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.
The Fair Credit Reporting Act that was passed by Congress gives you the right to dispute any item on your report. This act also makes it law that if the item is not verified by the creditor then the bureau must delete it from your credit 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.
However if the creditor does not verify the account then the item must be removed from your report. It has been learned that once a charge off, repossession, and late payment have aged 2 years there is a high success rate that they will not be verified by the creditor.
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.
When an item is verified a service can use advanced dispute techniques to dispute the item. These include; escalated dispute information requests, debt validation, and creditor direct intervention.
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 should not wait seven years for credit repair to occur naturally. You can take steps today and rebuild your score.
The Fair Credit Reporting Act that was passed by Congress gives you the right to dispute any item on your report. This act also makes it law that if the item is not verified by the creditor then the bureau must delete it from your credit 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.
However if the creditor does not verify the account then the item must be removed from your report. It has been learned that once a charge off, repossession, and late payment have aged 2 years there is a high success rate that they will not be verified by the creditor.
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.
When an item is verified a service can use advanced dispute techniques to dispute the item. These include; escalated dispute information requests, debt validation, and creditor direct intervention.
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 should not wait seven years for credit repair to occur naturally. You can take steps today and rebuild your score.
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