Saturday, December 13, 2008

The CRA Credit Restoration System

CRA has always delivered premium credit resoration services.

Our process involves both systematically disputing innacurate or obsolete information from a client's credit file and educating the client in the responsible uses of credit.

While we are having any errors in your credit report removed, we will work with you on your core credit problems. By the end of the program, our goal is for you to achieve "true credit literacy."

We will find out who you owe, how much you owe and when the payments are due.

We will also help you get organized, we will work with you to develop a budget, and then we will teach you how to maintain your good credit over the long term.

The CRA Credit Restoration System is designed to not only improve the immediate outlook of your credit profile, it is also to teach you the key ingredients in building, developing, and most importantly maintaining positive credit over the long term.

To realistically develop a quality credit profile over the long term, we must create habits of behavior that mirror those who have excellent credit.

We can not fix people, but we feel we can encourage, direct, and educate our clients, so they have the proper “road map” to follow when our service is finished.

The only long term solution once our repair process is finished is for our clients to apply these habits of true credit literacy into their daily lives.

We are not just credit experts, we are credit teachers.

We look forward to helping you!

At Credit Restoration Associates, we pride ourselves on providing the highest quality of credit repair service, while maintaining the ethics and integrity required. By strictly adhering to the standards and practices outlined by the Federal Trade Commission we can offer our clients the very best service and still provide Low Cost solutions.

Get more information today by visiting our website.

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Saturday, December 6, 2008

Avoiding Scams in Credit Repair

Following is a list of things to aviod while researching credit repair companies. This list is proudly brought to you by Credit Restoration Associates:

The Credit Repair Professional

The credit repair business requires a clear grasp of the interaction of many factors. Credit bureaus, creditors, and collectors are each regulated under their own set of federal laws. There are state laws that may supercede the federal laws. In the background of all of this activity is Fair Isaac and Company that formulates your FICO Score based on the makeup of the information on your report. Credit repair professionals must have a working knowledge of all of these factors and more.

And the Not-So-Professional

True credit repair professionals provide an incredibly valuable service. But there are also those that misrepresent themselves and the services they offer. These deceptive practices will waste your money, and in some cases leave you worse off than ever. Here is our list of the top offences…

Authorized User Alert

Some so-called credit repair companies have been brokering "authorized user" status on credit card accounts. This involves making the customer an authorized user on someone else's credit card to boost the customers FICO score. This is not illegal, but you should be aware that Fair Isaac and Company, in response to this practice, has eliminated authorized user benefits from the new FICO scoring model. According to Fair Isaac, one of the three credit bureaus will begin using the new scoring model in September 2007. The other two credit bureaus will adopt the new model by mid-2008.

The New Identity Trap

There is a busy little credit repair sub-culture that offers to help you establish a new identity by applying for an Employer Identification Number (EIN) which they suggest that you use in place of your Social Security Number. This amazes us! And it is a serious crime that could put you in prison. Steer clear.

Promises Promises

Watch out for companies that guarantee results such as a specific increase in your credit scores in a specific period of time. Professional, reputable credit repair companies can produce dramatic results! But given the fact that there is no way to predict the responsiveness of the credit bureaus, creditors, or collectors it is inappropriate to make such promises, and a sure sign of bad business.

The One-Dimensional Credit Repair Problem

Beware of credit repair companies that offer credit bureau disputes, and nothing more. They are most likely using software that simply pumps out dispute letters - repeatedly. This one dimensional approach to credit repair is certain to produce disappointment. Effective credit repair requires the skill to challenge the bureaus, creditors, and collectors alike; all with the knowledge and understanding of the legislation that governs them, and a grasp of how each change in your report can affect your FICO scores.

Power Corrupts

I’m going to stray a bit from the category of credit repair scams and touch on two of the more egregious offenders in the credit reporting industry. Many people mistake size for honesty. Power can corrupt, and the journey to the dark side is often led by corporate attorneys who constantly test the limits of consumer’s tolerance. Credit repair can be tricky enough, but getting hoodwinked by the credit bureaus can be downright discouraging. Here are offenders that we encounter on a daily basis.

