| How to Legally Erase
Bad Credit page 1
INTRODUCTION
It is the purpose of this report to teach you how to obtain a copy
of your Consumer credit report and to remove such things as
judgments, late payments, liens, or anything that is untrue or
unfair from such reports, thereby improving your consumer credit
rating.
WHAT IS CREDIT?
The average American has a better understanding of General Motors
than he or she does about their credit rating. Credit is used every
day by millions of Americans, yet most do not have the faintest idea
how our credit system really works. Most people only know that they
can pull out a plastic credit card and buy something that they don't
have the cash to pay for. The dictionary defines credit as
financial trustworthiness. Time given for payment for goods SOLD ON
TRUST!
Actually, the credit system we now use is as old as the business
world itself. The trend of today that we see advertised everywhere
is: "BUY NOW AND PAY LATER." It is this philosophy that has caused
millions of Americans to live from payday to payday, or from payment
to payment!
Credit has been extended whenever goods are sold, or where
services have been rendered and immediate payment of cash has NOT
been made. The principle of credit is the same, whether the corner
grocery store owner lets a patron "put it on the tab" until payday,
or an executive takes a $5,000 cash advance from his American
Express(TM) GOLD CARD! What do you think would happen to the
grocery store customer if when payday came around he DID NOT pay his
bill as promised? Well, the grocer might give him more time, but
chances are the grocer would no longer extend credit to such a
customer. He would no longer be allowed to purchase his groceries
"ON CREDIT!"
The same situation is true for the executive if he fails to pay his
obligation for the $5,000 cash advance. His credit rating would be
damaged, and that would make it very difficult for him to obtain a
new credit card from American Express(TM) if he did not first clear
up the debt that he owed.
With these examples in mind, if the grocer was stuck with a large
unpaid bill, he would go around the neighborhood and tell all the
other merchants that Mr. X "burned" him, and is NOT good credit
risk. From that point on, none of the other merchants in town will
give Mr. X any credit!
American Express(TM) would be faced with the very same problem. How
would they inform other corporations that Mr. Executive is a poor
credit risk? And how would American Express(TM) be able to obtain
information on other clients who are applying for them for the
credit for the first time?
The following pages will explain in more detail how credit is
established and how you can investigate and improve your PERSONAL
CREDIT REPORT. Be sure to read each sentence CAREFULLY as your
credit is your FUTURE BUYlNG POWER. More important, your credit is
your name! |
