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Today, credit is no longer a luxury but a necessity. Any person
who has bad credit, is probably finding himself at a serious
disadvantage unable to buy a home, obtain credit cards, buy a
new car and other big-ticket items.
A good credit record can help you enjoy the finer things in
life. If you have bad credit, you can erase your bad credit and
re-establish excellent credit record.
Your credit report contains information about you, your job and
how you pay your bills. Credit bureaus compile and sell your
credit report to their subscribers.
If you are armed with the correct information, there are many
things that you can do to rebuild your credit report within the
law.
The credit bureaus delete negative information from credit
reports every day. By law they are required to do so whenever a
particular item reaches a certain age. If you dispute an item on
your report, they must investigate and delete everything that
cannot be reverified.
You need to know what's in your credit report. Order a copy of
your report. If you have been denied credit, the credit bureau
will send you a free copy of your credit report if you request
it within 60 days of receiving a denial notice. If you have not
been denied credit within the past 60 days, then there is a
nominal fee.
One way to remove negative information from your credit file is
to contact the credit bureau and dispute the information. Each
item item on your report must be proven or it must be deleted.
If the credit bureau cannot verify the item when investigated,
it cannot remain in the report - it must be removed from your
report.
When you dispute an item on your report, the credit bureau must
reinvestigate and if the item cannot be verified within a
reasonable period of time, it must be deleted.
Another way to smash damaging entries that appear on your credit
report is by adding a "100-Word Consumer Statement" to your
file. The law allows you to tell your side of the story. This
method gives you the opportunity to tell everyone who obtains
your report the reasons for the derogatory status of the
account.
When your file has been updated, the credit bureau must give you
a free copy of your report. Also, you should request that the
credit bureau send notices of correction to anyone who received
your report in the past six months (or two years if it involves
employment).
The next step is to add positive credit information to your
file.
Obtaining a secured credit card is one of the important ways to
help you build or rebuild your credit record. A secured card is
guaranteed by a cash deposit held in a savings account or
certificate of deposit.
Secured cards look and are used just like any other credit card.
The key difference is that you must open and maintain a security
deposit account at the bank that issues the card.
You can also apply for an "instant credit" at a local department
store. By having your very own major credit card, you visit the
credit department of the store and apply for their charge card.
Once your application is approved, a charge account will be
opened for you on the spot.
Another proven way to build a good credit rating is to take out
a secured loan from a bank and pay it back promptly. In other
words, the loan is backed by money you deposit and keep in a
bank account. If you default, the money in your account will be
used to cover that debt.
If you ever wanted to get rid of your bad credit and establish a
good credit record, now you can. Thousands of people have solved
their bad credit problems and are enjoying the good life. And so
can you.
Get more information and get started right away. Once you
rebuild your credit record, you can start enjoying the benefits
good credit has to offer.
About the author:
Conleth C Onu is the author of "Credit Repair Secrets Exposed."
For more information, visit his websites:
http://www.creditrepairsecretsexposed.com and
http://www.conlethonu.com
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