How To Fix Bad Credit
There are two steps to fixing a bad credit rating.
1.Remove negative items from your credit report.
2.Create positively reporting accounts.
Let us look at the second part first because this is much easier. You should open a new credit line and make on time monthly payments. Additionally pay all your current bills on time.
This will create a trail of positive on time payments. We suggest an unsecured credit card, however if your credit is very bad then you may have to open a secured credit card.
The second step is removing derogatory items from your credit report. This is by far the most effective method of raising a damaged score. If you do not remove these items it will not matter how many positive reporting lines of credit you have because the derogatory marks will continue to damage your score.
Unfortunately there is a lot of inaccurate information that says you can not remove an item from your credit report without waiting seven long years. This is absolutely not true.
The credit bureaus have spent millions of dollars creating this myth. The reason is because it costs the bureaus time and potential profits to investigate disputes.
Additionally the bureaus have created a rumor that credit repair is illegal. This is not true.
Credit repair is legal and the government has created laws to protect you and your credit report. The Fair Credit Reporting Act passed by Congress says that a mark can remain on your report for a maximum of seven years. It does not say anything about the minimum amount of time a mark must remain.
It may not be the most ethical to dispute a mark you know is accurate, it is your government given right. You will never face any legal prosecution, jail time, or fines for disputing any item.
Also how ethical is it for creditors to charge you outrageous interest rates, late payment fees, and over the credit limit fees. You can have 20 years of good on time payments but once you become delinquent you are hit with the fees.
Frequently life throws us a curve ball such as; illnesses, unemployment, medical bills and more. How ethical is it for lender to punish you for a catastrophe for seven long years. You could have been the model customer for 20 years earlier.
To summarize you dont just have to live with a low credit score you can remove the negative marks. This will help you raise your score and give you the life that you and your family truly deserve.
1.Remove negative items from your credit report.
2.Create positively reporting accounts.
Let us look at the second part first because this is much easier. You should open a new credit line and make on time monthly payments. Additionally pay all your current bills on time.
This will create a trail of positive on time payments. We suggest an unsecured credit card, however if your credit is very bad then you may have to open a secured credit card.
The second step is removing derogatory items from your credit report. This is by far the most effective method of raising a damaged score. If you do not remove these items it will not matter how many positive reporting lines of credit you have because the derogatory marks will continue to damage your score.
Unfortunately there is a lot of inaccurate information that says you can not remove an item from your credit report without waiting seven long years. This is absolutely not true.
The credit bureaus have spent millions of dollars creating this myth. The reason is because it costs the bureaus time and potential profits to investigate disputes.
Additionally the bureaus have created a rumor that credit repair is illegal. This is not true.
Credit repair is legal and the government has created laws to protect you and your credit report. The Fair Credit Reporting Act passed by Congress says that a mark can remain on your report for a maximum of seven years. It does not say anything about the minimum amount of time a mark must remain.
It may not be the most ethical to dispute a mark you know is accurate, it is your government given right. You will never face any legal prosecution, jail time, or fines for disputing any item.
Also how ethical is it for creditors to charge you outrageous interest rates, late payment fees, and over the credit limit fees. You can have 20 years of good on time payments but once you become delinquent you are hit with the fees.
Frequently life throws us a curve ball such as; illnesses, unemployment, medical bills and more. How ethical is it for lender to punish you for a catastrophe for seven long years. You could have been the model customer for 20 years earlier.
To summarize you dont just have to live with a low credit score you can remove the negative marks. This will help you raise your score and give you the life that you and your family truly deserve.
About the Author:
For a free credit consultation call 1-866-246-7311. For free Credit Repair Letters or for a free Credit Repair e-book visit us.
posted by Debt Consolidation Loan at
6:24 AM
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