I want to clear my credit score.....?

Question

I just payed off my last debt today.Apparntly it takes ages for your credit score to clear? Is there anyway i can pay to get it wiped and start from new?

Answer 1

Just because you had debt doesn't mean you have a bad credit score. Bad credit scores will come around if you missed payments etc. The best thing to do is to get a copy of your credit report from experian and equifax (£2 each) and have a look through there.

To make sure you have a good credit score,
- make sure you are on the electoral roll
- don't apply for too much credit in a short period of time
- cancel any unused credit (credit cards, debts and accounts)
- build up a good credit history - keep up with your payments and do not default.

This site has more in depth information on credit scores in general:
http://www.moneytowers.com/2006/dealing-with-your-debts/credit-scores-what-they-are-how-to-improve-yours/

Answer 2

How To Clear Credit Score

Answer 3

If you are in the United States the best thing you can do to remove negative information from your credit report is to undergo a credit restoration. If you are in a hurry to get the information removed then that is the way to go. If you are not in a hurrry, then just wait 7 years and it will go away by itself. (Why anyone would want to do that is beyond me)

There are doubting naysayers that will tell you things like credit information cannot be removed for 7 years unless it is inaccurate. Or you can do it yourself for free. And even It can't be done because it is not legal. Fortunately for you, there are those of us who have actually READ the Fair Credit Reporting Act and know that it is legal, any information is eligible for removal, and yes you can do it yourself, but it is better to have the professionals do it for you. You can represent yourself in court, but you would never do so, you would take a lawyer. You can fix your own car, but you take it to a mechanic. You can build your own house, but you hire a contractor. The same is true with credit restoration.

However, there is one thing you need to be aware of. There are ONLY THREE legitimate credit restoration companies in the United States. In my investigation of credit repair/restoration companies in the United States, I have found ONLY THREE and so has the Government. It is one of the rare instances where the Government and I agree. You can read my blog article on how to tell the difference between a legitimate company and a scoundrel by clicking the link below. In the article I don't give names, that is not its purpose. Education is its purpose. If you want to know who the three legitimate credit restoration companies are, you will have to email me at [e-mail]

PS: Creating an alternate credit file borders on the illegal. When you do this, certain government entities who take interest in these things now because of the Patriot Act, will look at you more closely. Be very careful if you go that route.

Answer 4

=======================================
The TRUTH About Creating
An Alternate Credit File

-by Terry Price

(C) Copyright Terry Price
All Rights Reserved

http://gaby1221.niesong.hop.clickbank.net
=======================================

What if I told you there was a way
you could solve all your bad credit
problems overnight by creating a brand
new credit file in 24hrs - would you be
interested? And what if I told you
this program was 100% legal and even
backed by the federal government -
would that sound too good to be true?

Well... you're right. It is too
good to be true but these types of ads
are now surfacing again after the
Federal Trade Commission launched
"Operation New ID Bad Idea" over 8
years ago. This operation targeted
(and took down) over 50 credit repair
organizations and companies selling
consumers both pamphlets and services
giving them a brand new credit file
under the pretense it was 100% legal
and in some cases even claimed it to be
a "government sponsored" program!

The con was simple. Companies
would target consumers with bad credit
and offer to create a brand new credit
file for them by substituting an
Employer Identification Number (EIN)
for their Social Security Number (SSN)
along with a new address. EIN's were
obtained from the Internal Revenue
Service on behalf of the consumer.
With the EIN and a new address the
companies would either have the
consumer apply for credit with the "new
information" or the company would apply
for them. When the creditor would run
the application it would automatically
create a new credit file because the
computer would be unable to find the
consumer in the database due to the new
address and SSN.

While there is some dispute among
privacy experts as to whether or not
this is legal, the FTC's actions at the
time were not up for debate. Companies
were advertising and luring in
consumers in order to have them falsify
credit applications by providing new
information such as their address and
SSN in order to obtain credit. This
was a direct violation of the Truth in
Lending Act (TILA) and worse yet, the
companies were advertising to consumers
that this was 100% legal and in some
cases claiming it was a government
sponsored program. As you'll hear me
say often "In reality, nothing could be
further from the truth".

