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are easier negative listings to remove.  
Myth #4 Disputing the credit report is easy and any consumer 
can do it himself for the price of a few postage stamps. 
Disputing the credit report is easy. Getting results from 
the credit bureaus is amazingly difficult, complex, and 
infuriating. It isn't a coincidence that the Federal Trade 
Commission receives more complaints against credit bureaus 
than any other type of business. Remember, the credit 
bureaus are primarily interested in protecting their 
profits. Investigating your challenge consumes these 
profits. Short of sparking mass numbers of lawsuits, the 
credit bureaus will do everything in their power to 
discourage consumers from making progress with their credit 
restoration. Restoring your own credit is like repairing 
your own transmission or representing yourself in court: it 
is possible, but you must decide if you are willing to take 
the time and assume the risks of doing it yourself.  
Myth #5 If I declare bankruptcy, I can begin my credit 
report all over with a clean slate. Many bankruptcy 
attorneys do not adequately understand of explain the 
effects of bankruptcy to their clients. Stated simply, 
bankruptcy is to the credit rating what the nuclear bomb is 
to war. When you file for bankruptcy, every credit account 
that you decide to include in bankruptcy will become an 
"included in bankruptcy" account. Additionally, a bankruptcy 
filing and bankruptcy discharge listing will appear in the 
court records section of your credit report. Because so many 
negative items are attached to the bankruptcy, it becomes 
very difficult to remove all trace of the bad credit. If at 
all possible, you should avoid bankruptcy.  
Myth #6 If you are not satisfied with the results of your 
credit bureau challenge, you may file a "100 word statement" 
on your credit report explaining your side of the story. 
Creditors will read your statement and will take it into 
consideration. No creditor, that we know of, considers 
information given in a 100 word statement. The statement 
only serves to very some of the negative listings on the 
credit report.  
Chapter Two: Creating Good Credit 
Maybe you've recently finished restoring your credit or 
maybe you're young and haven't used credit yet. In either 
case, it's easy to build a positive credit history quickly 
and cheaply. Most times you can build a glowing credit 
report in just a couple of weeks. First, you must make sure 
that you're credit report is spotless. Most times, creditors 
will protect their liability by giving you several reasons 
for your credit denial. If you receive a denial letter that 
states, "Derogatory credit accounts & insufficient positive 
credit accounts," don't worry about the positive credit 
until you've repaired the bad credit. That creditor would've 
probably denied you regardless of your bad credit history.  
If you have any bad credit on your credit report, see the 
Restore Bad Credit file in this web site. Now that your 
credit is perfect, you are ready to build a positive credit 
profile. Follow any or all of these techniques to stack your 
report with A-1 listings. But, beware, if you stack too many 
open accounts, or too many credit inquiries, you will be 
denied based on debt to income ratio and excessive credit 
inquiries. If you already have a problem with excessive 
credit inquiries, see the Erase Credit Inquiries file in 
this web site. Piggy-back on a Friend If you know someone 
(like a good friend or parent) who has good credit, you can 
"borrow" their good credit listings. This friend must have 
credit cards, and must trust you enough to allow you to 
become an "authorized user" on his credit cards. Just have 
your friend call his credit card company and request that 
you be placed on his card as an authorized user. A copy of 
the card will be sent and you may simply return it to your 
friend. Your credit file should soon show an open account 
with all of the positive history that your friend has 
created over the years with that credit card. A small 
footnote will show that you are an authorized user of that 
card.  
Remember, though, when a new credit grantor goes to review 
your file, he may insist that the balance on the card appear 
on your debt to income ratio balance sheet. That shouldn't 
disqualify you for credit if your income is sufficient and 
you don't have a n excess of debt on your file. Get a 
Collateralized Credit Card Telephone the North American 
Consumer Alliance (NACA) at (801) 263-1373 and request their 
collateralized Visa card. You can get this card even if you 
have some bad credit still on your credit file. The Visa 
that NACA offers will allow you to utilize 150 % of the 
money which you place as collateral. So, if you put up 
$500.00 as collateral, you will be allowed to charge up to 
$750.00. Do the Credit "Waltz" Most banks will help you to 
build credit by allowing you to borrow against an amount 
placed in savings.  
Here's how you can "waltz" $500.00 to $1000.00 into a good 
credit rating without tying the money for more than a few 
hours.  
Step One. Deposit an amount over $500.00 in a bank savings 
account. Explain to your account representative that you 
would like to build good credit by taking out a loan against 
that amount. Make sure you understand the terms of the loan. 
You must make certain that at the bank will allow you to pay 
the note off within 90 days without an interest penalty.  
Step Two. Take your new $500.00 loan to another bank and 
repeat Step One.  
Step Three. Repeat Step Two until you are satisfied that you 
have enough accounts to constitute sufficient positive 
credit.  
Step Four. After ninety days, return to each bank and ask 
that each loan be retired with the $500.00 being held as 
collateral. Seek Easy Credit Many stores extend credit 
without tremendous regard for the credit standing of the 
applicant. These stores usually can be found in industries 
with small products or traditionally high mark-ups.  
Here are a list of creditors who will often extend credit to 
those without much credit history: Fingerhut Radio Shack 
Jewelers Furniture Stores Tire Stores Appliance Stores Easy 
credit Auto Dealerships 
Chapter Three: Obtaining A Mortgage 
Would you believe that it is usually much harder to qualify