5 Strategies For Fighting the Credit Bureaus
already if you’ve paid off all your credit cards, you might find yourself in the position of having a bad credit score. This can be a serious hindrance when it comes to applying for new “good” loans (a mortgage, for example). Many people find themselves in the situation of needing to repair their credit.
When you develop a credit repair plan, it’s very important to decide what credit repair really is. Which of the following defines your idea of credit repair?
– “Fixing” your credit score?
– Getting lower interest rates on loans?
– Improving the accuracy of your credit report?
– Negotiating your existing debt?
Credit restoration include all of these things, but for the sake of this article we will be focused on a strategy for removing negative information from your credit report. When this negative information starts to disappear, your credit score will slowly enhance. Then it’s a chain reaction. With a better credit score, you can get better rates on loans. Some creditors are more open to forgiving alleged debts to people with good credit.
The general course of action to restore your credit involves getting a current copy of your credit report from all three major bureaus and writing letters to argument the incorrect information. Get ready to keep lots of paperwork and make lots of trips to the post office to send everything via registered mail. There are plenty of online tutorials about how to repair your credit, but there are a few meaningful concepts you should keep in mind in all your harmonies with credit bureaus.
Here are my 5 Strategies For Dealing With Credit Bureaus:
Don’t Lie. Always tell the Truth. In all your letters, phone calls and harmonies with the credit bureaus, your creditors and collection agencies, it’s important to always be truthful. Your lies will come back to haunt you. However, this doesn’t average you have to show ALL your information.
The Truth Is Scary. If it seems scary to you, believe me, it’s more scary to these financial organizations. You can use the truth to intimidate them into giving you the results you need.
This is About Your Rights. Sure, you may have made mistakes in the past, but an accurate credit report is one of your Federal Civil Rights. The Federal Debt Collection Practices Act and the Fair Credit Reporting Act have been put in place to protect your rights. In many situations, you will use the law to your advantage, so become familiar with these Acts.
Always Try Asking Nicely First. When you begin your harmonies with the credit bureaus, try asking nicely before you get demanding and/or crazy. You can start with a simple information request. Ask the Credit Bureaus to provide documentation that this information is indeed accurate. Many times, they will remove the information because they don’t truly have the documentation to back it up.
If Nice Doesn’t Work, There Is Always the Legal System. Remember, the law is on your side. If you have already asked nicely, and demanded information, you nevertheless have the right to take legal action.
Use these guidelines in your battle to restore your credit. It truly is a battle, but a battle fought via your keyboard and the registered mail. There is no easy, clear-cut way to closest clean up your credit report. But you can do it. So celebrate every small victory… and never give up!