What's the best way to get rid of or erase bad credit.?

Answer 1

People who have bad things on their credit for several years just don't know their rights. There's something called the Fair Credit Reporting Act and Fair Debt Collections Practices Act, that you will want to become VERY familiar with if you want to protect your credit.

First things first, bad items may remain on your credit for up to 7 years, BUT THEY DON'T HAVE TO. There is no law saying an item has to remain there. That means, you have to start battling the companies to get these items removed.

Whenever an item goes to collections, there is something called the Date of 1st delinquency. EVERY company that sends an account to collections must provide this date to the credit reporting bureaus, so that items may not remain indefinitely on your reports. You can challenge most items as "past the 7 year reporting period", and for others, you can request "debt validation".

Debt validation is probably your most important tool. Here's why: when a company has a collection account, they can't just place this on your report. They first have to send you a letter telling you that you owe the amount, and if requested they will get proof of the debt...this is validation. Guess what? Most people NEVER ask for validation! So even if the debt is not theirs, they have it placed on your reports. You always want to ask for debt validation first..look it up on Google.

These are just some of the things that are within your rights to do. Read up! There are lots of laws that are on your side.

Answer 2

there are some that say No credit is actually worse than bad credit. I was in the army, and paid cash for everything and when I got out , had ZERO credit, I had to get a co-signer to buy a house. Pay your bills on time buy something small like a washer dryer on credit, pay it off on time, even your utilites and other monthly expenses show up in your credit report, so be consious of those as well.

Answer 3

There are different answers for different circumstances.

If you own a home, my suggestion is to refinance. With a good loan officer, time, patience, and a bit of self control, you can gain a hold on your debt and improve your credit score significantly.

The company I work for, Aapex Funding, has a program designed specifically for situations like this. It's called our Credit Repair program (I never said we were creative with naming our programs... we are however creative in helping you improve your credit). This program usually raises a persons credit score by about 100 in less than a year, and I've scores improve over 120 points in that amount of time.

For more information, or a consultation at no cost to you, email me or check out our website.

[e-mail]

http://aapexfund.com/

Answer 4

With computers.....it's out there forever! It is so hard. You have to pay everything, including utilities, by the due date. Then you have to be able to guarentee that nothing bad will happen and you will be able to pay everything on time. Not gonna happen. No one knows what is going to happen to them. And no it does not go away after seven years! I'v got stuff on there from the eighty's that I filed on bankruptcy that is still on there. They won't take it off. I have heard of a place, don't remember the name, that if you pay them three hundred dollars, they make them take that stuff off. Just don't get things on credit. If you can't pay for it, wait till you can. That is where most people get into trouble, getting credit cards.

Answer 5

Generally, on your credit report - signature credit lasts seven years, bankruptcy about 10 years. Except for bankruptcy, most creditors have to charge off your account after 150 days of not receiving a payment from you and turn it over to a collection agency, which can get ugly. Check out the website below for help depending on what you want to do about your bad credit.

http://budhibbs.com

Answer 6

The only way is to pay all bills on time over a period of several years, until you have developed a pattern of good credit.

Answer 7

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RE What's the best way to get rid of or erase bad credit.?

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Answer 8

This will take roughly six months, BUT all you have to do is pay your outstanding debt/s on time in a timely manner. The time part basically shows your history of paying on time in a consistent manner. Once this is established your rating will increase.

Answer 9

Wait 7 years and it gets deleted. all of your credit scores are deleted after 7 years of no activity then you can start a new credit history.

Answer 10

Pay all of your bills on time for 5 years.