There are many people out there with a bad credit history, failed payments and overall a bad credit score. To repair your credit, it is important to know the rules. It should be known that the credit system has been designed to hurt people. The system is controlled by banks that make much more money off someone with bad credit than someone with good credit.
How credit repair works:
The fair credit reporting act gives you the right to dispute anything on your credit report. If an item cannot be verified, it must be removed. This is the basic principle of credit repair. This, you can do yourself too, but the work is tedious and hence credit repair specialists are hired.
While sending dispute letters to the credit bureaus always make sure you never send more than 5 items within a 30-day period. If you send a large number of items, the list may be termed as frivolous, and then you will have to deal with unpleasant and time-consuming procedures.
Here are some of the measures you can employ to increase your credit score:
Correct all errors on the credit report: Nearly 8 out of 10 credit reports have errors. Removing these errors will up your score immediately. Look for late payments and other charges, collections or other terms that are not yours. If you have negative marks on the reports, negotiate the creditor/lender to have them removed.
Do not close your old credit card accounts: Old established accounts show the stability and paying habits of the credit card holder. Hence, it can be used to establish a good credit history.
Avoid applying for new credit: Use your cards and credit as little as possible. Do not apply for new credit cards as you may get trapped in new credit, which will reflect poorly in your credit history.
There are business opportunities available for people who are good at credit repair. Credit repair specialists are in demand as this is a thriving business. There could be a million credit card holders itself, in a particular state. Almost 30% of them face bad credit scores and poor paying history. Since credit repair is time consuming and a tedious job, many prefer to hire specialists, rather than deal with it on their own. Hence, be on the lookout for credit repair business opportunities.
If you are looking for Credit Repair Dispute Letter, then the author of this article recommends Creditumbrella.
We have many more Credit Repair Articles Now Available.