Some things I've learned repairing my own credit

[stevecore]

For the last two months I've been working on my credit. Thought I'd share with you all a few things I've learned about the sites I've used.

I signed up for a few sites to help me out, I bypassed LexingtonLaw.com as referenced here before mainly because there was too much work involved with getting them my credit reports as well as for the price they ask, it's cheaper and easier to go through sites like myfico.com who will give you discounted reports every month.

MyFico.com
Pros: Good site, lets you report disputes for Transunion & Experian. Equifax you must call in your disputes. Very nice layout of information & easy to read. Cons: Only a snapshot of your current information, you must purchase another snapshot to view updated information.

CreditExpert.com - Experian's own
Pros: Updates your credit information as you go, it's free for 30 days Cons: Site recently updated, was down for over two weeks, nearly impossible to reach customer service in less than 45 minutes on hold. Poor email customer service takes over a week to respond. Called to cancel $89.95 charge after 30 days twice, I was still billed & took 7 days to refund. New layout is a nightmare to try and read.. all the information seems to run together.

TrueCredit.com - Transunion's own
Pros: Easily readable layout, can dispute errors directly on site Cons: Double billed me, only a snapshot of your credit report, customer service is highly retarded.

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So far in two months, I've been able to boost my FICO score about 50 points on each of the three main credit agencies by disputing old & inaccurate information. I find it very easy through myfico.com to take care of & calling equifax with the information i had took hardly any time.

So compared to paying someone to do the busy work for me it was not worth it and takes very little effort. You may want to look into doing it yourself if you are looking to repair your credit. It should take me another month to get my credit up to about 675-700 the way things are going and my total cost is around $136 & approx. 24 combined hours to take care of it all.

Sorry for the long read but I hope this helps someone out if they are looking to repair their credit.

[stocktrader23]

Thanks. If I just pay for the 3 credit reports they offer on the main page I'll be able to dispute charges from 2 of them right on the site or is that something else?

[stevecore]

Originally posted by stocktrader23
Thanks. If I just pay for the 3 credit reports they offer on the main page I'll be able to dispute charges from 2 of them right on the site or is that something else?

yeah, only 2 (transunion & experian). equifax makes you call in. the good thing about equifax is that they will email you a confirmation code once the review is done and you can view what was and wasn't updated online.

oh and if you are thinking about signing up... you can put "valuedcustomer" in the promotional code box to get 20% off.

[rounders]

Thanks

[stocktrader23]

Originally posted by stevecore


yeah, only 2 (transunion & experian). equifax makes you call in. the good thing about equifax is that they will email you a confirmation code once the review is done and you can view what was and wasn't updated online.

oh and if you are thinking about signing up... you can put "valuedcustomer" in the promotional code box to get 20% off.

But to see the updates you pay for it again right?

[stevecore]

Originally posted by stocktrader23


But to see the updates you pay for it again right?

you have two options:

1) wait for them to send you your new credit report via snail mail after 30 days of your dispute then use the forms provided to contest again (send it back by snail mail).

2) pay the $10.95 to get a new snapshot online. i found this easier since some of the credit agencies don't have my new address on file due to a recent move & you have to send in a copy of your drivers license and a current utility bill.

[phogirl69]

I used to work at TransUnion for over 3 years opening disputes....

8 hrs a day, 5 days a week.... sometimes even on weekends ugh

[stevecore]

Originally posted by phogirl69
I used to work at TransUnion for over 3 years opening disputes....

anything you'd like to share with us about the dispute process? i'm interested in knowing the correct way to go about getting errors removed after the 30 days is up.

By far TU has been the easiest to get items removed, but every lil bit helps.

you got ICQ?

[stocktrader23]

Sorry to keep bugging but what are you calling errors? Also, I see a couple of very old bills on my credit that were charged off, if I pay them will they still be removed or do you know?

[phogirl69]

Originally posted by stevecore


anything you'd like to share with us about the dispute process? i'm interested in knowing the correct way to go about getting errors removed after the 30 days is up.

you got ICQ?

I can just answer the questions on the board. What exactly did you want to know?

As for the dispute process, all the credit bureau would do is verify the information to be disputed with the creditor. For example, if you are disputing that an account should show "paid in full", we would just contact the creditor and make the corrections based on their information. If the creditor does not respond within 30 days, by law we have to delete the item from your credit report. BUT the thing is that the creditor can respond ANYTIME after the 30 days are up. So if they respond that the account should show "paid in full" AFTER 30 days, it would be put back on your file with a status of paid.

