Easy Credit Repair Clean Up Candidates

Think Twice

credit repair is not about getting rid of genuine derogatory information on your reports, but before you decide what is genuine and what is not, you should think twice. There may be some issues you have to live with until the reporting period, usually seven years, has passed, but you may find that some of the items which look accurate have no business being on your report.

Accept Nothing Blindly

Many people make the mistake of accepting the presence of negative information on their reports simply because it looks familiar. In the present credit environment, where every single point in your credit score translates into money in your pocket, you cannot afford to accept anything without putting it under the microscope of credit repair.

Common Culprits

Commonly neglected derogatory information most often prone to reporting errors includes: overstated revolving balances, closed accounts reported as open, duplicate accounts, and collections, once accurate, but no longer allowed to report. All of these are prime credit repair candidates. All of these can be removed from your reports.

Overstated Balances

Overstated revolving accounts are often neglected in the credit repair process as the account may in every other way look fine. The single erroneous balance figure is easily overlooked in a cursory examination, and yet, this single innocuous error can knock the wind out of your credit score. High revolving balances hurt. Overstated balanced should be corrected.

Closed or Open

Closed accounts which continue to report as open can likewise be eliminated. You must examine your reports very carefully as you pursue your credit repair project. Creditors often continue to show accounts in an open status, often with balances, for years after they have been closed!

Mysterious Duplicates

Duplicate accounts, like the above two cases, may not be spotted, especially by those scouring for derogatory issues. But like overstated balances, these accounts can overstate your obligations and lower your scores. Put your credit repair knowledge to work and erase these extraneous accounts.

Collectors Out of Compliance

The last of these sneaky candidates for credit repair is the most insidious, erroneous collection accounts. Spotting these little devils can be difficult unless you know exactly what to look for. By law, collectors are supposed to cease the reporting of a debt at the time that they no longer own it. Many collectors will sell accounts if they cannot collect in the first six months. This should trigger an end to their reporting, but do not hold your breath.

Spotting the Offenders

One way to spot these incorrect lingering collection accounts is easy. If more than one collector is reporting a single debt, the oldest one should be disputed and removed with credit repair. This does not mean that singular occurrences are correct! The most recent collector may have sold the account too. You may opt to challenge these collections as well, but please do your homework first.

Research Comes First

Before including any questionable collection in your credit repair effort you should do a bit of homework. Try to recall everything you can about the original event. If you can remember the original date of default you can calculate the statute of limitation (SOL). If the debt is beyond the SOL you can dispute without fear of the collector prevailing in a lawsuit. credit repair works, but carefully!
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Collection Dispute Letters - Using Credit Repair Letters as Weapons to Fight Bad Credit Items

Collection entries are those outstanding amounts which any creditor sells to collection agencies for recovery. Either they become successful to recover or not but the primary creditor marks collection items on your credit report. Once collection items reflect on your credit report, it remains there for more than 7 years and meanwhile no financial institution will agree to give you any new loan.

It is not possible to get new loans until the collections will be removed from credit report and for that you have to make a dispute with the financial institution and use a dispute letter as a weapon to fight back against bad credit items or collection entries. credit repair company

If you will look in to the history of collection agencies and observe the process, you will come to know that the recovery agencies buy bad debts on very cheap rate like 20 Cents per dollar. In order to make profit they further agree to negotiate with the consumer and eliminate loan on very cheap rate like 40 to 50 cent per dollar.

One shape is that you negotiate with the recovery agency and payback your outstanding amount. But only paying back will not remove collection entries from credit report as you will have to take some aggressive actions. The aggressive action should be in form of dispute letter in which you can start a conversational fight with financial institution for removing collection entries or bad entries whereas you have cleared the loan.

Credit dispute letters ire the best weapon to eliminate your bad entries from your credit report. The pens have a power of weapon and for this grab a pen and paper and write down the whole matter. Get the proofs of settlement with the recovery agencies, get a credit repair form and write down the whole matter to credit bureau. Attach valid and genuine proofs with complete information for positive results. Wait for reply from the credit reporting bureau as they take 30 to 40 days to clear the matter. Many companies are providing services to make your letter effective. The expertise's help you to prepare proper documentation so that you can win the war with financial institution.

The process of bad credit repair can be time consuming. If you are working within a certain time frame and need a faster process, options are available. Reading through your credit report and eliminating the negative marks, through disputation, can erase bad credit. Visit the following link for more information on how to repair your credit quickly and legally:

Fix Bad Credit
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