When you are repairing your credit report it is important to create positive credit as well as remove negative credit. The simplest way to build positive credit is to pay all your monthly bills on time.
This will create a positive payment history. A positive payment history is almost as important as removing negative marks from your credit report.
You are going to need to remove negative listings from your credit report too. This is accomplished by disputing inaccurate negative listings.
It is estimated that 1 in every 4 people have a negative item that is not accurate, and this is costing them money on higher interest rates. The responsibility of removing these marks fall upon you.
A divorce is often a source of inaccurate negative marks. A divorcee judge will often divide the debts between the two parties.
It is common for one party to neglect to pay their court ordered debt. However this results in damage to both parties credit report.
Frequently the other party is not aware that the court ordered debt is not being paid, until it is too late. They were not responsible for this delinquency yet their credit will still be damaged. This is an example of an inaccurate mark.
Another common source is lender mistakes. People are human and will make mistakes, however you will pay the price.
There are a variety of lender mistakes however a common one is a monthly amount due will change and the borrower will never be notified. The borrower will continue to make their on time monthly payments yet every month their credit is reported negatively.
This is because you are not making the correct payment amount. This is not your fault because you were never notified, but you will pay the price for it.
This is an example of a negative mark that should be disputed and removed. There are plenty of other examples of when borrowers have negative marks reported on their credit when they are not at fault.
The Fair Credit Reporting Act was passed to help individuals that find themselves a victim of these situations. This law says credit bureaus must investigate a disputed listing.
The difficult part will be to get the bureaus to investigate a dispute. Frequently bureaus will respond to a dispute letter by requesting more information about the listing.
I suggest you be patient if you dispute these marks yourself. The other option is to hire a professional credit repair company. However you decide to do this, you can have negative marks removed from your credit report.
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