How to Easily and Quickly Improve your Credit Right Now in Philadelphia PA
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If there are any errors that are wrong and the creditor keeps stating it is correct, you need to address this with the creditor. Be careful here and know your rights. There are two major acts or laws called the Fair Debt and Collection Practices Act and The Fair Debt Reporting Act. Both of these protect you from illegal, harrassing and abusive acts from creditors (feel free to Google these acts so you can see the entire scope of your rights). Basically if you catch them doing something illegal like relisting a negative entry to extend it past the 7 year limit, trying to collect an amount larger then state laws allow, etc... you can and should sue them (Google a good local debt or private attorney for more on this).
I personally wish more people knew the full extent of these acts and laws and how it can protect them from creditors – to this day many creditors are constantly trampling on debtors rights and this needs to stop. Sears, for instance, was caught in the recent past harassing and trying to collect on debts extinguished through bankruptcy filings (for more on this Google Sears and settlement). They settled by paying over a hundred million dollars for their wrongful acts that way they didn't have to admit wrongdoing on their part. The point here is that there is a 50% chance of an error in your reports that can and will hurt your credit, don't you think its worth it to examine your credit report and have your good name cleared? Don't trust your creditors because they do not care and won't correct any errors without your intervention.
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Another thing you can do to fix your credit is pay off and correct any items that are valid and you do owe. If you can't pay it in full, call the creditor to arrange for payments that you can afford. Most creditors will gladly work with you and receive some money rather than none at all. Most will reduce finance charges, interest rates and more if asked on a long delinquent account to bring it current. A good tip here is that this also works on current accounts – it never hurts to call a creditor (like your bank or credit card company) and ask for a better rate. You may be surprised that they would rather drop your interest rate or some fees than lose you as a customer (it is a general fact that each new customer in the credit card industry costs around $295 in advertising and other costs to attain). Remember, it never hurts to ask.
As you inquire into these negative entries in your credit report and they start getting dropped and you start making plans to get the rest of your accounts back to current with your creditors your credit score will start rising. There are other things you can do like addressing and adding a statement to your credit report explaining he entries and what may have happened (ie. A medical emergency, illness, job loss, etc...) This can and will be seen by possible creditors when they pull your credit in the near future. This can help if a creditor is undecided or on the brink of whether or not to extend credit. A good and well written explanation could make you credit worthy or at least worth a second look.
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