My Tax Repair division opens up a new channel that provides back end tax settlement services to companies who market and sell tax settlement programs.
Dallas, TX - February 16, 2010 announced today the opening of a new division to provide back end tax settlement related services to companies who market and sell tax settlement programs.
My Tax Repair will provide all related services for back end tax settlement. This includes IRS negotiations, offers in compromise, audit defense and appeal representation and other services that help consumers who are having issues with IRS back taxes. My Tax Repair also assists consumers with removing tax levies, bank liens and wage garnishments.
"All of us at My Tax Repair are very happy to be providing our services to the front end affiliates who are marketing and selling tax settlement," said Chuck Stephenson, managing partner of My Tax Repair. "Our front end affiliate partners speak to thousands of consumers every month who have back tax issues and though these affiliate partnerships, we'll bring our tax settlement services to an estimated 25 million Americans who owe back taxes to the IRS. "Credit Repair
My Tax Repair also makes the following available to all of our front end affiliates:
* On-going training. Are you new to the business of tax settlement? Need to train new agents or just boost sales morale? Our team of tax professionals will help to get your team up to par. * Proprietary software designed specifically for the tax settlement professional. * Billing platform that will help manage all funds including ACH and Credit Card. * Documents: My Tax Repair provides all the documents and agreements you will need to generate closed deals
My Tax Repair is continuing to drive a partnership strategy and is always looking for companies that market and sell tax settlement services who need the services of a professional back end provider.
About My Tax Repair My Tax Repair was founded to provide professional back end tax settlement services for companies who market and sell tax relief products. My Tax Repair back-end service is managed and run by a group of CPA's (Certified Public Accountants) and other tax professionals who have been helping resolve IRS back tax issues for over 35 years. My Tax Repair is a privately held company based in Dallas, Texas. Credit Repair
Wednesday, February 24, 2010
Tips for
Restoring bad credit takes a lot more time and patience to do, versus just establishing new credit and making payments on time.Credit Repair
Be Patient
Generally you need to give yourself anywhere from 3-12 months to see significant changes to your credit scores. Every month that you distance yourself from your credit problems the better your scores get - this is purely a function of how the credit scoring systems are calculating scores.
But it should also make sense that with the score indicating how you are going to be with your future credit accounts that they would be better and better as you show more and more perfect credit history since your past problems. Also, restoring credit scores and credit reports often requires sending letters to the credit bureaus: Trans Union, Equifax, and Experian about incorrect information on your credit report.
By law, each dispute that you send in will take approximately 45 days to get resolved - this includes 30 days for the credit bureau to get an answer from your creditor about your dispute and 15 days for mail delivery to the various places that mail has to go to complete your dispute. Sometimes your dispute might require you to provide more information which would extend the time that it takes to work on your credit report.
Keep Working Till You Are Happy With Your Report Sometimes restoring credit takes redoing things that you have already done. The credit reporting system is not perfect and things get lost from time to time.
Or, disputed items and situations need further information and documentation. No matter what in each case you will need to stay on top of things as you are the only one who has the most interest in fixing your credit report.
Regarding "lost" items that you have mailed - never send originals - always send copies. Sometimes you may have to make a notarized copy of something to verify that it is a copy of the original. You will also want to send things in the mail certified at times to make sure that items really get to where they need to get and so that you have a time stamp of the actions you are taking.
Believe it or not, if a credit bureau cannot verify items that you are disputing within a specified time frame they must remove them from your credit report. You are also going to get turned down for some of your disputed items because you didn't present a satisfactory reason.
That's ok, resubmit your disputed items in a month or so and say it another way. Chances are you will get your point across and the credit bureaus will have to take some action and your creditor will either produce what they need to produce to verify your account or they won't in which case their account information gets deleted from your credit report.
So the bottom line here is hang in there and don't let go.
Know How the Credit Bureaus and Your Creditors Work We have already covered some of this. When you dispute items on your credit report, the credit bureaus have 30 days to get a response from the creditor whose information you are disputing.
There is also time allowed for reasonable delivery of mail so the entire process to dispute an item on your report can take 45 days or so. If the credit bureaus cannot verify the information on your credit report that you dispute they must remove the information from your credit report.
Sometimes they may only adjust your account listing to show your disputed information and other times they may remove the whole listing. At the end of the dispute period and when changes are made to your accounts the credit bureaus will send you a new updated credit report that details the actions they took on your disputed accounts.Credit Repair
It Is Your Right to Challenge What Is On Your Credit Report
Always keep in mind when you are trudging along restoring your credit - it is your right to challenge items found on your report. Inaccurate information can often be the difference between getting a mortgage or not.
