Credit Secrets & Tips Blog

While credit bureaus keep track of how you handle credit, there are other companies that monitor and report how you manage or mismanage your checking account.
 
And, as some of you may have learned, even a single bounced check reported by one of these services may be enough to make it difficult for you to get a credit or get a merchant to accept your check as payment.
 
Check reporting protects financial institutions and merchants (such as retailers and grocery stores) from losses associated with bounced or fraudulent checks.
 
Under the Fair Credit Reporting Act (FCRA), a bounced check or other wrongdoing reported to a check reporting service may stay on your record for as many as seven years!

What should you do if a banking institution turns you away because of an unfavorable report about your banking account?

Ask the bank for the name, address and phone number of the company that furnished the report, so you can request a copy and look for incorrect or missing information.

Under certain circumstances, such as if you’re denied a new account at a financial institution, you are entitled to a free report. 
 
If your financial institution was the source of an error in your check report, it is required by the FCRA to contact the check reporting service and have the record corrected.
 
Also be wary of services on the Internet or elsewhere that offer to help you find a bank or “fix” your check history.  These services usually involve a fee, and some may make
false or misleading representations.
 
Frequently balance and monitor your checking account to avoid bounced checks. Don’t close one checking account before you have established another one.
 
And before closing your account, make sure any outstanding checks have cleared and account fees have been paid.

Most of you use credit or debit cards to pay for online purchases.  I encourages you to take steps to make sure your transactions are secure and your personal information is
protected.

Although you can’t control fraud or deception on the Internet, you can take action to recognize it, avoid it and report it. 

Here’s a few tips:

1. Use a secure browser software that encrypts or scrambles the purchase information you send over the Internet to help guard the security of your information as it is transmitted to a web site. 

Be sure your browser has the most up-to-date encryption capabilities by using the latest version available from the manufacturer.  You also can download some browsers for free
over the Internet.

When submitting your purchase information, look for the lock icon on the browser’s status bar, and the phrase “https” in the URL address for a web site, to be sure your information is secure during transmission.

2.  Check the site’s privacy policy before you provide any personal financial information to a web site. 

In particular, determine how the information will be used or shared with others. Also check the site’s statements about the security provided for your information. 

The statements may includes “Privacy Statement”, “Acceptable Term of Use”(AUP), “Anti-Spam Policy”, and “Disclaimer”.

Some web sites.  Disclosures are easier to find than others. Look at the bottom of the home page, on order forms or in the About or FAQs section of a site.  If you’re not comfortable with the policy, consider doing business elsewhere.

3. Read and understand the refund and shipping policies of a web site you visit, before you make your purchase.  Look closely at disclosures about the Webster’s refund and shipping policies.

Again, search through the web site for these disclosures.

4. Keep your personal information private. Don’t disclose your personal information your address, telephone number, Social Security number, bank account number or e-mail address unless you know who’s collecting the information, why they’re collecting it and how they’ll use it.

5. Give payment information only to businesses you know and trust, and only when and where it is appropriate like an order form. 

Never give your password to anyone online, even your Internet service provider.  Do not download files sent to you by strangers or click on hyperlinks from people you don’t know.
Opening a file could expose your system to a computer virus or a program that could hijack your computer.

6.  Keep records of your online transactions and check your e-mail for contacts by merchants with whom you’re doing business.  Merchants may send you important information about your purchases.

7. Review your monthly credit card and bank statements for any errors or unauthorized purchases promptly and thoroughly.

Notify your credit or debit card issuer immediately if your credit or debit card or checkbook is lost or stolen, or if you suspect someone is using your accounts without your permission.

Bad credit can happen to good people. Don’t despair. There are many ways you can get your credit back in shape.

But you have to start working on it today — and keep working hard to show potential creditors that you’re serious about getting your credit back in order.

As you do so, your credit score will improve, resulting in better credit offers and a substantial savings in money.

Here are 6 simple easy and surefire ways to restore your credit: 

1.  Open new accounts and pay them off 

Being able to repay a variety of new accounts is a key step in rebuilding your credit. 
  
That means that devising a strategy to open and pay off as many different kinds of accounts as you can is better than adding more debt to an existing credit card.
 
2. Start small
     
Rebuilding your credit can be similar to starting over from scratch, and starting small may be the easiest option. 
  
Credit cards from department stores or your local credit union can be useful.
 
3. Consider asking for help
     
If you can’t qualify on your own, ask a friend or family member to cosign for a small loan or credit card. 
  
If you can stay current on a major credit card account or small auto loan, this will speed up the process of re-establishing good credit on your own.
 
4. Consider a secured credit card
     
They are guaranteed by a deposit that you make with the credit grantor. The cards offer the purchasing power of a major credit card. 
  
Just make sure the grantor reports payment histories to one of the three major credit bureaus so you’re building your positive payment history.
 
5. Use your new accounts in moderation
     
Make payments that are more than the minimum. You can keep a small balance so that your positive payment history will continue to show up on your credit report.
 
6.Keep your balances low
    
Avoid carrying a balance that is more than 30% of your credit limit (creditors may view it as excessive debt that you may not be able to stay current with.
 
Be patient. The payoff is worth it.  It takes some time for your new credit history to gain momentum.

You’re demonstrating that you are not depending on certain credit cards and loans for your financial survival.  With patience and timely repayments, you’ll likely be able to
build a new credit history that creditors will look upon favorably when making decisions about your ability to handle even more credit.

Heard the term “phishing” but unsure what it means or how to tell if someone is doing it?

Or maybe you’re up to speed on it, but you have family members and friends who might not recognize a phishing site?

Either way, take a look at Carnegie Mellon’s Anti-Phishing Phil, a game that teaches people to identify (and avoid being tricked by) phishing websites.

Play the game and have a fun.

In the past nine months change since I started this blog, I’ve written a lot about credit repair, debt management, money savings and other related topics.

While I’ll always have plenty to say, I want to make sure this blog is both helpful and interesting for you.

So, what would help you the most on this blog?  Is there a topic I’ve covered that you want to learn more about? Do you have an idea for something I haven’t discussed yet?

Send your suggestions to support@insiderguidetocreditrepair.com!

Upon receipt of your dispute letter, the credit bureau first reviews and considers the relevant information you have submitted regarding to the nature of your dispute.

If the review doesn’t resolve your dispute and further investigation is required, notification of your dispute is provided to the creditor, including the relevant information you submitted.  The creditor reviews the information provided, conducts an investigation and reports the result back to the credit bureau.

The credit bureau then makes deletions, or changes to your credit file based on the creditor’s investigation result.  The name, address, and the telephone number of the creditor is shown under the result section on the cover letter that comes with the copy of your revised credit file.

If you still disagree with an item after it has been verified, you may send second or third dispute letter with additional documents to support your dispute.

You may also send a 100 words brief statement, explaining the nature of your dispute.  Your statement will become part of your credit file and will be disclosed each time that your credit file is reviewed.

You have the right to request that the credit bureau sends your revised credit file to any company that received your credit file in the past 6 months for any purpose or in the past 2 years for employment purpose.

Remember, the credit bureau is not necessary to do so unless you ask!