Credit Matters

Today we are going to talk a little about How to Clean Up Your Credit Report. I’ve been asked questions like:

• Can I raise my credit score in a week?
• Do I need a professional to help me fix my credit?
• Is it true all I need to do is challenge negative info on my credit report and they will remove it?
• How long will negative information on my credit report remain there?
• Do I need to use credit to improve my credit score?
• What can I do to rebuild my credit?
  

So let’s jump right into this.

Can I raise my credit score in a week?

Probably not, your credit problems didn’t happen over night, so it stands to reason that they can’t be fixed overnight, (or in a week). But if you’re willing to do a little research and some work you can certainly improve in 90 days or so.

Do I need a professional to help me fix my credit?

I love this question. The answer is yes and no. In my opinion no you don’t, you can do a better job at repairing your credit than anyone else, all you need is the information on credit repair. Here is an inexpensive program that provides a ton of information on fixing your credit: “Credit Bible Secrets” (sign up for their free “7 Credit Secrets”)

Now the yes part of the answer. There are reputable companies that can help you repair your credit. The problem is the cost. Most people that are having credit problems don’t have the extra money to pay off their debts let alone pay someone to fix their credit report. Lexington Law - Credit Report Repair is a member of the BBB Online Reliability Program and offers a valuable service if you can afford it.

Is it true all I need to do is challenge negative info on my credit report and they will remove it?

Not exactly, some will tell you to just challenge all the negative items on your credit report and they’ll be removed. What this refers to is this, if you challenge negative information on your report, it’s the responsibility of who ever place the negative information in your credit file to prove that it’s valid.

Now this technique may work with some creditors and not others, it just depends on how well they kept records and whether or not it is worth their time to even mess with it.

How long will negative information on my credit report remain there?

Just about all negative information will remain on your credit report for seven years. Loans backed by the US government and student loans may stay on your credit report longer than seven years. Bankruptcies will normally stay on your credit report for ten years from the date of the last activity, usually the date you received your discharge. If a company request your credit report or credit score those request will normally stay on there for 2 years.

Do I need to use credit to improve my credit score?

In a word Yes, your credit score is determined by how well you manage your credit. If you do not use credit then there is no way to judge how well you manage it.

What can I do to rebuild my credit?

• First and foremost pay your bills on time.
• If you haven’t, get a copy of your credit report.
• If you have Bad Credit, apply from a bad credit credit card like the Imagine MasterCard
• If you credit report doesn’t show accounts you are paying on time send them a recent account statement.
• Make sure the credit bureaus have you correct residence and employment information
• Acquire a new credit card (carry a small balance on it ($100) and make regular payments)
  

That’s it for now….the best way to have great credit score is to take care of the credit you have now.