Many people often go about silently with bad credit reports without knowing what to do to fix it and get their financial lives started once again. With negative accounts such as inquiries, collections and charge-offs, one can plundge from a good rating to a very poor one that scares creditors away. But the edge you have is that the law was designed in a way to benefit the consumer.
First you should understand that the law allows you to challenge any information on your file which you're in doubt of. Next, you're given the upper hand in asking a credit bureau to remove negative information from your file if the bureau fails to verify it within 30-45days of receiving a dispute letter from you regarding the negative account.
Added to the above few strategies you can use in removing bad bad information from your file in order to improve your rating, you can also increase your score by lowering spenditures you make on credit cards while paying down outstanding debts. A simple act such as paying 50percent of a debt will cause an upward swing in your credit score.
Once you're able to remove negative information from your file using the process known as credit dispute, you should begin to see positive changes in your rating in a matter of months. There are two ways you can take to achieve this.
You can either get the first-hand knowledge of how to fix your own report by investing a token on a restoration-kit, which is usually around $ 30 to $ 45. Or you can pitch your tent with a good credit repair agency to bail you out of the mess once and for all. Think about how much financial stress you've saved yourself by improving your creditworthiness.
Source by Tony Banks