?

There are 3 general types of accounts or trade lines that can potentially be removed from a consumer credit report with credit restoration. Obsolete items are those items that have a date of last activity older than 7 years, or 10 years in the case of a bankruptcy. Erroneous items have incorrect information that either must be updated or deleted due to the inaccuracy. And, items that can legally be reported but cannot or simply are not verified for accuracy by the creditor.

Understanding Credit Laws

The Fair Credit Reporting Act was passed by the U.S. Congress in 1971. Basically, it gives consumers the right to dispute any item on their credit report. If the creditor does not respond to that dispute or cannot verify the accuracy of the specific trade line, the law says the item must be deleted from the consumer’s credit report. What is happening here is that by not responding to the dispute the creditor is not verifying the accuracy of that reported item. Therefore, consumer protection kicks in and the item must be deleted. That part is pretty simple.

But why would a creditor not respond to a dispute, especially if the debt did not get paid and the date of the last activity on the account is within the last 7 years? This largely depends on the age and type of account, and if the creditor has a certain amount of debt owed to them.

Regarding items that are not obsolete or erroneous, there are those that have a higher probability of the creditor not responding, and those that have a lower probability. Nothing in this category is a sure thing that a creditor won’t respond, and therefore the item will remain. Yet, there is always a possibility.

Other Factors to Consider with Credit Restoration

In my experience as a professional in credit restoration it usually, but not always, comes down to the age of the account and the debt amount. An older account, at least 2 years but better when it is 4+ years, has a higher probability even if money is still owed by the consumer. The reason is that the account was charged off years ago by the creditor. In many cases the creditor wrote the unpaid debt off against income in a particular tax year recovering a significant portion of the debt. Then they perhaps sold the account to a collection agency recovering even more. Why would they, several years later, spend the time, energy, effort and money to respond to a dispute to all three major bureaus? Of course, an account that has a zero balance because the consumer eventually paid it but still shows up as a derogatory trade line, has a much better chance of the creditor not responding because there is no monetary incentive to respond.

However, an account that is less than 2 years old has a lower probability that the creditor won’t respond. Or, the collection agency that purchased the account from the original creditor may now be the creditor of record and they may respond.

Accounts that are still open but have late payments which is the reason they are showing as derogatory will not be deleted because the creditor is reporting on that account on a regular basis. The hope here is that the consumer has a recent history of paying the account on time and that the creditor will update the account to a “paid as agreed” status.

Consider the Value of a Higher Credit Score

What is stated above are generalities. There are no steadfast rules as to why a creditor will and will not respond to a particular item that can legally be reported for 7 years. Credit restoration is an attempt to restore credit regarding these type items. Given the disposition of the item and the creditor it works a significant amount of the time and therefore, is very much worth the attempt especially considering the value of a higher credit score.

Visit CREDIT REPAIR to Learn How We Can Help

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Repairing Credit After Bankruptcy

If you are contemplating bankruptcy, have filed bankruptcy but it has not yet been discharged by the court, or if your bankruptcy has been successfully discharged, you are not alone. According to statistics from the Administrative Office of the U.S. Courts over 1.2 million people filed for bankruptcy in 2012. However, you are also going to want to know how to repair credit after bankruptcy.

credit repair after bankruptcy

However, that may not give you a comforting feeling because your credit and credit score has taken a serious hit. It’s true that you’ll soon, if you haven’t already, be receiving credit card and other offers of credit in the mail because those companies know that you cannot file another bankruptcy for a long time. But beware of the interest rates and annual fees being offered especially from companies offering you an auto loan.

Fully Recovering From Bankruptcy

If you want to fully recover after a bankruptcy you can. But you must be proactive. Sitting back and waiting for the bankruptcy and the listings on your credit report from each of your creditors to fall off your report will not help at all. To repair credit after bankruptcy you want to work in two general areas as soon as possible.

Develop Positive Credit

First, you want to develop positive credit. If you can get a credit card (possibly a secured card) with a decent interest rate, do so and use it. Do not put items on your credit card that you cannot pay off each month. Buy your groceries and gas (items you have to purchase anyway) on the card and pay the balance each and every month. You’re trying to demonstrate responsible use of credit. There are other proactive steps you can take as well. If you visit
www.eracreditservices.com and fill out the contact form we will email you a list of several steps you can take to increase your credit score.

Repair Credit After Bankruptcy

Second, you want to go through the process of after bankruptcy credit repair. You should try to remove the derogatory items on your credit report that are dragging your credit score down including the items included in the bankruptcy. You may be surprised to find out that these items do not have to remain on your credit report for 7 to 10 years. If you request it, your creditors (the ones in and outside of the bankruptcy) must verify the accuracy of the listings on your credit report. In many cases, if a creditor is not entitled to any more money from you (as in the case of a bankruptcy, foreclosure, short sale or repossession) they will choose not to respond to this request. Federal law then mandates that the item must be removed from all 3 major credit bureau reports (Experian, Equifax, Transunion).

Would You Fix Your Own Car?

You can do this yourself if you have the time to learn how to do it and the time to actually do self credit repair. But just as most people do not fix their own car, or represent themselves in court, it’s best to let an experienced company go to work for you. Is there a guarantee that your creditor will let it go and not respond? No, but if you do nothing you will be guaranteed that these listings will remain on your credit report for up to 10 years.

Repairing credit after bankruptcy is possible and very worthwhile. To find out more about increasing your credit score and repairing credit after bankruptcy visit www.eracreditservices.com , email info@eracreditsrvices.com , or call 619-492-3040 or 727-222-0120.

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