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How to Fix Bad Credit
Author: Chane Steiner Article source: http://www.articlesfactory.com/. Used with author's permission.
The time to start fixing your bad credit is now, not on the day you are
ready to apply for a loan. Depending on how bad your credit is, it can
take as little as 1 or 2 months to fix and as much as 12 months to fix.
The best way to fix bad credit is to take action by removing negative accounts from your credit report as well as adding positive accounts to your credit report. Both of these processes can take some time. The time to start fixing your bad credit is now, not on the day you are ready to apply for a loan. Depending on how bad your credit is, it can take as little as 1 or 2 months to fix and as much as 12 months to fix.First, you want to know exactly where you stand. You will need to pull your credit reports and know your credit scores. You can get a copy of your credit reports for free once every year, but it costs a little bit to know your scores (unless a banker or mortgage broker is willing to give you a copy for your credit report for free after applying for a loan.) Once you know where you stand, you will need to analyze your credit reports and find out what is helping and what is hurting your scores. It may take awhile, but it's worth it to learn how to read a credit report. Once you figure out what is hurting your credit, you will want to dispute the accounts with each of the credit bureaus reporting them. It is legal for you to dispute the account even if it is yours. You obviously don't ever want to lie to the credit bureaus, so if you know the account is yours, do NOT dispute it as "not mine".The burden of proof is on the credit bureaus. All you need to say is something along the lines of "Please provide documentation that the following accounts belong on my credit report; otherwise please delete this damaging data immediately." It is then up to the credit bureaus to contact the creditors to verify that all of the information they are reporting about you is correct. Fortunately for you, most creditors keep horrible records and can not verify that the accounts even belong to you. In this case, by law, the accounts must be deleted immediately.That is one of the best ways to get accounts removed from your credit report but , that is only half of how to fix your credit. The other half is adding positive accounts. I would suggest applying for a few secured credit cards or visiting your local credit union or bank and asking them if they have a credit card with a low limit that can help you rebuild your credit. There are also many other ways to build credit. Make sure to always ask if what you apply for will appear on your credit reports. You want to get credit for paying your bills on time
Source: Free Articles from ArticlesFactory.com
Chane Steiner is the president and founder of AAACreditGuide.com, the credit repair authority site. He has helped many people repair their credit and get back on their feet. Chane has reviewed and recommends the following credit repair companies.
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