Thursday, January 25, 2007

Fix Your Credit Now While You Still Can

By FJ Tapia

There is probably nothing more important in our financial world as our unique credit score. This score also known as the FICO score can have an immense impact on our financial lives both good and bad.

Let's spend some time on discussing one who has a lower credit score between 300 and 620. Such ones are deemed high credit risks with those lower numbers probably not getting any credit whatsoever.

Your FICO scores when in this low range will cost you in getting loans in the first place. Then if you are lucky enough to get a loan or credit card, your finance rates will be very, very high. This ultimately means a higher monthly payment.

Persons who are in this category are indeed a financial risk and are undeserving of any good rates at the present time. Alot of persons in this predicament are also irresponsible in that they do not even take the time to ask for their free credit report so that they can study their financial being on paper.

And although there aren't many secrets in this world anymore, information that you do not know or have access to might as well be a secret. And in this case, their are many secrets that most attorneys and credit repair companies hope you never find out.

But the situation gets worse.

There are mistakes on your credit report. But they just won't go away. You must take the proper steps in getting them removed and it does not take a rocket scientist to do this.

But the interesting point is, no matter how many mistakes exist on your credit report, it's your responsibility to get them addressed and removed if possible.

In fact, you can get any item removed on your credit report that the credit bureau cannot legally proves to exist. If you have late payments or charge-offs on your credit report, many of these can legally be removed even if accurate. Why? Because only those items that can be proved to exist with legal documents can remain.

Read that again. The only negative information that can remain on your credit report is NOT what is accurate, but what the Credit Bureaus can prove to be accurate under the F.C.R.A.

Although I do not advocate shirking your responsibilities by not paying, the Fair Credit Act does provide legal avenues for ones to challenge items on one's report that are clearly erroneous and items that creditors can no longer prove.

Expert financial consultant Floyd Tapia addresses an issue that few people really know about. You do not have to live with bad or no credit. You can do something about it today that is legal and is guaranteed to work. Knowledge is power; use this power wisely.

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