November 21, 2017
 
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How Long Does It Take to Entirely Repair Your Credit?

For people who want to better their bad credit history, quite a few steps must be completed. How long will it take before you can entirely repair your bad credit? This would depend on the burden of your bad credit problem and your financial condition.

Below are the few essential steps that you can do to repair bad credit.

Disputes and Credit Repair
The first footstep in rebuilding bad credit is to make sure your credit report is correct. It is not an unusual case when illegal charges are the cause behind ones poor credit. If wrong charges or wrong information are pulling down your credit score, you must fix these errors right away.

The Fair Credit Reporting Act states that consumers have the right to dispute incorrect charges in their credit report. Send a dispute letter to the credit bureau who issued your report and you can also inform the creditor in question.

Generally, the investigation is a minimum of 30 days upon receiving of your dispute letter. After the 30-day period, you should be sent a reply from the credit bureau concerning your argument. If the issue has been determined, you will also be sent a restructured copy of your credit report. If you're disputing more than one complaint about various creditors, it may take a longer time to resolve the issue.

Improving Your Credit Rating
What if your credit report is correct? Then the cause for your bad credit might be because of untimely payment or late charges. To better your credit, you need to pay off all your past due debts to your creditors. But what if you can't pay off all your debts at once?

A significant step is to negotiate with your creditors. It is likely to trim down the actual amount of your debts by negotiating with your lenders. Let your lender know about your present financial condition. Ask for an alteration of your refund term. You can also ask them to waive your late fees for easier repayment.

Some people may be cynical regarding negotiating with creditors. Although not all creditors would give in, it is still worth a try. In fact, many lenders are willing to give their clients easier refund conditions than to see them file for bankruptcy. If you feel that you can't speak with your creditors on your own, you can look for assistance from a trusted credit counseling agency to negotiate for you.

If a negotiation has been reached, do your best to attach the new repayment conditions. Be reliable in submitting your payments. Avoid incurring new debts, particularly while in the middle of your repayment. If you keep up this habit, you should be able to better your bad credit history within the first six months or less.

 

 

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