People do not despause because of a low credit score. I guarantee you would not pout out if you knew how a few simple techniques could drastically improve credit score. Let's be real, your personal situation directly reflects the time frame that is needed to improve credit score.
Ok, let's start from the top Equifax, TransUnion, and Experian are not your friends but unfortunately you have to deal with them. We must request our credit report from each. The FTC has declared that every individual is entitled to one free credit report per calendar year so everyone take advantage of this and not pay for yours.
Once we have our credit report in hand, we must scour the report for any discrepancies that we see. Anything, everything that may be in conflict with your remembrance must be annotated down and we will go back to the corporations for help. What we must realize is that it does not matter if what's on your credit report is true or false. Whether the information that is there is fraudulent or completely in fact. The important thing is that it's properly and legally annotated or it will be removed by law but you must request it.
This verification process is what's legally under a specific time frame. Your creditors must answer within 30 days of the dispute or the credit bureaus must remove it from your credit file. This works in your favor, not the creditors. If you do have debts and they are legally yours, you can offer a settlement for these particular debts. Do not be discouraged if they do not agree, but usually you'll get in return a set of legal documents that are the conditions of the payoff.
Remember you initiated this for a reason. The purpose is to clean up your credit file. In other words make sure that there is some word stating that they will remove this inquiry or debit from your credit file once payment has been made.
Once again, it is extremely important for you to watch how the letter to the credit bureaus is being awarded. We do not want the opposite effect. The wording of the letter should not make your FICO go down. Let's take a moment to stay into that possibility. Say for instance you make an agreement with the creditors pointing simply that they will tell the credit bureaus that the account has been paid in full.
This is going to cause a negative effect. We must remember the state of the account prior to it being paid off was delinquent therefore what we have is a delinquent account being paid off. Like I stated earlier, what we want to happen is for the creditors to agree to completely remove the negative item from your credit file. You will be amazingly surprised at how the settlement negotiations can increase your score 100 to 200 points depending upon how many of these inquiries you can get your creditors to remove.
Take another step back, how many of these accounts have you already paid off but did not know this. You can still dispute this with your creditors and attempt to get it removed, but since you've already paid them your bargaining chip is null. In today's credit market, there are some very decent products that can guide you through having your credit properly disputed once an account has been paid in full. Believe it or not the credit bureaus themselves will teach you the correct way to negotiate these deletions in exchange for a settlement payment.
Through it all, the single most important thing that you need to know is how to protect yourself. You must remember, collection agencies are not your friend. These are some of the most devious businesses on the face of the planet. Their bottom line is your despair. Their business model reeks with greed. We must remember that the very first thing that we have to do in order to protect ourselves is received that letter stating the terms of the agreement.
There are many factors that will impact the length of time that it takes to improve your credit score. A good idea would be to follow a simple program developed by professionals to accomplish just this. With a little help, patience and guidance your credit file can be improved within the year. The worst thing you can do is not getting started. The most important thing you can do is take heed to those things that has the greatest impact on your credit. By taking control of your credit, you are taking back control of your life.