Bad Credit Repair – How To Restore Your Credit And Your Life
It is often difficult for us when we have bad credit and not knowing where to start to get back on our feet again is even more frustrating.
If you have bad credit, you might want to check into a few resources that can help you find a solution to your credit problem. Life does not have to be difficult and all of us make mistakes.
Bad credit is an obstacle and if you want to run you are about to get yourself into a situation that you do not really need. There is always a solution to most problems. The problem most times is some of us do not have the means to find solutions to our problems.
In this article, I am going to make it quick and to the point, helping you repair your credit through the process.
So the first step is to collect copies of your credit report from the major credit bureaus. Credit bureaus compile and sell information about consumers and are a principal source of information about your credit history.
You are entitled to receive a free copy of your credit report if you have been denied credit within the past 60 days. If you have not been denied credit within the past 60 days, you can order your credit report by paying a fee.
Next, review your credit report watching closely for errors (items that do not belong to you). Dispute any errors on your reports immediately with the credit bureaus. Any errors or inaccurate information will be deleted.
Under the Fair Credit Reporting Act, all negative information seven years old or more must be deleted. Bankruptcy stay on credit report for up to 10 years or longer.
Once you dispute the negative information, you will receive a copy of your report from the credit bureau, showing the items that were removed and the items that were verified as accurate. The dispute method of removing negative information from your credit file can improve your credit rating.
The Internet offers credit report information, guides, and kits, which can lead you in the right direction to repairing credit. You might want to surf the Net for resources that can help you find a way out of bad credit.
about 3 months ago
There are two types of inquiries that appear on your credit report.
There is the "soft" inquiry. Which is where a company will receive a limited view of your credit report. The most common use for this is those Pre-Approved credit card applications you receive in the mail. The credit reporting agency(TransUnion) does not need your consent for these. These are only seen by you and have no effect on your score or report.
There is another inquiry called a "hard" inquiry. These are where you actually request for new credit. Here they receive your full report and other companies will see these types of inquires. Generally if you have only a couple every few months it will not harm your score dramatically. Now, there is another case where a company has a pre-existing relationship. Here they can pull your full report, it does get listed on your report but it has no effect on your score.
So if you had a credit card in default the collection agency is authorized to view your report without your concent. This is so they can attempt to locate you. As for the auto finance company, if this is a "soft" inquiry there is nothing wrong. However, if it is a hard inquiry where you don't have a relationship then you may have a case of identity theft. In this situation however, you do not have a case against TransUnion.
about 3 months ago
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