Credit fixing “expert” gave Missy Albers of Tallahassee, FL, the “secret 7″ for boosting her credit scores. The problem: the expert “forgot” to hand Missy the rest of the story about this so-called “secret 7″.
Missy wants the keys to her new home.
She wants to take advantage of “…low interest rates and attractive home prices.”
I hear this a lot. In fact, this is the #1 reason I hear from people wanting to repair their credit.
They want what Missy wants — their new home!
The other day, Missy passed me an article about 7 ALLEGED steps for boosting your credit scores. I anxiously took the article, hoping I’d discover something I could share with you.
So what are these 7 steps and what do I think of them?
Click READ MORE below for misleading, incomplete advice that’s great for getting you sued!
That’s right…S-U-E-D!
BEWARE DANGEROUS, SIMPLE-SOUNDING CREDIT REPAIR ADVICE!
So what is this powerful credit-boosting advice offering to help you improve your credit scores? Check out the 7 “steps” below:
- Pull your credit reports from www.annualcreditreport.com. Once you have your reports, the article (correctly) states you need to go through your reports with a fine-toothed comb and mark items you think are inaccurate or incorrect.
- Pay your bills on time! Sounds simple, doesn’t it? Unfortunately, the article stops short of explaining what to do if you already have some LATE pays on your reports. Paying your bills on time is good advice, if you can pay your bills on time…and don’t already have late pays.
- Wisely manage your credit card debt. DUH! The article claims it’s “better” to pay a card off over time, rather than immediately…that paying off over time will actually IMPROVE your credit. HUH? The articles warns you against charging more than 10-20% of your available credit. That’s it! The article doesn’t explain why you should not charge up to your limit, how your high-credit limit kills your credit scores & just how much interest you’ll pay.
- Pay down as much of your debt as possible. Again the article does little (or nothing) to explain how revolving credit card debt hurts credit scores. In fact, the article says nothing about a type of revolving credit card that most people carry around that hurts scores more than any other card. The article mentions debt-to-credit ratio but that’s it! You’re left to figure out what it means and what to do about it.
- Don’t cancel credit card accounts. Why? The article doesn’t explain this either. For people who feel they cannot control their cards, the article suggests you cut up the card instead of cancelling. Yikes! Cutting up the card or cards is not helpful advice. If you do not use a card, the bank will cancel the card for you. Oops, the credit “expert” forgot that part too.
- Negotiate your “spotty records.” What are “spotty records?” How are you supposed to negotiate? With whom do you negotiate? What’s important about negotiating? Sorry, the article says nothing about how to negotiate these spotty records. What the article does say is this: ”Since creditors are the ones who report problems to the credit bureaus in the first place, you need to contact the company directly in order to have those problems removed. Simply call, tell them you have paid your debt and ask them to report it to the credit bureaus.” [NOTE : There's nothing simple about negotiating. Good luck calling the company to have those problems removed.]
- Dispute “problem areas” wherever possible. Ah, it sounds so simple. Just fire off a letter and voila, your credit is good. Once again, the article cuts you short. There’s nothing about the BIG 3 and their famous “verified as accurate” response letters to valid disputes. There’s nothing about getting sued when disputing a valid bad credit account. Do not fire off random dispute letters until you know exactly what to do & which accounts you should dispute. The article claims, “By law, they have to remove the disputed item for 30 days. [NOTE: a disputed item is NOT removed; it's marked "in dispute."] If they can’t find evidence to corroborate your story, they will put the bad mark back on your report. BUT you can then insert a 100-word note within your credit report [NOTE: you never want to submit a 100-word note]. You can also have the word “disputed” listed next to any item on your report with which you disagree [HUH? The word "disputed" is used during a re-investigation. That's it!) By law, the article claims, credit bureaus have to remove the disputed item for 30 days. [NOTE: No, the bureaus do NOT remove the account(s) in dispute. If the Furnisher verifies this account is accurate, it remains on your file.] You can also have the word “disputed” listed next to any item on your report with which you disagree. [NOTE: No, you cannot request the word "disputed" be listed next to any item on your reports].
The best advice this article offers is the following, “Whatever you do, don’t just sit back and do nothing. These are your rights and it’s up to you to fight for your credit!” Let me add this, “Before you fire off a bunch of worthless dispute letter, get ACCURATE information first!” What a sorry excuse for 7 steps to boost your scores. Many credit repair people give you the “what” but not the “how” or the “why.”
Credit fixing advice exists all over the Internet. In fact, everyone is an expert…it seems! I constantly hear people (btw, people who should know better) suggest you fire off a dispute letter to the Big 3 for every bad account on your reports. Flood the Big 3 with dispute letters. If the Big 3 don’t verify, you win; they lose. Just a bunch of BS…the kind of crap that gets you sued.
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