Ever read Suze Orman in Oprah magazine? In almost every issue someone who is going broke writes in and asks how to fix their credit. Suze always tells them to “pay off more of their credit cards” with money that they don’t have.
Fortunately, Business Week recently shared the secrets of professional credit fixer Larry D. Hall:
- Request a free copy of your credit record from the big three credit agencies (Equifax, TransUnion, Experian). Hall says to dispute older accounts shown as delinquent or defaulted in writing and demand to see the “original loan contracts,” as required by the Fair Credit Reporting Act. Most older loans that have been re-sold and will no longer have the “original loan contract.” Thus, will be removed from your record. Keep in mind Trans-Union does not allow you to write in this reason on their web site, you must do it in writing via regular mail.
- Hall also issues proprietary credit accounts to clients (he charges clients $395), then he reports to the credit agencies that he has granted his customers (clients) accounts with credit lines up to $5, 000 . The clients do not access this credit, but this new “low-balance-to-credit-ratio-credit-line” helps them appear “credit worthy” and helps their credit report.
- Another one of Hall’s credit repair tricks is “piggybacking.” This is where he makes a client an “authorized” user on a retiree’s credit card (a retiree with perfect credit). Hall charges his clients $500 for this manuever, but people have also done this by becoming an authorized user on their parent’s or grandparent’s credit card.
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Tags: copywriting, credit repair, FICO, marketing financial advice, oprah, SEO, Suze Orman, web writing
