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Credit repair information and tips you can use

Posted by Mords1944 on May 11th, 2020

Have you recently been denied a loan, apartment or mortgage or credit card? You may need credit update information and tips.

Getting rejected for credit is often an indication of some negative items in your credit report, which can happen in two cases.

One is that you have incorrectly managed your credit, which includes overuse of your available credit. More commonly, your credit file has some corrupted information, which negatively impacts your credit score.

No matter what situation you are in, it is imperative that you begin collection agency sooner rather than later.

A little self-education goes the way of rectifying your situation, so here is some credit repair information you can use.

1. Start by requesting a copy of your credit report from all 3 credit bureaus. You are authorized to receive free credit reports from each agency per. Year. You can also get a free credit report if you have been denied credit within the last 60 days.

2. Once you receive your report, study it carefully. You need to examine each account (also known as tradeline) and mark those that incorrectly damage your credit rating. Mistakes are more surprisingly common.

3. Once you determine which tradelines are erroneous, contact the credit bureau and request deletion from your report. You start with these because you have a legitimate reason to contest and have likely removed.

4. Even when you find some correct records in your credit report but the information is negative, you can still try to have them removed. Find legitimate reasons like aging again, which means resetting your account date, something particularly common with debt collection.

5. Make sure all your correspondence with creditors is through registered mail. You may not want to do this with the credit bureaus as it raises a red flag as this is what credit repair clinics advise their clients on.

6. The law gives 30 days access to every action. If the credit bureau determines that the postings were incorrect or the creditor cannot verify the account, it must be deleted.

Just note that credit repair is not a quick fix or a day deal. You need a little persistence and guts.

No credit repair information is complete which does not tell you what not to do. People with low credit ratings often try desperate means to repair their credit and are often misinformed, and thus end up hurting their credit even more. Here are some of the things NOT to do to repair your credit:

1. New Credit File or File Segmentation: Many fake credit repair companies lure people with false promises and bad credit repair information, such as telling them they can create a new credit file. This is also known as file segregation and is illegal.

2. Many credit repair companies claim that they can repair credit by getting accurate negative information deleted from their credit reports, which improves their rating. Now it's not guaranteed. You must first understand the process of getting information removed. In fact, no one can delete negative records from your credit file except credit bureaus and creditors.

3. Do not close old active accounts: If you have active credit accounts, do not close them. Keep them paid on time as they help build credit history and therefore help raise your credit score

4. If you are using a credit repair service, do not make advances on credit repair. It is illegal to ask for advances for credit repair. They can only charge you for legitimate services that they have already provided. Don't be lured into a contract that promises to repair your credit until some work is done.

Also See: Credit Repair, Credit Report, Credit File, Credit Bureaus, Repair, Credit, Report

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