The need for good credit scores hasn’t changed even with the downturn in the economy over the past few years.   Even low paying jobs are requiring that their employees have good credit, before they are eligible to be hired.   While you might think that because of the economic downturn, employers would have relaxed their requirement to conduct credit checks during pre-employment screening, the opposite is actually true.  Pre-employment credit screenings are on the rise.  Having good credit scores is now more important than ever.

Good Credit Scores Are Part Of Employment Screening

In a recent survey by The Society of Human Resources Management, it was found that 60% of employers run a credit check on at least some of their job applicants.   That figure was 42%, just five years ago.   The current conditions in the labor market have forced many employers to become much more selective in whom they hire.   The reality is, that a credit check is a cheap way to screen out prospective employees with a poor credit history.   These credit checks can create a discriminatory environment, towards those lacking good credit scores, even in traditionally low paying occupations.

There has been legislative concern about the use of credit reports for employment purposes.  Recently Representative Steve Cohen (D-TN) introduced the Equal Employment for All Act and lawmakers in at least 16 states have proposed legislation that would outlaw most credit checks for employment purposes.  Unfortunately, these legislative proposals are meeting strong resistance.

Rebuilding Credit To Achieve Good Credit Scores

Achieving good credit scores must become a high priority for those hoping to secure employment.  This makes the process of credit rebuilding more important than ever for increasing your credit score.   Not being able to work because of poor credit would merely add insult to injury.  It is also critical that those needing to increase credit score, not take chances with the process, but instead enlist the services of a reputable credit rebuilding service.

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Social media websites like Facebook, Myspace and LinkedIn have become a normal part of life for many Americans.   Bill collectors have also taken note of this trend and are now using social media as a means of obtaining information in their efforts to collect a debt.

Friend Requests From Bill Collectors

It is important that you be cautious when accepting friend requests and invitations.  Many bill collectors have resorted to these tactics to not only spy on those with delinquent accounts, but also have been using this as an opportunity to glean the contact information of a debtor’s family and friends.

Protecting Yourself From Unscrupulous Bill Collectors

Common sense is the best way to protect yourself from predatory bill collectors.   Make sure you know those who you choose to friend or accept as a follower.  Bill collectors will sometimes use a false identity.

Keep information about your personal finances private.   Openly discussing things like your income, shopping or other receipt of income offers them the opportunity to challenge your stated circumstances for non-payment.   Additionally, be careful with the dissemination of private information such as your address or place of business.

Being cautious online has always been good practice, but it becomes even more critical when dealing with bill collectors.

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Disputing credit report errors is one of the most effective ways to quickly increase credit score.   As with any aspect of financial record keeping errors are always a possibility and a credit report is no exception.   Erroneous information can have a negative impact on your overall credit score.   By disputing these credit report errors not only will you be giving potential creditors a more accurate picture of your creditworthiness, but you will likely increase your overall credit score as well.

Disputing Credit Report Errors Starts With A Thorough Review

The first step to disputing any credit errors is to know exactly what is being reported on your credit report.   At the very minimum you should request an annual free copy of your credit report from the 3 major credit reporting agencies.  Those credit reporting agencies are:  Trans Union, Equifax and Experian.   Once you receive those reports it is important that you take the time to evaluate the information being reported.   Take special note of things that may be considered derogatory information.   This would include such things as the length of time the account has been open, the total amount of credit extended, any record of slow pays and the designation of those slow pays (e.g. 30 day, 60 day or 90 day).  Additionally you will want to make note of any record of judgments, charge offs, repossessions or other adverse items and their final disposition.

Properly Disputing Credit Report Errors

When you find information on your credit report that you believe to be in error, it is important that you begin the process of disputing those credit report errors.   The first step in this process is to collect any supporting documentation that you may have in your possession.  This could include such things as cancelled checks, correspondence from the lender or paid receipts.   Once you have your supporting documentation gathered, make copies that you will include with your written letter of dispute.

