If you have a bankruptcy on your credit report you probably feel like there is no way to escape a low score. However you can remove this listing and you can create a positive score for yourself.
There is a lot of inaccurate information that claims a bankruptcy will be on your report for 10 years. This is not true you can remove it without waiting 10 long years. We suggest that you:
1. Dispute the listing with the bureaus directly.
You can do this yourself or by hiring a service, a dispute letter must be sent to each bureau disputing the accuracy of the mark. Upon receipt the bureaus will investigate, however because bankruptcies are recorded in public records which the bureaus will not check during an investigation, the mark will not be verified.
The Fair Credit Reporting Act says that any mark that can not be verified by the bureau must be removed from your report. Additionally this mark says that you the consumer can dispute any item on your report that you do not feel is accurate. Often people are concerned with the legality of credit repair, and you should know you will never be fined, prosecuted, arrested, or face any legal action for disputing an item.
It is rumored that after 2 years it is easier to remove this mark, however it is not required. Additionally we suggest you make sure that any negative item on your report reads "included in bankruptcy." The reason for this is you will later dispute the validity of these items because your report does not show a bankruptcy.
2. Dispute each negative item.
You will be able to challenge the mark on the basis that your report does not show a bankruptcy. Therefore each item should be deleted by the bureaus upon investigation.
3. Build positive credit. This will help the most if you have a new revolving line of credit such as a credit card.
With on time payments you will build a positive payment history, this is heavily weighted when your score is calculated. It will also help if you keep your balance under 30% of your limit because this will help your utilization ratio. This means you will have better ratio of available credit to debt.
It may not be the most ethical move to dispute a mark you know is correct. However how ethical is it for a lender to charge you 30% interest rate, especially if you have kept you account in good standing for years. Unfortunately all it takes is one missed payment and you can face fees and interest rates, no matter how long you have been a model customer.
In sum you don't just have to live with bad credit. You can remove the items and you can do it today. You can create a high score for yourself by removing the bad items and building positive marks. This will save you; on interest rates, embarrassment from a low score, and give you the purchasing power you deserve.
For a review of
Lexington Law Firm a suggested credit repair service visit us or for an article about
NCO Collection a common debt collector.
