You Do Not Have to be Stuck With Bad Credit. There is Help!

1.      The 3 credit Bureaus, Equifax, Experian and Trans Union, that determine your credit score are not government based.

2.      They are for-profit organizations designed to make money off people with bad credit.

3.      How do they make money off poor credit?

• People with poor credit score have to apply to more places to find financing than people with good credit. For example, on a car purchase, the person with good credit puts in a good application, gets the car and goes home, end of story. The person with bad credit gets sent to ten to fifteen different banks and finance companies looking for financing, the credit bureaus sell your report to each bank who reviews your application. That means they are literally making ten to fifteen times more off people with bad credit.

4.      Your credit score is determined on the basis of a complex scoring model which no one can really explain.

5.      In a nutshell, your credit score is based on the positive items that pull them up and the negative items that pull them down

6.      Therefore if negative items are deleted from your file your score will instantly increase.

7.      But it is not in the interest of Credit Bureaus to delete negative items from your credit file no matter how inaccurate or disputable since they make more money from bad credit.

8.      And about 70% of all credit reports have inaccurate, misleading information.

9.      This is because creditors are not required to produce proof of debt when reporting something bad to your credit except when it is challenged or investigated.

10.  In other words a simple phone call from a creditor to the Bureaus can destroy your credit.

11.  And since the Credit Bureaus make more money from bad credit it only makes sense for them to make the investigating process harder than the reporting process.

12.  They know most items will never be questioned so why worry about it as long as it's making them money.

13.  The Credit Bureaus are not the only ones making money off bad credit, banks and finance companies are cashing in on higher interest rates and fees often charging hundreds more each month for basic housing and transportation needs. Who needs this money more? You or the bank? Don't let the credit bureaus make that decision for you.

14.  You are not stuck with bad credit. You are not helpless. You can repair your credit legally.

15.  Federal law allows you to challenge anything on your credit file. That means anything can be deleted. Bankruptcy, repossessions, charge off's, medical bills, credit cards, judgments, liens, collections, foreclosures and more.

16.  How?

• Federal laws have been put in place to protect you from unfair reporting, the law requires items on your credit to be timely and accurate and verifiable. Notice the word verifiable. This means if something on your credit file is timely and accurate but not verifiable; the credit bureaus are required to delete the items from your file. Payment status cannot stop the items from being deleted so it doesn't matter if the bill was paid or unpaid. Unverifiable items have to be deleted per federal law. If your creditors can't produce hard validation proving the item legally meets all required criteria, it must be deleted. As negative items are removed, your score improves immediately.
• Often, creditors cannot provide hard evidence to verify claims in a timely manner because they archive files after 6 to 12 months, accounts are transferred and sold to collection agencies that are often understaffed, signatures and key documents get lost in the process.

17. YOU DESERVE A SECOND CHANCE. IT IS YOUR RIGHT, IT IS YOUR ENTITLEMENT. YOU CAN DO THIS!