The Fair Credit Reporting Act (FCRA), and the Fair and Accurate Credit Transactions Act (FACTA) amendment to the FCRA of 2003, is the federal legislation that governs the credit reporting industry. Statutes of limitation for reporting time limits are provided by this legislation. Knowing how these time limits work is essential to any effective credit repair effort.

In Plain English

Let's try to put some of this jargon into plain English. The term "statute of limitation" in the case of your credit reports, simply refers to the maximum amount of time that a derogatory item can continue to be reported. When the statute of limitation passes for any negative item on your credit report, that item should vanish. There are an amazing number of violations of these time limits that may appear on your report. Some violations are intentional as in the case of many of the collection accounts that we see, and others are due to a simple failure of the highly complex credit reporting system. A careful credit repair effort can eliminate these violations.

An Interesting Point

In a moment we will review statutes of limitation for the most common types of derogatory information. But you might find it interesting to know that the Federal Trade Commission permits the credit bureaus to delete information at any time at their discretion. There is no requirement that the bureaus wait until the passing of a statute of limitation date to stop reporting. There are many cases where you would be well advised to request deletion even if the Statute of limitation is imminent.

Collections and Charge Offs

Collections and charge offs must cease reporting seven years plus 180 days from the initial delinquency that led to the collection status or to the charge off. The initial delinquency is the date of the first 30 day late status that led to the collection or charge off. This period of time cannot be reset by any subsequent payment or for any other reason. The clock starts with the original creditor. Collectors such as assignees, attorneys, or collection agencies must abide by the same original statue of limitation expiration date. Neither the original creditor nor collectors can extend these reporting limits. Any attempt to do so is illegal. Unfortunately this law is often ignored. Effective credit repair efforts require a very exacting examination of these dates.

Bankruptcy

Chapter 7 bankruptcies can report for 10 years from the discharge date. Chapter 13 bankruptcies can report for 7 years from the filing date. But be aware that if the Chapter 13 is not completed the reporting limit is extended to 10 years. I mentioned above that the credit bureaus are allowed to delete information from your report prior to the expiration of statute of limitation. Any credit repair effort should take this flexibility into consideration. Bankruptcy is a case where we highly recommend requesting removal. If you are five or more years past discharge your request may be honored.

Tax Liens

Paid tax liens can report for 7 years from the date of payment. Unpaid tax liens can report for as long as they are in effect. Please be aware that most unpaid tax liens are released by the IRS after 10 years. The IRS will usually provide a lien release upon request after the 10 year limit has past. When you provide the release to the credit bureaus they will cease reporting. There are cases that allow the IRS to re-file. Please speak to your CPA or tax attorney for clarification before contacting the IRS!

Judgments

Generally, unpaid judgments will cease reporting 7 years after the filing date. However, unpaid judgments are a case where state statute of limitation will overrule federal statute. Your state may allow unpaid judgments to report for longer than 7 years. State statutes of limitation are easily found on the internet. Paid judgments may be reported for 7 years from the filing date. No state statutes may overrule federal limits for paid judgments.

Gone but Not Gone

Derogatory information that falls off of your credit report due to an expiration of the statutory time limit does not get deleted. This obsolescent information should not continue to appear on your credit report, but it is not gone. If you apply for a loan for over $150,000, life insurance with a death benefit over $150,000, or a job that pays over $75,000, your potential lender, insurer, or employer has the right to view your prior history. This fact adds some additional support to the case for credit report vigilance. If you are attempting credit repair and have erroneous info on your report it is best to dispute it now. Waiting for the statue of limitation to pass may not produce the clean result that you want. Disputed items that get deleted are literally removed from your credit report.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

Credit Repair Plain English Seminar

PLAIN ENGLISH Book, Audio CDs and Forms on EVERY topic associated with personal credit. How to get credit, understand your credit score and credit report, how to get credit after bankruptcy, how to stop creditors cold, how to repair credit, and how to get credit if you're self-employed.

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Most helpful customer reviews

0 of 0 people found the following review helpful.
Great Product - Excellent Company - Fast Shipping - Very Responsive
By C. C. Mantis
It's hard to know what to expect when you order an item like this. I went off the only review available and took a chance. Glad I did. This is a very good product. Sure, some of the information is available elsewhere but the presentation format, 1. A 291 Page Manual (a good portion includes applicable credit repair laws, 2. Four Audio CD's and, 3. One Forms CD is very complete and covers my personal credit needs.

Also shows how to deal with creditors, how to repair your own credit and rebuild after bankruptcy and how to acquire new credit if self employed like me.

I had a question regarding my order and they responded immediately to my full satisfaction. I'm so impressed I ordered another product from these same folks. Shipping was very fast via Priority Mail. Highly recommended.

You could do a lot worse out there.

