Free credit repair is when you do not pay a services agency to fix your report. It is simply a do-it-yourself process which involves being conversant with the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act, which are the laws regulating the system.
Other than these, you need to understand how long negative accounts can remain on your file. For instance, late payments, collection accounts and charge-offs should not spend more than 7 years on your file. Though collection accounts and charge-offs have a 6-month extension in addition to the 7 years after which they should be deleted.
Take a situation where you are required to repay your bank a minimum of 500 dollars monthly until you pay the total debt. The first time when you are late in paying the expected monthly 500 dollars, it will be recorded on your file with the reporting agencies. It does not matter if you are late in subsequent months after the first late payment. The late entry that is reported to the bureaus is the first one.
Now let us imagine a situation where you are to make monthly payments to your bank for a period of 12 months, that is, January to December. Let us again imagine that you defaulted in paying on time for the month of February, which is the second month during the period of repaying the loan. Again, you did not pay on time for the months of July and November. What this means is that you made late payments on three occasions.
However, the way it works is that the 7 year period during which this late payment will stay on your file is from the first late payment which is February and not those of July and November. These are the kind of things you need to understand when you choose to go with the free repair process as against paying a services agency to do the fixing for you.
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There is only one way you can find out which of your scores will be used when you seek the help of a financial institution in making a purchase. And that is by getting a copy of your report from the reporting agencies. Experian, Transunion, and Equifax are the three major reporting bureaus that keep records of consumers’ performances which the financial institutions use as a criterion for determining whom they will give financial aid to and how much they will charge on loans that they approve.
When you get your report, you will find that each of the three bureaus have a score which they have arrived at based on the information they get from your financial and transactional activities. However, since the three bureaus each have individual formulas they use in-house to calculate your performance, and the fact that not all creditors report to the three of them, you are likely to find that the three results are not exactly the same, even though they belong to you.
Let us assume, for the purpose of understanding which of your scores will be used, that your Experian=590, Transunion=613, and Equifax=604. In this exampled case, which is the way banks and other financial institutions determine which result to use, the highest and lowest scores will not be used. It is the middle figure, which is 604 calculated by Equifax will be used to make the decision.
But since this is a low figure, you need to take steps to add more points to your file and thus build a good rating that will get the consent of creditors when you seek a loan. To do this, you can either learn the methods and steps that will turn the situation around for you. Or you can choose to employ the services of a professional credit repair agency to do the job for you.
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A lot of people are asking where to get their free reports; and one of the best methods is to get a free Experian credit report online which offers more accurate information on your credit information. Being one of the three main credit reporting agencies mandated by the government in providing every citizen with their free copy of this vital document, Experian is well known for their expertise in this field backed by excellent client support and professionalism in handling the services offered.
Getting your free Experian credit report online offers the convenience of doing your request for the free copy right at the comfort of your own home or office. All you have to do is to go online and log on to their official web site at the world wide web of experian.com and you can sign up for your free account with them.
It is important to note that the free Experian credit report online is in no way connected with the annual credit report dotcom which is the official designated web site by the government to obtain your free copy of this financial personal file. Unlike the annual credit report web site which offers to give you the free copy upon your request; in this case, you need to sign up with their free trial membership where you can gain access to their services for free within a given short period which includes your free report and credit score.
You are generally given seven days trial period on your subscription on the services of this agency which you need to cancel your membership within this period of time; otherwise, you will be billed with their monthly subscription fee of US$ 14.95. Take note of this because this is one of the most important facts about your trial membership with Experian.
There are a lot of people who were not satisfied in getting their financial profile with Experian because they did not know the important facts about the trial membership.
They were surprised on the monthly recurring membership fees that their credit cards billed them because they did not know the terms of their subscription. If you want to be safe from being billed of subscription fees, you can always get your free report from the official 3 in 1 credit report website at the AnnualCreditReport.com. However, such file may not include your actual credit score as what the Experian offers.
Hence, if you want to get your credit score from well reliable companies in this field, then one of the best options for you is to get your Experian credit report online and know your real score before applying for any loans.
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Question by Ben: Does Anyone know of a number where i can speak with an Experian live operator to unfreeze my credit?
I froze my credit a while back and i’m trying to unfreeze it but, i want to speak with an Experian live operator, i don’t want to enter all my personal info into the internet. If anyone tin help me out it would be much appreciate. Thank You.
Answer by Victoria
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