Erase Bad Credit
If you have a low credit score contrary to popular belief you do not have to just wait seven years for your credit report to naturally repair it self. You can take action today and remove bad credit items from your report.
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.
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 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.
This is because the creditor has gotten some form of payment for your debt. For example with a charged off credit card the creditor has sold your debt to a debt collector. Therefore the creditor has no reason to save records 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 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.
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 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.
This is because the creditor has gotten some form of payment for your debt. For example with a charged off credit card the creditor has sold your debt to a debt collector. Therefore the creditor has no reason to save records 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.
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For more tips to repair credit or to read an article about credit repair letters visit us.
posted by Debt Consolidation Loan at
9:20 AM
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