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Credit Repair Increases Your Chances Of Getting A Loan
by Blane Russell (c) 2002
http://www.refinanceu.com
Anytime you apply for a loan with any type of lending institution
your credit report comes into the picture. This report is an
overview of your credit history that contains past and current
accounts, payment history, and balances. The credit report is a
primary tool used by lenders to determine the level of risk they
take when extending you credit.
For many people, the credit report is just a formality. But for
over 65% of the population, it can mean the decline of their loan
application. Why? Because their report shows negative,
misleading or inaccurate entries.
Viewing Your Credit Report
Practically no one reviews their credit report as often as they
should. If you have not read yours within the last year, it is
strongly advised that you do so now.
Simply contact your local credit bureau, and request that a copy
of your credit report be mailed to you. You can find agencies in
the yellow pages of your local phonebook listed under "credit
bureau." There is normally a small charge for generating and
mailing you the report.
Once you receive the document, review it carefully. Look for
negative, misleading, or inaccurate information. If you find
entries like these, you have the full right to dispute them and
have them corrected or removed.
Repairing Your Credit
The process of changing your credit history is often referred to
as "credit repair." To start, write a letter to the credit
bureau stating one discrepancy in your report. (Your
credit-reporting agency will correct only ONE item at a time.)
Request that they investigate the entry and provide you with
proof of its accuracy. Do the same with each additional
incorrect or negative item.
Should the bureau not be able to prove that the entry is
accurate, it will be removed from your report. Likewise, if the
agency is unable to prove the entry within a "reasonable" amount
of time, it will be removed.
Because these agencies are extremely busy, it is always wise to
correspond with credit bureaus via registered mail, return
receipt requested. This service is available from your local
post office.
In addition to repairing actual entries to your report, you can
also improve it by:
* maintaining your employment and residence status for at least
TWO years.
* not carrying your credit card balances near, at, or over the
credit limit.
* paying your minimum payments on time and in full, as required
by your monthly statement.
Each of these actions proves stability - something lenders
specifically look for on all applications.
Often times, your credit report can be greatly improved simply by
disputing items that are misrepresented or misleading. With a
little attention and legwork, you might be able to significantly
increase your chances of getting a loan.
Blane Russell is President of Russell and Associates, a
full-service mortgage broker specializing in debt consolidation,
second mortgages, refinances, and no income verification loans.
To get the credit you need NOW, visit http://www.refinanceu.com
today for same day approval on most loans.
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