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How to Quickly Repair Your Bad Credit with These Secret Steps
10 Simple Steps to Repair Your Credit
Just how quick is "quick"? Well, no two situations are alike, so it simply means as fast as possible relative to your individual situation. Some people have been known to fix their credit in thirty days or less.
It all depends on how much damage has been done and for how long, as well as other aspects such as your present financial situation, personal efforts, and plain guts. But the good thing is; there's hope. Now here are the steps you can take to begin credit restoration and remove negative items:
(1) Before anything else, determine to start paying your bills on time. This is the most important step in credit scoring process, accounting 35 per cent of your score. It can make or break all your other credit repair efforts. One missed payment could your score lose as much as 100 points. Do whatever it takes to keep your open accounts paid on time.
(2) Know what is on your credit report: Start by obtaining your credit reports from all the major credit reporting bureaus. Most "experts" recommend getting your free annual reports. Unless you're dead-broke, don't. Why? Free reports are tied to a technicality that increases time for reinvestigation, in case of a dispute, from thirty days to forty five. Don't allow the bureaus or creditors this indulgence.
(3) You also need to know what your credit score is. You see, raising your score can open up some closed doors, and speed up the repair process. The most important score at present time is the FICO score because it is the most widely used. You can only get a true FICO score from either Fair Isaac Corporation or Equifax credit bureau.
(4) Credit reports often do contain mistakes that could impede your ability to get credit. Inaccurate negative information is generally easier to remove than accurate. Check for mistakes in accounts, types of credit, names, addresses, and other personal information. Also check for duplicated accounts that may have different account numbers (some debt collectors have been known to use such dirty tactics).
(5) Report any inaccuracies to the bureaus in writing. If you suspect that the error(s) emanate from a furnisher (creditor), contact that furnisher with the information. Furnishers are usually quicker in correcting errors as they have reputations to keep and don't want law-suits on their rear ends. Collectors are a whole different story. If you have documents to support your claims the better: enclose copies.
(6) Cut down your balances. Your credit cards and other "revolving debt" should not exceed 30 per cent of your limit. 30 per cent of your score is based on this. Once your creditor(s) report your new lower balance(s) you could see an almost instant increase your credit score.
(7) Perhaps the best way, bar none, to repair your credit is to negotiate with creditors and debt collectors. This is where guts come in. Creditors and collectors are the only parties, apart from the bureaus, that can legally remove negative items from your report. Some knowledge about your rights comes in handy, so as both parties may need to flex some muscle. Unfortunately this subject is far beyond the scope of this article.
(8) Disputing credit bureau entries is one tactic credit repair services often use. The assumption is that some creditors will find old debts not worth verifying. However, this can be a double-edged sword: it can reinvigorate collection efforts since by disputing you technically acknowledge awareness of the debts, and also because the debts could come back to haunt once verified. Also, bureaus are aware of this tactic and will often dismiss disputes as "frivolous".
(9) A mistake to avoid if you decide to take the credit bureau dispute route is using canned dispute letters lifted off of the Internet. This is a give-away that your claim may not be legitimate, which could cause your claim to be dismissed. Write in your own words. Also, avoid technical terms like "revolving accounts" and "trade lines".
(10) Don't dispute or close any open accounts, even with some blemishes. Open accounts help build credit history. Unless the accounts cause you excessive stress managing them, keep them open and paid on time. With time, these accounts will help farther raise your score.
3 Pitfalls to Avoid with Credit Repair Companies If you're thinking about applying for a loan or a credit card in the future, you may want to check your credit report and credit score. And if you have a few black marks, there are credit repair companies that can help you boost your score and fix any negative marks. To make sure you choose a reputable credit repair company, watch out for these warning signs:
1. Quick fixes "Your credit will be repaired in one week!" "It takes just three days to improve your credit score by 100 points!" Promises like this are just scam artists trying to get your business so they can take your money and run. In general, it'll take a legitimate credit repair company at least a month to make any changes to your credit report. That's because they usually have to contact the creditor and the credit reporting agency--and paperwork takes time. In fact, chances are you won't see a major difference in your credit score for about two or three months.
2. A New Identity "We'll get you a new social security number." "Your old credit history will be erased." These types of scam artists plan to get you an Employee Identification Number (EIN). An EIN resembles a social security number, but it's used by businesses to report financial information. Applying for an EIN and using it as your personal social security number is illegal, but these scam credit repair companies will encourage you to do it to "wipe the slate clean." Be wary of anyone who says they'll get you a new identity or new social security number.
3. Big Fees "We need a $50 deposit before we review your paperwork." "Our initial consultation fee is $100." Some scammers simply charge you money at the very beginning--before they even look at your paperwork--and then you never hear from them again. Never pay anyone a dime until they've at least reviewed your situation--credit history, current employment and income, etc.--and given you an estimate of your costs. Although you do need to be wary of scammers when looking for a credit repair company, there are many reputable businesses that can help you fix your credit history. However, before choosing a company, make sure you check them out with the Better Business Bureau and any local or state associations.
6 Credit Repair Myths Exposed If you’ve done any searching on the Internet for information pertaining to “Credit Repair,” you’ve no doubt found that there’s a great deal available. Unfortunately, there’s also a lot of misinformation as well. Let’s take a look at some of the most common misstatements you’ll come across and examine them in detail.
