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Posted on October 18, 2008 by Chane Steiner | Posted under Credit
Credit Repair: Undoing Your Damage
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Here you'll find a few steps that will aid you in your efforts to repair your credit scores: Obtain Your Credit Report Request a copy of your credit report from the three major consumer reporting agencies. This will also tell you what your credit scores are. Evaluate Your Credit Reports Once you have your reports, you'll want to ensure the information is correct. There are mistakes in nearly 80% of all credit reports. Dispute Questionable Items If you discover an inaccuracy or accounts you're not familiar with, dispute it with the reporting credit bureau. If the creditors cannot verify an account, the bureaus must remove all references from your credit report. Consumer reporting agencies receive thousands of disputes each day. These disputes are handled by employees who make minimum wages with only a very short time to investigate each dispute. If the negative accounts aren't removed after your initial dispute, don't despair. It make take a few efforts to get the CRAs to remove the account. Be patient and allow four to five weeks between your efforts. Pay Off Bad Debt Paying off your most recent past due accounts can increase your credit scores. Use caution when paying on accounts more than a few years old, as paying them can bring your down your scores even more by triggering a "current" status on the account. Negotiate with the creditor to update the account to reflect “paid as agreed" or to remove the account BEFORE you pay it. It's difficult to convince the creditor to update or remove it after payment because you don't have as much leverage. That said, it sometimes is easier to dispute paid accounts with the consumer reporting agencies. Maintain and Utilize Credit to Your Advantage Another important aspect with raising your credit scores is to keep your existing balances below 35% of your available credit limit. You'll also want to minimize the number of inquiries you make by not applying for credit unless absolutely necessary. About The Author: Learn more about how to fix your bad credit or hire Lexington Law - the best credit repair service in the nation. |
Tags: CREDIT REPAIR, REPAIR BAD CREDIT, REPAIRING BAD CREDIT, REPAIRING YOUR BAD CREDIT, BAD CREDIT REPAIR, HOW TO REPAIR BAD CREDIT, HOW TO FIX YOUR CREDIT
