How Can I Remove a Repossession?

Having a vehicle or other item repossessed can be financially, and even emotionally, devastating! Many times, a repossessed item can represent loss of freedom or income (in the case of a vehicle) or maybe loss of security or family memories (in the case of a home). These alone are bad enough; however, then comes the realization that a repossession reported on your credit report will cause your credit score to plummet!

Though you may feel like this is the end of the world, rest assured that it isn’t! Things will get better. I can’t help you get your vehicle or any other item back once it’s been repossessed; however, I can help you understand how to begin rebuilding your credit. To start, you will need copies of your credit reports. You can obtain these from the three major credit reporting agencies – TransUnion, Equifax, and Experian. Upon your request, these three major credit reporting agencies are legally required to provide you with a copy of your credit report every twelve months.

When you have received all three of your credit reports, you should schedule some time to sit down with all three to review them. Repossession entries will include an itemized list of all fees related to the repossession, such as storage and towing. Gather all of the receipts you have which relate to the repossession and compare them to the amounts listed on your credit report. If any of these amounts are incorrectly reported on your credit report, you should dispute the items with the credit reporting agencies.

If you find erroneous entries on any of your credit reports, it would behoove you to write a dispute letter to the relevant credit reporting agencies. Your dispute letter should outline the reason for your letter and should request the removal of the repossession entry. Be sure to include the relevant credit report with your letter and highlight the erroneous information. Be sure to also inlcude copies of the substantiating documentation, such as receipts. Keep copies of all correspondence and enclosures.

Once the credit reporting agency has received your dispute letter, it has 30 days to contact and verify the repossession with your creditor. If the creditor cannot or does not verify the repossession amounts within the alloted time frame, the credit reporting agency is legally required to remove the entry from your credit report. You should receive a letter from the credit reporting agencies which indicates what action was or was not taken with regard to your account and why. If you are unsuccessful in removing the repossession entry, it will continue to be listed on your credit report for seven years.

In the event you are unable to remove your repossession entry using a dispute letter, you might be able to have the entry deleted or its status improved by negotiating directly with your creditor. A promise of partial payment or payment in full might persuade your creditor to delete the repossession entry. You should insist on a written agreement if you and your creditor are able to come to terms. Additionally, make sure that you obtain your creditor’s signature on the document and that you sign as well.

Although repossession can be devastating, it is something you can recover from. Times are tough and you are not alone in this plight. Just remember that there are better days ahead!

Removing a repossession is possible. Discover the only legal way to remove any questionable credit repo at www.repocredit.net.

How to Improve Your Credit in 2010

Your credit rating is more important in 2010 than any other year in recent memory. There is less available credit than any other time in recent history. Credit card companies launched a massive wave of cut backs. You may have noticed your available balance was slashed overnight.

It is now even more difficult to be approved for a home mortgage. In order to be approved for a mortgage today, you must now have a minimum credit score that is 40 points higher than a few years ago and, if you are hoping for reasonable rates, you will need a minimum score in the high 600′s.

You can rest assured that it will be almost impossible to obtain new credit in 2010, especially if your credit score isn’t up to par.

What this means is that you need a plan to get your credit in top shape for the new year.

I spent several hours last weekend writing down my financial goals for 2010, which included my FICO score goal of 775.

I hope that you have decided on some financial goals for yourself. Once you have made a list of goals, you will need a plan for obtaining success. Erasing negative items from your credit report and improving your FICO score should be included in your overall strategy. A formula for achieving these goals follows:

Credit Strategy #1: Questionable Negative Items Should Be Deleted From Your Credit Reports

You should immediately attempt to remove any questionable late payment, repossession, collection, charge off, bankruptcy, or other negative item, by disputing the information.

To accomplish this, you can use the dispute form letter which you will find here.

Sometimes, items such as judgments, charge offs, and repossessions are particularly stubborn to remove from your credit report. As these items have a tendency to be a bit more “sticky,” you may require something more forceful than a standard dispute letter.

You might consider a process called “debt validation” where you demand that the original creditor validate a debt. (It’s a lot different than disputing with the bureaus – yet super effective for removing collections and charge offs.)

It is probably best not to attempt debt validation on your own. I tried to do it myself and failed miserably. In fact, I did such a poor job that the creditors just ignored my correspondence altogether.

Credit Strategy #2: Build Good Credit

The good news is that this is easy to do if you already have an unsecured account. Keep paying those accounts on time. In fact, I suggest setting up an auto payment system so you never slip up. Plus, this saves postage so you are saving twice!

However, if you don’t have an unsecured account, like a MasterCard or Visa, it can be a bit more difficult. If your credit score is in the 500 range, it will be hard to obtain an unsecured card.

