Tips You Can Use to Repair Your Credit
Here are a couple tips you can use to repair your credit.
All cases of bad credit are not a result of people being irresponsible. Some bad credit is strictly because of unexpected hardships that affect their financial situation. You may have been that person who paid your debts on time maybe even before due and then the next day an accident, job loss or health situation changes everything overnight. This can wreck your great credit rating and it was out of your control.
You can hire a repair service to get disputed entries removed from your report. But did you know that you can often get the same results at a much lower cost? It can be time-consuming. Below you will find 2 tips that can help you correct your reports yourself.
Option #1: File a Dispute with the Credit Bureaus
The Fair Credit Reporting Act (FCRA) requires credit bureaus to investigate any item on your credit report that you dispute. If the information is found to be inaccurate, false or unverifiable, it must be corrected they must remove from your report.
You have the right to dispute If there is any inaccurate information on your credit report. Perhaps some are fortunate as they have good luck disputing even accurate items. Repossessions, judgment, and collections for example. If such items are not verified by the creditor (or the court in the case of judgments) within the time limit for investigation, they must be removed.
It is as simple as writing a letter to each of the 3 credit bureaus explaining you have a dispute. Be aware if the entry can be verified a legitimate it will remain on your credit report. The may reinstate the entry even if the creditor verifies after the 30-day time frame but they will let you know at least 5 days before they do.
Option #2: Negotiate with Creditors
Warning: working directly with creditors can be intimidating. This is much more difficult if you are already on bad terms with them. Many times, working directly with your creditors can be successful in getting the negative items removed from your credit report.
The sooner the better you contact your creditor especially if you have only had 1 or 2 late payments. If they can see you have corrected your habits and have resumed a regular payment schedule. If you have had an account turned over to collection paying in full might persuade the consideration to remove the negative report. There is life after no and you will never know if you don’t ask.
Try negotiating on your own behalf first before paying a company to do it for it.
If You Can’t Get the Bad Entries Removed
If disputing does not get it removed as there is no guarantee the best thing you can do it try to work on building up the best credit for the future that is reported.
Bring past due accounts to current. You may have to work out special terms with your creditors. Do not miss payments or not pay minimums. If you can’t do this on your own this would be a good time to talk with a credit counseling agency.
MCA is a third party debt collection agency that has been in constant business since 1950. We are rated A+ with the Better Business Bureau and we pride ourselves in excellent customer service along with delivering great recovery rates. There is no cost to you unless we collect! Why not try and re coop some of your past due accounts with no out of pocket expense?