I’m excited to know that people are starting to use the strategies I did and seeing results as well !!! (See Credit rebuilding in simple steps HERE)
Today let’s get your creditors some act right.
1 BEWARE THE FRAUD RING
These fools will call you and say they have a case number and that you are going to get a subpoena at work or your home. They’ll offer you a payoff to avoid “embarrassment” and if you don’t comply, they might get irate and start basically showing their ass.
You do not owe them.
From what I can tell, they seem to get info from those “payday loan” type of places because most people who’ve received these calls had gotten at least one payday loan at some point in the past.
Again, you don’t owe them and the way debt is processed requires CIVIL cases, not criminal. And if you can’t pay, they are not allowed to harass you.
2. NEVER PAY SOMEONE THAT DRY-CALLED YOU.
Just get off the phone. Don’t bother getting your stress up if they won’t act right with you. You can pull your credit report yourself and see all creditors and how to reach them ON YOUR OWN.
3. CREDITORS ARE NOT ALLOWED TO HARASS YOU
If you are dealing with a volatile representative from a creditor, just hang up. Get the account info from your credit report: account number, name of creditor, and amount owed. Then, find a website where you can make secure payments on your own.
COPY ALL YOUR RECEIPTS AND SAVE THEM IN YOUR EMAIL.
4. YOU CAN REPORT YOUR POSITIVE CREDIT FOR YOURSELF.
Did you know that in the mind of the credit bureaus, YOU are just as worthwhile as a source of information as your creditors?
Now don’t get too excited. You can’t simply call in and claim you don’t owe anybody and get away with it.
What I mean is, if you report proof of pay activity in the form of a dispute, they can investigate and update your record, BUT that does mean you have to provide proof, such as receipts and a letter explaining the payment and account info AS IT APPEARS ON THE REPORT.
Usually the bureaus will add this info to your report and update your account into good standing.
5. STUDENT LOANS ARE EITHER A DEMON OR AN ANGEL: But it’s up to you
The great thing about student loans is they will report EVERY PAYMENT, no matter how small. So if you get on the HARDSHIP REPAYMENT PLAN, you can pay as little as $5 a month and get your accounts into good standing in 6 to 9 months!!!
Call Navient NOW
The age of these accounts makes them powerful assets to getting your score up.
THE DEBT TRAP IS NOT AS SCARY AS YOU’VE BEEN TOLD.
Once you start making any amount of payment your account needs to show those payments and immediately start to increase your score.
WHAT ABOUT OLD ACCOUNTS AND INACTIVE ONES?
Those can be disputed and removed IF you process it right. But accounts that are still active should NEVER be disputed.
Why? “Credit age”
The age of your credit increases your score. It does you better to start paying toward those, even if it’s small amounts and sending copies of receipts to the bureaus if your creditor won’t do it
2nd reason: It WILL come back on your report.
if it’s still active and you do a dispute to remove it, the creditor can and almost always will just report you again since the account is still open. Also, unless this account is charged off or if you’ve paid it out, the chances of dispute are slim.
How do you dispute the old and inactive accounts?
I’ll post a link here after I write that entry. Check back soon.
In the meantime, DO NOT LET ANY ONE ELSE DISPUTE YOUR CREDIT and damn sure do not give your SSN to anyone. You should do all the steps yourself, with guidance if needed, but don’t let someone access your personal information.
AND REMEMBER, the point of doing all of this
NOT to finance phones and TVs and get credit cards.
You want to MAKE MONEY from your credit so that in a year or 2, you can be paying cash for trips to Jamaica or buying up rental properties or starting up a business.
Read about “Making Money With Your Credit HERE”