Erase Bad Credit

You can erase bad credit without waiting seven long years. To do this you must dispute each credit bureau, this can be done yourself. If you have bad credit there is hope. You do not have to wait seven years for bad credit items to naturally fall off your credit report.

The Fair Credit Reporting Act says that you can dispute any item that you do not believe to be accurate on your credit report. It also says that any item that can not be verified must be removed from your credit. 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. If the creator is unable to verify the account then it must be deleted from your report. The easiest items to remove have been learned to be a charge off, repossession and a late payment after they have aged for two years.

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.

If you have a service and your disputed item is verified then they can use advanced dispute techniques to remove the item. The techniques include; creditor direct intervention, escalated dispute information requests, and debt validation. 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.

Lenders doing a credit check will see a developing pattern of consistent payments. As that record builds up, that will clearly work in the borrower’s favour. But lenders checking the credit file will still see any missed payments, defaults, bankruptcies or CCJs within the last six years. A credit repair mortgage does nothing to get rid of these; nothing can. They remain on record for a six-year duration, after which they drop off the file, regardless.

Crucially, that means the promise of a credit repair mortgage - that it will deliver you back to the high street with a clear record if you keep up repayments for a couple of years - is empty. These products can’t make that guarantee - and nor were they created to.

To do so would require predicting the lending decisions of the big mainstream lenders a couple of years down the line. History suggests that is not such an easy task. What we do know, though, is how much the lender will charge for the borrowing right now. And that should give advisers pause for thought before recommending these products, because the rates charged remain high throughout the loan.

Without a doubt, brokers should be supporting borrowers by offering solutions that will help them restore their credit - but that will require more than just optimistic promises. We are all warned about reading the terms and conditions in the small print, but the majority of us still ignore these cautions. Of course we should welcome the wide range of products in the market for those who, through bad luck or misjudgement, find they have credit problems.

However, advisers need to be clear in their own minds and with clients about what these products can offer and what impaired credit mortgages can deliver. What they do not want to do is promise a result that doesn’t materialise. If they do, they will almost certainly find that time will tell.

Receive a walk through of the entire credit repair process; everything from pulling your personal credit report, writing disputes, mailing certified letters, follow up and even credit rebuilding. The Smart Credit Repair Kit provides the best training and education to help eliminate the financial burden of debt and negative credit. Increase your credit score and get on track with your personal finances.

If failing to pay bills has hurt your credit score, you may be looking for help. Better Call Harry names one business you want to avoid, especially when you find out where they do business. One apartment complex on Peachtree Valley Road in Atlanta looks like an excellent place to live. But it’s not exactly where you’d expect to find a business, especially one promising to rebuild your credit. The Better Business Bureau said this complex is home to Excellent Credit Builders, LLC. They have a Facebook page for the company, but not much was there.

There wasn’t a website either, which is a red flag. But Mike Boynton of Atlanta’s BBB said that omission hasn’t stopped the company from preying on needy consumers. “They could place ads and a phone number and consumers that are desperate, if they see a hope or an opportunity to improve their credit rating, they’re going to respond to an ad, an email, a direct mail,” he said. 500 to Excellent Credit Builders, but never received the credit repair job the company promised.

That earned the company a big fat “F” from the BBB. The Georgia Dept. of Law says most credit repair businesses are illegal. The reality is there’s really only three places to go fix your credit: the credit unions themselves, Experian and Transunion, and yes, the now infamous Equifax. They are the ones who can remove inaccurate information from your credit report. Then it’s time for you to do some work, because only you can repair your bad credit. “It takes perhaps, years,” Boynton said. If you have a story you think we should hear, email me HERE.