You see their commercials on tv all the time, with the incredibly catchy tunes.  Many people feel that FreeCreditReport.com is just a scam site, and that they don’t really give you what they advertise.  I’m going to let you know a little more about how they work, as well as what to expect when you sign up.

When you sign up for FreeCreditReport.com, you are required to enter in your credit card information.  This might seem odd, since you’re supposed to get your credit report for free, however this is where most people are misled.  What is happening is that you are signing up for a free trial of their monitoring service “Triple Advantage”.  While you are subscribed to it, you are able to get your credit reports for free.  This is how they’re able to advertise it the way that they do.

Now, if you need to use a credit monitoring service, then you might consider signing up for their service.  Since FreeCreditReport.com is owned by Experian, they also provide you with your Experian Credit Score for free.  You’ll have to remember that this score isn’t your FICO score, which is used by the banks and credit companies for determining your credit worthiness.  It’s still a good thing to know, however, because it does a decent job of giving you an idea on how you are doing with your credit repair.  The biggest advantage is that they monitor your credit for you, alerting you to any changes that will impact your credit.  They will also let you know if there is any possibility of identity theft occuring with your credit.

Overall, they provide a great service, however I’m not sure if the price is worth it.  I don’t know the exact price that they are currently charging, but if this is something that you’re looking for, then you should definitely check them out.  Just make sure you do your research and know what you’re signing up for before you do it.  If you want to know how to access your credit reports for free without signing up for any service, then enter your name and email address in the upper right.  I’ll walk you through all the steps you need in order to get your credit reports and repair your credit.  What’s it going to cost, you ask?  Nothing, just sign up and you’ll start getting the helpful emails.

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I would like to discuss Payday Loans today.  If you’re like most people, you’ve been in a situation where you’ve thought about getting one of these, but are unsure of whether you should or not.  I’m going to tell you right now, I do not like Payday Loans at all.

Here’s some background; My wife and I got in a little financial trouble a couple years ago, and thought that borrowing from one of these Payday Loan or Fast Cash places would help us out.  Actually, it helped us out a ton, for about a week.  For the next 8 months, it helped the loan company out even more.  Because we borrowed the max amount of $445, we had to pay back $500 for each loan.  The worst part of it, though, was that we didn’t make the extra $500 to be able to pay the loan back completely and pay all of our bills AT THE SAME TIME.  This is the killer right here.  If you’re already strapped and can barely get by, then a Payday Loan is the absolute worst thing you can consider.  We kept having to borrow $445 and pay back $500 every 2 weeks, just so we could pay back the loan.  It was costing us an extra $110 every single month for that $445 that we initially borrowed.  It finally took a bonus from work to be able to pay it off completely and not look back.

When you are thinking about a Cash Advance Loan, you don’t think about the fact that it will most likely take months to be able to pay it off for good.  Yeah, the $55 seems like an ok fee to get you out of a bind, but really, really, consider it.  If you’re planning on getting enough money to pay it back and have enough to pay all of your bills, then go ahead.  A Payday Loan would actually be ok in that situation, if you don’t mind the enormous fee that you end up paying.  If  you are barely getting by, however, then go another route.  A Payday Loan will only put you even more in debt, and can be extremely difficult to get out of.  Seriously think about it, and if you are most people, find a different way to get the money.

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-by Terry Price

(C) Copyright Terry Price
All Rights Reserved

http://the-credit-secrets-bible.info
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If there is one question I’m asked by consumers more than any other about credit, it’s this “What’s the fastest way to raise my credit score?”.  My response is always the same “How much do you want to raise it?”

If you wish to increase your score from 580 to 650 then your strategy will be very different from someone wanting to go from 670 to 725.  Why?  Because you starting point is different which requires a different approach.  Also, while the removal of negative items from a report will almost always lead to an increase in score, it’s a basic concept at best.  Therefore, within this article, we’ll discuss somewhat inside techniques known by very few (since this is what our company specializes in publishing).

In relation to just removing negative items, these are techniques which you can use even if you have NO derogatory information on your credit report.  We’ll start with the most overlooked strategy first and that’s your…

DEBT to CREDIT RATIO: The most fraudulent belief I’ve been hearing for over 15 years is “I have excellent credit, I pay all my bills off in full every month!”  This is a false belief for one to buy into and understanding your debt to credit ratio holds the key to getting your “credit mindset” right.

