Helpful Credit Repair and Tax Information

We understand that there are more important things to life than credit scores. That's why we offer many programs and options that make owning a home easy for anyone. To help you improve your credit along the way, we have compiled helpful credit repair information with easy steps towards a better credit file, regardless of your history.

We are in the business of providing you with education and creating options for you and your house in this unfortunate foreclosure situation. However, our materials are general in nature and may not be applicable to your particular situation; therefore, they do not constitute legal advice. Changes in government policy occur frequently with little or no notice. If you believe that you have a legal problem please consult with an attorney. We hold no liability for the information we provide. If you are unsure of some of the information we provide or have further questions, please seek legal advice.

Your credit report is now free due to federal ruling
A recent amendment to the federal Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months, from www.annualcreditreport.com. Consumers in Texas can begin requesting their free credit reports June 1, 2005. Beginning September 1, 2005, free reports will be accessible to all Americans, regardless of where they live. -www.ftc.gov/bcp/conline/edcams/credit/index.html

You have the right to dispute anything on your credit report
You must be told if information in your credit file has been used against you. If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate inaccurate, incomplete or unverifiable information, and it must be removed or corrected, within 30 days unless your dispute is frivolous. Disputing too many items at once may allow the credit bureau to reject your dispute as frivolous, so make several disputes (in pieces) if necessary. A consumer reporting agency may continue to report information it has verified as accurate. If a consumer reporting agency, a user of consumer reports, or a furnisher of information to a consumer reporting agency violates the FCRA (Federal Credit Reporting Act), you may be able to sue in state or federal court. -www.ftc.gov/credit

Consider avoiding escrow payments
Even though mortgage companies give you the option to escrow your tax and insurance into your monthly payments, it may be to your advantage to pay the insurance and taxes on your own and only be billed for your principal and interest on a monthly basis. Mortgage companies profit from your money in escrow, so why not profit for yourself? We can show you how.

Dispute credit inquiries too
Credit inquiries are bad because too many of them can indicate to a creditor that you're "credit hungry" and maybe in financial trouble. First, find out which credit inquiries are getting in your way. Find the addresses for each credit inquirer; these are normally on your credit report. Prepare letters to each inquiring creditor asking them to remove their inquiry. Be sure to send each letter Certified Mail, Return Receipt Requested and keep close track of the time you sent the letter. If the inquiring creditor doesn't respond within 30 days, you will have ample grounds to call the inquiring creditor and demand action to remove the inquiry. -http://www.creditinfocenter.com/repair/inqerase.shtml

Deduct your mortgage interest paid over the year
As a homeowner, don’t forget to deduct your mortgage interest paid over the year for which you are filing your taxes. This should be reported to you from your mortgage company on a 1098 statement. Business owners who operate out of their homes and home offices also may qualify for deductions on utilities, home repairs, etc.

Review the IRS publications or website for these and other homeowner benefits. -http://www.irs.gov/publications/p936/index.html

Other possible deductions
If you are moving out of your home due to a job transfer, you may be able to deduct your moving expenses. -www.irs.gov

Download Adobe PDF File: Credt_Tax.pdf

Download Adobe PDF File: Bankruptcy.pdf