Credit Repair Secret - 3 Secrets That Will Boost Your Credit in No Time

Is there such thing as a credit repair secret? Is there a faster way to raise credit score? You've probably heard the phrase "There are no shortcuts to a better credit". According to mainstream credit advisers repairing credit takes time, effort and careful budget planning.Well, guess what? Time and effort will take you to the desired destination eventually. But why wait? And why do it the hard way when you can do it the smart way?

Here are some examples of credit repair secrets

1 Credit Repair Secret #1 Deleting adverse accounts that are yours is possible.

You can always dispute mistakes on your credit report and have them deleted. But what about negative accounts that are yours? Let's say you have two late payments on your car. Make sure that you get current with them. Next thing-send a goodwill letter to your creditor explaining the circumstances around the late payment. You do have a sobe story, right? Also promise to be a loyal customer in the future.

In many of the cases creditors will make a courtesy exceptions and delete the negative item from your credit record. Another example is the so called 623 Dispute. It lets you dispute listings (wrong balance, wrong limit, did not pay late etc) within a negative item with the original creditor. Most creditors keep files for only 13-18 months. If your account is older than that, they might not have the proper paperwork to prove you wrong. If this is the case, they are required by law to remove the whole negative item from your record.

2 Credit Repair Secret #2 Paying off your collection in full will NOT raise your credit score

Paying off a collection account that is more than 2 years old will upgrade the account status to current. In other words, the collection (although paid)will continue to affect your score negatively and will stay on your credit record for addition 7 years.

3 Credit Repair Secret # 3 Credit is time sensitive.

Bad accounts impact your score less adversely as time goes by. Negative items fall off your record after a certain punishment period (10 years for bankruptcies, 7 years for foreclosures,collections etc). However, the older the items get, the less effect they have on your overall score. A single late payment on your mortgage now will be more detrimental for your credit than almost any older negative item. That's why you should always take care of current items first.

Is there such thing as credit repair secret? The answer is a definite "yes".The system is rife with loopholes and the more you know about them, the faster you'll get to the desired destination.

Author: Irena Bocheva
http://fix-credit-score.info
Do you really think that fixing credit takes a long time? Click on the link above and learn about the fastest ways to raise credit score.

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