How Long Can Negative Items Stay On Your Credit Report?

Updates from Answers.USA.Gov reports:

"Length of Time Negative Items Stay on a Credit Report"

It's important to know how credit reports work.
It still holds true: If the information in a credit report is accurate, the only way to have it removed is the passage of time. There is no way to avoid the fact that negative information can generally stay on your report for seven years. There are some exceptions, namely:

• Information about criminal convictions may be reported without any time limitation.
• Bankruptcy information may be reported for 10 years.
• Credit information reported in response to an application for a job with a salary of more than $75,000 has no time limit.
• Credit information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.
• Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

More information on how to fix your credit report can be found free at FindHow2.com .

Simple Ways To Rebuild Your Credit Rating, Restore Good Credit

It still sounds so simple: A company promises they can fix your credit score. For a fee.

Can credit repair companies really fix bad credit for a fee?

It depends. Credit repair companies promising to fix your bad credit often discovered to be operating as scams that hurt consumers.

Removing legitimate negative items from your credit is not possible, not matter what they tell you. The key word is "legitimate."

Yes, some key derogatory entries may get deleted from your credit report for awhile. But, sadly, legitimate bad debt and credit history boo-boo's will re-appear once an old debt gets sold to a new debt collector or your creditor updates credit reporting.

It's almost like flushing money down the drain.

It is important to be skeptical of "credit experts" who want to sell you their advice. Most of what they offer can be found for free on FindHow2.com and other free credit and debt relief informational websites.

Fixing a bad credit score requires discipline, patience, and action to follow-through and get better credit.

Live within your means. Watch your credit utilization, don't exceed 25% of credit usage. Pay all your bills before they are due. Stop buying with plastic. Pay off debt. Save money.

The one and only way you can establish a good credit rating is to practice good credit habits for a long time, and use credit wisely.

Credit repair companies may like to trick you into thinking that what they do is complicated. It's not. You can do everything they can do, and probably better, by yourself for free.

And, some firms practice shady tactics which might do more harm than good for your credit!

If you do find outdated or incorrect information on your credit report, follow the credit bureau's website instructions on how you can then dispute those derogatory remarks yourself. It can be done. But wishful thinking is what credit repair scammers sell: If negative information on your credit reports is indeed correct, it cannot be legally removed. Only good credit habits going forward, prompt payment of credit obligations, and the passage of time can help you then.

Find more ways you can restore good credit at FindHow2.com.

5 Simple Ways To Fix Bad Credit

5 simple ways to start rebuilding your credit rating yourself

Create and stick to a budget of your regular and every-so-often monthly expenses. Determine how much you will net each month, and plan how to spend it to reach your credit restoration goals. Some expenses that you can avoid should be deleted, or at least suspended, while you are in this credit recovery mode.

Pay all bills on time. Better yet: pay them early. Don't wait until the last minute to pay. It's a good idea to pay at least 3 days early, then check the firm's website to ensure your payment has been applied on time. Always keep copies of checks and online payments to dispute late payments.

Pay a little more on each credit card and installment loan you have. This will help you pay down your debts faster. At least pay what you've charged that month, plus a debt reduction amout (say, 5% of the total credit card balance due), and pay off all interest charged to your credit card that month.

Get a new credit card that has a low interest rate, if you qualify. Use it only to rebuild your credit score by making small charges every month, then paying off the total amount in full each month to demonstrate good credit habits. You may also need to use a secured credit card which is connected to your savings account. The value of this is that you will be able to start building a good credit history even if your credit is so bad that you cannot qualify for a regular, unsecured credit card account any longer.

If you are carrying a large balance on credit cards, consider selling a second car, property, jewelry, collectibles, items stacked away in the attic, to raise cash to pay-off your credit card debts in a big way. Once you've gotten that credit card balance paid down, don't resort to using it again and run up the balance. Stay in control of your spending.

By following these five simple tips, you can restore good credit and enjoy peach of mind when it comes to your monthly bills.

More info can be found at: FindHow2.com