Bad Credit Repair
If you have bad credit there is hope. You do not have to wait seven years for bad credit items to naturally fall off your credit report.
The Fair Credit Reporting Act that was passed by Congress gives you the right to dispute any item on your report. This act also makes it law that if the item is not verified by the creditor then the bureau must delete it from your credit report.
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.
The bureau will receive your dispute and investigate. They will contact the lender and ask them to verify the dates on the account and the balance.
If the creator is unable to verify the account then it must be deleted from your report. The easiest items to remove have been learned to be a charge off, repossession and a late payment after they have aged for two years.
This is a result of these lenders having received some form of payment. For example a charged off account has likely been sold to a collection agency. Thus the credit card issuer has no reason to save your account or records of it.
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.
A service can use more advanced methods to remove an item if it is verified by the lender. A service can use; creditor direct intervention, escalated dispute information requests, and debt validation.
You can help your score by building positive credit too. This can be done by opening a new revolving line of credit such as an unsecured credit card. This will help you create a positive payment history and improve your available credit to debt ratio.
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 that was passed by Congress gives you the right to dispute any item on your report. This act also makes it law that if the item is not verified by the creditor then the bureau must delete it from your credit report.
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.
The bureau will receive your dispute and investigate. They will contact the lender and ask them to verify the dates on the account and the balance.
If the creator is unable to verify the account then it must be deleted from your report. The easiest items to remove have been learned to be a charge off, repossession and a late payment after they have aged for two years.
This is a result of these lenders having received some form of payment. For example a charged off account has likely been sold to a collection agency. Thus the credit card issuer has no reason to save your account or records of it.
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.
A service can use more advanced methods to remove an item if it is verified by the lender. A service can use; creditor direct intervention, escalated dispute information requests, and debt validation.
You can help your score by building positive credit too. This can be done by opening a new revolving line of credit such as an unsecured credit card. This will help you create a positive payment history and improve your available credit to debt ratio.
In sum, you should not wait seven years for credit repair to occur naturally. You can take steps today and rebuild your score.
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posted by Credit Counseling at
11:58 AM
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