Credit Rating Repair : Credit Rating Repair Slide 2: When you are repairing your credit report it is important to create positive credit as well as remove negative credit. The simplest way to build positive credit is to pay all your monthly bills on time.
This will create a positive payment history. A positive payment history is almost as important as removing negative marks from your credit report. Slide 3: You are going to need to remove negative listings from your credit report too. This is accomplished by disputing inaccurate negative listings.
It is estimated that 1 in every 4 people have a negative item that is not accurate, and this is costing them money on higher interest rates. The responsibility of removing these marks fall upon you. Slide 4: A divorce is often a source of inaccurate negative marks. A divorcee judge will often divide the debts between the two parties.
It is common for one party to neglect to pay their court ordered debt. However this results in damage to both parties credit report. Slide 5: Another common source is lender mistakes. People are human and will make mistakes, however you will pay the price.
There are a variety of lender mistakes however a common one is a monthly amount due will change and the borrower will never be notified. The borrower will continue to make their on time monthly payments yet every month their credit is reported negatively. Slide 6: The Fair Credit Reporting Act was passed to help individuals that find themselves a victim of these situations. This law says credit bureaus must investigate a disputed listing.
The difficult part will be to get the bureaus to investigate a dispute. Frequently bureaus will respond to a dispute letter by requesting more information about the listing.