Your dispute letter should identify the areas of your credit report that you are challenging.  This letter will be written to the credit bureau reporting the incorrect information.   Each credit bureau has a written process for disputing credit report errors, be sure to follow each step of the process as instructed.

Once the dispute letter is received, the credit bureau will notify the reporting creditor of the dispute.   The creditor is required to respond to the credit reporting agency in designated period of time to either uphold the current data on the report or to correct the information being reported.

Although this process can be handled on your own, it is advisable that you use the services of a credit dispute company.  These professionals are trained to look for errors that the average person may overlook and they are familiar with the process of dispute that each of the major credit bureaus uses.

By taking the time to dispute credit report errors you can increase credit scores very quickly and provide potential lenders with a much more accurate picture of you as a borrower.

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Staying away from complications in credit rebuilding is nearly as critical as getting free of debt. When we have debts that are left unpaid just because we didn’t have the money to pay the bills, or else we decided to buy things instead of making payment on the bills, we are in debt.

The Danger Of Credit Rebuilding With A Home Equity Loan

If you are considering a Home Equity Loan to get out of your current mortgage.DON”T! Why? Because most Home Equity Loans get you deeper in debt and as soon as you are obligated you will find the problem is more challenging than you applied for the loan. Companies often pursue homeowners with financial challenges, offering them high interest loans, making them believe it is a method for debt relief. In a lot of cases, this is where foreclosures come in, or the sale of a home comes into the equation. only gets you into deeper debt.

An additional disadvantage to this approach is that the majority of home loans upfront , such as title search, insurance, application fees, origination fees, pre paid interest and so on. Therefore, it pays to ask questions and look around before taking out an additional loan to repair or rebuild your credit.

Credit Rebuilding By Borrowing From Friends And Family

Another option for settling your debts and rebuilding credit is to borrow the money from family or friends. If you have someone that trusts you enough to lend you the funds to get free of debt, it is usually better than taking out a loan.

There are a couple of questions you need to think about before asking family members or friends to loan you the money to build or repair your credit. One of those questions needs to be the obvious. Can these people afford to loan me the funds needed to get out of debt? Are these people benevolent enough to loan you money without putting excessive demands on you. Of course there may be interest included, but bear in mind they are loaning you funds they could have been spending on their own bills. Is it possible repay the loan without complicating your circumstances further? Be sure to clearly define the terms of any repayment arrangement you make with family or friends, to avoid creating any misunderstanding.

One of the greatest options to rebuild your credit is looking for options to earn the money yourself. If you have a mortgage payment and every month to make ends meet, you may need to look at selling your home. Many homeowners choose this option for the simple reason that get more money in the long run. After they sell their property they are generally able to repay their mortgage loan and then borrow money for a different mortgage that is more affordable. If you decide to sell your home to rebuild your credit and get out of debt, make sure that you shop around for the best possible solutions in order to prevent further problems. Be certain you know how much is owed on your home before you set a selling price for resell. If there are any repairs that are minor or major, try to repair them first prior to selling. If you can’t afford to repair the home, do some repair so that you can up the price of the home you are ?selling?.

By taking the time to think through your actions, the process of credit rebuilding will go much quicker and smoother.

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For years fire fighters have taught us the principle of stop, drop and roll to survive a fire.   When it comes to surviving the credit rebuilding process, there is a similar life giving slogan…stop, think and listen.   If you find yourself being swallowed up by mounting debt, it is critical that you stop for a moment, take time to think about your situation and be attentive to the activities being reported on your credit report.   The greatest credit rebuilding resource you have is the one between your ears.  Let’s start by taking a look at what can happen when you have bad credit as well as the steps you can take to protect yourself and your family from the creditors and collection agencies.

If you are obligated to pay child support, college loans or income tax, the  government can take your money. This means each year you miss payments on these items you are considered in default and steps can be taken to seize your wages, in an effort to satisfy these debts.  In the case of back taxes, the IRS is obligated to notify you prior to deducting any fees from any tax refund you may be eligible to receive.

