It is not uncommon for life to throw us a curve ball sometimes. Such as a sickness in the family, getting laid off from a job, or simply not being able to make ends meet.

This often results in falling behind on bills, and that will cause creditors to create negative marks on your report. There is a lot of information that says these negative marks must remain on your credit for seven long years.

This is false. The truth is derogatory items can be removed and are removed every day.

To remove bad credit from your report you should dispute each item with the bureaus. This is done be sending a dispute letter in which you provide a reason why the item is wrong such as; not my account, account paid in full, item is out of date, information is wrong, etc.

Once received the bureaus will conduct an investigation. They will contact the lender and ask them to verify the account, the dates on the debt, and the total on the debt.

If it is not verified then it must be removed from your report. This is according to the Fair Credit Reporting Act a federal law.

This is the act that is cited when people claim an item must remain on your report for seven years. This act specifically and plainly says an item can remain on your report for a maximum of seven years, nowhere is anything said about the minimum amount of time a mark must stay.

Unfortunately this false information is leaving many feeling hopeless and frustrated paying the high cost of bad score. However you don’t just have to live with this, you can remove each and every derogatory item that is on your report.

The truth is every item can be erased.

You can write a dispute letter yourself or you can hire a service to dispute negative items on your behalf. Disputing negative items is legal and you will never face any monetary fines, jail time, or arrest.

The bureaus have financed a large public relations campaign to get this false belief to consumers. This is because the bureaus spend potential profits every time they investigate a dispute.

If you dispute these marks yourself be prepared for the bureaus to use stall tactics. Often they will respond to your letter by asking for more information.

This isn’t because they need the information but it is used as a stall tactic. This is often when individuals give up on repairing their credit and decide to just live with a low score.

Don’t just live with the high cost. You can dispute and erase any mark from your report. This will help to provide you and your family with the quality of life that you deserve.

For a free credit consultation call 1-866-246-7311

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Do you want to take advantage of the slow housing market to get a great price on your first or a bigger home? Are you trying to buy a new car – maybe one that gets better gas mileage than your SUV? Do you want to go back to school and need to borrow money? All of these sorts of things, and lots of others, often make people look into ways to clean up their credit report. And for good reason, too. The better your credit score is, the easier it is to get a loan, the less interest you will have to pay, and the overall better terms you will be able to get.

If you want to clean up your credit report, do you know how to go about doing it? Of course, the best and easiest way to have a great credit history is to pay all your bills on time, keep some outstanding debt, but only a little, and make all payments on time right from the very start. Not everyone has the life circumstances to be able to do that, however; that does not mean, though, that there is just no way to make your credit score shine.

If you want to clean up your credit report, you should take some time to look into the ways that credit scores are determined by the three major groups who provide them, and once you do that, you should look at your own personal financial situation and take the appropriate actions.

Would you be better off to close that account you only use in extreme emergencies? Would it be better to take a second job for a short time to increase your cash in hand? Should you use the money in your savings account to pay off your outstanding credit card debt? These are all the types of questions that you should get answered before you start to do things in an effort to clean up your credit report.

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The various credit bureaus can use different methods at arriving at your score and this is why you can sometimes have more luck getting credit from one lending institution than another.

The industry standard is a system called FICO.
FICO stands for Fair Isaac Corporation Company.
FICO is software for calculating credit score and is regarded as the leader in the calculation of credit score within the finance industry.

The fact that it is commonly accepted as the most suitable way to rate a person’s credit score is why many people will talk of FICO scores or FICO ratings rather than calling them credit scores.
The software that is used to calculate credit score, whether it is FICO or other software uses research and mathematics to decide upon the rating.

This information is important to you as it will help you to have a better understanding of what you can do to give your credit score a boost in its rating.

The best way to explain how credit score is calculated is to compare it to insurance premiums where you will pay a higher premium based on various factors in your life.
With insurance those factors will be your age, your occupation, your health and even your choice of sport where dangerous activities will make you a higher risk for the insurance company.

The insurance company can then look at their research data and calculate your risk.
Obviously older people and those participating in dangerous activities will be a higher risk and those people will be expected to pay higher premiums.

Credit bureaus have similar research data that relates to peoples ability to repay debt in certain circumstances, and it is this data that they will use when they input your information to decide whether they will lend you money and if so at what interest rates.  Find out more about fico score and
how to improve your credit in as little as 37 days.

Credit score is a numerical calculation based on a number of factors that helps lenders decide whether you are a risk to lend money to.

The numbers generally range from 300 to 850 and allow lenders to see how well you are at paying off your debts.

The higher this number is the more likely you are to get credit and you will also usually get it at lower interest rates because of the fact that you will be regarded as a lower risk for repayment.

If your score falls below 600 you will probably have trouble getting credit and if you do you will be expected to pay higher rates due to the risk involved.

Scores over 720 are regarded as excellent and you can expect to get good rates.

This is just a guideline as some lenders place more importance on credit scores than others and while you might have difficulty getting credit with one lending institution that is not to say you will have difficulty with all of them.

Often you can discuss your situation with the lender even when you have a low score and still get them to finance you at reasonable rates.
Sometimes they will look at your whole credit history and take that into account rather than just the current poor score.

Your credit score comes from the calculations that are determined by the credit bureaus and are based on mathematical data that is arrived at from your credit report information that is supplied to the bureaus from people who have lent you money and from people you owe payment of bills to.

Learn more about how to repair your credit visit:  The credit Secrets bible

I know that thousands of people have bad credit, and don’t know what to do to fix bad credit. 
I repaired my own credit and was able to purchase a home.  Hopefully I can help you do the same.

see you in the next post.