FREQUENTLY ASKED QUESTIONS ABOUT CREDIT REPAIR (PART 3)

What you may not know about bad credit repair

Bad credit is defined as a FICO score of 620 or lower. FICO (Fair, Isaac and Co.) scores range from 300 to 900. A score that is above 680 means that your credit is in good  standing. Credit scores in the 620-680 range are medium and a score lower than 620 puts you in the poor or bad credit range.

How often are mistakes entered into my credit file?
More times that you can imagine. Some experts say that as many as 90% of credit reports contain errors! No need to point how this inaccurate, incomplete, or misleading information can cost you the credit you deserve.

Who can remove items from my credit report?
Only the credit bureaus have the power to remove negative items from your credit report. They must, as required by law, delete inaccurate, unverifiable, or outdated information.

Does paying a past due debt remove the debt from my credit report?
No. This does not erase the fact that at one time you didn’t pay as you agreed to. That’s why you must avoid missing a payment.

How long does it take to repair my credit?
Each situation is different. People can expect anywhere from 3 months to see a noticeable difference, to 6 months to complete the process.

How do you restore bad credit?
Basically, by disputing the credit reporting agencies, courthouse, and creditors or lenders. Any information the agencies or creditors cannot verify has to be removed.  As well as any dispute not responded to within the allowed response time.

What items can be removed from my credit report?
Here is a list of some: Late Payments, Charge Offs, Foreclosures, Judgments, Repossessions, Personal Identification changed or corrected, Closed Accounts, Bankruptcies, Negative Settlements, Liens, Collection

I don’t trust Credit Repair companies, is there a way to repair my credit by myself even though I don’t know much about the credit system?
Absolutely!! You can find over the Internet new automated applications for repairing your bad credit. These applications will guide you step by step through the process and you won’t have to rely on anyone to see results fast. They are so user friendly that you won’t have to spend time learning about how to use the applications and you won’t need to become a geek on credit laws to be able to start your bad credit repair process.