Use Grace Periods To Develop A Credit Rebuilding Strategy

If you have late bills on utilities, under law (in most states) the utility providers cannot cut off your heat during particular months stated in the law regardless of nonpayment.  In most states the utility companies are required to give you a written notice before they can disconnect your service. This will give you time to find the funds to pay your outstanding utility bills.   In a similar fashion,  most insurance policies will allow you a grace period .  Anytime you are given a grace period,  it is time to stop, think and listen. If in reviewing your bills and income, you conclude that you do not have enough to pay the entire balance due of the bill, you might get away with making a partial payment.   Paying something toward your bill is always better than avoiding your obligations altogether.

Credit Rebuilding Works Best When You Communicate With Your Creditors

Another point you want to keep in mind is that when creditors write off a debt,  you may be required to pay taxes on the bill. Once a creditor writes off a debt it is sent to the IRS for review and if they choose to do so, you will still pay on that bill at the end of the year in the form of tax due on unreported income. So your best bet is to write the lender or creditor and explain your situation politely, asking them for an extension on payments. The truth is most creditors that lend or extend you credit, hope  to retain you as thei long term customer. Keeping the creditors on your side is your best solution for avoiding further complications. Another suggestion is to send in partial payments on current bills that are overdue. Your next bill will be steep but if you keep sending payments until you are caught up, no derogatory information will generally be be added to your credit history.

If you have an overdue bill and have the money to make a payment, tell the creditor that you will send the money through regular mail immediately. Do not waste money on services that will charge you to make an expedited payment.  If you contact the creditors and they deny you the opportunity to extend your debt or ask for proof of your situation, it may be time to make contact with a Debt Counselor.  The Debt Counselor will work on your behalf to resolve the issue.

By taking the time to stop, think and listen, the process of credit rebuilding will go much more smoothly, allowing you to increase your credit score and once again be on top of your finances.

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One of the simplest methods to increase credit score is through the removal of inaccurate, adverse information that is contained within your credit report. The first step in this process is to communicate with each one of the three key credit bureaus – TransUnion, Equifax, and Experian – and get copies of your credit report and credit scores. Thoroughly read over the reports and note any mistakes. Communicate with the credit bureaus In writing and request that mistakes be taken off or investigated.

Documentation of Errors – The First Step To Increase Credit Score

This is known as a dispute letter and when it is received, credit bureaus must look into your dispute within thirty days of getting your letter. It is critical that you maintain a copy of your correspondence and it is very important to document the date the written request was sent. You must not be accusatory or rude in the dispute letter – calmly and clearly define the problem and request an investigation to be completed.

Be sure to note that you understand the agency has to research the claim within thirty days and mention that you will definitely follow up on the matter. Just be sure you do follow up with the issues you brought up in your letter – simply because the credit bureau looks into your claim, does not always ensure that your credit report will come out error-free.

A number of credit bureaus now make it possible for you to correct errors on your credit report via the internet – and many have information on their website that specifies exactly how issues must be dealt with to be effectively taken off. It is critical that you follow this information exactly so that the inaccuracies on your credit report are deleted swiftly and your credit score is updated in a timely fashion.

Include a note to your credit report when there is a dispute you can’t resolve. In certain cases, there are valid explanations why you didn’t pay a bill. If a contractor refused to complete a job or did a poor job, you might have refused payment, but the non-payment may still count against you on your credit report. If there are any unusual circumstances surrounding your credit history which could affect your credit score – for instance a case of identity theft – you can request that a note be included with your credit report to explain the issue.

Adding A Note To Your Credit Report Does Not Increase Credit Score

Some creditors will pay attention to this and others won’t, but it is a better option than absolutely nothing. This sort of note will not increase your credit score, but it will affect your credit report. More than that, it leaves a paper trail of the issue that lenders can look at if they choose.

