Financial Consulting Group, Inc.
An Independent firm
111VeteransMemorialBoulevard,Suite1506
Metairie,LA70005
(504)835‐1707
www.fcgno.com
CharlesR.Miller
DarrenM.Olivio
ChristopherM.Fuller
CertifiedFinancial
FinancialAdvisor
FinancialAdvisor
FinancialCorner
October2013
HowCanIRepairPoorCredit?
Yourfirststepinrepairingpoorcreditshouldbetoobtainacopyofyourcreditreport.Thethreemajor
creditreportingagenciesareExperian,TransUnion,andEquifax.Youcanobtainacopyofyourreport
bycontactingtheseagenciesbyphone,bymail,orthroughtheirwebsites.Checkthereportcarefullyfor
anyerrorsandmakesurethatalltheinformationcontainedinthereportiscorrect.
Next,youcantrymitigatingtheimpactofanyderogatorycredityoumayhaveonyourcreditreportby
adding positive account information to your credit file. Start by contacting creditors with whom you
haveagoodcreditrelationshipandgivethempermissiontoreleaseyouraccountinformationtocredit
reporting agencies. You should then contact the credit reporting agencies and provide them with the
namesandtelephonenumbersofthecreditorswithwhomyouhavegoodcredit.Forasmallfee,most
creditreportingagencieswillcallyourcreditorsandaddthepositiveaccountinformationtoyourfile.
Anotheroptionistogodirectlytoyourcreditorsandtrytoclearyourcreditrecord.Ifyourpoorcredit
resultedfromcircumstancesthatwerebeyondyourcontrol(e.g.,hospitalization,layoff),andyouhave
reconciled your account since that time, you may be able to convince your creditors to upgrade your
rating.
Ifyouhavebaddebtsthatarecurrent,youmaybeabletonegotiateawaypoorcreditbyagreeingtopay
offyourdebtsoveraperiodoftime.Contactyourcreditorsandproposeadealinwhichyouwillagree
toareasonablerepaymentscheduleiftheyagreetoupgradeyourstatuswiththecreditbureau.
Youcanalsoaddastatementtoyourcreditreportthattellsyoursideofthestory.Youhavetherightto
include a 100‐word statement in your credit file. The statement should list any extenuating
circumstances that could possibly mitigate the negative credit information in your credit report.
Perhaps you were hospitalized for a period of time and were unable to pay your bills, or maybe you
werelaidofffromyourjob.Ifyourcredithistoryshowsthatyoutypicallypayyourbillsontime,this
statementcouldhelptoexplainanisolatedinstanceorperiodofderogatorycredit.
Thisinformation,developedbyanindependentthirdparty,hasbeenobtainedfromsourcesconsideredtobereliable,butRaymondJamesFinancial
Services,Inc.doesnotguaranteethattheforegoingmaterialisaccurateorcomplete.Thematerialisgeneralinnature.RaymondJamesFinancialServices,
Inc.doesnotprovideadviceontaxorlegalissues.Thesemattersshouldbediscussedwiththeappropriateprofessional.PreparedbyBroadridgeInvestor
CommunicationSolutions,Inc.Copyright2013SecuritiesofferedthroughRaymondJamesFinancialServices,Inc.,MemberFINRA/SIPC
Financial Consulting Group, Inc.
An Independent firm
111VeteransMemorialBoulevard,Suite1506
Metairie,LA70005
(504)835‐1707
www.fcgno.com
Finally, you can always choose to wait out your credit problems. With some minor exceptions,
derogatorycreditwillbepurgedfromyourcreditreportwithinsevenyears.However,ifyoucanshow
incomestabilityandpromptpaymentpatterns,yoursituationwillimprovewithinonetothreeyears.
Keepinmindthatyoushouldavoidincurringanymorederogatorycreditwhileyoutrytorepairyour
poorcredit.Ifyoudoincurderogatorycredit,theseven‐yearclockresetsandstartstickingagain!
Weinviteyoutovisitourwebsiteatwww.fcgno.comandforquestionsorcommentsregardingthisor
anyotherfinancialissuespleasecontactusat(504)835‐1707oremailusatinfo@fcgno.com
Thisinformation,developedbyanindependentthirdparty,hasbeenobtainedfromsourcesconsideredtobereliable,butRaymondJamesFinancial
Services,Inc.doesnotguaranteethattheforegoingmaterialisaccurateorcomplete.Thematerialisgeneralinnature.RaymondJamesFinancialServices,
Inc.doesnotprovideadviceontaxorlegalissues.Thesemattersshouldbediscussedwiththeappropriateprofessional.PreparedbyBroadridgeInvestor
CommunicationSolutions,Inc.Copyright2013SecuritiesofferedthroughRaymondJamesFinancialServices,Inc.,MemberFINRA/SIPC