Pro Swing Traders

If you are interested in fast credit repair, then you will want to read on.  Specifically, we will be discussing three methods that anyone can implement to improve their credit score.  Hopefully, when you are finished reading this article, you will have found at least one strategy that will help you repair your credit!

Pay for Delete

It can be difficult to decide what to do with older collections that are in your credit file.  While intuition tells you that paying the account off is the best thing you can do to improve your credit score, this is not always the case.  This is because paying off an account will renew the date of last activity.  Because credit that has been more recently reported impacts your credit score more than older credit, a paid of account that is recent can actually hurt your credit more than an unpaid account that has not reported for four or five years.

Because of this, the best thing you can do when you have an older collection is to arrange a pay for delete.  You will call the creditor and let them know that you are more than happy to pay off the account in full, but only if they agree to remove all derogatory history from your credit file.  Get everything in writing before you make a payment.

Remove Zombie Debt

Accounts can only be reported to the credit bureaus for seven years from the date of last activity. (Bankruptcies will stay on file for 10 years.) Unfortunately, many collection agencies try to artificially renew the date of last activity of the account in hopes that you might be motivated to pay them.  You can dispute this fact with the credit bureaus and even move on to the more advanced debt validation method.  Either way, you are legally entitled to get old accounts removed from your credit file.

Rapid Rescore

Did you know that banks and mortgage companies can get your credit report updated in as little as 48 hours?  They do this with what is called a rapid rescore. Now, this strategy only works for items that are genuinely incorrect, but it can be a great way to fix credit report errors before a major purchase.