Millions of Americans suffer because of bad credit these days, and almost all of these people turn to the Internet for help. In the past 5 years hundreds of ‘internet-based’ credit repair services have sprung up, preying on consumers in need of real help. Most of these companies have built less than desirable reputations by over-promising and under-delivering; all the while taking millions of dollars from those in need.

For this week’s article I am going to compare ‘internet based’ credit repair services to repairing your credit yourself using a system like Loan Saver PRO: The One Hour Credit Repair System. Hopefully I will open your eyes to the fact that you can do everything they can do, for far less money, and achieve even better results in far less time.

Cost Comparison

Credit Repair Service – Almost every credit repair company found on the internet charges a set-up fee of at least $60 and an ongoing monthly fee of at least $49. They initially tell you that your credit repair work will probably take around 3 months to complete. In reality, your credit repair work ends up taking close to a year or more and now you’ve paid them at least $600. The goal of most credit repair services is to take their time repairing your credit so they can keep debiting your bank account.

Do-It Yourself Credit Repair – There are several ‘do-it-yourself’ credit repair systems found on the internet. Most of these systems cost no more than $40, which is less than the set-up fees for most credit repair services, plus there is no monthly fee. Some of these products are good and some are bad–whichever one you choose, don’t use a ‘do-it-yourself’ system that uses ‘pre-made’ letters to launch disputes; I’ll explain this in more detail below.

Dispute Letters

Credit Repair Service – Almost every ‘internet based’ credit repair service, and some ‘do-it-yourself’ credit repair systems, use ‘pre-made’ attorney letters to dispute information on your credit report. Using these types of letters often raises major red flags at the credit bureau level and may result in your dispute request being denied. How do you know if your dispute has been denied? You’ll know when you receive a ‘Will Not Take Action’ letter from the credit bureaus.

Do-It Yourself Credit Repair – There are two primary ways you can dispute negative items on your credit report. One way is to write several original letters to the credit bureaus, which can take several hours to complete and adds weeks onto the credit repair process.

The second and easiest way to dispute negative items on your credit report, is to launch your disputes online. The credit repair system that I helped develop, Loan Saver PRO, shows you step-by-step how to order the right credit reports (yes, there are some wrong ones), launch effective online disputes, and manage the whole credit repair process.

Results

Credit Repair Service – To get your scores into the 800’s would take over 10 years of perfect credit, so don’t believe it. ‘Internet based’ credit repair services will also try to tell you where your score will be in 30-60 days and that’s impossible to predict. Also, any credit repair service that promotes pipe dreams of a new car and a new house is not to be trusted; unless of course they plan on loaning you the down payment.

Do-It Yourself Credit Repair – A reputable ‘do-it-yourself’ credit repair system should never promise a certain score. However, I will promise that if you decide to use a reputable ‘do-it-yourself’ credit repair system, and are patient, your scores will increase significantly. On average, I have seen the Loan Saver PRO credit repair system raise scores into the high 600’s and low 700’s. With those scores, you can likely get any loan or credit card you desire, and at the best rates possible.

Again, I hope the above information will help you make a better decision when deciding what to do regarding your credit situation. If you still decide to work with an ‘internet based’ credit repair service, make sure you do your research, and don’t say I didn’t warn you.

To help get you started with the ‘do-it-yourself’ credit repair process, my company Loan Savers LLC, offers a free guide that will help you order the right credit reports needed to repair your credit. Visit http://www.loansaverpro.com and click on the ‘Free Insider’s Guide’ link to request our ‘Insider’s Guide to Ordering Your Credit Reports.’

Todd Disraeli – Loan Savers LLC © 2004-2005

Todd Disraeli has been in the mortgage and credit repair business for over 10 years. Todd’s primary expertise is consulting with mortgage companies and helping them turn declined loans into approved loans. Todd uses his extensive knowledge and experience to help mortgage companies, and their loan officers, work smarter and not harder.

Although he might seem controversial at times, he speaks the truth whether the credit bureaus like it or not. Feel free to contact Todd directly at tdisraeli@loansaverpro.com.

Author: Todd Disraeli
Article Source: EzineArticles.com
Provided by: Wordpress plugin Guest Blogger

When doing credit repair, you can find all kinds of advice on how to send your letters. If you are surfing the web looking for information about credit repair, you will find free credit repair letters at several sites, but you will also find that there are software programs with “fill in the blank” type letters. Before you buy one of the many credit repair kits that are available on-line, there are certain sites you should visit to view and print the information that is included on your credit report.

One of the credit repair secrets that companies are selling is information about obtaining your credit report. Some companies charge for credit repair information, giving you what amounts to helpful hints; where to get your credit report; how to write a letter and other so called credit repair information that you can find on your own for free. If you have any “proof” that the information is inaccurate, (statements, cancelled checks, the “proof” depends on the individual item) list it here and enclose a copy of this material with your credit repair letter.

If you have any “proof” that the information is inaccurate, (statements, cancelled checks, the “proof” depends on the individual item) list it here and enclose a copy (not the original). Online credit repair services, as the name suggests, help customers improve their credit ratings by removing inaccurate, false or misleading information from their credit reports. Consumers have the right to dispute any information contained on their credit reports that they believe to be inaccurate, misleading, outdated or unverifiable.

