If you’re suffering from a poor credit history it is essential that you are aware of the few items. In addition, we have included a few tips below to quickly fix your credit.
1. You don’t have to just live with bad credit for 7 long years
It’s funny to hear alleged experts claim that you must live with bad credit for seven years. Often these experts will claim that negative information must remain on your report according to the Fair Credit Reporting Act.
If you actually go and read this federal law it says that negative information can remain on your credit report for a maximum of seven years. In other words, there is no minimum amount of time any listing must remain on your credit report.
2. Federal laws have been passed to protect you
Your credit report and credit score are some of the most influential pieces of information about you. It will directly impact your life. Where you live, where you work, the type of car you drive, and a lot more.
In 1970 Congress acknowledged the importance of your credit report and passed federal laws to protect your rights. These laws also mandate the credit bureaus to comply with federal regulations.
3. The credit bureaus are private for-profit businesses
One of the most common misconceptions we hear from folks is this idea that the credit bureaus are somehow affiliated with our government. The truth is the credit bureaus are private for-profit businesses. The three major credit bureaus annually report billions of dollars in revenue!
As a result of the credit bureaus having stockholders to answer too, their main priority as with all businesses is the bottom line and profits. Because removing errors from consumer’s credit reports does not generate any revenue or profit for the credit bureaus, they are very reluctant to spend this money.
The only reason the credit bureaus do spend some money to remove errors is to comply with federal regulations. Did you know the Federal Trade Commission also known as the FTC has sued the credit bureaus for not complying with regulations? The credit bureaus have collectively been fined multiple times for not following federal regulations!
4. Be persistent
If you decide to remove bad credit items yourself it is going to require you to stay persistent and follow-up with all three of the major credit bureaus. You are legally entitled to dispute any item on your credit report that you believe it is questionable, inaccurate, or an error.
When you file your credit report dispute, you are telling the credit bureaus that they should investigate an item on your credit report because it is incorrect. Many consumers have found it helpful to hire a legal credit repair company to help with the process of cleaning up bad credit.
5. Build credit
In order to most effectively fix credit score information, it will require you to remove negative items on your credit report, but you also need to use your current and future credit responsibly. Just by making on-time monthly payments you can start to create a record of positive payment history.
This is a huge piece of your total credit score and one of the most important factors when your score gets calculated. You don’t have to just live with bad credit. Did you know in order to become a bar certified attorney you must show financial responsibility?
This means that while you may be struggling financially going to law school, working a full-time job, etc. You are going to be required to furnish a clean credit report in order to become a lawyer.
The point is simply that you can fix bad credit and legally! The challenge is that you must convince three different companies to spend money that is otherwise profit.
At the end of the day, your credit score is just like your Grade Point Average (GPA) in school days past. It doesn’t matter if you’re acing all your classes, but if you’re failing Art class it’s going to mess up your overall GPA. This idea very accurately applies to your credit score.
We must remove those negative credit report items because that’s like failing Art class. We encourage our members to consider professional, legal, and legitimate credit repair companies to help.
Because in 2016 alone, over 9 million negative items were removed from consumer’s credit reports. One of the best firms is The Credit Pros. They’ve helped client’s successfully remove late payments, collections, charge offs, judgments, liens, and many more negative credit report items.
Get a free credit consultation with a certified FICO professional by calling toll-free 1-877-418-7596. And for more tips, techniques, and strategies about how to fix my credit score with Dan Willis, sign up for our free newsletter and join our congregation.
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