0 of 0 people found the following review helpful.
packed with good information
By Jeannette Nissen
I recently moved to the U.S. and didn't know anything about the U.S. credit system. This book and CD had all the information to help me quickly get credit and also tips on which types of credit would help my credit score the most. My friends borrowed it because it also has information on how to negotiate with creditors, how to settle debt at reduced amounts, how to remove negative credit information and how to rebuild credit after bankruptcy. I looked at several guides but this one has the most information packed into one source!

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The advantage of living in a sophisticated society is that we are surrounded by works of art, works of literature, machines, processes, and systems that are to all intents and purposes, perfect. The pursuit of perfection is surely a worthwhile goal, but it can have some unfortunate side-effects. The cases where teenage girls compare themselves unfavourably with the picture-perfect air-brushed models they see in magazines and develop low self-esteem as a result are well-known.

We all benefit from mass communication, mass media and mass distribution. There is a great advantage in being exposed to the best of everything, including the most beautiful people, the most well written books, the cleverest pieces of software, and the most amazing technological advancements. The downside is that if we start to compare ourselves with the experienced experts and talented geniuses who have created these near perfect things, the mountain of perfection can seem impossibly high. So high that we don't even bother with an expedition, and give up any attempt it to make it to base camp.  It's like saying, because I know I will never sing as well as Pavarotti. I won't take singing lessons!

It is easy for us to forget when we see a near perfect result that it may have taken many years of practice, many years of study, and many years of trial and error to reach that seemingly perfect state. The picture-perfect models have presumably been to the gym every day and starved themselves dangerously. They must endure the continual prospect of rejection, as they are paraded before auditioning clients like prize cattle at a county fair.  But Pavarotti practised every day and was known to be a perfectionist when it came to rehearsals.  You are probably already familiar with the story about Thomas Edison. He saw his many failed attempts at inventing the lightbulb as merely successful steps on the road to triumph.

Many people who want to make money online are stopped from creating what could be a cash generating Ebook by this pursuit of perfection. They think that what they create must be perfect for it to be valuable. But what's the worst thing that could happen if you were to write and upload an Ebook that wasn't perfect? The worst thing that could happen is that nobody would buy it. Nobody would read it and that you would learn from your mistakes. Your second Ebook would be much better. So that's the worst-case scenario.

The best case scenario would be that your information was so useful and valuable that it didn't matter if your grammar wasn't perfect or your spelling was a little suspect. The best case scenario would be that because the content of your Ebook was so worthwhile it became a bestseller, despite not being perfect.

If you need encouragement to start creating your own Ebook, surf the net and download a few examples of E-books that sell well. You will see that they are by no means all well written. In fact some of them are real stinkers! But they still sell like hot cakes, make money for their authors and deliver worthwhile and valuable information to their readers.

Perfect Credit Steps Rating Ebook

Perfect Credit is the definitive guide to getting and keeping outstanding credit. Think of this book as a roadmap for anyone hoping to establish picture-perfect credit, make improvements to have stellar credit, or simply maintain a fantastic credit standing. Right now, roughly 220 million Americans have credit files maintained by the "Big Three" credit bureaus: Equifax, Experian, and TransUnion. Of those individuals, about 40 million Americans (roughly 1 out of 5), have very poor credit, or "deep subprime scores," according to Experian. Another 50 million adults in the U.S. have no credit files - either because they've never used traditional forms of credit, or because their credit files are "too thin" to generate a credit score. Perfect Credit offers all these consumers an easy-to-follow blueprint on how to get superb credit - and how to sidestep numerous credit traps and pitfalls along the way.

About the AuthorLynnette Khalfani-Cox, The Money Coach, is a personal finance expert, television and radio personality and the author of numerous books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom. Lynnette has appeared on such national TV programs as The Oprah Winfrey Show, Dr. Phil, The Tyra Banks Show, The Today Show and Good Morning America. Lynnette, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has also been featured in top newspapers including the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Ebony and Redbook to Black Enterprise and Smart Money. She can frequently be seen as a guest commentator on ABC, CNN, FOX Business Network and MSNBC.

Perfect Credit Steps Rating Ebook Image

Perfect Credit Steps Rating Ebook Photo

Perfect Credit Steps Rating Ebook Image

Perfect Credit Steps Rating Ebook Picture

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Most helpful customer reviews

3 of 3 people found the following review helpful.
I love it!!!
By GEM
Step by step instructions on how to get your credit back on track. No easy fixes and she explains why it is not a quick fix. Very detailed and specific. I am in the process and everything makes sense. A must buy!!!

2 of 2 people found the following review helpful.
A Coach Worth Listening To
By V. Thornton
I love The Money Coach - a wealth of knowledge! Finally, someone who speaks an easy-to-understand finance language. She makes it extremely do-able for anyone to spend wisely, manage money well, raise their credit score and reap the benefits later ... This book is extremely useful for anyone, no matter their money situation. I thought my credit was good (and it is), but now I see the value of striving for perfect credit. Highly recommended!

