Improve Credit Rating – 3 Tips That Will Boost Your Credit With More Than 100 Points
March 7th, 2010
| Tags: Bad Debt, Economic Crisis, Handsome Profit
Irena Bocheva asked:
Are you trying to improve credit rating? Do you want to level the playing field when applying for a loan or a job? Do you want to finally get rid of debt? In the current economic crisis more and more people end up on the “unhealthy” side of the credit score spectrum. And more and more people face the typical problems associated with bad debt.
Contrary to the popular belief that credit repair can only be achieved with discipline and perseverance, there are other (far easier) ways to improve credit rating. Credit knowledge, info about the loopholes in the system, understanding of the credit law are the only “tools” you need in order to repair your credit fast.
Here are 3 simple tips that will help you understand how fast credit repair works:
1 Aim for deletion of negative items.
Certain items in your credit report cannot be deleted (bankruptcies, foreclosures, repossessions) and the best you can do is wait till these items fall off your record. Everything else, however, is subject to deletion. Collection accounts, legal judgments, credit inquiries, late payments, past due payments -they all can disappear from your credit report with the consent of credit bureaus, debt collectors and original creditors.
2 But how do you get different agencies to delete items from your account?
“Different strokes for different blokes ” -the maxim holds especially true for the world of credit repair. Be diplomatic with creditors, explain the circumstances surrounding your one time late payment(you do have a sob story, right?) and ask them to make an exception and delete the negative item from your report. Be more aggressive with collection agencies. They still make a handsome profit even if you pay them 25 % or less as a settlement amount. Tell them you will pay only if they remove the adverse account from your credit report. If they are slow to respond or unwilling to cooperate, become more aggressive and ask for validation of debt(your legal right under FCRA) or threaten to sue. Bottom line is – use different approaches if you want to achieve maximum results.
3 Dedicate yourself to the credit repair cause.
Fixing credit takes a fair dose of dedication. If your dispute with credit bureaus fails, dispute with companies reporting to credit bureaus. If a collection agent doesn’t want to accept your settlement offer, call the next day and renew the negotiation with somebody else. Dedicate yourself to the better credit cause and you are half way there.
There are many ways to improve credit rating. Knowledge about the inner workings of the credit system and the various loopholes in it, however, seems like the fastest route to a better credit score. Once you start thinking outside the credit box, you’ll be surprised to find how easy credit repair actually is.
Rebecca
Are you trying to improve credit rating? Do you want to level the playing field when applying for a loan or a job? Do you want to finally get rid of debt? In the current economic crisis more and more people end up on the “unhealthy” side of the credit score spectrum. And more and more people face the typical problems associated with bad debt.
Contrary to the popular belief that credit repair can only be achieved with discipline and perseverance, there are other (far easier) ways to improve credit rating. Credit knowledge, info about the loopholes in the system, understanding of the credit law are the only “tools” you need in order to repair your credit fast.
Here are 3 simple tips that will help you understand how fast credit repair works:
1 Aim for deletion of negative items.
Certain items in your credit report cannot be deleted (bankruptcies, foreclosures, repossessions) and the best you can do is wait till these items fall off your record. Everything else, however, is subject to deletion. Collection accounts, legal judgments, credit inquiries, late payments, past due payments -they all can disappear from your credit report with the consent of credit bureaus, debt collectors and original creditors.
2 But how do you get different agencies to delete items from your account?
“Different strokes for different blokes ” -the maxim holds especially true for the world of credit repair. Be diplomatic with creditors, explain the circumstances surrounding your one time late payment(you do have a sob story, right?) and ask them to make an exception and delete the negative item from your report. Be more aggressive with collection agencies. They still make a handsome profit even if you pay them 25 % or less as a settlement amount. Tell them you will pay only if they remove the adverse account from your credit report. If they are slow to respond or unwilling to cooperate, become more aggressive and ask for validation of debt(your legal right under FCRA) or threaten to sue. Bottom line is – use different approaches if you want to achieve maximum results.
3 Dedicate yourself to the credit repair cause.
Fixing credit takes a fair dose of dedication. If your dispute with credit bureaus fails, dispute with companies reporting to credit bureaus. If a collection agent doesn’t want to accept your settlement offer, call the next day and renew the negotiation with somebody else. Dedicate yourself to the better credit cause and you are half way there.
There are many ways to improve credit rating. Knowledge about the inner workings of the credit system and the various loopholes in it, however, seems like the fastest route to a better credit score. Once you start thinking outside the credit box, you’ll be surprised to find how easy credit repair actually is.
Rebecca
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