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When you have your credit report and your credit scores, it is possible to know your real financial position and where a great many of challenges lie. For those who have a low score, make an effort to see in your credit report what is causing the problem:

-Do you have an excessive amount of debt?
-Too many overdue bills?
-Have you recently ran into a major financial upset such as a personal bankruptcy?
-Have you simply not had credit long enough to create favorable credit?
-Have you defaulted on a loan, failed to pay taxes, or recently been sent to a collection agency?

The issues that lead to your credit troubles should control how you choose to increase your credit score.

Knowledge – The Starting Point To Increase Your Credit Score

When you seek professional credit counseling or credit help, counselors will usually work with you to help you to create a personalized strategy that expressly addresses your credit issues and financial history.  As you are generating your game plan, know where most of your credit score is coming from:

1) Your credit history (makes up more than a third of your credit score in many cases). Whether you’ve been a good credit risk prior to now will be the best indicator of how you will deal with debt later on. For that reason, late payment, loan defaults, unpaid taxes, bankruptcies, and other unmet debt obligations will count against you the most. You can’t do much with your financial past now, but beginning to pay your bills by the due date – starting now – may help increase your credit score for the future.

2) Your present debts (makes up nearly a third of your credit score in some cases). If you have a lot of existing debt, it may represent you are stretching yourself financially thin and so you could have difficulty paying back debts later on. If you have a great deal of money unpaid currently – and particularly if you have borrowed quite a bit lately – this fact will bring down your credit rating. You an boost your credit score by paying down your debts as much as you are able to.

3) The length of time you have had credit (comprises nearly 15% of your credit score many times). If you have not had credit accounts for very long, you may not have enough of a history to let creditors determine whether or not you seem like a good credit risk. Not having had credit for an extended period of time influences your credit score. You are able to offset this by keeping your accounts open in lieu of closing them as you pay them off.

4) The types of credit you have (accounts for about one tenth of your credit score, in most cases). Lenders prefer to see a combination of financial obligations which you control effectively. Having bills that you pay as well as one or two types of loans can actually increase your credit score. Maintaining at least one credit card that you manage well is also able to raise your credit score.

Increase Your Credit Score With A Custom Tailored Plan

As you can see, it is possible to only estimate how much a particular area of your credit report impacts your credit rating. Having said that, keeping these key areas in mind and making sure that each is taken into account in your customized approach will go a great distance in making sure that your custom tailored credit repair plan is complete enough to increase your credit score successfully.

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If you don’t learn the way your credit rating works, you will be at the mercy of anyone that tries to tell you how you can increase your credit score – on their terms and at their price. Normally, your credit score is a number that lets banks determine how much of a credit risk you are. The credit score is a number, usually between 300 and 850, that lets lenders know how well you are paying off the money you owe and what kind of of a credit risk you are. Usually, the higher your credit score, the better credit risk you make and the more likely you are to be granted credit at very good interest rates. Credit scores in the low 600s and lower will often give you difficulty in securing credit, whereas scores of 720 and above will normally provide you with the best rates of interest around. However, credit scores are a lot like GPAs or SAT scores from college days – while they give other people an immediate picture of how you are doing, they are interpreted by people in different ways. Some lenders put more emphasis on credit scores in comparison to others. Some lenders will work with you when you’ve got credit scores in the 600s, while others give their best rates only to those with high scores. Some banks will look at your entire credit report while others will accept or reject your loan application based solely on your credit score.

The credit score depends on your credit report, which contains a history of your past debts and payments. Credit bureaus use computers and mathematical computations to arrive at a credit score from the data found in your credit report. Each credit bureau uses different methods to do this (which is the reason you will have different scores with different companies) but a lot of the credit bureaus utilize the FICO system. FICO is an acronym for the credit score calculating software offered by Fair Isaac Corporation company. This is by far the most used software since the Fair Isaac Corporation developed the credit score model used by many in the financial industry and is still considered one of the leaders in the field. In fact, credit scores are likely to be called FICO scores or FICO ratings, even though it is valuable to recognise that your score may be tabulated using different software.

