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Starting Credit Repair The Right Way
Credit Repair Done Right
If you want your credit repair effort to succeed you need the right credit scores and credit reports. The wrong approach can put you on the path to lower credit scores and frustration. The information you are about to read may shock and amaze you. But if you do it right you will have a great advantage and avoid some serious frustration.
The Scores You Need
Do you know what your credit scores are? Are you sure? If you are going to begin a credit repair effort and want to benchmark your starting point you should do it right. Here’s the problem. The credit scores sold by the credit bureaus are not the same scores lenders use. Huh? That’s right; the credit bureaus created their own credit scores to cash in on the market opportunity. If you muddle through the fine print at the credit bureau websites you will discover the disclaimer.
Avoid Those Imitation Scores
This unfortunate fact applies to the army of credit resellers on the web as well. There is another problem with bureau scores. You may think that even an imitation score will serve your credit repair purposes, believing that your progress should be reflected in some way. I’m sorry to say that these scores do not behave the same as your real lender scores and are almost sure to result in disappointment.
MyFICO, the Right Score for Credit Repair
If you want your real scores you have to go to MyFICO.com the website of Fair Isaac Corp, the creator of the FICO score. The current cost of scores is about for all three combined. A bit pricy, but it’s the only game in town. And for those intrepid credit repair warriors that want more detail, Equifax does in fact sell a FICO score. Unfortunately, they only make it available for your Equifax report, and you definitely want all three scores for your credit repair effort. Also, they use an older release of the formula, so the results will vary.
But Nix on their Credit Reports
So, head on over to MyFICO and get your scores right from the source. It’s the right credit repair choice. But there is another twist. Although MyFICO is the only way to get your scores, the credit reports they provide are the pits. For some strange reason MyFICO blocks out virtually all of the account numbers and offers only about half of the information that your credit repair effort will need. So get your wallet out again because you will have to buy your reports elsewhere. It takes few bucks to get your credit repair underway, but it’s worth doing it right.
The Right Reports
Although the credit bureaus peddle poor credit score products, they offer excellent tri-merged reports, full of all of the detail you need for your credit repair project, and when it comes to credit repair every detail matters. I’ve taken you down a twisty road so far, and I’m sorry to say that there is one more twist on this journey before we arrive at our goal.
Credit Repair and the Right Deal
Here is the final twist. The credit bureaus want to sign you up for monthly membership, hence the offers of free credit reports in exchange for joining this or that service. If you are not careful your free credit report will end up costing you hundreds of dollars. If you want to join a monthly service, that’s another story. There are benefits. But if you just want to get your credit repair underway and want a good cheap tri-merged report you have to look very carefully.
Hiding in Plain Sight
TrueCredit.com offers the best cheap one shot tri-merged report on the web. But it’s not easy to find, so don’t just run off to TrueCredit and think you’re going to find it clearly advertised. In fact, it’s about the last thing that they want you to buy. But it’s there, hiding in plain sight. Well, almost. Scroll down the home page. Look under the main picture for small print in light gray that says that coverage is not available for residents of New York.
Credit Repair Treasure Hunt Success
Right under that line you will find another line that says that you can also get your 3-bureau credit report without the free score. Click on the words, without the free score. It’s a credit repair treasure hunt. How hard can they make it? Wow. Make sure to uncheck the two boxes where they try to sell you two other ridiculous items that have no use for your life, not to mention your credit repair efforts. Now you have the tools you need to get started. Good luck!
Copyright © 2008 Ian Webber. All Content. All Rights Reserved.
By: Ian Webber
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Ian Webber is an expert in consumer law and credit repair. Ian is a graduate of the London School of Economics and The University of Chicago where he earned his LLM. Ian consults with one of the leading online credit repair services and is currently based in Florida.