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.
However if the creditor does not verify the account then the item must be removed from your report. It has been learned that once a charge off, repossession, and late payment have aged 2 years there is a high success rate that they will not be verified by the creditor.
This is a result of these lenders having received some form of payment. For example a charged off account has likely been sold to a collection agency. Thus the credit card issuer has no reason to save your account or records of it.
With judgments, bankruptcies, tax liens and recent delinquent accounts it is more difficult to remove these items from your credit. If you have one of these we suggest a service because they have more tactics they can use to remove an item.
When an item is verified a service can use advanced dispute techniques to dispute the item. These include; escalated dispute information requests, debt validation, and creditor direct intervention.
In addition it will help your credit score if you open a revolving line of unsecured credit. I suggest a bad credit credit card. This will help you build a positive payment history which is very important when your score is being calculated.
In sum you do not have to wait seven years to repair your credit. You can have a good credit score by removing derogatory items and building a positive payment history. - 2364
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.
However if the creditor does not verify the account then the item must be removed from your report. It has been learned that once a charge off, repossession, and late payment have aged 2 years there is a high success rate that they will not be verified by the creditor.
This is a result of these lenders having received some form of payment. For example a charged off account has likely been sold to a collection agency. Thus the credit card issuer has no reason to save your account or records of it.
With judgments, bankruptcies, tax liens and recent delinquent accounts it is more difficult to remove these items from your credit. If you have one of these we suggest a service because they have more tactics they can use to remove an item.
When an item is verified a service can use advanced dispute techniques to dispute the item. These include; escalated dispute information requests, debt validation, and creditor direct intervention.
In addition it will help your credit score if you open a revolving line of unsecured credit. I suggest a bad credit credit card. This will help you build a positive payment history which is very important when your score is being calculated.
In sum you do not have to wait seven years to repair your credit. You can have a good credit score by removing derogatory items and building a positive payment history. - 2364
About the Author:
For more tips to repair credit or to read an article about credit repair letters visit us.
No comments:
Post a Comment