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.
Congress passed the Fair Credit Reporting Act which gives you the right to dispute any item on your credit report. This act also says that if the item is not verified by the lender then the credit bureau must remove it from your report.
To dispute an item you must create a dispute letter and send it to each credit bureau. You can hire a service to create this letter or do it yourself.
Once the bureaus get your letter they will investigate the dispute. They will contact the creator of the item and get them to verify the account, the account balance, and the dates on the account.
If the account is not verified then it must be removed from your credit report. It has been found that items older than 2 years, charge offs, repossessions, late payments and discharged bankruptcies are easier to remove from your credit.
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.
This account will be deleted when disputed. It is more difficult to remove; judgments, tax liens, recent bankruptcies and recent delinquent accounts. This is when having a service to dispute your credit can be very helpful.
A service can use more advanced methods to remove an item if it is verified by the lender. A service can use; creditor direct intervention, escalated dispute information requests, and debt validation.
You can also help your credit score by opening a revolving unsecured credit line. This will help your score because you can create a positive payment history and improve your ratio of debt to available credit.
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. - 16036
Congress passed the Fair Credit Reporting Act which gives you the right to dispute any item on your credit report. This act also says that if the item is not verified by the lender then the credit bureau must remove it from your report.
To dispute an item you must create a dispute letter and send it to each credit bureau. You can hire a service to create this letter or do it yourself.
Once the bureaus get your letter they will investigate the dispute. They will contact the creator of the item and get them to verify the account, the account balance, and the dates on the account.
If the account is not verified then it must be removed from your credit report. It has been found that items older than 2 years, charge offs, repossessions, late payments and discharged bankruptcies are easier to remove from your credit.
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.
This account will be deleted when disputed. It is more difficult to remove; judgments, tax liens, recent bankruptcies and recent delinquent accounts. This is when having a service to dispute your credit can be very helpful.
A service can use more advanced methods to remove an item if it is verified by the lender. A service can use; creditor direct intervention, escalated dispute information requests, and debt validation.
You can also help your credit score by opening a revolving unsecured credit line. This will help your score because you can create a positive payment history and improve your ratio of debt to available credit.
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. - 16036
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