False Credit

Every day untold numbers of consumers go to TransUnion's "True Credit" website and pay for what they believe to be their credit scores. What they get are deceptively named "TrueCredit" scores which vary significantly from the FICO scores used by lenders. Here is the (almost impossible to find) small print from the TransUnion website. "TrueCredit is not connected in any way with Fair, Isaac and Company; the credit score provided here is not a so-called FICO score. The credit scores of TransUnion may not be identical in every respect to any consumer credit scores produced by any other company."

Not a Free Credit Report

Are you starting your credit repair effort? You can get all three of your credit reports for free, one time per year, from AnnualCreditR Don’t be fooled by Experian's website! Here is the fine print: "When you order your free report here, you will begin your free trial membership in Triple AdvantageSM Credit Monitoring. If you don't cancel your membership within the 30-day trial period, you will be billed $12.95 for each month that you continue your membership." And it may not be so easy to cancel. The Office of the Attorney General of Florida lists the following issues in their investigation of Experian: "Deceptive advertising, misleading domain name, and failure to honor cancellations in violation of Chapter 501, Part II, Florida Statutes (Florida Deceptive and Unfair Trade Practices Act)."

Get more information from a reputable credit repair firm. Contact Credit Restoration Associates at 1-800-671-1454 or visit their website at http://www.CreditRA.com

Wednesday, December 3, 2008

Free Credit Repair Tips to Raise Your FICO Scores

Good advice from Blog Talk Radio:

Your FICO score is the same as your credit score (FICO is short for Fair Isaac Corporation). Your score is based on information about you from companies that gave you credit in the past. In this article, we provide some free tips for people with low FICO scores.

The first challenge is to determine if your credit score is considered low. FICO scores range from 300 to a perfect 850. Anything under 700 could stand a some improvement. After all, your credit score determines how high an interest you'll pay on your loans, credit card balances, and your home mortgage. The higher your fico score, the lower the interest rates you'll be offered.

Free Credit Repair Tip #1.

Monitor your credit report. You can get a free copy of your credit report every 12 months (go to annualcreditreport.com). But since there are three major credit reporting bureaus (Experian, TransUnion, and Equifax), if you request a report from one of them every four months, you will be able to monitor your reports over the course of a full year. The purpose of monitoring your credit reports is to look for any inaccurate information and then work with the credit bureaus to get it removed.


Free Credit Repair Tip #2.

Pay down, but not off, your credit balances. Your FICO score will improve as you start paying down any large balances on your credit cards and other debts. But here's the tip: do not pay off the entire balance. Leave a relatively low balance to demonstrate to potential new lenders that you can handle credit in a responsible way.


Free Credit Repair Tip #3.

Secured credit cards can help. If your FICO score is too low, you probably have trouble getting a credit card. There is a type of card, called a secured credit card, that you can obtain - for a price. Secured credit cards typically require a cash deposit. For example, if you put $500 in your secured account, you can charge up to $500. So, why not just spend the cash? The answer is that using the secured credit card will raise your credit limit, and help your credit rating. But shop around for the best deal - some secured cards have high fees.


Free Credit Repair Tip #4.

Get a sub-prime merchandise card. If the question is "how can I raise my high credit limit," then sub-prime merchandise cards may be the answer. These are nothing more than a card attached to a line of credit that allows you to buy merchandise from a specific vendor. You're required to put down a deposit on whatever you purchase, and the remaining balance is financed on the card. This new line of credit is reported to the credit bureaus, and your credit score will reflect this good news.


Free Credit Repair Tip #5.


Try the "piggyback" method. If you are a married woman with a low FICO score and your husband has good credit, read on. You can leverage his credit with the piggyback method. It lets you build credit in your own name, and at a much faster pace than if you had to build it all by yourself. Have your husband add you as an "authorized user" or "secondary account holder" to his account. You may find his entire account history gets posted to your credit report. However, the creators of the FICO score have announced they are changing the way their scored models treat "authorized users," so don't expect miracles.

If you take the time and effort to apply some of these free tips, you will be rewarded with better credit, and a more comfortable lifestyle.


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