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Instant Credit Repair

“Instant credit repair” is a controversial term. Most of the so called credit experts think that “instant” and “credit repair” are mutually exclusive words. Building credit takes time, dedication, financial effort and careful budget planning. And so does repairing credit. “Fast”, “quick”, “overnight” are words that simply have no meaning in the credit context. Contrary to the popular beliefs, however, fast credit repair IS possible.Here are the 3 major rules that have helped others raise credit score in a short period of time:

1 Learn the rules of the game.

If you don’t know the rules of the game( and I mean ANY game), your chances for success are slim to zero. The same logic applies to the world of credit repair. The more you know about the inner workings of the credit system and the various loopholes in it, the better your chances to raise credit score. Do you know what’s the mathematical algorithm behind your credit score? Which are the two most important factors in your final FICO? Which are the most detrimental accounts in your report? Why credit is time sensitive? How to remove mistakes on your report within 48 hours (Rapid Rescore)? How to request validation of debt from credit bureaus, collection agencies and original creditors? How to successfully dispute negative accounts on your report? How to dispute separate listings within accounts (Dispute 623)? How to negotiate with collection agencies and settle for the minimum amount possible? How to deal with legal judgments and tax liens? The answers to such question can give you some idea of the loopholes and shortcuts in the credit system.

2 Play your trump card(your legal rights).

A lot of people with bad credit perceive themselves as the “villains”. After all, they are the ones that maxed out their credit cards or failed to meet their contractual loan obligations. Well, let me tell you -you are not villains in front of the law. As a consumer you have numerous legal rights that are specified in the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. For example, you can request validation of debt (paperwork proving the debt is yours) from credit bureaus, collection agencies and original creditors. Failure to validate the debt should result in the deletion of the negative account from your report. You also have the right to dispute any inaccurate, outdated or ambiguous item in your credit report. Credit bureaus are required by law to conduct investigation in a timely manner and come up with a decision on your case within 30 days. You also have the right to stop any harassing collection phone calls by sending a simple “cease and desist” letter to the collection companies. We can’t go into details over all of your legal right here, but the bottom line is-you do have legal power. Use it to the maximum.

3 Go the extra mile…

Not all credit bureaus, collection agencies and original creditors will be willing to cooperate. Don’t forget you are playing for different teams….The key to success, however, is to keep on trying. Negotiate with collection agencies till they agree on your settlement terms. Dispute certain ambiguous items in your record on various levels until you get them permanently removed from your file. Send a “goodwill” letter to your creditor explaining the unusual circumstances around your late payments and ask for the deletion of the negative item. In other words-persevere, persevere, persevere…until you see the results.

Instant credit repair is not a myth. Knowledge about the credit system and the various loopholes in it combined with a healthy dose of perseverance will take you to the desired destination faster than you thought possible. Once you start thinking outside the credit box, you’ll be surprised to find how easy credit repair actually is.