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Knowing Good Credit Fix Strategies
In some cases, bad credit is because of irresponsible money management. But it often occurs because of unforseen financial hardship. One day you might have all of your bills current, and the next you can become disabled or lose your job. And if you fall behind on your debts, it can wreak havoc on your credit score.
Credit repair agencies claim that they can take away bad entries from your credit report. But did you know that you could often have them removed yourself at a much lower cost? There are two avenues by which you might be able to get negative entries removed from your report, which may be the best technique on how to improve credit score.
First, you can file a dispute with the credit bureaus. The Fair Credit Reporting Act (FCRA) requires bureaus to investigate any item on your credit report that you dispute. If the information is found to be inaccurate, unverifiable or false, it must be corrected or removed from your report. The bureaus have 30 days from the time they get notice of the dispute to complete their investigation.
If there is any inaccurate information on your report, a dispute is certainly in order. But some people have had luck disputing items that were in fact correct, including judgements, collections accounts and repossessions. If such items are not verified by the creditor within the time limit for investigation, they must be removed.
If you decide to dispute a legitimate entry, just write a letter to each of the credit bureaus stating that you dispute that entry. But keep in mind if the entry is verified, it will remain on your report. And if the creditor verifies the information after the 30-day time limit, the bureau may reinstate the entry as long as they notify you at least 5 days in advance.
Secondly, you can negotiate with creditors. Dealing with creditors can be intimidating, especially if you aren't on good terms with them. But speaking to your creditors directly may help you get negative data taken from your credit report.
If you only have a late payment or two on your account, a creditor might be open to remove the derogatory information once you've resumed a regular payment schedule. If you've had repossession or had an account turned over to collections, payment in full might sway them to remove the negative entry. Requests to remove late payment information may be made once you've brought your account current. But if you're hoping for removal of a repossession or collection, it's best to negotiate the deal before you pay anything.
There is no guarantee that disputing information on your report or negotiating with creditors will get negative items removed from your report. If it doesn't, the best thing you can do is try to build up some positive data on your report.
The first thing you need to do when trying to rebuild a good credit score is to bring overdue accounts current. Try to work out a deal with your creditors to accomplish this, or talk to a credit counseling agency. But don't miss installments on current accounts to save money toward those that are past due. If it comes down to paying one or the other, keep your current account current.
Once you've brought all of your accounts up to date, put a priority on keeping them that way. Making your payments on schedule will raise your credit score, and with the passage of time, the good entries may outweigh the bad.
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