2 of 3 people found the following review helpful.
This is a very smart lady!
By smylynn1
Lynnette interviewed me years ago. Since then, I have gotten rid of $40,000 in debt. I ordered these books to gain some more knowledge. I hope I am as successful in improving my credit with her tips.

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Change is Natural

Everything changes. No industry stands still. Henry Ford's Model T was revolutionary, and opened the eyes of the world to new possibilities. But by today's standards, the Model T, as important as it once was, has its place only in the past. Virtually every aspect of the early model automobile has been improved on, far beyond what Henry Ford could have imagined in his day.

The Changing Credit Repair Industry

The Internet has grown into a vibrant worldwide business community. In this environment competition thrives and new ideas come to life at amazing speed. New participants have entered the credit repair arena and brought fresh life to the business. Some older members have updated their methods; while others, perhaps top heavy with technology, continue to stand their ground even as the earth shifts beneath their feet.

The New Breed Appears

From this dynamic mix has appeared a new breed, the true credit repair professional. This new breed has a true mastery of the craft, and an impressive arsenal of tools capable of delivering results beyond the imagination of the early pioneers in the industry. Everything about the business is changing. And the changes involve you.

Credit and Your Life

There is nothing as important to your financial life as your credit. The content of your credit report, along with your credit scores, will determine the interest rate you pay on everything from your credit cards to your mortgage. The impact of your credit on your life can be staggering, and should not be taken lightly. The word is out.

The Problem of Errors

The three major credit bureaus maintain credit files on over 200 million Americans. A staggering amount of data moves through the credit reporting system. Errors are common and can translate into enormous costs for consumers; and yet, in a terrible percentage of cases these errors go unrecognized. This phenomenon is more damaging than you might think. Identifying errors on your report involves more than just spotting unfamiliar account information. The majority of credit report errors are compliance violations that you will not find without training.

FICO, A Lack of Understanding

Lenders base their underwriting decisions on the content of your credit report along with the numeric value of your FICO scores. These FICO scores have a major affect on your life, and yet few people have any knowledge of how they work. Here again, a lack of understanding results in a huge cost. A well-informed reshaping of your credit may have a dramatic impact on your credit scores. Even simple changes can bring major improvement, yet without proper information this potential remains untapped.

The Credit Repair Professional

The prevalence of credit reporting errors, coupled with a lack of understanding of FICO scores, result in a terrible cost to consumers, often having the greatest impact on those who can afford it the least. The credit repair professional provides an important, and often life changing, service by assisting in the identification and removal of credit reporting errors. In addition, a credit repair professional is a conduit for information about legal rights, rehabilitation opportunities, and credit restoration tools that can be employed to your benefit.

The Results You Need

The goal of a credit repair professional is to improve your credit. Along with the skillful identification and removal of reporting errors, the process may include specific recommendations for building new credit, managing existing debt, rehabilitating defaulted obligations, and handling collectors. All of this must take place within the context of optimizing your credit scores. The credit repair professional operates in a fiduciary capacity and will utilize the widest range of tools to insure quick and lasting results.

Personal Service

You are unique, and so is your credit. There is no generic approach to credit repair that will do you justice. No credit repair software has the ability to spot the compliance errors on your credit report, or to determine the proper balance of accounts to optimize your credit scores, or to help you determine the right approach to take with an active collector. There is no one-dimensional credit repair program that will produce the results you deserve. True professional credit repair is about personal service. You cannot afford to settle for less.

What it Means to You

The credit repair professional will make sure that everything possible is done to help you reach your goals. The professional approach to credit repair can mean everything to you. Do you want real results? Do your want to see your scores improve? Do you want your credit to meet or exceed lenders requirements? Wait until you experience what a real professional can do for you!

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.

Real Credit Repair Way Professionals

Your credit score affects every aspect of your life including qualifying for mortgages, the interest rates you will pay, your ability to rent, and get a job. Repairing your credit is one of the most important financial decisions you will make. You're about to take the important step of taking control of your credit future! Everything you need to do you can do for yourself at little or no cost using this book. The laws are on your side. This book will show you how to use your legal rights to increase your credit score. You will learn how to remove questionable items from YOUR credit reports, including: late payments, collections, judgments, liens, charge offs, bankruptcies, foreclosures, repossessions, and more. This book will be your credit road map providing guidance to building a stronger credit profile, repairing bad credit, improving your credit scores, and protecting your personal information. A comprehensive credit repair guide 371 pages by Lee Clukey & Mark Darner

Real Credit Repair Way Professionals Image

Real Credit Repair Way Professionals Image

Real Credit Repair Way Professionals Pic

Real Credit Repair Way Professionals Pic