How to Repair a Bad Credit Rating?The Right Way!
If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished.
Once you have a bad credit rating, it might seem like there's nothing that you can do about it? but you don't have to believe that. It's not as difficult as you might think to get by with a bad credit rating; with a little work and time you can even repair it! Of course, before you do that it's important to realize exactly what a credit rating is.
Every time a lender or other creditor makes a report concerning your payment history to them, this report affects your credit score.
Your credit score is a numerical indication of the positive and negative reports that you've received from creditors and lenders; if the number is high then you have a good credit rating, and if it's low then you have a bad credit rating.
Basic credit repair
Get organized! Make a folder for all your correspondence offline and online. You will have to do some snail mailing but in most cases you can work your repair online.
In the U.S. a 630 rating will qualify you for a mortgage. You can still get credit with a lower score but not at a premium interest rate.
The important thing to do is obtain your credit report and study it. Mark all the negative items.
Most unsecured credit, mostly credit cards, can stay on your report for 7 years. If you find any over that, write to the credit bureau and ask them to remove it. They are required by law to research and report back within 30 days.
If they don't, you can threaten them with a letter to the Better Business Bureau or
Federal Trade Commission.
Find any other negative items and determine they are correct. If not, write the bureau and tell them its not your debt.
Even if you aren't sure, ask the credit bureaus to investigate. Many times, they will not be able to verify the debt because the credit card company, auto loan company or other creditor won't get back them within 30 days (required by Fair Credit Act).
Copyright 2005 MHG Consulting
Dan is the owner of Repair Your Credit...The Right Way!. For the contact information on credit bureaus as well as samples of letters to send to them, go to: http://www.repair-credit-right.com
limousine chicago serviceYou've just opened your credit card bill and attached to... Read More
Imagine opening your credit card statement one morning and discovering... Read More
Credit cards have both benefits and drawbacks. It is wise... Read More
Credit counseling is an option you might want to consider... Read More
In the high tech world of today, credit card fraud... Read More
Are you thinking of buying a house? Do you want... Read More
In the olden days, about 10 years ago, before the... Read More
Your credit report is a very important piece of the... Read More
A credit report is more than just a snapshot of... Read More
What do a shoe retailer, an online discount broker, and... Read More
Consumers today are up to their eyeballs in debt. And... Read More
If you've ever applied for a credit card or loan,... Read More
The three major credit bureaus, Experian, Equifax and Trans Union... Read More
If you have ever fallen behind on your debts you... Read More
You can still save money on a Bad Credit Loan... Read More
There are times when you may be turned down for... Read More
Until recently lawyers for victims of credit damage had little... Read More
The average American knows very little about bankruptcy. Most people... Read More
If you are just entering the world of credit cards,... Read More
Commercial collections: fixture of the new B2B cultureIf you're in... Read More
What is trade credit?One of the major differences between consumer... Read More
Prepaid debit cards are great financial tools and may be... Read More
Prepaid credit cards also called stored value card can be... Read More
Your credit report is a very powerful report that essential... Read More
Most of us get a credit card on our name... Read More
induction lighting induction light bulbs Pete's produce ..Before you take out a home loan or make any... Read More
They arrive in your mail - a conspicuous looking mail... Read More
Credit cards are a form of unsecured credit. The issuer... Read More
Everywhere we go, the word credit can be found, shining... Read More
It's no surprise that thousands of Americans are victimized by... Read More
In my previous article "Establishing Credit ? What You Need... Read More
Review Your Credit Score.Nearly every bank, credit union, and mortgage... Read More
Using a credit card wisely is an important step in... Read More
Consumers often have the first credit card that they ever... Read More
Establishing credit is one of the most important things you... Read More
Sometimes life lands you in a situation that causes your... Read More
Credit card consolidation is a popular solution for those with... Read More
The first rule when applying for banking and credit services... Read More
What FACTA means is that if you, as an individual,... Read More
There are millions of consumer credit reports on file from... Read More
If you have ever fallen behind on your debts you... Read More
There's only one way to discover the "health" of your... Read More
As of Thursday, December 1, 2004, one-third of Americans will... Read More
When I received my first credit card in the mail... Read More
Whether you have no credit or damaged credit, secured credit... Read More
Maybe some of you are saving it in your trusty... Read More
We have all heard the rumors?from neighbors, relatives or friends.... Read More
What is Credit?Credit is the backbone and the engine behind... Read More
Prepaid credit cards also called stored value card can be... Read More
You're probably thinking "Tell me something I don't know" but... Read More
Credit Credit |