Your debt to credit ratio is your ratio of debt to total available credit you have been extended (revolving accounts only).  For example.  If you have $10,000 in total unsecured revolving credit accounts and you’re currently in debt $2500, then your debt to credit ratio is 25%.  Since the main way lenders make money is by charging interest, one of the elements of the credit scoring model is driven by your ability to maintain balances and pay over time.  This shows your true (long term) credit worthiness which is most profitable to lenders since they make money primarily via interest and not annual fees.

Over the years we’ve discovered without question that carrying the proper debt to credit ratio will boost your score faster than paying off your bills in full each month.  I have argued with the Better Business Bureau on this topic for and they still disagree (despite my sending them proof from Fair Isaacs own website www.MyFico.com the organization which invented the credit scoring software used by credit bureaus).

Of course, what do you do if you’re like most Americans and your debt to credit ratio is too high?  For example. You have $10,000 in unsecured revolving accounts but you owe $8500, thereby giving you an 85% debt to credit ratio. How can you bring it down without selling everything you own?  The answer is simple and takes us to the next technique which is…

SUB-PRIME MERCHANDISE CARDS: The single most cost effective (and powerful) tool for consumers to increase their high credit limit and decrease their debt to credit ratio is the use of Sub-Prime Merchandise Cards which report to one of more of the major credit bureaus.

Unfortunately, despite their immense benefits, these are the most misunderstood cards in the credit industry.  A large portion of the misunderstanding is due to marketers misrepresenting the cards and the growing number of companies promoting them.  When you learn how they work one quickly understands why they have been the subject of much misrepresentation.

A Sub-Prime Merchandise Card is nothing more than a card attached to a line of credit which allows you to buy merchandise from a specific vendor (usually the company that sold you the card).  The merchandise (in most cases) will be purchased through a catalog or online mall.

Where the problem arises is that the cards are marketed almost exclusively to the sub prime market via email, telemarketing and direct mail etc.  The reason for this is they can advertise almost irresistible offers like “$5,000 Credit Card… GUARANTEED!  No Credit Check! NO Cosigner!  You cannot be turned down!” or  Unsecured $10,000 Credit Line!  Everyone Approved!”.  I’m sure you get the idea…

While there are many companies which do this and are a “shady at best”, there are a few which do it legitimately and it’s the best kept secret to build your credit and build it fast.

Here’s how it works: the company approves anyone with a pulse (literally) and gives them a card for $2,500 to $12,500 with NO credit check and NO cosigner.  However, the card is only good for merchandise through their website or catalogs and the consumer is required to put down a deposit on whatever they purchase.  After the deposit is paid, the remaining balance is financed on the card.

For example.  A person buys $1,000 worth of merchandise.  Their deposit is $300 so they then finance $700 on their merchandise card and make payments.  Sound like a scam?  If you say “Yes” like most people then you’re missing the point… big time.

With a legitimate Sub-Prime Merchandise Card your credit line WILL be reported to at least one major credit bureau (or more).  This means if you get a $5,000 card and you finance $500, on your credit report it will look like any other credit card and will do three extremely important things for you.

1.) It will increase your current “High Credit Limit” by $5,000 almost overnight as the account “looks” like any other unsecured revolving account.

2.) By carrying a small outstanding balance it will positively impact your credit report by building and showing potential lenders your credit worthiness.

3.)  With a good payment history you are virtually guaranteed to receive “legitimate” pre-approved credit offers in the future due to other lenders renting your name from the credit bureaus.

This technique is hard to beat for both cost and effectiveness.  Of course, the whole key is knowing exactly which cards report to the credit bureau and offer the best rates. Since this is such a loophole, I am sad to say it could be gone at anytime. In fact, we have set up a free 24hr teleseminar to discuss this here:

20 Minute Teleseminar: 1-801-350-3999 (Call 24hrs)

PIGGYBACKING: Despite its’ virtually unlimited potential, piggybacking is not used by nearly as many consumers as it should be.  It’s easy, effective, and extremely fast.  Unfortunately, it’s mostly used among parents and siblings while those who can really benefit stay in the dark.

