How to repair bad credit is such a pain that it is very difficult for most people to even understand.
Thus, it is perhaps inevitable in the process of credit repair that people make mistakes.
I am writing this to try and help you get the picture who and how so you do not make the errors.
One everyday train of thought for people trying to do credit repair is the idea of disputed every single entry in the credit record in order to make use of a little-known Federal Trade Commission rule.
What does the law really say?This law states that any borderline entry that cannot be proven by the credit agency within 30 days must be removed off the credit history.
When most people read this, they believe they must dispute every single thing on their credit history and the fact is you do not have to dispute it all.
Your just killing your time doing that.
Another frequent oversight is when individuals put their hands up and lift up the white flag by filing bankruptcy.
Bankruptcy is thought to be a fine, if not standard, solution because one would believe that bankruptcy would wipe your credit record spotless and give you a fresh beginning.
Nothing could be farther from the facts.
The problem with bankruptcy is that it wipes out everything on your credit record - including nice entries.
Some comments are entries that you wish to keep on your credit history, and if you clear them away, that is negative to your credit restoration efforts and is just plain stupid.
Finally, another mistake in judgment is that when your credit report is at it's worst, you begin to close out any cards that are still active and you might not be in arrears on and in truth have a good past with.
This would be something on your report that you really want to save.
Incorrect, because your credit card account can play a part to keeping your credit history in the confident and if you clean up the credit card accounts which you have been repaying on a consistent basis, this can degenerate your credit history and are negative to your credit repair efforts.
These are the common errors you should look out for.
Thus, it is perhaps inevitable in the process of credit repair that people make mistakes.
I am writing this to try and help you get the picture who and how so you do not make the errors.
One everyday train of thought for people trying to do credit repair is the idea of disputed every single entry in the credit record in order to make use of a little-known Federal Trade Commission rule.
What does the law really say?This law states that any borderline entry that cannot be proven by the credit agency within 30 days must be removed off the credit history.
When most people read this, they believe they must dispute every single thing on their credit history and the fact is you do not have to dispute it all.
Your just killing your time doing that.
Another frequent oversight is when individuals put their hands up and lift up the white flag by filing bankruptcy.
Bankruptcy is thought to be a fine, if not standard, solution because one would believe that bankruptcy would wipe your credit record spotless and give you a fresh beginning.
Nothing could be farther from the facts.
The problem with bankruptcy is that it wipes out everything on your credit record - including nice entries.
Some comments are entries that you wish to keep on your credit history, and if you clear them away, that is negative to your credit restoration efforts and is just plain stupid.
Finally, another mistake in judgment is that when your credit report is at it's worst, you begin to close out any cards that are still active and you might not be in arrears on and in truth have a good past with.
This would be something on your report that you really want to save.
Incorrect, because your credit card account can play a part to keeping your credit history in the confident and if you clean up the credit card accounts which you have been repaying on a consistent basis, this can degenerate your credit history and are negative to your credit repair efforts.
These are the common errors you should look out for.
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