Bad Credit Repair
You do not have to just wait for negative marks on your credit report to fall off. You can remove them and improve your credit score.
The Fair Credit Reporting Act says that you can dispute any item that you do not believe to be accurate on your credit report. It also says that any item that can not be verified must be removed from your credit.
For you to dispute an item you must create a dispute letter. You can do this yourself or you can hire a service to do it on your behalf.
Once the bureaus get your letter they will investigate the dispute. They will contact the creator of the item and get them to verify the account, the account balance, and the dates on the account.
If the account is not verified then it must be removed from your credit report. It has been found that items older than 2 years, charge offs, repossessions, late payments and discharged bankruptcies are easier to remove from your credit.
After two years the lender has received some form of payment. For example with a charged off credit card account the debt has been sold to a collection agency, and the lender has no need to save any record of your account.
Recent delinquent accounts, tax liens, judgments, and bankruptcies are more difficult to remove. If you have one of these marks then hiring a service is a good idea, because they have advanced dispute tactics.
If you have a service and your disputed item is verified then they can use advanced dispute techniques to remove the item. The techniques include; creditor direct intervention, escalated dispute information requests, and debt validation.
In addition it will help your credit score if you open a revolving line of unsecured credit. I suggest a bad credit credit card. This will help you build a positive payment history which is very important when your score is being calculated.
In sum, you should not wait seven years for credit repair to occur naturally. You can take steps today and rebuild your score.
The Fair Credit Reporting Act says that you can dispute any item that you do not believe to be accurate on your credit report. It also says that any item that can not be verified must be removed from your credit.
For you to dispute an item you must create a dispute letter. You can do this yourself or you can hire a service to do it on your behalf.
Once the bureaus get your letter they will investigate the dispute. They will contact the creator of the item and get them to verify the account, the account balance, and the dates on the account.
If the account is not verified then it must be removed from your credit report. It has been found that items older than 2 years, charge offs, repossessions, late payments and discharged bankruptcies are easier to remove from your credit.
After two years the lender has received some form of payment. For example with a charged off credit card account the debt has been sold to a collection agency, and the lender has no need to save any record of your account.
Recent delinquent accounts, tax liens, judgments, and bankruptcies are more difficult to remove. If you have one of these marks then hiring a service is a good idea, because they have advanced dispute tactics.
If you have a service and your disputed item is verified then they can use advanced dispute techniques to remove the item. The techniques include; creditor direct intervention, escalated dispute information requests, and debt validation.
In addition it will help your credit score if you open a revolving line of unsecured credit. I suggest a bad credit credit card. This will help you build a positive payment history which is very important when your score is being calculated.
In sum, you should not wait seven years for credit repair to occur naturally. You can take steps today and rebuild your score.
About the Author:
For more tips to repair credit or to read an article about credit repair letters visit us.
posted by Credit Counseling at
12:00 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home