PsychDoc's Credit Repair Primer
Here's my beginner's text for the true neophyte. Everything here can be argued back-and-forth by experts, but this document isn't intended for them. Everything here is oversimplified, but this document isn't for people who enjoy life's complexity. Everything here is just my opinion, but this document isn't for people who hate opinions. Regardless, I hope it helps someone. :)
The Underlying Premises
Credit repair is legal. Credit repair is your right. Credit repair is possible, even though some curmudgeons say it isn't. Finally, credit repair is more than just sending a dispute to a credit bureau; there's a lot to learn in this community.
Required Reading
1. The FAQ. A valued Creditnet veteran named Dave (whose Creditnet nickname is "Nave") put together a wonderful "Frequently Asked Questions" (FAQ) document which is a terrific place to dip in for the first time. Now maintained by Creditnet member "Butch," you can read this
here.
2. The Creditnet thread about the FAQ. Go ahead and read
this too.
3. The Creditnet Glossary. That's
here.
Optional Reading (Required Later)
1. The Fair Credit Reporting Act (FCRA). You can find that federal statute and related articles, opinions and commentaries
here.
2. The Fair Debt Collection Practices Act (FDCPA). You can find that federal statute and quite a few interesting FTC articles and commentaries about it
here.
3. The Creditnet Sample Letters Library. You can find that
here. Keep in mind that these aren't all the letters; inventive Creditnet members have devised all sorts of techniques, tactics, and associated letters which are often discussed on the board.
4. The Creditnet Library. This is different from the Sample Letters Library just mentioned here. Instead, the board administrator has prepared a myriad of excellent articles that may help you to wrap your mind around the material. Find that
here.
The Required Skill
Before long, you'll come across something that piques your interest. So, for example, someone will mention the "Raving Lunatic Cousin of Nutcase" letter, and you'll want to read that. What should you do? Should you post a thread and ask for it? Probably not. If every one of us posted our "desired document of the day" here, then this board would be overrun with those requests. (Thankfully, though, when someone DOES post something like that, they're not treated disrespectfully. But I digress, alas.) Instead, learn to use the SEARCH function. At the bottom of every discussion board page is a simple search box and button. To continue our example, if one types the words "Quixote raving lunatic nutcase" in the box and clicks the search button, the desired article will quickly surface for your reading pleasure.
The Required Habit
Everyone who's achieved credit repair success here has invested a good amount of time reading the board. The more you read, the more you'll learn. You must read. Read, read, read. :)
How It Works
Basically (and we're talking VERY basically at this point), credit repair occurs through letter writing. Some letters are directed directly toward original creditors. Others are aimed at third-party collectors (like collection agencies). Still others are meant for credit bureaus (often called "CRAs" here, which stands for "credit reporting agencies" per the Creditnet Glossary I referenced in this primer's Required Reading section). Your task at the start is to figure out which letters -- and their associated strategies -- you need in order to attack your specific set of credit-related difficulties. To that end, you should acquire your individual consumer report from the three major bureaus (Equifax, Trans Union, and Experian), and the Creditnet FAQ mentioned at the start will point you in the right direction for that. Finally, your newly-found Creditnet family will provide you plenty of advice and direction.
The Schedule
Here's a suggested schedule. Others may disagree. (Remember what I said about expert arguments, simplicity, and opinions?) :)
Phase 1: Newbie Training. Allow yourself time to be a newbie. For most people the designated newbie period should be from two to four weeks. During this period, post on the board (but learn to "search" first per this primer's Required Skill remarks). Introduce yourself. Say, "Hi, I'm Joe, my credit stinks because I was a fool (or because of tragic circumstances beyond my control, etc.), and I'm here to learn." Refrain from the feeling that you must prove yourself to be an expert already. (Posts that say stuff like "I can assure you that FICO is solely an Equifax product" won't make you too many friends, lol.) Just enjoy your newbie stage. I fondly remember the beginning when I knew nothing. (And there's NOTHING wrong with knowing nothing, take it from me.)
Phase 2: Plotting Your Strategy. You've indulged your newbie-ness for a few weeks, and you've spent a lot of time reading the board. You're itching to get started. By the way, the reason I don't recommend just diving in right from the start is because you may discover that slowing down and taking time to do some newbie research first may save you lots of time and money in the long run. Anyway, Phase 2 can take as little as a few hours to a few days. Here's where you develop a strategy and then post it for others to review, perhaps something like this: "I think I'm ready to dive in. Here's my thinking. I've got this and this and this, and I'm going to send Goodwill letters to these two, and straight validation letters to these three, Quixote's modified Knockout letter to this one, PsychDoc's Nutcase series to that one, and I think I'd like to sue this last one. What do you think?" Then carefully consider the feedback! :)
Phase 3: In the Thick of Things. This can take anywhere from a few months to a few years, depending upon your goals, the amount of time you're willing to devote to your new credit repair avocation, skill, and (unfortunately) even luck. Most people begin experiencing substantial improvements pretty quickly, though!
Tips for Better Living
Anyone who reads this last primer section will surely be able to point out the times I myself have violated these rules. All of us are human. Even psych PhDs, lol. (As an aside, I have learned to HATE it when a relative or neighbor says this to me whenever I've experienced a problem being a husband, parent, etc.: "Gee, I thought you studied psychology and were supposed to know how to do everything right already.") Anyway, these are simply heuristics for which we should strive imho:
1. Try to be nice to other Creditnet members. This is tough. I can't tell you the number of times I've written out a wonderfully acidic and eloquent nasty response to someone(s) I consider to be a nincompoop and then smartly decided not to post it at the last second. Of course there are those other times I went ahead with it, but I can tell you from experience that I have almost ALWAYS regretted it later. By then you just let it go, but everytime you see that other person on the board there's that strange feeling of enmity that you probably wish wasn't there. I can think of 3 different people with whom I strongly wish I'd interacted differently. Striving to be polite, even with those (and perhaps especially with those) with whom you disagree is a good tip for better living, I think.
2. Try not to be an instant expert. Ok, some people here have achieved expert status, lol. They've been around the block, seen success, devised a unique tactic or two, given a lot of advice that ended up helping many others, etc. Still, so-called "experts" don't know everything. Moreover, none of the "experts" I know here are entirely comfortable with that label. Strive for experience. Strive to help others. Strive for your own personal success. But avoid striving to impress. If you get to the point where you can write posts that are helpful to others (and you WILL eventually if you end up addicted like so many of us, lol), then your helpful posts will speak for themselves. That status comes with time and experience. Attempting to be an "expert" after a month on the board may well cheat you out of some good advice that somebody else doesn't offer because they figure you already know everything they have to say. Even worse, you may offer up some expert advice that's wrong. Go slow.
3. Read, read, read. That was mentioned before in this primer, but it's worth repeating as a Tip for Better Living. :)
Ok, that's it. This was not intended to be a credit repair how-to, so there's nothing in this primer about various techniques, letters, strategies, etc. Instead, this was intended to be helpful to that individual who shows up for the first time and needs a little welcome diatribe that points toward the yellow brick road. (Hopefully, it's not just more confusing noise, though. Forgive me if I failed.) Good luck to you!
Doc
Linear Mode
