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How To Wipe Out Bad Credit And Re-establish Good Credit
If you have a bad credit record you are like thousands of people in America that have negative entries on their credit report.
Every time you apply for credit, your credit report will be reviewed. Credit grantors check your credit report to determine whether you are a good credit risk. They rely on the information contained in your report to determine your reputation for credit worthiness.
Credit bureaus, also known as credit reporting agencies, collect and maintain information on credit users. They collect, from lenders with whom you have credit, information on you and then make it available to inquiring creditors.
Your credit report contains information about you, your job, and a history of your experience with lenders.
Regardless of how negative information appeared in your credit report, you can change and correct your credit report for the better.
The first thing you need to do is order a copy of your credit report. Once you get your report, examine it carefully. If you notice that there is an error in your report, contact the credit bureau and dispute the item. Include copies of any documentation that supports your claim and send it by certified mail, return receipt requested.
By law the credit bureau must reinvestigate the disputed item. If the item is found to be incorrect or unable to be verified, it must be deleted from your report. If the creditor does not respond within the alloted time, then the disputed item must be removed from your credit report.
If a reinvestigation does not resolve your dispute, you can file a Consumer Statement of 100 words or less, explaining your version of the dispute.
Now that you have finished deleting negative credit information, it's time to rebuild a good credit report. There are several ways to rebuild a good credit history.
One way to add positive credit information to your credit file is to take out a small loan backed by funds in your savings account. When you pay back the loan, your security deposit will be released to you.
Another proven way to build a good credit record is to apply for a secured credit card. This requires you to open and maintain a savings account as security against default.
You can also apply for a charge account at a local department store. Make sure you will be able to pay the bills on time.
You can get rid of bad credit and rebuild a good credit rating. Once you rebuild your credit record, you can start receiving and enjoying some of the better things in life.
About the Author: Conleth C Onu is the owner of http://www.aboutcreditrepairadvice.com This website is packed with articles on credit repair, ebooks and other quality resources that can help you get rid of bad credit.