Irena Bocheva asked: Is it possible to raise credit fast? The mainstream credit advisers will tell you that fixing credit takes time, dedication and careful budget planning. Contrary to that popular myth, there are faster and easier ways to raise credit score. The only requirement for fast credit success-knowledge about the inner workings of the system and the various loopholes in it.
Here are 3 simple tips that will help you understand how fast credit repair works:
1 Don’t let collection agencies intimidate you-they are more bark than bite.
Collection agencies sound threatening-they will flood you with unwanted phone calls and mail, they will warn your that your wage will be garnished, your property seized and you will be sent to court. In reality, when resorting to such harassing measures, collection agencies are actually in violation of the law. Under The Fair Credit Protection Act debt collectors are not allowed to make harassing phone calls and use threatening and abusive language, to give false information about themselves, the amount of the debt, the possible consequences of non payment. And the collection agencies know that. However, they pray on the huge crowd of misinformed people with bad credit. Another thing you should know is that collection agencies pay literally pennies for every dollar that you owe(usually 5 cents per dollar if the account is recent, 1-2 cents if the account is more than 2 years old, less than a penny if it is old or out-of -state account). In other words-they still make a considerable profit even if you settle for 25 % or less of the amount that you owe. Knowing these facts will help you choose the right strategy when dealing with collection agencies- never pay the debt in full, aim for the lowest settlement amount possible and promise to pay only if they remove the item from your credit record. If they try to harass or threaten, remind them that you know your legal rights.
2 Credit Bureaus-learn how to make them play by your rules.
Under the Fair Credit Reporting Act you have the right to dispute any inaccurate, incomplete, outdated, ambiguous or unverifiable item in your credit report. Credit bureaus have 30 days (45 if you used the service of annualreport.com) to conduct investigation and come up with a decision on your case. Statistics shows that 25 % of all disputes filed with credit bureaus end up with success. If the credit bureau doesn’t finish the investigation in a timely manner (a month), they are in violation of FCRA, sec 611. You can also use the debt validation strategy-ask the three major credit bureaus to provide proper documentation that the debt is your. If they fail to find the documentation( which happen in many cases), they are required to remove the item from your record.
3 Open you eyes for the loopholes in the system.
The case with the collection agencies and the credit bureaus are just examples of the various option you have if you want to pursue fast credit repair. There are many little known credit secrets that will take you to the desired destination faster than you think. The key is to look at your credit situation and find out which are the strategies that work for your specific case.
There are many ways to raise credit fast. Once you start thinking outside the credit box, you’ll be surprised to find how easy credit repair actually is.
Sally
