Bad Credit Buster - The Secrets Behind Fixing Your Bad Credit Fast
Credit score is a very important factor in loan approvals and by fixing your bad credit fast you can make sure the loan approval process does not get stuck somewhere. Here we will look at some of the methods which you can use to fix your bad credit fast and help credit score to improve.
First of all get a free copy of your credit report and check the entries in it. If you find there are account balances which you have paid off long ago then the next step will be to dispute these entries with the credit bureaus.
Collection accounts are entries which do cause your credit score do go down and are a significant bad credit issue which needs your attention. Collection accounts stay on your credit report for 7 years so you can help your situation a lot of good if such accounts can be removed from your report and doing that is relatively simple also.
Take the following steps
Don't be intimidated
Collection agencies make you feel that there is only 1 chance to pay the outstanding balance. Such agencies purchase these accounts very cheap & even if a person pays a fraction of his original debts they make profit. So you will have to take note of it while you negotiate with them.
How old the account is
Before you start making payments on the account, first check how old the account is. These accounts become less important as they grow older. So need not pay anything if you see that it is 6 year old account and concentrate more on new accounts only. Old accounts do not affect your credit score as much as the new accounts do.
Negotiate & pay less
As for example if your debt amounts to $1000 then try settlement for 25% or even less. If collection agency does not agree to it then let them know about debt verification. According to FDCPA, collection agencies are required to show documentation that proves there is an outstanding debt and as most of the collection accounts get resold a number of times, the collectors most often do not have necessary documents to prove validity of the debt. So it is most likely that by negotiating you can bring the amount you have to pay to a very small amount.
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