Bank finance articles and tips

ook at your credit score - do you have any negative marks? These marks are ruining your overall score.

It really doesn't matter how many positive items you have because the negative marks will outweigh them giving you a lower credit score ( the object is to get a high number ).

Therefore the most effective way to improve your score is to remove older, negative marks. Now, in the States it is completely feasible and legal using Legislation passed back in the 70's to challenge and remove any old items on your report. The laws were passed to try and protect the consumer from debt collectors and credit agencies. So, what can we do??

1. obtain your reports - The first step you must take is to get current copies of your file, apply to the different credit agencies for your files as they may be different. Also - you are legally allowed to get a copy once a year -free!

2. Examine your credit reports - You will need to closely look at each report as they will vary from agency to agency. Grab a highlighter pen, print them off and identify the items that seem wrong OR the negative marks that you want to challenge.

You can legally challenge any bad credit item you feel is inaccurate. The Law is there to protect you so, don't worry about challenging the authorities.What makes an item "wrong??" Well it can be incorrect and give you credit problems for a number of reasons. The dates may be wrong, the amount or balance may be incorrect balance, or, rather worryingly it may not even be something you are responsible for - big mistakes happen!

Also - you may have settled the account - it's been paid up and its still showing as a negative mark.I would say that you should dispute each and every negative mark - nothing to loose, lots of credit recovery to gain!

3. File Your Dispute - You can do this yourself, either by mail or on-line OR you can pay a specialist credit services company to do it for you. Make sure you include the item you are disputing, the amount and provide any evidence..Once the agency receives your complaint, they must act. They will contact the lender and ask for verification and details such as the balance and dates of lending.Now, if the lender doesn't respond then the agency MUST remove the mark against you. So, guess what?? Lots of lenders simply don't respond!

4. watch your mail! You will get correspondence from the agency by post to confirm

It really can be that simple to get black marks removed ( particularly older ones ) it just takes a little effort and is well worth the time involved. Contrary to popular opinion, you will not unleash a whole series of problems. The law is there to protect you!

My name is James T Shaw. I set up http://www.credit-magic.net after a very difficult time following a serious illness, I nearly lost everything I had worked hard all my life for including my home. My perfect Credit Score went down the tubes in a matter of weeks. I set out on a mission to help others who want to improve their credit score and reduce their debt. If you would like me to help you with more instant tips and advice click HERE right now.

By James T Shaw
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