MYTH #1: “Credit repair doesn’t work!” While it’s true that credit repair is more “art” than “science” that’s not to say it doesn’t work. If you undertake to repair your bad credit score, there’s never any guarantee you can restore it to “perfect” status. But sometimes you can, and in almost every case you can at least affect some improvement in your credit score, and often major improvement at that!
First of all, credit reports for the most part are filled with errors. While there seems to be no general agreement, it’s estimated that anywhere from 1/3 (Attorney General of NY) to as many as 90% (Charles Givens Organization) of credit reports contain errors.
Removal of erroneous negative information alone will go a great way toward improving your credit score. But there’s more to the story, which brings us to myth #2.
MYTH #2: “Negative information that can be verified cannot be removed” This is one of those statements that are “almost” true, but taken literally is misleading. As is often the case, the inclusion (or exclusion) of one seemingly small word makes the difference in a truthful statement, and one that’s not (or not necessarily) accurate.
Let’s take an analogy. Suppose it’s the middle of summer, and your grass has grown unusually high. Let’s also suppose that you own a lawn mower, it’s in good working condition, and has plenty of gasoline in the tank. Now let’s say that you’re sitting on your couch and say to yourself “My grass will get cut today because I ‘CAN’ go outdoors anytime and cut it.”
So will your grass get cut? Not necessarily! Just because you “can” go outdoors and cut your grass doesn’t mean it’s going to get done. You can repeat this statement to yourself all day long, but your grass isn’t going to get cut until you actually go outside and DO it!
Likewise, because a negative item on your credit report “can” be verified doesn’t mean it will be. According to the Fair Credit Reporting Act, a credit bureau must investigate and verify “within a reasonable period of time” any item in your credit report that you dispute. If the “information is found to be inaccurate or can no longer be verified, the consumer reporting agency shall promptly delete such information.”
Now in this context “can be verified” clearly means verified by the credit bureau’s investigation of the item, and the “reasonable period of time” has been established (by subsequent rulings) to be 30 days. So if the credit bureau doesn’t complete its investigation of the disputed information within 30 days, or if for some reason the creditor fails to respond and verify the information, by law the disputed data must be deleted from your credit file.
MYTH #3: “Credit repair agencies are all scams” It’s true that there ARE a good many unscrupulous credit repair agencies. But there are also some corrupt police officers, lawyers, and politicians. Yet we don’t label all members of these professions as “corrupt.” If you’re looking for help to repair your bad credit you do need to be careful and do your “homework” when selecting an agency. There are many honest credit repair companies that are not “scams.” But beware of any who make promises as to results!
As stated above, it’s not always possible to restore your bad credit history to perfect status, and no one should be making any promises to that effect. Beware of any company that does! And while an agency will in all likelihood be able to improve your credit score, if any agency makes this promise, be sure it’s accompanied by a money back guarantee. Otherwise, look elsewhere. And don’t forget to ask for references and follow up on them.
MYTH #4: “You have to hire a credit repair agency or lawyer to fix your credit” Going back to the analogy above, you can always hire someone else to cut your grass (or to do just about anything else) for your. And if fixing your own credit seems an intimidating task, you might prefer to hire a credit repair company to do it.
But it’s not really necessary that you do. First of all, credit repair agencies aren’t cheap. You can expect to pay anywhere from $2,500 to $5,000 or more. Plus, you’ll be paying a high fee for something you can just as well do for yourself, which brings us to myth #5.
MYTH #5: “It’s too difficult or complicated to fix your own credit” A credit repair company isn’t going to do anything for you that you can’t do for yourself! Credit repair isn’t rocket science. It involves writing letters to credit bureaus and to creditors. If you’re able to write a letter, put a stamp on it and mail it, you’re able to repair your own credit. “Given the proper knowledge, you can fix your own credit”
This statement IS true! You‘re entirely able to repair your own credit, given the proper knowledge. And given the proper knowledge, you can fix your own car, repair your own plumbing, or for that matter perform brain surgery.
While fixing your own credit is relatively simple and straightforward, you do have to know how to go about it. Essentially it involves getting a copy of your credit report and writing letters to the 3 major credit bureaus disputing negative information in your file. But there’s a right way and a wrong way to do it. In fact even some of the high priced credit repair agencies get it wrong, which brings us to myth #6.
MYTH #6: “You improve your credit score by getting all the negative items on your credit report removed” It’s possible to get all the negative items on your credit report removed and actually see you credit score go DOWN as a result! The reason? Your credit score depends on a number of factors, one of which is the length of your credit history. In some cases, you’re better off to NOT remove some negative items on your report, especially if they involve a few late payments in the distant past, but show timely payments during recent years.
While the “nuts and bolts” of credit repair is beyond the scope of this report, there are a number of sources of good information online. If you have bad credit, there are 3 major points you should keep in mind:
1. If you have a bad credit history, it can (and probably will) cost you many tens of thousands of dollars in higher loan interest over the years, as you’ll be charged much higher rates than you would be with good credit. If your credit is really bad, you may not be able to get a loan at all!
2. The situation isn’t hopeless! In almost every case you CAN improve your credit score. You can easily do it yourself or find a reputable agency to do it for you. But in any case, GET IT DONE!
3. If you choose to repair your own credit (recommended) there are good books and eBooks available that can walk through the process. Get hold of one and get started NOW!
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We live in a credit-driven economy, where bad credit can
cause life to be miserable. After all, you can hardly get a good apartment - let alone a mortgage, without good credit. This article offers simple steps
towards quick credit repair and some common mistakes to avoid.
10
Resources on Repairing Your Credit
