by John Cooper,
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on the net: http://www.707creditscore.com
UNITED STATES, Dec 08 — 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.Congress passed the Fair Credit Reporting Act which gives you the right to dispute any item on your credit report.In sum you do not have to wait seven years to repair your credit
I
f 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.
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.
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.
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 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 because the creditor has gotten some form of payment for your debt. For example with a charged off credit card the creditor has sold your debt to a debt collector. Therefore the creditor has no reason to save records of your account.
Recent delinquent accounts, tax liens, judgments, and bankruptcies are more difficult to remove. If you have one of these marks then hiring a service is a good idea, because they have advanced dispute tactics.
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 help your score by building positive credit too. This can be done by opening a new revolving line of credit such as an unsecured credit card. This will help you create a positive payment history and improve your available credit to debt ratio.
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.
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