Repair Your Credit Profile

Hello-

This article points out that there are no quick fixed when it comes to repairing your credit and getting negative items off your report.Â

Beware of credit doctors who claim to get negative items off your report that you know are accurate. It’s against the law to knowingly dispute accurate items even if they are negative. The only solution that works is to put positive information in there and wait it out. Pay down your debts and on time and eventually the negative items will get deleted.

Here’s an explanation from the folks at Fair Isacc why this occurs:

“Since people are creatures of habit, it stands to reason that if a
person has become seriously delinquent in the past, that information
will have value in predicting the possibility of future delinquencies,”
Watts explains. “That’s why FICO scores are much more interested in
whether a person has one or more delinquencies in her credit history –
and each delinquency’s recency, severity (how long has the account been
delinquent), and frequency (how many other accounts on the credit
report show current or past delinquency) — than it is in how those
delinquencies were later resolved.”

So the more recent your late payment or delinquency the worse off your credit score will be.

The further in your past the late payments are the better off you’ll be.

-Adam

Here’s the article:

Realty Q&A: Best way for single mom to repair credit (Market Watch)

WASHINGTON (MarketWatch) — Question: I am a single mom who just put herself through nursing school and will soon be in a position to pay off debt that I could not pay off before. My dream is to own a home so that my child will not have to grow up in apartment buildings and will have a yard to play in.

technorati tags:fix, bad, credit, repair, delinquency, FICO, late, payments