How it works.  Almost every credit card or credit account will allow the primary account holder to add on (at a later date) what’s known as an “Authorized User” or “Secondary Account Holder”.  In most cases, when this is done, the entire account history (retroactively) gets posted to the  authorized users credit report regardless of their current age or credit history!

For example.  If it’s a credit card with a $10,000 limit which has been paid as agreed for the last 10 years, then that complete history will be posted to the authorized users’ credit report.  I once saw a clients’ credit report who used this technique with his mother.  He was only 24 at the time and he had a $15,000 Gold credit card on his report with history going back 11 years!  I laughed as I thought to myself that this kid would have had to be approved when he was 13 years old for this account to be his!

As you can see, this strategy is usually only used by parents and their children and in most cases with no regard to the benefits the children are reaping credit wise!  In fact, in recent years, due to its’ effectiveness, this technique has led individuals with excellent credit scores to “rent out” authorized user accounts on one or even multiple credit cards in return for a fee!  I once recall seeing an ad in USA TODAY for just such an opportunity.  Like most good credit loopholes, I’m sure this methods’ days are numbered much like what may be the case with…

ADVANCED CREDIT PROFILING: This is a strategy while not complex, can be taken to very complex levels.  Even in its’ most basic form, it’s taken advantage of by very, very few.  It involves intentionally building your credit report in a way which creates a “profile” that closely fits the criteria of most lenders (as well as the overall credit scoring system).  Again, this is a technique which can be used in a myriad of complex ways, but for simplicity I will explain it in its’ most basic form.

While many consumers will boast when they have 10, 20, 30 or even 50 thousand dollars worth of credit cards on their report, many of these same people do NOT have even one mortgage, automotive loan or lease, equipment loan or a even a line of credit with a local bank or credit union.  These other forms of credit create a much more well rounded credit profile for the consumer.  This is achieved by showing greater credit  account diversity and experience with multiple types of credit due to the various lines held.

For example.  A person with $50K in credit cards does not represent near the credit experience as a person with the same $50K along with a mortgage, an automotive loan and an equipment lease. We have clients who have financed vehicles not because they had to (or even wanted to) but because they “needed to” in order to create a credit profile that would position them in the future to secure the lowest possible rate on a mortgage when they applied and needed it.

More complex forms of Advance Credit Profiling involve one subscribing to affluent or semi-affluent business and professional publications and organizations.  These would include magazines, newsletters, trade journals and national associations.  The goal is to get ones name into the databases of these publications and organizations.  Why?  To get on highly targeted lists in order to receive select credit
offers.

Marketers of credit offers have found that simply renting names of consumers from the credit bureaus does not provide enough information about the person as a credit risk anymore.  Therefore, it is speculated that many will rent a list from the credit bureau and then cross-reference this list against another list they have secured from a consumer source such as an affluent business or professional publication, trade journal or organization.

By crossing the two lists together the marketers find the names contained on both lists.  This in turn provides them with one highly refined and targeted list to mail their offer to.  This results in shortening the process of securing a new quality account holder thus lower the overall account acquisition cost of new accounts.

When a consumer learns how to intentionally put themselves into these databases to wind up on these refined lists, the credit building process is sped up exponentially.  Of course, many would call this “highly speculative” but we have undeniable experience that it works.

DEPOSIT LOAN PROGRAMS: This is a technique so unbelievable that I myself proclaimed it had to be a scam before researching the facts.  It allows the consumer (or business) to have a $25,000 to $250,000 loan appear on their credit report as “Paid as Agreed” by way of very creative financing.  This method is extremely effective and not within the budget of most ($750 to $7,500 upfront).  Also, because this technique takes advantage of certain banking laws, I have reason to believe it could be made unavailable at any time if those banking laws were to change.  This method can be used with consumer credit files on SSN’s as well as business and corporate credit files done on TIN’s  as well as Dunn and Bradstreet.

