Bad Credit Info Blog

Credit files and reports are important. They are important because of the power of the set of three numbers they contain. This set of numbers is an indication of your financial standing. They tell if you are money-wise or not and can decide whether anyone should invest in your business or not. They prove if you are creditworthy and can convince the bank to either give you a loan or not. They are not be messed with. But when you realize that you have a bad credit, you need to take steps to repair it.

The three easy and fast ways to repair your credit are:

1. Get a credit bureau to prove that ALL the bad accounts are yours: I never said you should ask them to prove that SOME of the accounts are yours; I said ALL. This is because there is a high tendency that the bureaus would be able to prove only about 35 to 40% of the bad accounts. As stipulated by the Fair Credit Reporting Act, any account that can not be proved gets removed from your credit file within three to four weeks. Imagine the improvement that would happen to your credit when about 60% of all bad accounts are deleted. You can easily reach the bureau by sending them a letter of dispute.
2. The next step would be to open a credit account. When you open an account, keep the credit limit high and use only about 30% of the limit. This would have a very positive impact on your credit.
3. The last thing you should do is to clear your debts. This is the last step but it is certainly not the least. As soon as your debts are paid up, you would realize that you don’t have anything bad credit again as your FICO score should have improved by 100 points or more depending on the rate of debt paid.

You can now see that fixing a bad credit is not hard to do. All you have to do from this point is to maintain the good credit by avoiding debts, paying your bills on time and saving money.

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Article Source:http://www.articlesbase.com/finance-articles/three-easy-steps-to-fixing-a-bad-credit-1532457.html

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