It could also mean the difference of hundreds of dollars to your budget with different interest rates. What is on your credit report is a big deal and you don't have to wait for the natural progression of information to impact what your credit report says.
Nothing about or restoration is easy. It will take time and effort on your part and there are no guarantees that you'll produce any changes at all.Credit Repair
Be Patient
Generally you need to give yourself anywhere from 3-12 months to see significant changes to your credit scores. Every month that you distance yourself from your credit problems the better your scores get - this is purely a function of how the credit scoring systems are calculating scores.
But it should also make sense that with the score indicating how you are going to be with your future credit accounts that they would be better and better as you show more and more perfect credit history since your past problems. Also, restoring credit scores and credit reports often requires sending letters to the credit bureaus: Trans Union, Equifax, and Experian about incorrect information on your credit report.
By law, each dispute that you send in will take approximately 45 days to get resolved - this includes 30 days for the credit bureau to get an answer from your creditor about your dispute and 15 days for mail delivery to the various places that mail has to go to complete your dispute. Sometimes your dispute might require you to provide more information which would extend the time that it takes to work on your credit report.
Keep Working Till You Are Happy With Your Report Sometimes restoring credit takes redoing things that you have already done. The credit reporting system is not perfect and things get lost from time to time.
Or, disputed items and situations need further information and documentation. No matter what in each case you will need to stay on top of things as you are the only one who has the most interest in fixing your credit report.
Regarding "lost" items that you have mailed - never send originals - always send copies. Sometimes you may have to make a notarized copy of something to verify that it is a copy of the original. You will also want to send things in the mail certified at times to make sure that items really get to where they need to get and so that you have a time stamp of the actions you are taking.
Believe it or not, if a credit bureau cannot verify items that you are disputing within a specified time frame they must remove them from your credit report. You are also going to get turned down for some of your disputed items because you didn't present a satisfactory reason.
That's ok, resubmit your disputed items in a month or so and say it another way. Chances are you will get your point across and the credit bureaus will have to take some action and your creditor will either produce what they need to produce to verify your account or they won't in which case their account information gets deleted from your credit report.
So the bottom line here is hang in there and don't let go.
Know How the Credit Bureaus and Your Creditors Work We have already covered some of this. When you dispute items on your credit report, the credit bureaus have 30 days to get a response from the creditor whose information you are disputing.
There is also time allowed for reasonable delivery of mail so the entire process to dispute an item on your report can take 45 days or so. If the credit bureaus cannot verify the information on your credit report that you dispute they must remove the information from your credit report.
Sometimes they may only adjust your account listing to show your disputed information and other times they may remove the whole listing. At the end of the dispute period and when changes are made to your accounts the credit bureaus will send you a new updated credit report that details the actions they took on your disputed accounts.Credit Repair
It Is Your Right to Challenge What Is On Your Credit Report
Always keep in mind when you are trudging along restoring your credit - it is your right to challenge items found on your report. Inaccurate information can often be the difference between getting a mortgage or not.
It could also mean the difference of hundreds of dollars to your budget with different interest rates. What is on your credit report is a big deal and you don't have to wait for the natural progression of information to impact what your credit report says.
Nothing about or restoration is easy. It will take time and effort on your part and there are no guarantees that you'll produce any changes at all.Credit Repair
Saturday, February 6, 2010
Credit Scoring And The Lending Industry
When you apply for a mortgage, your lender will request a credit report from a credit reporting company. Along with the information, the local credit reporting company receives a numerical score. The score represents a composite of the borrower's credit history, employment, inquiries, bankruptcy, judgments, etc. The most famous of these scores is known as the FICO score. credit repair
The truth is that the Fair-Isaacs Company and the major credit repositories do not divulge exactly how the scoring model works. Due to the level of erroneous reporting to peoples' credit files, there has been pressure on Congress lately to make the credit repositories more accountable for the accuracy of the information they report. credit repair
Why is this important? The lending industry is moving toward "risk-based" pricing. That means the interest rate and/or fees a borrower pays will be based on the level of their scores!!! credit repair
If you have recently obtained your credit report and you are not happy with what was reported, you can take steps to correct the erroneous information on it. credit repair
The current scoring model as depicted on myfico.com is:
Five Factors Used in Determining a Credit Score:
There are five basic factors that constitute a credit score. Those factors are outlined here with their percent- age that is weighted into computing your score:
Payment History:
Approximately 35% of a credit score may be based upon payment history. A credit score is negatively impacted if bills are paid late or if there is a history of delinquent payments listed on the credit report, including matters of public record such as bankruptcy, collection accounts, etc.
