Credit report says a lot about a person’s financial health. Needless to say, bad credit history can have a huge impact on one’s quality of life. Negative items reflect on one’s credit score for a period of seven long years, which is why one must necessarily maintain a good credit score to avoid unwanted ordeals in life.
Most lenders out there would raise their interest rates without a second thought, thereby making your life more difficult when it comes to procuring a home loan, personal loan or any other loan with a bad credit history. As such, there are truckloads of individuals out there who often wonder how they can remove negative items from their credit history to improve their chances of procuring a loan at a fair interest rate. What most people don’t realize is that they can remove negative items from their credit history by following a simple step.
There is a rule in place that enables individuals to dispute negative items affecting their credit score by writing a letter to the credit bureaus. This rule will help one challenge their creditor’s verdict, if they feel that their credit report has been wrongly or erroneously affected by the creditor. Over here, one needs to submit a written application to the Trans Union or Equifax Experian to bring the negative item to their notice, hoping that they will consider your case for erasing the negative item from your credit history.
The best part over here is that the creditor is allowed a time period of 30 days to respond to the challenge. If the creditor fails to respond within that timeframe, the negative items would be removed permanently from your credit history.
One can also take aid from credit repair companies to fix one’s bad credit history. However, this option is not required if you equip yourself with some basic knowledge on how to fix bad credit report by oneself. One of the simple measures as outlined above will demand very less time and effort from your end. The key is to act fast so that the positive effects reflect on your credit score as early as possible.
Negative items reflecting on your credit history can be removed, even if they are correct.
This can be accomplished by having a healthy conversation with your creditor. If you have maintained reasonably good terms with your creditor in the past, then most likely your creditor will act favorably on your request.