Personal Credit Repair – the 3 Simple Steps to Instant Credit Repair

Anatole France once stated that “it is only the poor who pay cash, and not from virtue, but because they are refused credit”. Currently more than 35 million Americans are plagued by bad credit and the various issues related to it. Some of them have thrown in the towel and accepted the bad credit reality. Others have embarked on a long journey of financial discipline and careful budget planning with the ultimate goal-paying off debt in full. There is, however, a small percentage of Americans that have found shorter and easier ways to personal credit repair.

Here are the 3 most important pillars of fast credit repair.

1. Can you play the game “blindfolded”?

In the world of credit repair, knowledge is everything. Trying to fix your credit without the proper knowledge is like trying to find your way in a dark forest “blindfolded”? Do you know how your FICO score is calculated? How to read your credit report? Which are the most detrimental items in your report? Which are the most important factors in the credit formula? Do you know how to request validation of debt from credit bureaus, collection agencies and original creditors? How to dispute inaccurate, outdated, ambiguous and questionable info in your report? How to remove mistakes in your credit file using the Rapid Rescore strategy? How to use your legal rights specified in the Fair Credit Reporting Act and the Fair Debt Collection Practices Act?

There are so many ” how to” in the world of credit repair. The more you know about them, the better your chances to raise your credit score fast.

2. Load your gun with legal bullets.

As a consumer, you have various rights. Most of these rights are specified in the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. For example, you have the legal right to sue credit bureaus if they fail to respond to your written dispute within 30 days(FCRA,sec 611), creditors if you dispute a debt and they fail to report it as disputed to credit bureaus(FCRA, sec 623), collection agencies if they don’t validate your debt (upon your request), but continue to pursue collection activities (FDCPA, sec 809). You have much more leverage with credit bureaus, collection agencies and original creditors than you think. The key here is to learn your legal rights. And to use them to the maximum in the negotiation process.

3. Pull out all the stops.

Just like with any other area in life, credit repair requires energy and dedication. Collection agencies are not always eager to settle for the amount that you offer. Credit bureaus will not always honor your dispute and delete the disputed item from your record. Original creditors might not agree to remove that one time late payment from your record even after your explain the sad circumstances surrounding it. In other words-don’t expect all credit lights in front of you to turn green. However, you have to keep on trying. Perseverance is a vital part of the personal credit repair formula.

Personal credit repair requires credit knowledge, awareness of your legal rights and the right amount of perseverance and dedication. Once you start thinking outside the credit box, you’ll be surprised to find how easy credit repair actually is.

Author: Irena Bocheva
http://fix-credit-score.info/
Do you really think that fixing credit takes a long time? Think again…Click on the link above and learn about the fastest ways to repair your credit score.