I have worked in banking and finance for almost 20 years.  This means that when I have needed to fix my credit I have known just what I needed to do.  For most people, it isn’t so easy.  It doesn’t help that the credit bureaus try to keep how FICO scoring works a secret.  The good news is that fixing credit really isn’t all that difficult.  It is just a process.  Let’s look at some strategies that you can implement for fast credit repair.

Do you have a lot of credit card debt?  If so, you have the ability to improve your credit score by up to 65 points just by paying off your revolving debt.  This is one of the best ways to impact your credit score quickly.  If you can’t pay off all of your debt, aim to get each of your accounts down below 30% of your credit limit.

Another way to improve your score is to clean up negative and inaccurate information.  Accounts that are more than 7 years from the date of last activity can be removed from your credit report.  Also, take a look at your credit card limits and make sure that they are reporting correctly.  Some companies do not report this accurately and it can have a very negative impact on your FICO score.

Even if you do not have errors in your credit file, you can dispute negative items that you find questionable.  The credit bureaus will give the creditors just 30 days to respond to your dispute.  If they fail to meet this deadline then the item will be deleted from your credit file.  It cannot be added back to your file unless you are notified up front in writing.  If the credit bureaus do add it back and you are not notified, you can sue them in small claims court for $1,000 per incident.

Related posts:

1. Home Refinance Bad Credit Gives You The Opportunity To Save Money Even With Poor Credit
2. How Do Online Loans For Bad Credit Work?
3. Private Student Loans Bad Credit Eligibility Standards

Last Modified : February 7th, 2010 Filed under : Finance Navigate : Previous post / Next post