LC Credit Repair-Lenore Garrett

10/02/2021

Here are 5 pieces of credit card advice that financial advisors are giving their clients in 2021

Before you apply for a new credit card, figure out what purpose it will serve.
Get into the habit of paying off your balance in full.
Avoid using your credit card as your emergency fund.
Use a credit card instead of a debit card whenever possible.
Carry two credit cards — a primary one and one for backup.

09/05/2021

License with the State of Tennesee> credit report repair company
Listed with BBB

09/05/2021

what is credit repair?

Credit repair is the act of restoring or correcting a poor credit score.
Credit repair can also involve paying a company to contact the credit bureau and point out anything on your report that is incorrect or untrue, then asking for it to ...
You can do your own credit repair, but it can be labor intensive and time consuming.

11/01/2020

How can I improve my credit score immediately?
If you’re able to pay down your credit cards while eliminating some balances entirely, then your credit scores will begin to improve almost immediately. Choose accounts that have lower balances, sometimes referred to as “nuisance” balances, and pay them off first, as this will help improve your credit scores immediately.

09/10/2020

Finally, Your Rent Payments Can Give Your Credit Scores a Boost
This article was origianlly published on June 9, 2018.

The so-called "American Dream" of owning a home is changing. For many people, renting suits their need for flexibility, and can be an economic necessity with rising home prices and soaring student loan debt.

According to the Pew Research Center, the total number of households headed by renters grew significantly from 2006 to 2016, jumping from 34.6 million to 43.3 million households. People younger than 35 make up about 65% of the 43.3 million renting households.

Head-of-household renters, especially young people, have been in a credit Catch-22: Almost all have been paying their rent responsibly and on time, but that track record of on-time payments has not been reflected in their credit history. Fortunately, that situation is changing for the better.

Rental payments can now be reported to the three credit reporting agencies, Experian, Equifax and TransUnion, and the newest credit scoring models use rental-payment data when calculating your credit score.

If you are a renter, this means that you can build—or start—your credit history without taking on additional debt, and potentially improve your credit score with your on-time rental payments. Get your rental account reported and it will show on your credit report, then every month when you pay your rent, your positive account history will continue to grow.

Credit grantors, such as banks, credit card companies, auto finance companies, and telecommunications companies will be able to see that positive payment history, which is a good signal that you have the ability to pay bills on time and manage your money.

Another way you can get credit for your positive payment history is by taking advantage of tools like Experian Boost™† , a new product that allows you to instantly increase your FICO® Score☉ by adding utility and phone bill payments to your credit file. Visit experian.com/boost now to register.

How to Get Your Rental Payments On Your Credit Reports
Depending on if you are renting from a large apartment complex or a private party, it may take a little initial legwork to get the reporting process started. But after that, your rental payments can be reported to the credit reporting agencies every month. A few tips are below, and this helpful FAQ can provide more details.

The first step in getting your rental account reported to the credit-reporting agencies is to ask your landlord or property management company since not all landlords "automatically" report rental payments. If you rent from an individual landlord or property management company that does not yet report data, sign up through a rent payment service such as:

1. RentTrack
RentTrack reports to all three credit reporting agencies. If your landlord is not a RentTrack client, RentTrack collects the rent for a $6.95 fee and then sends a check to your landlord. If your landlord is a RentTrack client, fees are less.

2. ClearNow
This service debits your rent from your checking or savings account. There's no cost to tenants, but your landlord must be signed on with ClearNow. If you opt in, payments are reported to Experian.

3. PayYourRent
This service reports to all three credit reporting companies. Fees vary, depending on how you pay your rent. In some cases, the fees are paid by your property management company.

4. Cozy
Cozy offers landlords and property managers software tools, including rent payment processing. Residential landlords pay $9 a month per unit to join Cozy and receive auto-payments each month from tenants' bank accounts, but it's free to renters. Renters can also create a personal profile that can simplify the apartment application process. Cozy reports rental payments to Experian.

These services allow for the payment and collection of your rent electronically, and you can opt-in to have your rental payment history to one or all of the credit reporting agencies. Some of these services charge fees and some don't so be sure to ask about initial and ongoing fees.

Notably, the list above does not include all rent reporting services. There are more, so again speak with your landlord or property management company. Also, some services may need your landlord to verify your rent payments.

Lastly, keep in mind that only the newest credit scores consider rental data when calculating your credit scores, and not all lenders use the newest credit scores. The most commonly used versions of the FICO® Score don't use rental payment information in calculating scores, but FICO 9 and FICO XD do.

Want to learn more?

Do Apartments Report Your Monthly Payments to Credit Bureaus?
You can get more information about how to monitor, protect and manage your credit at experian.com/education. If you have questions, submit them through Experian's Facebook or Twitter with the hashtag, . You can also email me your questions directly at [email protected] and I will answer them here.

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†Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

☉Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.

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Credit advice with readers' questions answered by Experian's experts. Popular topics from credit reports and scores to life events, id theft and fraud.

12/15/2019

Question: How Long Does Negative Information Stay on My Credit Report?
Answer:
Typically, the negative information on your credit report tends to fall off after 7 years, or 10 if you’ve been through bankruptcy. Positive information remains on your report for an average of 10 years from the day its corresponding account is closed. This information applies to loans like mortgages and car loans, the types of agreements that have fixed terms on the number of years for repayment. For revolving accounts, such as credit cards, your positive history will stay on your report for as long as the account is active.

12/15/2019

What Affects My Credit Score the Most?
Answer:
Your payment history is the most important aspect of your credit score, because it shows how you’ve managed your finances, including any late payments. Your credit history is also very important, as it demonstrates how long you've been managing your accounts, when your last payments were made, and any recent charges.

12/15/2019

How to Handle a Charge-Off Error
If you believe the charge-off on your credit report is a mistake, you can immediately initiate a dispute investigation online with the credit reporting agency. You should also notify the creditor that you are disputing the charge-off. You'll need to gather documentation such as proof of payments or evidence of identity fraud to support your dispute.

"If the account isn't yours, your payments were misapplied or you suspect fraud, then you need to challenge this with the creditor or go to all three credit bureaus

12/15/2019

How a Charge-Off Impacts Your Credit
An account that has been charged off as well as any subsequent collection account may stay on your credit report for seven years from the date of the delinquency that led to the charge-off, regardless of whether you subsequently repaid the debt.
This allows lenders to distinguish consumers who always pay on time from those who pay late and from those who default and never pay at all,"
Potential creditors look more favorably on someone with a collection marked "Paid" or "Paid in Full" rather than "Settled" or "Settled for Less than Owed,"

12/15/2019

Steps to Remove a Charge-Off From Your Credit Report
A prime indicator that you are not a good credit risk is a charge-off, a term that refers to an account that a creditor deems a lost cause.

"A charge-off means that your account was either written off as a loss by the company with whom you had credit, such as a credit card company, or that the account was sent to a collection agency for payment.
While a charge-off means that your creditor has reported your debt as a loss, it doesn't mean you're off the hook.

"Whether purchasing clothing on a credit card or financing your home with a mortgage, you've entered into a legal agreement with a lender to pay back those debts,and
that contractual obligation remains until the debt is paid or you've come to terms with that lender to pay back the debt at a lower amount. That obligation also remains even if it's sold to a collection agency or even if it has been charged off for accounting purposes."