The law only states that we have to delete the account if the creditor doesn't respond in 30 days, but once they do respond, we can always place the item back. A lot of consumers were quite upset about this. They would call in and complain why the stuff was deleted and then put back on.

The only way to have an account deleted if it hasn't been seven years yet before the date of last activity, is the contact the creditor and ASK them to stop reporting it to your file for all three CRA's.

[stevecore]

Originally posted by stocktrader23
Sorry to keep bugging but what are you calling errors? Also, I see a couple of very old bills on my credit that were charged off, if I pay them will they still be removed or do you know?

errors are either not my account, inaccurate amounts owed, late payments that are wrong and so forth. if you contest them and they cannot verify the information within 30 days they must expunge it from your credit report.

from what i know the information regardless will stay on your report for a fixed number of years ( i believe 8 years) unless it's completely expunged.

i'm still waiting on two big bills i've completely paid off to get updated on my credit report. as far as i know they will be set to zero as the amount owed & no more negative feedback will be posted about them.

[detoxed]

Originally posted by stocktrader23
Sorry to keep bugging but what are you calling errors? Also, I see a couple of very old bills on my credit that were charged off, if I pay them will they still be removed or do you know?

If you pay them, they will just be marked as paid, they wont be taken off.

[phogirl69]

Originally posted by stocktrader23
Sorry to keep bugging but what are you calling errors? Also, I see a couple of very old bills on my credit that were charged off, if I pay them will they still be removed or do you know?

Charge offs stay on your file for 7 years from the date they were charged off. If it has been paid it will just show as a "paid charge off" which is still negative but at least shows paid. The only way to have them removed is to contact the creditor. I've seen a lot of companies agree to remove derogative items from a consumers report before the seven years statue if they have a pending mortgage, etc. But legally they don't HAVE to remove it, it can stay there for 7 years from the date of last activity.

[stevecore]

Originally posted by phogirl69

So if they respond that the account should show "paid in full" AFTER 30 days, it would be put back on your file with a status of paid.

damn, that sucks... didn't know that. whats the percentage of creditors that call back after 30 days??

btw...you vietnamese?

[detoxed]

Originally posted by detoxed


If you pay them, they will just be marked as paid, they wont be taken off.

But i think the longest anything stays on their is 7-10 years, so if its really old I wouldnt worry about it.

[BradShaw]

I have used myfico in the past, always had good luck with it.

[detoxed]

BTW - I use equifax.com for my stuff, very good prices, and they even have a Score Simulator for your FICO that tells what your score will be if you do this or this. So if you enter in you will pay down $1958 in credit cards, it will tell you what your score would change to.

[powerbubba]

It's a shame you have to spend any money at all to clear this stuff up. Can't think of an analogy yet, but they are collecting money at both ends. Seems they should allow consumers to view and contest stuff for free, or at least view on an annual basis.

I was declined a few years back and I was able to receive the reports and get everything cleared up. It took me about 3 months though. Probably time to review it again.

[phogirl69]

Originally posted by stevecore


damn, that sucks... didn't know that. whats the percentage of creditors that call back after 30 days??

btw...you vietnamese?

I don't know the percentage, but it does happen quite a lot!

[stevecore]

Originally posted by detoxed
BTW - I use equifax.com for my stuff, very good prices, and they even have a Score Simulator for your FICO that tells what your score will be if you do this or this. So if you enter in you will pay down $1958 in credit cards, it will tell you what your score would change to.

i tried to sign up at their site many a time but for some reason it would never take my CC info and said i had to call in. i just go through myfico for their info.

[phogirl69]

Originally posted by powerbubba
It's a shame you have to spend any money at all to clear this stuff up. Can't think of an analogy yet, but they are collecting money at both ends. Seems they should allow consumers to view and contest stuff for free, or at least view on an annual basis.

I was declined a few years back and I was able to receive the reports and get everything cleared up. It took me about 3 months though. Probably time to review it again.

It shouldn't cost money to have it cleared up! If you have been denied you are entitled by law to get free reports from all CRA's. Plus it's always better to dispute it yourself. The only thing that it will cost you is time, it's free to dispute.

Also have no idea why people like to hire companies to dispute for them. All they are doing is sending in your dispute and typing "Item is not mine" when you could have done it yourself. It is not going to help you get items off any easier by hiring someone else to do it.

[Sifu]

hey guys i am trying to fix my credit i am thinking of using my fico.com would that be the best site to use?