Privacy experts will argue that
using an EIN or 9 digit PIN (simply a
made up number) in place of ones' SSN
is completely legal since creditors are
on shaky ground asking for your SSN in
the first place. In regards to the
truth in lending act they will argue
that one has to exhibit "an intent to
defraud" a creditor. My question "Is
concealing ones' adverse credit history
intent in itself?" While I am not an
Attorney on the matter of credit law I
can conclude that if a consumer was to
create an alternate credit file using
the EIN or PIN method they better be
darn sure they never have a problem
paying their bills. If they do, they
most likely would find themselves in a
courtroom with a case involving credit
fraud. Which brings me to my next
topic.

How To Create An Alternate
Credit File Legally

Most consumers are unaware that in
addition to consumer credit reports,
both Experian and Equifax own and
operate business credit reporting
services. By creating a business
credit profile a consumer can now
create an alternate credit file
legally. While some creditors such as
residential utility companies will not
allow you to use business credit in
place of personal credit, we have had
numerous clients who have successfully
used business credit to obtain credit
cards, automotive leases and loans.
This technique (although controversial)
can be very effective when done
properly.

The basics of building business
credit involve 1.) Setting up the
proper structure for your business
(i.e. Corporation, LLC, etc.). 2.)
Obtaining an EIN as well as a DUNS
number (Dunn and Bradstreet). 3.)
Borrow and/or buy products and services
from vendors who reports to business
credit reporting agencies such as
Experian, Equifax and Dunn &
Bradstreet. While building business
credit requires time just like personal
credit, don't get discouraged.
Remember, when you set out to begin
building your business credit you are
starting with a clean slate. This is
when it becomes imperative that one
learn from the mistakes of their past.
Remember, in the credit world those who
do not learn from their past are
(inevitably) doomed to repeat it.


(END)

In a few days we'll talk about:


"Five Things Every Married Person Should
Know BEFORE Signing Any Credit
Application!"


=======================================
Terry Price is the founder of Consumer
Education Group which publishes the
Credit Secrets Bible (in print since
1994).

For more information on the CREDIT
SECRETS BIBLE you may visit:

http://gaby1221.niesong.hop.clickbank.net
=======================================

Answer 5

the best way really is to write to the creditors whom you had the debt with and ask them to remove any information they added to your credit rating!!

they dont have to do this but they can if they want so ask nicely!!!,, they are more likely too now youve paid it all off!!

there are companys on the internet claiming to be able to reapair your credit score, but personally im not 100% sure about these,, and have never known anyone who has used them,,

also try applying for a credit card such as capital one!! they specialise in bad credit!! the interest rate is astronomical, but ieven if you only spend £20 a month on it and immediately pay it off the next month, not only will you not get charged interest, as its interest free for 56 days it will do your credit rating the world of good..

www.capitalone.co.uk
view your credit report online at www.experian.co.uk,,

good luck

Answer 6

recovering low credit checklist: in case you have a low credit checklist, inspect the clarification for this checklist. If the clarification is previous due or non-funds on your behalf, start up making funds to the lender and clean off the debt. A previous due fee can artwork against you in a protracted time. while you're no longer able to pay by way of scarcity of money, shrink your spending. yet another answer is to take extra credit from reputed lenders who grant you versatile fee time table. via paying off your extensive debt in small quantities rapidly, you are able to provoke your potential lenders. Then end off the learn of your credit checklist performed via the bureau.

Answer 7

There is no legal way to clear your credit score. It takes time for negative marks to come off your credit report. The first step is to maybe get a secured credit card even if it is your own money to begin rebuilding your credit.

Answer 8

Nope.It takes time for negative marks to come off your credit report. You can go to experian.co.uk and ask to speak with an advisor that will give you some help.

Answer 9

I used these guys. They are honest and fast. They put everything up front and they work. And they keep working, and working and working. They are like the Energizer Bunnies of the credit repair business.

http://www.nwbusinessadvisors.com

Answer 10

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