Did you know you do not have to just live with bad credit for 7 long years? It’s true, you can remove bad credit! According to the Fair Credit Reporting Act (FCRA) you can remove any negative information, that you believe is questionable. This is your right. Just like it is your right to vote.
5 Tips To Remove Bad Credit
1. Check Your Credit
The very first step, is to get updated copies of all 3 of your credit reports. The FCRA entitles you to 1 copy from each of the 3 major credit bureaus, every year for free. To request your free credit reports visit annualcreditreport.com. It’s important to get all 3 of your credit reports because often there will be different information on each of these documents.
2. Examine Your Credit Reports
It is critical that you review your credit reports to identify any questionable information. Any information that you believe is questionable is information that you can potentially erase from your credit report.
3. Dispute Your Credit Report
According to the FCRA, you have the right to dispute any questionable information on your credit report. When you dispute a credit report, you are telling the credit bureau that there is a mistake on your report. And that this mistake should be fixed.
4. Be Persistent To Erase Bad Credit
Many people become frustrated and give up trying to erase bad credit. This is one of the reasons why you hear credit repair is illegal, and impossible. But don’t give up! The FCRA along with other federal laws were passed to protect you!
Why It’s So Hard?
It is natural to assume the credit bureaus want to have accurate information about you, on your credit report. It is hard to say there is a more important document about you, than your credit history. This document directly influences the quality of life you have, the car you drive, discretionary money, and so much more about your day-to-day life.
The reason Congress passed the Fair Credit Reporting Act, originally in 1970, is because they recognized how influential your credit report is on your lifestyle. However this law is in direct opposition to the credit bureaus profit incentives.
Did you know the credit bureaus spend money when they investigate your credit dispute? Very few people are aware that the credit bureaus are private for-profit businesses. You can even buy stock in some of these companies.
The credit bureaus often follow federal laws, and will investigate your credit dispute. However they are going to first require you to jump through some metaphorical hoops. Frequently the credit bureaus will respond to a dispute letter by saying it is not valid.
Critics claim this is nothing more than a tactic to frustrate you in hopes that you will give up and live with your bad credit. The Federal Trade Commission or FTC fined all three credit bureaus $2.5 million for violating the FCRA.
According to an FTC press release on January 13, 2000 the credit bureaus agreed to pay $2.5 million to settle charges with the FTC that the credit bureaus “blocked millions of calls from consumers who wanted to discuss the contents and possible errors in their credit reports and kept some of this consumers on hold for unreasonably long periods of time.“
5. Get Help
Are you an expert in consumer credit laws? If so great. But if you have more important matters such as, life to think about. We understand! It can be a tangled web of confusion when your working to clean up credit report information. Just getting accurate information about how to remove bad credit is a job.
If you would like expert credit help get a free credit consultation by calling toll-free 1-877-418-7596. For more tips and strategies with Dan Willis sign up for our free newsletter.
Get a FREE Credit Consultation