Can I Remove Bad Credit From My Credit Report?
Bad credits can severely damage your financial position. You may fail to make your payments on time due to several reasons. Whatever the reason is, your failure to make payments on time will spoil your credits. However, there are ways of removing bad credit from your credit report. There is no need of waiting for years to restore your good credit. The Fair Credit Reporting Act is there for you if you are not satisfied with your credit report. This act empowers consumers to dispute any information in their credit file. Law makes it mandatory for the credit reporting companies to accept your dispute and enquire it. The agency must remove or change the incorrect or unverifiable information within thirty days after you report it. You can retrieve information about your credit report from your agency. For that, you only need to write to each credit-reporting agency requesting a copy of your report. You should know how much they charge per report. You may obtain a free copy of your report if you have recently failed to obtain credit. However, it would not be wise to get turned down for credit only to get a free report. After obtaining the credit reports, you should check for errors on it. Such errors may include accounts that you do not remember having, dollar amounts of debt, and beginning dates of delinquency and so on. If you find out any error in the report, you should immediately send a letter to the agencies disputing it. If the some information is very wrong and the agency is reluctant to accept it, you can drag it to the court. You will find a number of consumer-oriented lawyers to fight your case in court. It is important to check your credit report frequently, at least once in a year. All the three major credit-reporting agencies - Equifax, Experian and TransUnion charge a minimal rate for releasing a copy of your credit report. Their charge usually comes between $5 and $8. If you do not find any way of removing bad credit from your report, you can add a 100-word statement to your credit report. You should cite the genuine reason for your financial downfall. It may be an illness, job loss or something else. The statement should be a reflection of your realization of the past problems and new credit insight for future.
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