Amounts Owed :
Approximately 30% of a credit score may be based upon amounts owed or other outstanding debt. A credit score can be negatively impacted if the amount owed is close to the credit limit. A low balance on two credit cards may be better than a high balance on one credit card.
Length of Credit History:
Approximately 15% of a credit score may be based upon length of credit history. A credit score can be positively impacted the longer that accounts have been open, especially if they are with one financial institution.
Taking on More Debt:
Approximately 10% of a credit score may be based upon how much new debt a consumer is incurring. A credit score may be negatively impacted if someone has recently applied for a number of new credit accounts. Promotional inquiries usually do not negatively impact a credit score. credit repair
Types of Credit in Use:
Approximately 10% of a credit score may be based upon the types of credit currently in use by a consumer. A credit score is usually negatively impacted by loans from finance companies. When a lender receives a credit score from the credit bureau, there will be reasons included that explain the score. If the lender rejects a request for credit, and the credit score was part of the reason, the reasons help the lender explain why the score was not higher. Credit score reasons are also useful in determining whether or not a credit report contains errors and/or how a consumer's credit health might be improved.
The truth is that the Fair-Isaacs Company and the major credit repositories do not divulge exactly how the scoring model works. Due to the level of erroneous reporting to peoples' credit files, there has been pressure on Congress lately to make the credit repositories more accountable for the accuracy of the information they report. credit repair
Why is this important? The lending industry is moving toward "risk-based" pricing. That means the interest rate and/or fees a borrower pays will be based on the level of their scores!!! credit repair
If you have recently obtained your credit report and you are not happy with what was reported, you can take steps to correct the erroneous information on it. credit repair
The current scoring model as depicted on myfico.com is:
Five Factors Used in Determining a Credit Score:
There are five basic factors that constitute a credit score. Those factors are outlined here with their percent- age that is weighted into computing your score:
Payment History:
Approximately 35% of a credit score may be based upon payment history. A credit score is negatively impacted if bills are paid late or if there is a history of delinquent payments listed on the credit report, including matters of public record such as bankruptcy, collection accounts, etc.
Amounts Owed :
Approximately 30% of a credit score may be based upon amounts owed or other outstanding debt. A credit score can be negatively impacted if the amount owed is close to the credit limit. A low balance on two credit cards may be better than a high balance on one credit card.
Length of Credit History:
Approximately 15% of a credit score may be based upon length of credit history. A credit score can be positively impacted the longer that accounts have been open, especially if they are with one financial institution.
Taking on More Debt:
Approximately 10% of a credit score may be based upon how much new debt a consumer is incurring. A credit score may be negatively impacted if someone has recently applied for a number of new credit accounts. Promotional inquiries usually do not negatively impact a credit score. credit repair
Types of Credit in Use:
Approximately 10% of a credit score may be based upon the types of credit currently in use by a consumer. A credit score is usually negatively impacted by loans from finance companies. When a lender receives a credit score from the credit bureau, there will be reasons included that explain the score. If the lender rejects a request for credit, and the credit score was part of the reason, the reasons help the lender explain why the score was not higher. Credit score reasons are also useful in determining whether or not a credit report contains errors and/or how a consumer's credit health might be improved.
Friday, February 5, 2010
Want to get out of debt?
Getting out of debt now can save you thousands of dollars in the future. Even the smallest discrepensy on your credit report can cost thousands follow these steps and you'll be getting out of debt and obtaining all of the credit you need.
First request all three of your credit reports from Equifax, TransUnion and Experian. You will probably come across several errors as it's estimated that up 70% of all credit reports contain errors. The information will probably vary between the 3 credit bureaus. You can request a free copy of your credit report anytime you are denied credit as long as you request it within 60 days of your credit denial. If you have been denied credit, copy the credit denial letter from the creditor (which they are required to send to you after they deny you credit) and include that with your request. You are also entitled to a free copy of your credit report anytime you are denied insurance, or if you are unemployed.
