Credit Repair

by Robin Leonard, John Lamb

More than 75 million Americans have the bad-credit blues. Fortunately, the vast majority of them can improve their credit – and they will find reason for hope in Credit Repair. With this bestselling book, readers learn how • decipher a credit report • get mistakes on your credit report fixed • establish a realistic budget • get out of debt now • build a financial cushion • protect your social security number • avoid credit discrimination • get positive information added to your credit report • negotiate with creditors Credit Repair includes 30 forms and letters -- as tear-outs and on CD-ROM -- that will help you repair your credit as easily as possible. The 9th edition is completely updated and revised with the latest information and laws, and provides new information on changes in the consumer credit reporting business and identity theft issues. It also includes an explanation of sample credit reports from the major credit bureaus, plus resources to turn to for additional help.

Genres: Nonfiction, Finance, Adult, Business

268 pages, Paperback

First published December 1, 1996

Reviews

[Gaby · Rating 4 out of 5]

I always read the personal finance articles about how to raise your credit score, actions that lower your credit score, and how your credit score impacts your personal finances. So, I was happy to sign up when offered the chance to review the latest edition of NOLO's Credit Repair book.

Though we've all read about the free credit reports that we're entitled to request from the 3 credit bureaus, which you can request online from www.annualcreditreport.com or by phone 877-322-8228, or by mail from Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

I did learn several new things about credit reports that make the book worth purchasing:

* You are also entitled to a free credit report from a specialty consumer reporting agency, such as those that specialize in tenant histories, insurance claims, medical records or payments, employment histories, etc. You will likely have to contact each of these companies separately to put in your request. I recommend contacting Lexis Nexis for your Personal Report. If you have private health insurance, go to www.mib.com and request your MIB Consumer File or call 866-692-6901. For insurance claims, go to www.iso.com or call 800-627-3487. For a check writing report, go to www.telecheck.com or call 800-366-2425 OR www.consumerdebit.com/consumerinfor/u...
* You can file use Form F-32 in the book, Request for Basis of Unfavorable Credit Offer or Action and put in a request 60 days of the denial of credit/adverse action if a report from a credit agency does result in the denial of credit or an adverse reaction.
* One credit card account may have spawned "tradelines" such as when you report a credit card lost or stolen and the credit card company closes the account and issues a new card. Your old credit card will likely be considered a different tradeaccount/separate account. This might mean that the age of your credit has changed, you have lost the advantage of the old account and have a new, younger credit line.
* The list of ways and times that you can obtain your credit report for free that go beyond the 3 free annual credit reports.
* Sources of additional information on credit scoring developments (www.creditscoring.com) and how to understand your credit score.
* Aside from the Fair Credit Reporting Act, the FTC also enforces the application of the Fair and Accurate Transactions Act of 2003.
* The common errors in credit reports and how best to correct them and combat their effects.
* The section on why to Avoid Credit Repair Clinics is particularly important. I have friends that were badly hit by the recession, the decline in housing prices/values in California, and the variable interest rate of their home mortgage. They received calls from credit repair companies and were considering paying a credit repair consultant thousands of dollars to help them with their situation. I wish I had known about the federal Credit Repair Organizations Act (CROA) (15 U.S.C. sec 1679-1679j) when they were going through this process in 2008.
* How to supplement your credit report by adding information that shows stability. The book has a particularly helpful form for this in its Appendix B and the enclosed CD-ROM.
* The book also helps you negotiate with your creditors to have negative information removed from your credit file.
* The Chapter on Building Positive Credit History breaks down the different ways that a person can improve their credit score and does so in a systematic and step by step manner.

The Appendixes and the CD-ROM provide resources, additional publications, form letters and worksheets, budget forms, organizational charts for payment schedules, etc. for dealing with creditors, the FTC and the credit reporting agencies.

Though I haven't read the previous editions, NOLO's Credit Repair 10th Edition looks like helpful resource for those who want to improve their credit scores, to keep their credit reports accurate, and for those with a particular interest in the subject matter.

ISBN-10: 1413314201 - Paperback $24.00
Publisher: NOLO; 10 edition (June 6, 2011), 465 pages.
Review copy courtesy of the Amazon Vine Program and the publisher.

[Kimberly Bower MLIS (gladeslibrarian) · Rating 5 out of 5]

This edition is so far superior to the 9th edition (2009) as to render the previous version almost obsolete. The chapters have been reorganized into a more logical sequence. Chapters have been added that deal with “hot topics” including short sales and reverse mortgages; money raising options including Craigslist and Amazon; the new Credit Card ACT and how it impacts borrowers; and identity theft prevention. The authors have clarified their recommended action steps to build a positive credit history. Throughout the text additional resources are noted. Many of the recommended resources cost no money. The authors recommend obtaining some of the books and Consumer Reports magazines via a local library. The accompanying CD contains all forms referenced in the text. As always with Nolo publishers, free legal updates are available on their website.

[Ariel · Rating 4 out of 5]

Without going into detail, I happen to know a lot about this topic and have read over twenty books on the subject. This book contains much of the same information as was covered in the other books I read. If you are in need of credit repair than it is very important to purchase this kind of book. In the past I have tried to work with books that I have checked out of the library and two weeks is not enough time. If you are going to try and repair your credit yourself you will need a book such as this to consult often. This books also provides on CD samples of letters you can use to get validation of debt. A creditor must give you a validation of the debt in order to collect the money from you. If they cannot do so they must legally remove the debt from your credit report. This book contains a lot of helpful information for improving your credit score, protecting yourself from identity theft, and staying on a budget. There is no overnight solution for improving your credit score but if you are ready to put in the work and time this book can help improve your financial future.

[Rod Moser · Rating 5 out of 5]

I chose to read this book because I have so many people come to me hoping to buy a home only to find out that they don't qualify due to credit problems. This book should be required reading for all realtors and lenders, especially now when so many people have been affected by the economy.

The advice is spot on. Not only is it advice on how to overcome challenges on credit but it helps you to design a better way to live to avoid credit problems in the future.

I will buy several copies and hand them out to those who are looking for better answers to their financial questions.

I will keep this one close by as a reference as well.

Valuable advice and the timing couldn't be better.

[Titilayo · Rating 4 out of 5]

informative, but i couldn't get the cd rom to work. otherwise very helpful

[Nao Jojo]

Do you know your credit score can affect your insurance rates. Insurance companies think your credit score reflects the risks involved in insuring you. For me this is very important because insurance is expensive and with a bad credit score could increase my insurance premiums dramatically.
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[Robert Jam · Rating 4 out of 5]

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