In reality, you can’t erase the past. Negative records that you can gather, such as bankruptcy and collection accounts will stay on your credit report for 7 up to 10 years. And there is nothing that you can do about it, nevertheless; with some time and a little bit of effort, you can make your credit better even before these bad records legally expire. Here are five easy steps you can take in order to rebuild your credit while it is still in default.
Step 1: Establish What The Damages Are
The first step you must take when you rebuild your credit is to look at exactly where you are standing. This is a significant step to take, which is why it has been stated more than once. Your report can vary each week, so checking it often is very necessary. Here is where you have to just take it and order all three of your credit reports and all three of your credit scores. You can get your credit report online easily, and it will be secure. As a matter of fact, no matter what you think, checking your own credit data will never damage your credit scores.
You might want to print each report and look through it very closely. Highlight any negative records or errors that might be damaging to your credit score. You will also want to ensure that you have full knowledge of what your credit report says. If you don’t fully understand it, how can you expect to amend it?
Step 2: Check For the Expiry Dates
By law, any of the negative records that you garner must stay on your credit report for 7 up to 10 years. The exact expiry date is going to change; depending upon the type of record that it is. Paying off an old collection debt or discharging your bankruptcy doesn’t get rid of these records; much to the contrary of what most people believe.
For all the negative records that you will see on your credit report (including judgments, liens, charge-offs, late payments, bankruptcy filings, and collection records), you will have to look up and gain knowledge of the exact date that they are set to expire from your credit report. This is because you will then know when you can expect to see a major enhancement in your credit score.
Want to know more? keep reading for our next page on Erasing Credit Damage 2