Most people who have bad credit think there is nothing they can do about it. They mistakenly believe that they have to live with their bad credit for a long time.
You do not have to live with bad credit or pay hefty fees to have your credit repaired. You can remove bad entries in your report and rebuild your credit profile. You do not need to spend a fortune to accomplish this. Armed with the right information you will be on your way to rebuilding your credit record.
Credit bureaus are required to delete items that are not 100% accurate or can not be verified within a reasonable period of time. Also, outdated information must be deleted.
The first step in repairing your credit is to get a copy of your credit report. You need to know what the credit bureaus are saying about you. By law, you can get a copy of your credit report, for a fee. However, if you have been denied credit within the past 60 days, then you can get a credit report at no charge from the credit bureau.
When you receive your report, examine it carefully. Damaging information may appear in your report wihtout your knowledge. Make sure all information is current and accurate. Identify any incorrect or inaccurate information that has been entered into your report. Pay close attention to all the accounts listed on your report. Mistakes happen all the time. Make sure you do not overlook any errors.
You can have information information deleted from your credit report. You have the right to dispute incorrect or misleading information on your report.
To do this, complete the dispute form that you received with your credit report and return it to the credit bureau. Be sure to send your dispute letter certified mail, return receipt requested. This will provide you with a paper trail and help you remember when to follow up.
If you dispute an item, it must be reinvestigated and deleted if in the event the item is found to be false or unable to be verified. By law, if the credit bureau does not respond within the alloted time, then the disputed item must be deleted from the report.
Another way to smash negative credit notes on your credit report is to take advantage of the "100-word consumer statement" which allows you to file a brief statement detailing your side of the story and submit this to the credit bureau, for inclusion in your Report.
Once your credit report is updated, you should request that the credit bureau send updated copy of your report to any businesses that checked your credit within the past six months (or two years if it involves employment).
Now that you've removed the negative entries, it's time to rebuild a good credit report.
One way to add positive information to your report is by taking out a small loan backed by funds in your savings account. When you pay off the loan, your security deposit will be released to you.
You can also build credit by having someone with good credit cosign on a loan for you. This strategy can speed up the process of rebuilding your credit.
Having a secured credit card can help you build or rebuild your credit. To obtain a secured card, you are required to deposit money in a savings account to guarantee the charges. The deposit is frozen and left untouched until it is obvious that you have defaulted. So make sure all your payments reach the company before the due date. Always stay within your credit limit.
If you ever wanted to wipe out your bad credit and rebuild your credit report, now you can. A good credit record can make your life easier and more enjoyable. Take action now.