Erase Bad Credit
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 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.
Upon receipt of a valid dispute letter the bureau will investigate the item. They will ask the creditor to verify the account, the balance and the dates of delinquency.
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.
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.
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.
Upon receipt of a valid dispute letter the bureau will investigate the item. They will ask the creditor to verify the account, the balance and the dates of delinquency.
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.
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.
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.
About the Author:
For more tips to repair credit or to read an article about credit legal repair services visit us.
posted by Credit Counseling at
3:40 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home