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Teach me some credit techniques!
For many of us, having bad credit and poor credit ratings has
become routine. Due to the lack of information at times and the
time consuming nature of trying to repair damaged credit, it may
seem like at times just living with it is a better solution.
However, this is not the case, especially when you need a loan or
a mortgage. Having bad credit is costly because of the higher
interest rates and below average loan offers.
Some people try to find the short cut to credit repair and there
just is not one. It takes time and effort on your part to fix and
change your credit score. Companies that offer to eliminate and
erase negative credit from your report are a scam or may be using
illegal method that could get you in trouble later on down the
road. Again, employing better credit habits will be the best way
to improve your score and repair your damaged report.
Negative items will remain on your credit report for up to seven
years. Unless you have proof that there is incorrect information
on your report and you can prove it, the negative items will be
there for a maximum of seven years. Below are some different ways
to repair and fix your credit the legal way.
First, get a copy of your credit report from all three credit
agencies and make sure all information is correct with all
creditors. The amounts owed, to who, when the account was opened
and/or closed. Also, check your name, address, previous addresses
listed, phone numbers, and employment history to make sure that
all the information is the same on all three reports.
Second, force the agencies to make the necessary changes. They do
not want to help you but are required by law to, make them do
their jobs. Have the documents ready so that they cannot try to
get out of helping you. It can up to six months for a resolution,
but keep checking and stay on top of it. Fill out the dispute
forms online and send written copies with any proof that is
needed. Be clear and concise with your explanations and what needs
to be corrected. Keep copies of everything you have sent them,
print copies of the online forms, and keep track of when you have
spoken with them by phone. You do not want all your hard work to
go to waste if you cannot prove something if need be. Always send
any correspondence as certified or registered mail so you know
they got it and they cannot claim to have received nothing. Keep
monitoring your report to make sure that the necessary changes
have taken place and that the information is correct. When a
credit bureau does not do what they are supposed to and correct
your information, especially after you have provided all necessary
proof, you can report them to your states Attorney General’s
office. They are in violation of the Fair Credit Reporting Act and
will be held accountable. Hopefully it will not come to this,
however if need be take this final step to resolve the situation.
Creditors only have thirty days to prove the item is yours. After
that it must be removed from your credit report. They also have to
show as much proof that it is yours as you did to show it is not.
You can request proof by requesting that it be sent to you as a
paper document. By law all creditors must be able to provide
paperwork to support their claim.
Employing some or all of these techniques should help in repairing
and changing your credit report. Always staying in touch with the
bureaus and the creditor's will ensure that your case is handled
properly and fairly for all parties involved.
Article
Source:
http://www.creditwebsite.net |
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