If you are serious about credit restoration, you need to develop a comprehensive plan of attack. Your plan should include a strategy to develop new credit as well as one for erasing bad credit.
One of the best methods to erase bad credit is by disputing derogatory accounts in your credit file.
Under the Fair Credit Reporting Act, both the creditor and the credit bureaus are responsible for correcting inaccurate and incomplete information in your file. This law can help you erase bad credit free!
The first step to your dispute is obtaining a copy of your credit report. You can get a free report from each of the three major credit bureaus once a year at www.annualcreditreport.com.
The next step in your campaign to erase bad credit legally is to identify any items in your credit file that you would like to dispute. Be careful that you do not dispute too many items at one time, or your disputes may be disregarded as frivolous.
Once you have identified items to dispute, you will want to write a letter to each of the three credit reports. You should provide them with your name, address and social security number. For each item you wish to dispute, state why you dispute the item and that you would like the item either removed or corrected. It is a good idea to include a copy of your credit report with the items you would like to be corrected highlighted or circled.
Make sure to sent your letter via certified mail, with a return receipt requested.
Once they have your request, the credit bureaus have 30 days in which to investigate your dispute. If you have provided any supporting information, the credit bureau must forward this to the creditor. The creditor must report back to the credit bureaus within the 30 days. If the creditor can not verify the information, the items must be removed from your credit file.
Additionally, if the creditor fails to respond in the 30 day time frame, the item must be deleted from your file. This means you can erase your bad credit legally – even if it is accurate.
Once the investigation is final, the credit bureau will provide you the results of your dispute in writing. If your dispute resulted in a change to your credit file, you will also be provided with a new copy of your credit file.
For more advanced methods of how to erase bad credit, check out Credit Repair College’s video training that walks you step by step through the credit repair process. To get more information, click on the “Claim My FREE CD” button to the right!
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