Do you have negative marks on your report? This is what is ruining your overall score. It often doesn't matter how many positive items you have because the negative marks will outweigh them and cause the damage.
Therefore the most effective way to improve your score is by removing old derogatory listings. Contrary to popular belief it is completely legal and Congress passed legislation in 1970 that gives you the right to challenge the accuracy of any item on your report. This was passed in an attempt to protect you and other consumers from the bureaus and debt collectors.
1. Your Reports - The first step you must take is to get current copies of your file, one from each bureau. These can be gotten for free once a year, according to government legislation.
2. Examine Your File - You will need to closely look at each report as they will vary from bureau to bureau. You are going to need to identify items that appear questionable to you, or the negative listings that you would like to dispute.
You can challenge any mark you feel is inaccurate. You will never face any legal trouble or prosecution from disputing an item you know to be accurate. As we mentioned earlier the law that Congress passed was intended to protect you, and has yet to be used to prosecute anyone. Further, if you examine the law the burden of proof to challenge a mark is if "you feel it is inaccurate."
An item can be inaccurate for many reasons including: wrong dates, incorrect balance, it's not your account, it's been paid, and its wrong... It would be in your best interest to dispute every negative item on your report. The law that gives you this right was passed in 1970 and no one has ever been in any legal limbo for filling a dispute for an item they knew was accurate in the past 40 plus years.
3. File Your Dispute - This is done by hiring a service to do it for you or you can do it yourself by writing each bureau a dispute letter. In your letter you will need to include the item you are disputing, the reason, and any supporting evidence you have.
Once the bureau gets your letter they will investigate. They will contact the lender and ask them to verify the account, the balance on it, and the dates. If the lender doesn't verify your account then it must be removed from your report.
4. Check Your Mail - You will be notified by the bureaus of their investigation results by mail. They will inform you if the item was verified or removed.
Contrary to popular belief you don't have to just live with these listings on your file. The reason this myth is so prevalent in our society is because the bureaus must first determine your dispute is valid before they will investigate. Unfortunately this is nothing more than their attempt to avoid conducting an investigation. They end up spending potential profits when they investigate an item and are therefore very reluctant. The only reason they do, is to comply with our government.
However this is debatable as the bureaus have one of the worst records of any regulated business in our country. They have been fined countless number of times for blatantly not complying with Federal Law. If you find yourself hitting brick walls and getting frustrated we would encourage you to check out a professional service.
For a free credit consultation call 1-800-232-2903 or visit us for more about how you can Clean Up Credit Report or how you can achieve a Clear Credit history visit us.