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Finance Articles
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Repairing Your Credit Score and Clearing Derogatory Marks on Your Credit Report
By Justin Smith
Article03.html Many people in the UK, in fact as many as one in three UK taxpayers have paid too much tax! A new `No Win No Fee` tax refund service has just been launched by Greer & Taylor LLP on a dedicated new website The Taxation People which can be found at www.thetaxationpeople.com where you can find out all the infomation need before making the decision to apply for a tax refund. The Taxation People offer a cost effective `No Win No Fee` online service, with a simple and easy to follow process they will guide every step of the way as you apply for a the refund. I would urge you to check out www.thetaxationpeople.com, where you can enlist the help of the The Taxation People who will get you the Tax Refund you are entitled to. The Taxation People are a trading name of Greer & Taylor LLP a respected and trusted accountancy service provider who is moving to provide a number of online services. Initially they are only offering the Tax Refund service that can be found at www.thetaxationpeople.com, but Greer & Taylor LLP are about to lauch a cost effective Self Assesment Service, keep an eye on www.greer-taylor.com for more information. Unsecured Loans Another large garage bill makes you wonder if it`s really worth spending any more money on the car. It has reached the time in its life when it`s started to cost you in upkeep and a newer model might prove to be less bothersome. With no savings to speak of you might be considering one of the Unsecured Loans that a price comparison site has pinpointed for your needs. You looked at the Unsecured Loans a few months ago but haven`t done anything about it since. Using the website that searches for low cost loans is easy as you simply enter the loan amount that you are interested in, the time period that you need it for and the purpose of the loan. The company will also need your employment status and some information about you. An initial assessment will take place for the best quote available and once the loan comparison site has found the best quote, they`ll be in touch with you. Think about the type of car that you could get with one of the Unsecured Loans and how much cheaper it would be to run. You could even combine a few of your other smaller loans into the new one to cut down on your monthly outgoings.
The reasons for bad credit can be as follows, high balances, bankruptcies, late payments, and many others. The most significant thing you can do to raise your score is to change your financial habits. Chances are that if you have a bad credit score, you did something to make it that way. Here are some of the best ways to quickly raise your credit score: 1. The most obvious: pay off your debt! This doesn`t include a home mortgage, but revolving balances such as credit card debt, a car loan, etc. 2. Make every payment on time. This is the most important factor in your credit score rating. If you have had late payments in the past, it will take some time to see real results from your on-time payments, but keep it up, sooner or later the credit bureau will notice the change in your payment habits. Develop the mentality that no late payment is acceptable! 3. If possible, pay over your minimum amount. This is especially important with credit card balances, and will reflect a slight boost in your score. 4. If you have paid off all your debt, and your credit score seems to be at a stand still, you might want to make small purchases each month with your credit card and pay them off immediately. Often times the credit bureaus like to see at least some kind of activity. Otherwise, they have no way to gauge how you are doing financially. 5. Be patient! Sometimes repairing credit can be a long and arduous process. Especially if you have had a bankruptcy. It can often take the better part of a year or more to see any significant raises in your score. Clearing a derogatory mark on your credit report: This is probably the most difficult in regards to credit repair. If you have requested a copy of your credit report, and notice a problem (an example would be a late payment mark), that shouldn`t be there, you need to take action to get the derogatory mark cleared as soon as possible. It is extremely important to get your credit score cleared before you attempt to get prequalified for mortgage. Here are the steps you should take: First of all, if you are in contact with a loan officer, you may want to describe the problem you are having to them. They can be very helpful when it comes to credit repair, and should know exactly what to do if you have a bad mark on your credit that is a mistake. In some cases, they may even call the creditor for you to address the situation. Second, you should call your creditor and each credit bureau to find out which course of action you should take. In most cases, writing a letter will do. Here is an example letter: Date 00/00/00 Dear Big Credit Bureau, This letter is a complaint that you are reporting inaccurate and/or incomplete credit information on my credit report. I am displeased that you have included the below information in my credit profile that includes the following errors. Credit reporting laws ensure that bureaus report 100% accurate credit information. The following information concerning my credit report needs to be re-investigated. I respectfully request to be provided proof of this alleged item on my credit report. If this cannot be provided, the item must be deleted from my report as soon as possible: CREDITOR AGENCY, acct. 123-34567-ABC The listed item is inaccurate and/or incomplete, and is a serious error in reporting. Please delete this information, and supply a corrected credit profile to all creditors who have received a copy within the last 6 months, or the last 2 years for employment purposes. Also, please provide the name, address, and telephone number of each credit grantor or other subscriber. Under federal law, you have 30 days to complete your re- investigation. Be advised that the description of the procedure used to determine the accuracy and completeness of the information is hereby requested as well, to be provided within 15 days of the completion of your re-investigation. Sincerely, Your Name Unfortunately, you will need to write 3 separate letters to each of the 3 major credit bureaus. Here are the contact addresses for each: Trans Union Equifax Experian 
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