Steps you can take to repair your bad credit
There isn’t one person out there that has never experienced a bad credit mark. Yes, some people have a larger list of bad marks than others, every one of us is in one of just a few possible places with regard to bad credit marks. Your reports are either perfect / nearly perfect, or they need some help fast, or they are shot to hell, and credit is a thing of the past.
It doesn’t matter which category you fall under you should have some knowledge of how to remove bad marks. The bottom line is sometime between now and when you die you will face the challenge of a bad mark against your good name. Having the knowledge of removing such a bad mark whether it’s your or not is truly an asset.
When it comes to removing unwanted marks, there are no guarantees. However with a little knowledge and practice of some proven tactics you will be pleasantly surprised at what you can accomplish. Don’t underestimate the power of improving your credit reports. The savings on interest over your life time can be in the millions.
Ok so in order to start the process the first thing you need is a current copy of all 3 of your credit reports. Fixing one report isn’t enough. Order your reports from Experian, Trans-union, and Equifax. When you receive these reports you will need to look at each item and identify the ones that hurt. Now we simply challenge the accuracy of these bad marks.
Now again use your brain here, if the debt is large and unpaid and recent you will invariably get a response when challenging it and its also likely you will get a letter or phone call to resolve it. Welcome the opportunity to negotiate and pay the debt, and then re-challenge the mark. Creditors are less likely to respond when there’s no money on the table.
Motivation on the part of the creditor is what it’s all about. Some will respond to anything but most will respond only when there’s an underlying benefit, like getting paid. If the bad mark is a settled debt, or very old then the creditor / collector may not be inclined to stop what they are doing to reply to the bureaus.
The key is to get the bad mark to a point where there is no benefit for the creditor to respond. Yes they have people for this, specifically to handle these inquiries, but systematical bombardment will likely turn in your favor, especially when there’s no money on the line.
I personally like to write directly on the credit report - “This item is not accurate, I have never been late on any payments to this company. - Please verify and remove and forwarded me an updated copy of my credit report upon completion of your investigation.”
The fact is, repairing credit is fun and rewarding. If you want to provide a good service to the community get good at this and offer your services to your community. Let’s face it, in the coming years this will be a service everyone need, and finding someone that knows how to do it isn’t that easy.
Tags: credit repair, credit repair guide, credit report repair, credit score, debt consolidation, finance, fixing bad credit, refinance