Another thing you may want to know about the software and mathematics that goes into your credit score is the fact that the math used by the software is based on research and comparative mathematics. This is an essential and simple concept that can help you discover how to increase your credit score. In simple terms, what this indicates is that your credit score is in a way assessed on the same principles as your insurance premiums. Your insurance company likely asks you questions regarding your health, your lifestyle choices (such as whether you are a smoker) because these pieces of information can tell the insurancecompany the amount of a risk you are and just how likely you are to make large claims later on. This is influenced by research. Studies have shown, for example, that smokers are usually more vulnerable to serious illnesses and so require more medical help. If you are a smoker, you may face higher insurance premiums because of this.

In a similar fashion, credit bureaus and banks often look at general patterns. Since individuals with too many debts usually do not have great rates of repayment, your credit score may suffer if you have too many debts, for instance. Understanding this can assist you in two ways:

1) It will help you to realize that your credit score is not an individual reflection of how “good” or “bad” you are with money. Rather, it is a reflection of how well lenders and companies think you will repay your bills – determined by information collected from studying other people.

2) It will let you see that if you want to increase your credit score, you need to work on becoming the sort of debtor that studies have shown tends to repay their bills. You do not need to work hard to reinvent yourself financially and you do not have to start making much more money. You simply want to be a reliable borrower. This realization alone will help make credit repair far less traumatic!

Credit reports are put together by credit bureaus, which use information from client companies. It works like this: credit bureaus have clients – such as credit card issuers and utility companies, to name just two – who provide them with information. Once a file is begun on you (i.e. once you open a bank account or have bills to pay) then information regarding you is stored on the record. When you are late paying a bill, the clients call the credit bureaus and note this on your report. Any unpaid bills, overdue bills or other problems with credit, count as “dings” on your credit report and affect your score. Information such as what sort of debt you have, the level of debt you have, how regularly you pay your bills on time, and your credit accounts are all information that is used to assess your credit score.

Age, sex, and income do not count for your credit score. The actual formula used by credit bureaus to determine credit scores is a well-kept secret, but it is known that recent account activity, debts, length of credit, unpaid accounts, and types of credit are on the list of things that count the most in tabulating credit scores from a credit report.

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It is possible to increase credit score by creating good credit. To achieve this result, you’ll need some starting cash. You can begin with as low as $300 or as much as $5,000. The more you have available the better. Having said that, $300 works just as good as $5,000. It is essential to remember that the funds are not spent. It will be maintained safely in a bank account until you are through with it.

Increase Credit Score Using Local Banks

The very first thing you ought to do to increase credit score is to find three local banks. Get your local yellow pages and phone around. Ask for the loan department and ask the following questions.?

1. What is the current yield on savings accounts?

2. What is the smallest amount your financial institution will loan on a passbook savings account?

3. What is the maximum percentage of account balance you can get?

4. What credit agencies does your bank make use of?

5. Do you report automatically and how often?

Once you select your three banks, the first step is to go to “bank A” and open a savings account. Do not put money in any other type of an account, even if it pays a better rate of interest. Take your passbook home and wait a few days. Come back to “bank A” and request to see a loan officer. Look your best, be polite, and make clear that you would like to take out a loan for which you are willing to place your passbook as collateral. This will be the simplest kind of loan to obtain, because cash secures it. Most banks are willing to loan you 85% of the amount you have on deposit. Upon taking out the loan your savings account is frozen, however, after you make a loan payment you unfreeze an amount equivalent to that payment, less a couple of dollars for interest. Make it a point and ask that the loan be for a minimum of one year with minimum monthly payments.

Do not get one-year loan without monthly payments due. This will serve you absolutely no good whatsoever. We are trying to establish a payment history. You will not be turned down for this type of loan in spite of your past credit standing and in most cases it won’t even be looked at. When they are going to pull credit, tell the loan officer you are rebuilding credit and that a good credit rating is very important to you now and something you didn’t appreciate when you were first granted credit.

