How to Legally Erase Credit History

If you have bad credit and are looking for a way to erase your credit history, I totally feel your pain. Low credit scores can wreak havoc on all areas of our lives and can lead to frustration and low self esteem as well as having to pay higher interest charges or not being eligible for loans altogether. Although I wish I could wave a magic wand and erase your credit history, there is no legal way to do this. Yes, many companies claim that they can but they're lying to you. However, there are significant things that you can do to improve your credit score immensely. Things that will make a huge difference in your credit score and in this article, I'll teach you how. Let's begin.

Instructions

1

Obtain a copy of your credit report from the 3 major credit reporting agencies. Don't delay - do this now. Once you have the information in front of you, review the reports thoroughly to ensure that there are no mistakes. If you find any mistakes or discrepancies, you must report them to the reporting agency right away. If you're right, the reporting agency will have to conduct an investigation. If they find in your favor, the information will be erased from your credit report which will likely increase your credit score.

2

Contact your creditors. Stop hiding from your creditors. Give them a call and negotiate with them to get your debt paid off as quickly as possible. Oftentimes, they will settle your debt for a lower amount. However, if your creditor agrees to a settlement, get the debt settlement offer in writing before you send any money. In addition, make sure you send your scheduled payments in a timely fashion. Otherwise, you will be responsible for the original amount. In addition, make sure that your creditor reports your positive paying history and once your debt has been paid in full, ask them to update your credit report to show that it has been paid in full.

3

Pay your bills on time. Always pay your bills on time and try and pay more than the minimum payment which will help you eliminate your debt faster. By doing this, your reputation and your credit score will increase as you establish a positive paying history and your debt diminishes.

4

Rebuild your credit. Purchase small amounts on your existing cards and then pay them off completely each month. This demonstrates your ability to repay your debt obligations. In addition, derogatory information (like a bankruptcy filing or reporting from a paid off collection agency) is typically removed after 10 years.

5

Do not apply for more credit. Every time you apply for more debt, it is reported on your credit card and it lowers your rating. In fact, it typically takes 2 years for inquiries to be removed. Therefore, make sure that you don't apply for any more debt until after you have paid off the old debt. By lowering your debt-to- income ratio, your credit score will likely improve.

6

Keep your accounts open. Contrary to what many folks think, it isn't wise to close out your accounts. If you do, it may be negatively reported on your credit score. Instead, pay off the balances but don't use those cards any more.

7

In conclusion, you can't legally erase your credit history but you can improve it significantly. Simply pay your bills on time, do not apply for more credit, keep your accounts open, and rebuild credit. In no time at all, your poor credit score will improve significantly.