In the end, all of us need to remember that today our credit score is more important than it has ever been in the history of the credit reporting system. While credit miracles don’t happen overnight, you can create your own credit miracles by applying simple insider strategies consistently over time.  Before you know it, you’re a proud member of the 700 Club.  The “700 Plus Credit Score” club that is!

In the next segment we’ll talk about…

“Facts Consumers Should Know BEFORE Using A Credit Counseling Service!”

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The “CREDIT SECRETS BIBLE” has been in
print since 1994 and is published by
Consumer Publishing Group.
For more information on the “CREDIT
SECRETS BIBLE” you may visit:

http://the-credit-secrets-bible.info

=======================================

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I’m sure that most of you have heard something about Lexington Law, and have wondered if you should consider hiring them to help you repair your credit.  While a lot of people might consider them a scam, in reality they don’t exist to scam you.  What they do, however, can be very secretive about what they offer.  I’m going to give you an overview of what they actually do for you, and let you know the biggest secret of them all.  Keep reading to find more.

For a one time $99 setup fee, and $39 per month you can sign up for the Lexington Regular plan.  In this plan, they will happily assist you with disputing an unlimited number of items on your credit reports.  They don’t say what type of disputes they will send, though.  This comes into question when you preview their next option.

Their second plan is a $99 setup fee and $59 per month option that is called the Concord Standard.  In this plan they agree to send Goodwill Letters to help attempt to remove some of the smaller late-pays that may be on your reports.  They will also offer to ask a creditor for complete documentation and verification of an account that is on your report.  This is recommended for seriously late accounts.  Finally, they also offer send a Debt Validation letter to attempt to remove accounts that are Charge-Offs and Collection Accounts.  Now, I’m pretty sure that if you’re considering using their services, you’ll at least be in this condition, with some seriously late accounts, as well as a charge-off or two.  While the first plan may sound like a good deal, there’s a great chance that it isn’t going to suit your needs at all.

Plan #3 is called the Concord Premiere plan, and is available for a $99 setup fee and $79 per month payment.  In this plan they provide everything that you get in the other plans, as well as offering a credit monitoring service on top of it.  They will look at your report each month and tell you how you can use your credit better to increase your scores.  They also let you know when any changes are made to your credit reports.  On top of that, they allow you to dispute Inquiries that are on your credit reports.  Then, if that’s not enough, you get a $25,000 Identity Theft insurance policy.  Wow, it sounds like you’re really getting a great deal here, especially for only $79 per month.  Keep reading, though.  This is where it gets good.

They try to make it sound like they’re doing a lot for you, especially with the Standard and Premiere plans.  If you go to their website, you’ll see how they have all these attorneys ready to help you repair your credit.  You can even go online to let them know which items you want to dispute.

What they don’t tell you, though, is that you can do every single bit of that process yourself, for a fraction of the price.  In fact, some of it can even be done over the phone or online.  You never know how long it will take to remove some of the negative items, and they’re counting on it taking some time.  That’s why they implement the monthly payments.  They’re hoping that they only end up getting a few items removed at a time, causing you to keep having to pay them month after month.  I’m going to tell you how you can do each piece of their process on your own.  If you choose to sign up with them, at least you’ll be more informed.

Filing A Dispute: Filing a dispute can actually be really easy.  If you are disputing personal information, such as a name or an address, then that can be done over the phone or online.  If you are disputing an account on your credit report, you will get better results if you file your dispute in writing, instead of doing it online.  It is also best to do it in writing because then you have a paper trail in case you need it for anything later.  If you want free information on how to file a dispute, then just enter your name and email address in the box to the upper right and I will send the process straight to your email.

Disputing An Inquiry: I don’t know why this is offered only on their “Premium” service, because it is extremely easy to do.  All you have to do is call the credit bureau and tell them that the person who did the inquiry did not have your permission to check your credit report.  This can also be done through a simple letter, too.  You just have to let them know that you didn’t give them permission to pull your credit and you should be able to have them removed.  ** This is important ** : Do not start disputing all of your inquiries on your account at once.  If you are doing this to repair your credit, then only dispute one or two at a time.  Then wait for a few weeks before doing it again.  If you start naming off a bunch of inquiries to dispute, then it is very likely you could have your report frozen and flagged for fraud and identity theft.  You do NOT want this, because then you have to deal with just one more thing.  Besides, the inquiries don’t affect your credit score as bad as the negative accounts that are on there.