If any information on your credit report is inaccurate, out-dated, unverifiable or misleading, you can dispute this information. The portion of the FCRA which relates directly to attempts to legally repair credit scores has to do with disputing inaccurate, unverifiable, misleading and outdated information included in one’s credit report. The next thing to learn about how to repair credit scores is how to report inaccurate information.

The next step towards credit repair is to report inaccurate information to the credit bureau. It is legal to attempt to repair your credit rating on your own by having false, out-dated or inaccurate information from your credit report. A legitimate credit repair company with legal professionals who specialize in credit issues can request that damaging information be removed from your credit report.

Most credit report repair services offer to assist individuals in getting certain information removed from the files maintained at the various credit bureaus. According to the information released by the FTC, the national credit repair agency claimed to own a unique and valuable software system that could remove any information from a consumer’s credit report. For more information about credit repair software, for general information about credit repair and for links to relevant sites, visit the Credit Repair Blog.

For more information about credit repair kits and general information about credit repairs, visit the Credit Repair Blog. For more information about credit repair lawyers and general credit repair information, visit the Credit Repair Blog. For more information about Lexington credit repair, visit the Credit Repair Blog.

For more information about how to repair bad credit, visit the Credit Repair Blog. For more information about how to repair your credit, visit the Credit Repair Blog. For more information about credit repair law, visit the Credit Repair Blog.

For more free credit repair secrets, visit the Credit Repair Blog. Where to find a secured credit card and where to get the best deals on credit cards are two more “reports” included in this credit repair kit. More information included in the credit repair kit; how to obtain your credit reports.

Before you engage a credit repair service, obtain copies of your credit reports from the three major credit bureaus. The first step towards credit report repair is to obtain copies of your credit reports from the three major credit bureaus. For more information about credit report repair services, visit the Credit Repair Blog.

For more information about credit repair specialists, visit the Credit Repair Blog. The writers and editors of the Credit Repair Blog are dedicated to providing accurate information about credit repair issues. The writers and editors of the Credit Repair Blog are dedicated to providing accurate information about credit repair forms and other credit repair issues.

The writers and editors of the Credit Repair Blog are dedicated to providing accurate information about credit repair. The writers and editors of the Credit Repair Blog are dedicated to providing accurate credit score repair information. The writers and editors of the Credit Repair Blog are committed to providing accurate information that can help you repair credit score issues.

The writers and editors of the Credit Repair Blog are committed to providing accurate information about self credit repair and other credit repair issues.

For more information on how you can repair your credit, visit http://badcreditrepairguide.com, a site with a guide that you can use to repair your own credit fast.

Author: Seth Lewis
Article Source: EzineArticles.com
Provided by: Guest blogger

All lenders, especially local banks, will do a thorough check of your personal credit history. It most likely will affect your chances of receiving or being declined for a business loan.

You can increase your chances of receiving approval for a business loan by paying close attention to the following personal credit factors:

• Show a steady source of income. Changing jobs prior to or not having employment will decrease your chances. Lenders need to see stability.

• Credit card balances should be paid off or carried at low amount. Never cancel a credit card or apply for a new one prior to applying for a business loan.

• Obtain credit reports from all credit bureaus to check for accuracy. Almost half of the reports have been found to contain errors.

• Determine a manageable down payment amount. It may mean rejection or approval.

Lenders want to be assured the person they are loaning funds to is capable of managing personal finances because it will reflect spending habits within a business. Always be honest with lenders about your personal credit history. Anything you cover up can be deemed as fraud and will further you from getting the financial assistance you need. Honesty about past financial failures with explanation is your best investment for getting a business loan. Finally, before you approach a lender concerning your business, financial needs need to be organized with key documents, a business plan, financial statements and a repayment plan.

In order to get a business loan, a business owner must think like a bank. If he or she is not prepared, most likely, the loan will be turned down. Business loans are somewhat different than personal loans; in addition to having a good credit standing, usually banks and financial institutions require business owners to supply a well thought out business plan. Banks want to be assured that the business owner will repay the loan, even if the business goes into default.

A well-thought out business plan should include the following:

• Cover letter or executive summary

• Photographs of the business, if possible

• A description of you, your business and the history of the business, along with your background regarding the business.

• Any collateral or fixed assets to be acquired with the loan and their cost (include appraisals on real estate and recent tax appraisals).

• Market or target audience, potential or existing customers; competitors and supplier information

• A good marketing plan, which should include advertising and public relations

• Financial soundness of the plan, which includes Cash Flow Projections, projected Profit/Loss summaries, any business credit reports, copies of any business tax returns, lease agreements, any contracts with customers, etc.

• Business license, Franchise Agreements (if applicable), any other construction contracts, partnership agreements, employment agreements; environmental assessments if necessary, and copies of any other financial paperwork of worthiness

• Summary, which lists the benefits from the loan and a brief statement indicating how the loan will be repaid

In addition to a well-thought out business plan, a business owner will most likely find that most institutions require personal financial information as well. Be prepared to present the lender with personal financial statements, personal tax returns, an up-to-date credit report, and resumes or letters of recommendation from former partners or proprietors. It is the business owner’s responsibility to ensure the lender that the business is of little risk, because after all, they are in a business for profit as well.

John Williams is the business loans blogger at http://businessloans.blogspot.com He reviews business loans and interprets complicated financial data into simple to understand language.