Increase Credit Score With Continual Early Payments

Once you have obtained your loan, take those funds to “bank B” and open a second passbook savings account. Wait a few days and go get your second loan. Just as before be sure it is an installment loan of a minimum of one year. Take the money to “bank C” and open an additional passbook savings account. Wait several days and obtain your third loan. You now have three bank loans totaling $2187 (based on 85% loan to cash) and $614 cash and here’s what makes it work. As stated previously, the payments you make cause an equal amount to become unfrozen in your savings account. For instance, your monthly payment on your first loan is $79.33 per month, (figuring an interest of 12% on that $79.33, $8.50 in interest charged). Remove this interest from the $79.33 and you get $70.83. This is the amount of principal repaid. Since your savings account requires a 15% cushion beyond your loan amount, after you pay the $79.33 you “unfreeze” $70.33 that you can draw out without disturbing your loan collateral.

By the time you get your third loan, your first payment will be due about 7 to 10 days away, on your first loan. At this point take enough of your $614 to make your first payment. Do this at bank A, B and C. At this point you are in advance of your due dates by one week at bank A, two weeks at bank B, and three weeks at bank C. You have used $205 of your $614, but at the same time you freed up close to $182 of your frozen funds, which you are able to withdraw at anytime.

Now wait about two weeks and go back and make your second set of payments. After all this you will be just about one full month ahead on all your loans. With the balance left of the $614, make your third payment at each bank on the second payment’s due date. Now that you’ve spent the $614, approach each bank and withdraw the funds that have become no longer frozen. This is about $545. Once again use this to make your monthly payments, always one full month ahead of schedule. Continue the process through the sixth month. You can repay your loan in full when you have reached the sixth month or you can stick with it until the loan matures. It is not advisable to pay them off before six months as it is unofficially the minimum history permitted when considering an account to be a credit reference. Keep in mind: The entire intent behind this process is to establish your three banks as future credit references.

How much did this actually cost?

In this illustration, the interest rate was 12%. However the savings accounts were drawing let’s say 6%. Meaning that your net interest only cost 6%. The amount of the interest charged on loan An is $102. The amount of interest you will be given on your savings account is $51. Therefore subtract it out, and you get a total one year charge of $51. This amount is only $4.25 per month. But since you are repaying the loan after making the sixth payment, your true cost is: Loan A Six months @ $4.25 = $22.50 Loan B Six months @ $3.61 =$21.69 Loan C Six months @ $3.07 = $18.52. Total is $65.61.

That is a small price to pay for three bank references that you now have and you still have your starting money.

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For individuals with no credit or those who have experienced a negative credit event like divorce or foreclosure, establishing credit history can be a real challenge. Without proper credit, everything from a car loan to an apartment or even a job can be denied.

When faced with problem credit, many people rely on prepaid cards to manage their daily expenses. However, prepaid cards simply provide access to your own money, not credit from a lender. These cards do not report to credit
bureaus and do not help re-establish credit history. People need to demonstrate on-time monthly payments on a credit card in order to rebuild that important credit history.

So how can someone who cannot get a credit card rebuild their credit?

The Public Savings Bank Secured Visa offers people with low credit or no credit the opportunity to re-establish their credit history and work towards improving their credit score. Individuals make a deposit into an FDIC-insured account that acts as a security deposit. They can then make purchases anywhere Visa is accepted or take cash advances up to the deposited credit line amount, currently between $300-$2000. Payments are reported to all three major credit bureaus (TransUnion, Experian and Equifax) so customers can begin to establish credit immediately.

The Public Savings Bank Secured Visa does not require a credit check or even a checking account to apply. Customers can fund their account via Western Union, ACH, wire transfer, check or money order. The card has no annual or monthly fees, and offers 0% APR for 6 months. Rush shipping is available so customers can begin using their card just days after funding their account.

Building good credit is critical at a time when credit is getting harder to obtain. This card allows the customer to build good credit while enjoying all the benefits of a Visa card at very favorable terms.

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