My credit rating is bad, and I don't know what I owe from the past, how do I find out and what to do about my bad credit. I have been told there are loopholes in fixing my bad credit rating, but where can I go which won't cost me an arm and a leg??
2006-07-08 07:57:44 · 13 answers · asked by jj 2 in Business & Finance ➔ Credit
You can find out what is on your credit rating by going to www.annualcreditreport.com - there are no easy loopholes - you pretty much have to pay what's owed.
2006-07-08 08:00:13 · answer #1 · answered by philippebeaudette 1 · 0⤊ 0⤋
If there were loopholes don't you think everyone would have a great credit score? There's a few things that 'help' clean it up: but the biggest thing is *time.* In every country there is some sort of limitation on time - for me, in the US and in TN - after 5 years if they haven't forced me to pay anything yet they can't come after me for the money I owe. After that, I just wait a certain period, depending on the type of credit report (negative balance, overdue, not paid, written off, etc) and I'll have a clean report. The most is 10 years at bankruptcy.
Otherwise.
1. get your report and disclaim whats not yours - they go to the company, get paper work, go to another company and get paper work there - then compare. If it's not your writting, name, etc... then your free. If the co. can't provide papers w/ your signature, etc - then it gets removed too.
2. Pay up.
3. Wait
Unfortunately time is the only thing that will fix your score. Most people looking to fix it right away are trying to buy something w/ credit.. which is the exact philosophy you can't have. Wait it out, and once it's clear you can worry about building on it.
The loopholes people talk about - they're illegal. It involves lying to them, about health or wealth conditions: and if you want to go about that way you have up to 7 years were you have to be paranoid every april 15th b/c the IRS might just tell on you.
2006-07-08 08:13:17 · answer #2 · answered by Solrium 3 · 0⤊ 0⤋
There are NO loopholes. Get on the electoral register and try to stay in the same address for as long as possible. Get on of the many credit rebuilder credit cards that are available and spen very little on it but enough to make a payment each month. Stay with one bank and be good, if you have a good relationship with your bank they will use an internal credit score rather than the ones the major companies use. Then you can ask your bank for an overdraft or one of their credit ccards or a small loan. I was the same and am now into year three of being good and am allowed credit cards, overdrafts and subscriptions that I could never had two years ago
2006-07-08 08:02:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
People that say your credit cant be cleared are wrong. I know for a fact that it can be done and you can do it yourself. Some may consider it a "scam" because they are charging you for something you can do yourself, but it is America, get in where you fit in. I have personally cleared my credit three times, I am 28. The first time I just went crazy with the credit and cars and stuff. The second time I had to pay a lawyer (over $25,000) . The third time I started my buisness with several loans. I have kept my credit good for a while now.
2006-07-08 12:50:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There are loopholes, not all legal, even. I would get a handle on where you are if I were you. You don't seem to know. Get a copy of your current credit report, free if you get turned down for credit. Then you might want to use one of these companies who can cut 35% to 40% off your total amount owed, stop the interest, etc. They advertise on the internet, or you can use a search engine.
2006-07-08 08:03:18 · answer #5 · answered by The Advocate 4 · 0⤊ 0⤋
You can repair your credit. I wouldn't recommend hiring a company to do it for you. Some of those companies may leave you in worse shape than you are now.
I also wouldn't recommend going to sites on the web that charge you for the information.
You do need to order your credit reports and see what is on them. If you want your free reports, go to the annualcreditreport.com site. But, keep in mind when you start disputing things from that free report, the credit bureaus have an extra 15 days to investigate. Which is 45 days.
If you dispute from a paid report from each credit bureau, they only have 30 days to investigate. That can make a big difference in whether an account stays or is deleted.
I would suggest going to the site that I've listed and start by reading the newbie forum. Then start reading in the credit forum.
It is a "free" do it yourself credit repair site.
2006-07-08 15:17:59 · answer #6 · answered by echo 7 · 0⤊ 0⤋
A key advantage of annualcreditreport.com is that you can get 1 free credit report from each of the three major credit bureaus once per year. It is a great resource for anyone! What you won't get (at least for free) are your credit scores. These can be obtained from the bureaus directly or through third-party service providers. Fees for monitoring services are nominal ($10-15/month) and can be helpful as you are closely monitoring your credit situation. It can be very motivating to see improvement as it's happening! Good luck! --CR
2006-07-08 10:05:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋
There are no loopholes!! Someone who charges you to get your credit fixed is a scam. Your only solution is the pay your bills on time, and fix it yourself.
If there is something incorrect on there, then you can get it corrected. But just because you decided to screw up your credit, doesn't mean that you get a free pass.
You can request one free copy of your report each year. Just go to the website and request it. Just make sure that you don't go to one of the knockoff sites that make you enter your credit card information. Good luck.
2006-07-08 08:01:21 · answer #8 · answered by pnk517 4 · 0⤊ 0⤋
You can get a copy of your credit report from the Credit Bureau.
The only way to raise your credit score would be to pay off old debts, and not incur new ones. (unless you plan on paying them)
I believe that making regular monthly payments on something in your name is a positive thing also.
2006-07-08 08:01:13 · answer #9 · answered by Jasmine Lily 5 · 0⤊ 0⤋
the easiest way is to apply for something like a credit card,then,when you're turned down,you've got 30 days to get a free copy of your credit report. If you dispute something on there,you are entitled to write to the credit agencies,and explain yourself,and they have to put the letter into your credit file. Pay things off,and don't get too many outstanding debts, it's not easy,but can take years to fix sometimes,good luck
2006-07-08 08:01:09 · answer #10 · answered by dragonfly 4 · 0⤊ 0⤋