I can’t begin to count the number of people that I have helped erase bad credit. During my travels I have heard so many horror stories that it is ridiculous. My reasoning for writing this article is to help you learn how to erase bad credit yourself.
I think it’s fair to say that most consumers know that having bad credit can be costly in today’s economy. The bottom line is if you have bad credit you end up being excluded from a lot of life’s necessities. Over the years I have had students tell me that they couldn’t even open a bank account due to their bad credit. I have even had students show me the amount of interest they were paying on various types of loans because of their bad credit.
I could go on forever with the stories that I have heard. To erase bad credit like a pro you first need to get an idea of exactly where you stand. The only way that you can do that is to request your current credit report. You can get your credit report by requesting it from all three credit bureaus. Thanks to the Fair Credit Reporting Act every American is entitled to at least one free credit report per year. My recommendation is that you check your credit report every six months.
After all this is your financial future. By this time you should have all three of your credit reports in your hands. Now it’s time to get down to business. The first thing that you will need to do is go through your credit report and highlight every negative mark on your credit report. If for some reason you come across something on your credit report that you do not understand don’t hesitate to contact the the bureaus.
They are there to assist you, and besides its their job. Now that you have located all of the negative marks on your credit report it’s time to put together a letter of dispute. Don’t bother to get fancy i.e. attempting to write your letter on letterhead or using big words etc. To fill you in on a little secret… I have received better faster results by using a hand written letter on plain notebook paper than I have by using letterhead.
WAIT DON’T MAIL THOSE LETTERS OFF YET! This is an extremely crucial part of the process. When mailing your letters of dispute it is important that you mail them through certified mail. Why should we do that? Well Im glad you asked. Certified Mail will be the only acceptable proof of when you mailed your letters of dispute. Once you have mailed off your letters and you have your certified mail receipt in hand – the credit bureaus have 30 days to respond. If for any reason they fail to respond then by law they have to remove the disputed mark(s).
A few times I have had them try to challenge the date of my dispute and the only thing that saved me was the fact that I have my certified mail receipt. Obviously repairing your credit is way beyond the realm of this article, however the information that I have given you thus far will defiantly get you off to a good start. If you would like to further your studies I have put together 20 Free tip videos regarding credit repair. The videos are based on the most commonly asked questions that people have asked me over the years. The link to the videos can be found at the end of this article.
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