Myths About Fast Credit Fixes
When it comes to fixing a credit report fast there are definitely some techniques that do not work. Here is a summary of some of the myths about fast credit fixes.
Don’t dispute everything on your report or let any service do that for you either! One of the most common mistakes that people make is to perform a blitzkrieg type attack on every thing they can find on the credit report. This is not a good idea because the disputed items are supposed to be temporarily removed form your file while the credit bureau investigates scam artists can pretend to you that they’ve actually purged your file when they haven’t,
Of course most or all for the negative items simply come right back as soon as the original creditor confirms that they are correct. What might not come back are the accounts that are helping your scored. The creditors might not bother to respond to the bureau’s requests for confirmation and you could end up making matters worse.
Disputing too many items at once is also a good way to convince credit bureaus that you are filing :frivolous disputes†and if they can get you on that then they can legally refuse to investigate your case at all.
To stay on the safe side don’t dispute more than 3 or 4 negative items at once unless your disputes are related. And don’t be naive enough to pay anyone a big fat fee to remove any more items then this for you.
Don’t bother trying to create a “New†Credit Identity or have a company do it for you. …This is simply a favorite scam of unscrupulous and greedy businesses that might hand you a deceased infant’s social security number or try to convince you to apply using your EIN – employee insurance number. Even if you do manage to pull this off you will still be left with an empty credit file. You will not have any luck getting credit with no credit history at all, which is exactly what happens when you open a fraudulent account using an employee insurance number.
Don’t close troublesome accounts …as mentioned so many times before in this guide one of the fastest ways to make your credit score fall is to close accounts.
Delinquencies, charge offs ,collections and other negative marks can remain on your credit report for seven years whether or not the original account is still open; bankruptcies can stay there for ten years.
Even if you’re having problems with an account it might still be having a positive effect on your credit as it contributes to your overall revolving credit balance. If it is one of your older accounts it could also help make your credit history look long. Recall that the older an account is the more it could be helping your history by making it look long.
If the troublesome account is a revolving account the credit limit is factored into your overall utilization ration. If you close the account it could have the effect of making your existing balances look larger while making your credit history look younger than it is.
Paying off collection accounts helps …this is not always true. Paying off old debts can seriously hurt your credit score and make the negative remark on your credit report look more recent than it really is. This is a quirk in the credit formula that should make you think twice before you pay off an old debt.