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Tuesday, February 24, 2009

How You Can Erase Bad Credit

By Matt Douglas

Bad credit, those two small words can have a huge impact on your life. It can stop you from doing numerous things, including borrowing money for a house or a car.

It can truly affect your standard of living, it's critical to fix your bad score immediately.

It's very important to understand exactly what having bad credit means. Basically it means that you have a poor credit rating.

Frequently this is a result of missing payments, making late payments, exceeding card limits or filing bankruptcy. The FICO score is how your credit is rated.

It can also be indicators of your need to fix your report. A bad FICO score is considered to be a score from 300 " 580.

If a lender actually agrees to lend you money, you pay a huge amount of extra money in extremely high interest rates. That is only if they actually agree to lend you money.

Now that you know exactly what bad credit means how do you fix a bad report? Well, it takes a lot of work and some time, but it is doable.

You should pay your bills on time each and every month. By paying your bills routinely, you will establish an impressive record, and it will help you payment history.

Secondly, you should get a copy of your report and see if there are any negative entries that do not actually belong to you. Mistakes on are a very common occurrence, and should be taken seriously.

If the mark is not an error you should negotiate with creditors for payment in exchange for deleting the information they report to the bureaus.

When you find mistakes on your report, you have two options to fix it.

First, you can try to do it yourself. Removing these mistakes can be cumbersome and time-consuming.

You will have to send a dispute letter to each credit bureau with an explanation of why you are requesting the mistake to be removed.

The second option is to hire a credit repair service. These services will actually complete the process of removing bad marks on your report.

Working with an experienced service will allow you to achieve optimal results, with a minimum time effort.

These services and law firms know the credit laws. And how best to dispute a mistake or bad mark on your report.

When it comes to your credit score and how important this three digit number is. And how much influence it has over your quality of life. We suggest you hire a professional to negotiate to repair your credit.

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