How Can I Remove a Repossession?

People usually become emotionally attached to their belongings. This is just human nature. So, when these things are taken away, it brings about emotional fallout. When someone's vehicle is repossessed, they normally will feel their freedom has been taken away. Likewise, when a home is repossessed (foreclosed upon), the owner may very well feel the loss of family memories. Another form of emotional let down is when you finally realize the enormity of the situation as related to your credit score, which will immediately free fall!

Though you may feel like this is the end of the world, rest assured that it isn't! Things will get better. I can't help you get your vehicle or any other item back once it's been repossessed; however, I can help you understand how to begin rebuilding your credit. To start, you will need copies of your credit reports. You can obtain these from the three major credit reporting agencies - TransUnion, Equifax, and Experian. Upon your request, these three major credit reporting agencies are legally required to provide you with a copy of your credit report every twelve months.

Once you receive your credit reports, you should sit down with them and review them thoroughly. When repossessions are entered on your credit report, the entry will include a list of all fees associated with the repossession, such as towing and storage. Check these amounts against your receipts. These amounts must be listed accurately. If they are not listed accurately, you may be able to dispute the item as a negative entry.

If you find erroneous entries on any of your credit reports, it would behoove you to write a dispute letter to the relevant credit reporting agencies. Your dispute letter should outline the reason for your letter and should request the removal of the repossession entry. Be sure to include the relevant credit report with your letter and highlight the erroneous information. Be sure to also inlcude copies of the substantiating documentation, such as receipts. Keep copies of all correspondence and enclosures.

Once the credit reporting agency has received your dispute letter, it has 30 days to contact and verify the repossession with your creditor. If the creditor cannot or does not verify the repossession amounts within the alloted time frame, the credit reporting agency is legally required to remove the entry from your credit report. You should receive a letter from the credit reporting agencies which indicates what action was or was not taken with regard to your account and why. If you are unsuccessful in removing the repossession entry, it will continue to be listed on your credit report for seven years.

If you are unsuccessful in removing the repossession entry using a dispute letter, you could try negotiating with your creditor to either delete the entry or to improve the status of the entry. You might try writing or calling your creditor and requesting deletion of the repossession entry in exchange for partial or full payment of the debt. You should obtain in writing any agreement reached as well as both of your signatures.

Although you may feel disheartened, better days are ahead! The sooner you begin to repair your credit, the sooner things will brighten up!

Removing a repossession is possible. Discover the only legal way to remove any questionable credit repo at www.repocredit.net.

How Can I Build Positive Credit?

Increasing your credit score will require that you build positive credit. By doing this, you will become eligible for low interest credit products.

Charging huge amounts to your credit cards each month and then paying the bills in full each month is not building positive credit, even though many people are under the impression that it does. It is even possible that doing this might harm your credit standing. For example, when a consumer applies for credit, the credit provider will check his credit report. If the consumer has charged large amounts on his credit cards, but has not yet paid the credit cards off that month, it will look like he carries large balances on his credit cards. This is something that makes credit card providers cringe as it makes the consumer appear as though he is a bad credit risk.

Additionally, using up most of your available credit will give the appearance of spending beyond your means. This may not be the case, however, it may look that way. If you are one of those that likes to charge everything, you may want to rethink this strategy.

Having huge amounts of available credit is not good either. So, what is a good mix? It is best to use anywhere from 10% to 20% of your available credit. This is a good sign to credit providers that you can gauge your spending as well as responsibly pay your bills.

It is important to maintain at least one credit card. If you are worried about approval, there are credit card providers that offer credit cards to people who suffer from poor credit. You should be on the watch to maintain the 10% to 20% rule noted above. You should not incur large amounts of monthly interest if you follow this guideline. Also, you should make sure that any credit cards you have or that you subsequently obtain are reported to the three major credit reporting bureaus - Equifax, Experian, and TransUnion.

Pay at least the minimum amount due each and every month and be diligent in never being late. If you follow these two rules, your credit score should begin to increase.

Small low-interest personal loans can also be used to build positive credit. Follow the same strategy of paying at least the minimum amount due each month and paying on time. In short, you can use any credit product to build positive credit as long as you use it responsibly and wisely.

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2010 – The Year of Credit Rebuilding

There has been no time in recent history when your credit score has been as important as in 2010. The vast reduction of available credit in the form of cut backs perpetuated by the credit card companies is the predominant reason for this. In fact, maybe you noticed that your available balance was drastically reduced overnight!

It is now even more difficult to be approved for a home mortgage. In order to be approved for a mortgage today, you must now have a minimum credit score that is 40 points higher and, if you are hoping for reasonable rates, you will need a minimum score which is 28 points higher.

You can rest assured that it will be almost impossible to obtain new credit in 2010, especially if your credit score isn't up to par.

In light of this, you will need a strategy for hiking up your credit score this year.

This past weekend, I sat down and committed to paper my 2010 financial goals. I even included my goal of increasing my FICO score to 775.

Your financial goals may not be the same as mine. However, I hope that you have given them some thought. Whatever goals you may choose, it is important to include improving your FICO score and removing negative items from your credit history in your overall plan. For a simple formula to help you achieve these financial goals, see below:

Credit Strategy #1: Questionable Negative Items Should Be Deleted From Your Credit Reports

You should at once dispute any questionable negative item such as a collection, late payment, charge off, repossession, and/or bankruptcy in order to remove it from your credit report.

You can do this yourself with a regular dispute letter which you can find here.

Sometimes, items such as judgments, charge offs, and repossessions are particularly stubborn to remove from your credit report. As these items have a tendency to be a bit more "sticky," you may require something more forceful than a standard dispute letter.

Something you might try is called "debt validation." This is where you demand that your debt be validated by the original creditor. (This is substantially different from disputing an item with the bureaus. However, it is often very effective when dealing with collections and charge offs.)

It is probably best not to attempt debt validation on your own. I tried to do it myself and failed miserably. In fact, I did such a poor job that the creditors just ignored my correspondence altogether.

It was a different story when my attorneys at Lexington helped though. They got a big bad collection agency (Midland Credit) to contact the bureaus and have them remove all the charge offs and collections.

You may not want to get a firm like Lexington Law involved. This approach is for people who are seriously dedicated to repairing their credit. If this is you, you can contact Lexington Law at (800) 636-3158 and speak to one of their paralegals for a free consultation.

Credit Strategy #2: Move Forward with Building Good Credit

If you have an unsecured account, this is pretty easy to accomplish. Pay your bills on time. It would be even better to set up an auto pay so your payment is never late. Doing this also saves you the cost of postage so you are actually saving money!

Rebuilding good credit can be more difficult if you don't have an unsecured account such as a Visa or MasterCard. Additionally, it will be very difficult to obtain one of these cards if your credit score is in the 500 range or lower.

Credit Strategy #3: Don't Get Discouraged or Let Down Your Guard

Stay persistent. This will take time. If you get started today you can consider yourself ahead of the game. Keep a detailed log of what your score is today and track your progress. Odds are that if you follow these tips your score will continue to climb each month.

Don't become down-trodden if things don't work out the way you think they should. Different strategies may be available to tackle an issue.

We raised our credit scores from the upper 500 range to 745 and 763 in under six months and got approved for our dream home. See proof of our credit repair success at www.creditforcouples.com and get the real truth about lexingtonlaw.com .