Work on your credit over the holiday here is why

Why the Holiday Season is the best time to begin working on your credit.

     

     Did you know that the end of the year is when most Americans not only apply for more credit but also utilize their revolving credit, ie Credit Cards?
     Most people don’t save for the Holiday Season and thus place many of the financial burdens such as buying presents, travelling and other expenses by “financing it” now and paying the debt off after the first of the year.

     I know, it doesn’t make sense, yet many people do it almost every year! This practice can cause problems, including some people’s inability to pay off the debt. This may mean late pays on their credit cards or worse yet, collections, charge-offs, excessive inquiries (from applying for more credit) and other credit issues.

     But if you have old negative information on your credit reports why is now the best time to begin improving your credit?

 

Here’s a secret that few people know.

     During the holiday season as more people apply for and use their credit---both Creditors and the Three Major Credit Reporting Agencies (CRA’s) are inundated with this increased business.

     This means that many of their employees at the CRA’s who usually handle disputes are now moved to different positions within the company for the Holiday Season. They can’t handle verifying and validating negative information that is being disputed. Thus a greater percentage of Old Negative Information is removed!
It’s that simple!

     So do a little research, study applicable Federal Trade Commission legislation and use the Statutes within those laws to achieve an even greater removal ratio!

     If you have questions on which FTC laws to study, just email or call us and we’ll give you more information.

 

Yours in Credit Education,

 

Thomas R. McKee