Online Credit Repair

There are two steps to fixing a low credit score.

  1. Removing Negative Items from Your Credit Report - these include charged off credit cards, collections, tax liens, repossessions, student loan defaults ...
  2. Build New Positive Items on Your Credit Report - the best are revolving credit lines such as an unsecured credit card that will report monthly to the major bureaus.

    However any new marks on your report, provided they are positive will help to rebuild your credit worthiness.

The most effective and fastest way to fix your credit is by doing both these steps simultaneously. And you can!

 

One of the biggest myths in our society are that you just have to live with bad credit for seven long years. This myth is spread even by so called experts in the credit industry.

 

However the piece of legislation they are referring too when they say this is the Fair Credit Reporting Act (FCRA). This is a law that Congress passed to protect you the consumer against the Credit Bureaus.

 

It says that a negative item can remain on your credit report for a maximum of seven years! There is nothing said about the minimum amount of time a negative item can stay on your report.

 

This law was passed because contrary to popular belief the Major Credit Bureaus - Equifax, Experian, TransUnion are not government agencies. This are private business!

 

Credit bureaus just collect information about you and other consumers. They make their money by selling that information to banks, rental agencies, financial institutions. The credit bureaus make money when you the consumer have your credit check - it is checked with the credit bureau who charges the business to check your credit.

 

Don't believe me? Check out this financial document for TransUnion Credit Bureau also called TransUnion Corp - it is a report of the first quarter earnings in 2011. They had a reported revenue of $245.9 million for just the first quarter! Here is the link or click here- http://www.transunion.com/docs/aboutTransUnion/ir/2011_Q1_Earnings_Relea...

 

The credit bureaus are private businesses! They sell information about you to your credit card company, your car dealer, your loan officer, your landlord and the list goes on and on!

 

The bottom line is you don't just have to live with bad credit! You can have negative items removed from your credit report without waiting seven long years and you can rebuild a damaged credit score!