2. Analyze all three reports for errors. You're likely to come across entries that you don't recognize. Look for duplicate entries, misspellings of your name, and old and/or inaccurate addresses. This is very important. Any negative or inaccurate item which is tied to an old or inaccurate address should be noted and removed. Also look at the inquiry section. Contact these creditors you do not recognize and that you do not recall applying for credit, and request that they remove the inquiry from your credit report. Some may, some may not.
3. If you are receiving collection letters from a collection company or a collection attorney, always respond back in writing requesting validation of the alleged debt within 30 days of receiving the letter. Basically this means you are asking them to prove that this is a valid debt of yours AND that they have a legal right to collect the alleged debt. They must provide you written proof of the debt. If you ignore the collection letter without writing them for "debt validation", the law says they can assume that the debt is valid and belongs to you. credit repair
4. Dispute any items on your credit reports that you feel are inaccurate, incomplete, or misleading. When you have targeted the items to be disputed, create 3 folders for each credit bureau so that you can keep everything easily organized and separated by credit bureau. Be sure to make copies of all dispute letters and copies of your credit reports and keep each separated and filed accordingly. IMPORTANT: Handwrite all of your dispute letters. Trust me on this. Handwritten letters are sorted and separated from typed (form) letters by the credit bureaus for investigations. Typed letters risk getting flagged as being written for you by a credit repair company. And the credit bureaus tend to believe that credit repair companies simply dispute every single negative item regardless of accuracy, which runs the risk of your disputes getting flagged as "frivolous". They may or may not flag it, but you don't want to risk it. Be sure to mail all letters by certified mail. The credit bureaus have up to 45 days to investigate your disputes, so be sure to document the dates of the letters as well.
Within 30-45 days you should receive the results of the credit bureau's investigation. They will either verify, update, or delete the information. credit repair
5. Work on adding good credit to your credit reports. Look into bad credit secured and unsecured credit cards. Pick 2 or 3 max, as you do not want to apply for too many credit cards at once. This appears as though you are desperate for credit, adds too many credit inquiries on your credit reports, and can lower your credit scores.
First request all three of your credit reports from Equifax, TransUnion and Experian. You will probably come across several errors as it's estimated that up 70% of all credit reports contain errors. The information will probably vary between the 3 credit bureaus. You can request a free copy of your credit report anytime you are denied credit as long as you request it within 60 days of your credit denial. If you have been denied credit, copy the credit denial letter from the creditor (which they are required to send to you after they deny you credit) and include that with your request. You are also entitled to a free copy of your credit report anytime you are denied insurance, or if you are unemployed.
2. Analyze all three reports for errors. You're likely to come across entries that you don't recognize. Look for duplicate entries, misspellings of your name, and old and/or inaccurate addresses. This is very important. Any negative or inaccurate item which is tied to an old or inaccurate address should be noted and removed. Also look at the inquiry section. Contact these creditors you do not recognize and that you do not recall applying for credit, and request that they remove the inquiry from your credit report. Some may, some may not.
3. If you are receiving collection letters from a collection company or a collection attorney, always respond back in writing requesting validation of the alleged debt within 30 days of receiving the letter. Basically this means you are asking them to prove that this is a valid debt of yours AND that they have a legal right to collect the alleged debt. They must provide you written proof of the debt. If you ignore the collection letter without writing them for "debt validation", the law says they can assume that the debt is valid and belongs to you. credit repair
4. Dispute any items on your credit reports that you feel are inaccurate, incomplete, or misleading. When you have targeted the items to be disputed, create 3 folders for each credit bureau so that you can keep everything easily organized and separated by credit bureau. Be sure to make copies of all dispute letters and copies of your credit reports and keep each separated and filed accordingly. IMPORTANT: Handwrite all of your dispute letters. Trust me on this. Handwritten letters are sorted and separated from typed (form) letters by the credit bureaus for investigations. Typed letters risk getting flagged as being written for you by a credit repair company. And the credit bureaus tend to believe that credit repair companies simply dispute every single negative item regardless of accuracy, which runs the risk of your disputes getting flagged as "frivolous". They may or may not flag it, but you don't want to risk it. Be sure to mail all letters by certified mail. The credit bureaus have up to 45 days to investigate your disputes, so be sure to document the dates of the letters as well.
Within 30-45 days you should receive the results of the credit bureau's investigation. They will either verify, update, or delete the information. credit repair
5. Work on adding good credit to your credit reports. Look into bad credit secured and unsecured credit cards. Pick 2 or 3 max, as you do not want to apply for too many credit cards at once. This appears as though you are desperate for credit, adds too many credit inquiries on your credit reports, and can lower your credit scores.
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