Credit Strategy #3: Stay the Course

Don’t lose sight of your goal and what you want to accomplish. Rebuilding your credit will take time. The sooner you get started the better. It is wise to keep track of your credit score by maintaining a detailed log. Begin your log by noting your credit score as of today’s date and tracking it as you rebuild good credit and as questionable negative items are removed. If you are successful with your goals, your credit score should increase each month.

Don’t become down-trodden if things don’t work out the way you think they should. Different strategies may be available to tackle an issue.

We raised our credit scores from the upper 500 range to 745 and 763 in under six months and got approved for our dream home. See proof of our credit repair success at www.creditforcouples.com

Removing Negative Entries From Your Credit Report

Whenever a consumer misses required monthly payments or defaults on a loan, a negative entry detailing this information will appear on his credit report. The process of removing negative entries such as these is called “credit repair.”

There are many significant ways in which these negative entries can affect you. These negative entries will make it harder to be approved for any credit products, such as home loans and credit cards. You can be assured that the financial products for which you are approved will include a high annual percentage rate (APR) and associated monthly and annual fees and charges.

If this is the dilemma in which you find yourself, don’t despair! There are a multitude of online companies which, for a fee, will work to rebuild your credit. However, if you don’t want to pay the fee associated with these companies, you can venture into credit repair yourself.

You must first obtain a copy of your credit report, which may be done by contacting the three major credit reporting agencies – Equifax, Experian, and TransUnion – and requesting a copy of your credit report. These three credit reporting bureaus are legally bound to provide one free copy of your credit report every twelve months. You can call (877) 322-8228 to obtain your free copy of your credit report. Alternately, you can request a copy of your credit report from the many online companies which offer this service.

Sit down and review your credit report once it arrives. All information should be carefully reviewed to confirm that all portions of the credit history are accurate. Do not skip over personal and employment information. Check everything!

A dispute letter should be written to the credit reporting agency if you find any false or inaccurate information. Your dispute letter should explain the reason you are writing and you should include any supporting documentation you may have. Retain copies of all correspondence and documentation to and from the credit reporting agency.

After receiving your dispute letter, the credit reporting agency has 30 days to verify your claim. The credit reporting agency must remove the entry if it cannot verify the claim within this time period. You should receive a letter from the credit reporting agency outlining the actions taken related to your credit report. If the credit reporting agency does not revise a negative or false entry, you should write a letter to the credit reporting agency requesting an explanation of how they came to this decision. When this is done, it is referred to as requesting a “method of verification.”

It is beneficial to follow this process in order to improve your credit, even though it may be time-consuming. By doing this, you will improve your credit score and improving your credit score will, in turn, lead to better opportunities for more desirable financial products.

Get your free 19 Page Collection Agency Deletion Guide at www.myncodebt.com

Obtain Your Credit Report Today

Requesting a copy of your credit report is easy and is the first step toward rebuilding your credit. Read on to find out how to obtain a copy of your credit report and to learn some of the benefits of reviewing your credit history.

A credit report will help you rebuild your credit and this is the most common reason people request a copy of their credit report. A person’s financial history is listed in its entirety on their credit report. The entries will include identifying information, payment history, and credit accounts. A quick review of your credit report will let you know if all of the information recorded is accurate or if there are some inaccurate or false entries. Any inaccurate or false information listed has already affected your credit score.

You can dispute any inaccurate or false information you discover on your credit report. To do so, you will need to send a dispute letter to the credit bureau requesting the correction of the disputed item. The credit bureau then has 30 days to obtain verification of the recorded information. If the credit bureau does not receive verification of the disputed entry, it must delete the entry in its entirety. If this happens, your credit score should increase.

Credit reports are also helpful for finance and budgeting purposes. Obtaining your credit report allows you to view your credit status in one neat, concise report. A credit report can allow you to determine if you should work to consolidate your debt and can assist with prioritization of payments.

Identity theft is another reason for requesting a copy of your credit report. By obtaining a copy of your credit report you will be able to compare your knowledge of your recent credit transactions against what has been reported to the credit reporting agency. Identity theft is a very real concern and threatens a person’s credit worthiness in addition to their financial situation.

Your credit report can be obtained several different ways. There are internet companies that offer copies of credit reports and you can contact one of these companies. Alternately, you can contact one of the three major reporting agencies – TransUnion, Experian, and Equifax – for a copy of your credit report. Pursuant to Federal law, these major credit reporting agencies are required to provide you with a copy of your credit report, free of charge, once every twelve months. To request a copy of your free credit report, you can call Annual Credit Report at (877) 322-8228.

It is wise to obtain a copy of your credit report. Request yours today and when it arrives, sit down and review it for any inaccuracies so you can begin to rebuild your credit.

Free 19 Page Collection Agency Deletion Guide at www.MidlandCreditDebt.com.