Is Fast Credit Repair Really Possible?
In the current economic climate, many people have seen their credit scores go down and creditors have become much more aggressive about reporting debtors that fail to make their payments on time or in full. At the same time, all of the stimulus measures and other efforts to rejuvenate the economy have presented people with an array of opportunities that did not exist before. Therefore, in an effort to take advantage of some of these new incentives and tax credits, a lot of people are trying to learn how to fix credit as quickly as possible. The question many people have is: how much can really be done to improve your credit rating quickly?
Many credit experts agree that ideally it is better to avoid having too much negative information reported on your credit report in the first place, as once it is there it can be very difficult to remove. In fact, some experts argue that it is better to have one big negative reported as opposed to an endless stream of negative items stemming from repeatedly paying late or making insufficient payments. That is, it may be better for your credit report to simply default on a debt as opposed to struggling with it over a prolonged period of time as the struggle will likely involve more negative items being reported than an outright default would.
Put simply, if the negative items are legitimate – meaning they represent actual mistakes that you have made and the creditor is willing to substantiate the information in the face of a challenge – they are virtually impossible to have removed from your credit report until the seven year reporting period has expired. However, Fast credit repair may be possible for people who have a lot of items reported that should not be: like items that were added by mistake or items that are still being reported although the reporting period has expired. If you have a good credit record, it is easy enough to clean up your report quickly, but this is not true if most of the reported items are legitimate.
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