If I Pay All Of My Past Due Bills, My Credit Will Go Up. NOT TRUE!!

Does paying off past-due accounts neutralize their negative status?


No. Paid, once-delinquent, debts still show up as severe negatives. It's important to note that credit reports don't just show your current credit situation, but they also show what your credit situation has been in the past. Therefore, past delinquency, collection activity or charge off does a great deal of damage to the credit score even if it was paid off. This is one of the great ironies of the credit reporting system; paying your past-due debts does little to immediately increase your credit score.



However, paying off past due debts is an important step in working with a credit report repair lawyer. We usually suggest resolving debts while we work on your case.

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The Truth About The "Big Three" Credit Unions

Equifax began just before the dawn of the 20th century as the old Atlanta credit bureau. Called "Retail Credit Company" in those days, it eventually bought almost all the other bureaus throughout the American south and at one point even employed Welcome Wagon ladies to spy for them. Nicely coifed women bearing coupons and other gifts would greet the new neighbors and then make careful notes for headquarters regarding demeanor, employment, race, religion, national origin, whether the smell of alcohol was detected, and other subjective items deemed in those days to correlate with credit risk. By the time the first version of the Fair Credit Reporting Act was passed in 1971, "Retail Credit" deeply desired to shed its besmirched name and reputation, so its bland new corporate moniker Equifax was installed and history was duly forgotten.

The TransUnion we know today began when a railcar leasing company by that name decided in 1969 to buy Chicago's ancient bureau, the Credit Bureau of Cook County, and then subsequently gobbled every other local bureau they could through the 1970s and 1980s. Interestingly, TransUnion today is privately owned by the famous Pritzker family (of Hyatt Hotels fame) and their tony friends through a mysterious-sounding multi-billion dollar entity called the Marmon Group. Lucky bunch. Apparently, buying and selling personal information about others is a highly profitable enterprise. Perhaps the Pritzker grandchildren will never need to hire a company to straighten out their credit reports.

Hey, here's a novel idea. What if the Home Shopping Network suddenly owned a major credit bureau? You'd certainly trust those folks with your financial future, surely. Well, enter England's home shopping colossus, the Great Universal Stores group of companies. They now own Experian outright, one hundred percent, down to the last toilet. And, with that, the "vital American institution" notion is forever flushed away. Experian was originally formed when two other monolithic consumer reporting entities, TRW and Chilton, combined, then bought every other similar business they could in California, Texas, and other western states, and finally sold itself to those happy home shopping Brits whose other major business is Kays.com (slogan: "making life easier"). So why do Americans blindly trust three corporate entities with questionable histories and cutthroat profit-seeking motivations to play such a critical role in almost every aspect of their financial lives? And why do consumers sometimes even feel guilty going up against these Orwellian monsters? As a psychologist, it would be so easy now to turn the discussion to topics like groupthink, status quo, and social complacency, but I'll resist those academic explanations in favor of a tighter one: Unfortunately, that's just the way it is. Of course, by reading this, you've already begun to fight back.


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Credit Repair Scams (Thanks Daniel)

Credit repair scams
By Daniel Jimenez • Bankrate.com

You need to be aware that the only ones who can permanently remove the debt from your record are the credit bureau or the creditor.

Dear Bankrate,

I have credit card debts around $5,000. My credit is shot. I haven't been able to make any payments in over a year. I want to fix this problem. Can you please share your knowledge on the best way for me to be successful?

-- Cellini

Does this problem sound familiar to you? If it does, your credit rating may be in need of repair. The good news is that you can probably do the work yourself with a little guidance. We'll get back to Cellini's situation a little later, but first let's look at what not to do when trying to fix your credit record.

First -- credit cards. Don't use 'em. Get them out of your life. Do you have bad credit but are still getting credit card offers? Be careful. The National Fraud Information Center listed fraudulent credit card offers as one of the top 10 most frequently reported consumer scams. Fraud artists often get consumers to pay a fee for credit cards that are never received.

Second -- the quick fix. Don't be tempted to run to one of the many companies saying they will erase your bad credit for a price. You need to be aware that the only ones who can permanently remove a debt from your record are the credit bureau or the creditor.

Don't be fooled
Jodie Bernstein, director of the Federal Trade Commission's Bureau of Consumer Protection in Washington, D.C., observes that while "there are legitimate, not-for-profit credit counseling services, the FTC has never seen a legitimate credit repair company." In the past, bogus credit repair companies would use clever schemes to get a debt temporarily dropped from an individual's credit file.


Written By: Daniel ?

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Another day of getting NOTHING you want

So you still haven't figured out how to get the credit you need in order to live a fufilling life? Many people view credit as a necessary evil but, you can usually identify those people by the "lack" of things that people with good credit enjoy. Continue doing nothing and you will get just that................nothing!! Get off your behind and start repairing your credit.



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