Credit repair, remove negative items. Can it be done? You’ve probably come across ads promising to clean up your credit file, lower your payments, removing bad information, and/or help you open a brand new file. Can it be done?
As you probably know, there are three major credit reporting agencies in the US. By simple math, this makes it three times as hard to remove negative items.
Even if it were possible for one to break into one bureau’s computer, you would still have two to go. And, the cost for such a “service” would cost several times the already exorbitant fees that credit repair clinics charge, not to mention, the risk of spending a very long time behind bars.
Secondly, even if you somehow succeeded in removing negative items from one credit bureau’s report, creditors could still re-report them and you’re back to square one.
To cut a long story short, no one – except two parties – can remove negative information from your credit file. But don’t give up, there is hope.
Yes, you credit restoration and removal of negative information can be done. But it doesn’t take a day. And it’s not a walk in the park either. It takes time and effort.
You see, there are two parties (three if you count collectors), that can legally remove negative information from your credit file: The creditors (furnishers) and the credit reporting bureaus. Once a debt has gone to collections, the respective can collector can also remove a negative item that it has reported.
Now, there are two forms of negative credit information, (1) accurate and (2) inaccurate information. Needless to say, the latter is the hardest to get removed. But it can be done.
The same tricks and strategies that credit repair clinics charge hefty (and sometimes recurring) fees for you can apply yourself with equal or better results. Why pay when you can do it yourself for free?
In fact, most credit experts agree that the best repair is self credit repair. And it costs you nothing but your own time and effort. It involves learning the right strategies for negotiation, using the existing credit laws to your advantage and yes, some guts.
Once more, the best credit repair is self credit repair. Remove negative items tricks and strategies do exist. Unfortunately they are beyond the scope of this one article.
By: David Kamau
Posts Tagged ‘Credit Information’
Credit Repair – Remove Negative Items – Is It Doable?
February 22nd, 2010Negative Credit Repair Help
February 4th, 2010
There are many people in our country today with bad credit that don’t even know it. In fact, most of these people won’t even find out until they apply for credit and are denied.
Will you be next?
Whether you know you have bad credit or not, there are steps you can take to make sure your credit is moving in the right direction.
Order a copy of your credit report. By law, you are allowed one free copy of your credit report from each of the three major credit bureaus per year. Make sure you that advantage of this. Either order all three at once to get a complete picture of your credit or stagger them throughout the year to keep an up to date picture. Review your reports with a fine tooth comb. Make sure to take your time and pay attention to every detail. Check your personal information for misspelling and wrong numbers or addresses. Review your credit accounts for proper dates and amounts. Make sure you recognize all the accounts listed on your report. Identity theft is a growing problem, don’t be a victim. And take a look at who else has been looking at your credit report. Dispute information that doesn’t belong there. While going through your reports, make a detailed list of all the information that is wrong or items that should no longer be there. Keep a copy of this list for yourself and send a copy of it, along with your credit report, to the corresponding credit bureau. Then all you can do is wait. A credit bureau is required by law to investigate all disputes and reply within thirty days. If any changes are made, they should send you an updated copy of your credit report. File a dispute with the creditor. If you know the information is wrong and the credit bureau investigation did not change anything, file a dispute with the creditor that listed the item. The process should be similar to filing a dispute with the credit bureau.
Remember, it’s your credit. It’s up to you to fix it.
By: K.M. Aguglia