2006-08-16 06:21:19 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
Bankruptcy and any late bill payments stay on your credit record for seven to ten years, depending on your state's consumer credit laws. The only thing you can do to rebuild is start paying everything on time, and don't mess up.
There are no quickie workarounds, unfortunately. So if any firm approaches you and offers to clean up your credit record for a fee, run like the wind - it's a scam.
2006-08-16 06:29:19 · answer #1 · answered by Shelli 3 · 0⤊ 0⤋
If you have any open accounts and your behind on them, pay the off first. Order your report and go thru it and make sure everything is is correct. if you see any issues, dispute them. It is your right, by law to do so. Once you get your new report, look over it and if it is still not to your liking, start the process over again. Also, get a secured visa or MC thru your bank and build your credit up that way!
2006-08-16 06:51:12 · answer #2 · answered by kimalee72 2 · 0⤊ 0⤋
First obtain a copy of your credit reports from each of the three major bureaus: Equifax, Experian; and Transunion. You can get a free copy of your credit report once annually at www.annualcreditreport.com. Look them over carefully and dispute any inaccurate or derogatory findings. Many people simply dispute charge-offs/collections as "not mine". Dispute them in writing, with each bureau. Send your letters certified mail return receipt (CMRR). They have 30 days to validate the entries or they have to remove them. Sending your letters CMRR ensures everyone knows when the 30-day clock starts ticking.
Next, pay off what collections/charge-offs you can. Start with the most recent and the smallest. Collection agencies will usually settle for less than the outstanding balance. I've seen them settle for as little as 20% of the total.
Pay down any revolving accounts to 20% of the credit limit. Don't pay them off completely or close them. For instance, if you have a Sears card with a $500 limit, pay it down to $100 balance.
Finally, make your payments on time with any creditors you currently have.
Please feel free to contact me if I can be of further assistance.
Rick Lanicek
www.primelendingonline.com
2006-08-16 06:28:53 · answer #3 · answered by Anonymous · 2⤊ 0⤋
It takes about 7 years to get a bad mark off your credit report.
I guess the best way would be not to get a loan and make payments on time.
2006-08-16 06:27:55 · answer #4 · answered by still 3 · 0⤊ 0⤋
There are a lot of companies that will help you restore your credit. These companies will usually charge you per month until it is fixed. As for how long it'll take it really just depends on what shape your credit is in.
2006-08-16 06:27:10 · answer #5 · answered by Hareball 3 · 0⤊ 1⤋
read tips and articles on debt/credit and how to manage money on this site
2006-08-16 07:11:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