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Free eBook on How to Restore Your Credit by Valentin Luboya - HTML preview

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Table Of Contents
1. Introduction To Credit Restoration………...3
2. Late Payments and Pre-Foreclosures………………...……7
3. Foreclosure and What it means to You……………..14
4. Bankruptcy Chapter 13 and 7……………………...29
5. Summary of what we have learned…………………...31
Introduction To Credit Restoration.

Rebuilding Damaged Credit


Bad credit can happen to good people. Don't despair.


As you do so, your credit score will improve, resulting in better credit offers and a substantial savings in money.

With patience and timely repayments, you'll likely be able to build a new credit history that creditors will look upon favorably when making decisions about your ability to handle even more credit.

The key to having great credit is to understand the factors that can hurt your Credit Sscore or Rating.

Bankruptcies, tax liens, judgments, student loans, credit counseling, numerous inquiries, repossessions, collections, late payments and chargeoffs bring your score down and hinder your chances of obtaining a new loan.

How It Works


Pull 3 separate credit reports from the 3 credit reporting agencies, Experian, Transunion, and Equifax, and dispute any and all negative items.


The entire dispute process is done online and does not generate any inquiries or put any negative marks on your credit report.


What to Expect


Results can be expected within 30 - 45 days and are mailed directly to the client from the 3 credit reporting agencies.


Once these results are received, you can dispute any remaining items a second time.


Usually the results we are reached within that time frame.


Why Your Credit Score is So Important


The credit scoring model seeks to quantify the likelihood of a consumer to pay off debt without being more than 90 days late at any time in the future.


Credit scores can range between a low score of 350 and a high score of 850.


The higher the score, the better it is for the consumer, because a high credit score translates into a low interest rate.


This can save literally thousands of dollars in financing fees over the life of the loan.

Only one out of 1,300 people in the United States have a credit score above 800. These are people with a stellar credit rating that get the best interest rates.

On the other hand, one out of every eight prospective home buyers is faced with the possibility that they may not qualify for the home loan they want because they have a score falling between 500 and 600.

Mortgage lenders consider a score of 700 or above to be very good.


The Five Factors of Credit Scoring


1. Payment History– 35% Impact


2. Outstanding Credit Balances– 30% Impact


3. Credit History– 15% Impact


4. Type of Credit– 10% Impact 5. Inquiries– 10% Impact