Debt Validation: This is a very easy concept, but it is quite powerful.  There are many Collection Agencies out there that simply buy up old debt or even try to collect on debts that they don’t even own, and then purchase the debts after they have collected.  When you send a debt validation letter, you are requesting that they send you proper proof that they are allowed to collect on the debt.  If they do not send this proof, then you are not required to pay them a dime.  On top of that, they are not allowed to put anything on your credit report.  If they do not send you adequate proof as stated by the FDCPA, then every time they try to collect after that, or every single update to your credit is counted as a violation and you can take them to court.  Most of them don’t want to go to court, because it could open up investigation into their shady business practices, so they will simply comply with your request to remove your file and remove the account from your credit.  There is also a method that is a little more consistent that you can use here too.  It’s called the 1-2 punch, and will be explained at a later date through this site or you can learn about it earlier by signing up in the form at the upper right.

Credit Score and Report Monitoring/Advice: You probably don’t realize it, but you can get the same thing at several places online for MUCH cheaper.  I currently get the same thing from TrueCredit at $9.99 per month (may be $14.99 per month now), but FreeCreditReport.com offers it, as well as many other places.  I will get a page up with links to several businesses online that offer this, as well as their prices.

Identity Theft Insurance: Here are 2 places that provide great Identity Theft protection for as low as $10 per month, and back it up with a $1,000,000 guarantee.  That sounds a little better than a $25,000 guarantee now, doesn’t it?

Lifelock is a company that specializes in securing your identity, no matter who knows your social security number.  They have become a trusted name in Identity Theft Prevention, and have very reasonable plans for individuals, as well as families.

TrustedID is very similar to Lifelock, without all the commercials.  They aren’t as well known, but they provide what appears to be the same level of service when it comes to protecting your identity.  I think they even offer the first month free.

I highly recommend you check out either of these two companies if you’re concerned about protecting your identity.

As you can see, there is absolutely nothing that Lexington Law will do to fix your credit that you can’t do yourself for MUCH cheaper.  It’s up to you how much you choose to educate yourself about credit, and who you decide to give control of your financial future.  Would you rather pay a bunch of money to have somebody else hack at your credit, hoping that they will get things done quickly and not drag it out for months and months?  Would you rather take the bull by the horns and try to do it yourself?  There are people of all ages and backgrounds repairing their own credit, so there’s no reason that you can’t do the same.

If you do end up deciding to follow through with hiring Lexington Law after reading this whole post, then here’s a nice little link to get you straight there.

If you prefer to do it yourself, then read more of this site and learn more.  I also recommend signing up in the upper-right form so I can send you step by step instructions on how to take action and start repairing your credit today.

If you want to learn it all right away, then I highly recommend the Credit Secrets Bible.  This thing is packed full of great information and is a MUST READ for anybody trying to rebuild or repair their credit.

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What value should you be striving for?  Well, it’s a subject that many people debate, and few can give absolute proof on a certain number.  What is generally agreed, however, is that it should stay between 1% - 10%.  This means that your credit card balances help your credit out the most when they remain between those numbers.

Now, you’re probably wondering how having a balance of 1% is better than having a balance of 0%.  To be honest, credit card companies don’t care to extend credit to people who don’t use the credit cards.  In fact, if you monitor your credit score, you’ll probably notice that it drops in the month after you pay off all of your cards.  Then, the next month if you carry a balance, you’ll notice that it may jump back up a few points.

Your credit score is a way to determine how well you manage credit, and your credit risk.  If you never use your cards, or pay them in full every month then people don’t have any incentive to give you more credit, and they can’t accurately determine how well you manage it when you are actually using it.  The banks are in it to earn money, and you’re not giving them any, so they look past you and onto the next person.  If you aren’t comfortable with carrying a balance, then by all means, pay it off and continue with your routine.  If you are comfortable with carrying a balance, then keep it low, and consistent.

In the end, you should notice your score rising little by little because of this.  No, it’s not a quick increase like you might be hoping for, but it’s a small piece in a very large puzzle.

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