How can I erase my bad credit history?
December 14, 2009 by
Filed under erase bad credit
I have bad credit and I would like to know how I can erase it, I don’t owe anything..so I was wondering if anyone knows how to do it.
BTW I’m Canadian
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hi, that’s easy my friend.
First of all, bad credit is not permanent. After 2 or three years it will disappear from your record, IF, you will start creating records. Meaning, you have to have credit to be able to create a credit history. You have to start using your credit cards and even putting some of your small expenses on your credit cards helps. Just pay it on time every month or pay it full on time every month.
Remember that your house utilities, rent, all of your bills every month like cell phone bills, water bills, electric bills, cable tv bills, internet bills, car payments are some that will create credit history for you, but credit cards are the best because credit cards are bank owned and so therefore, they want people to have credit cards and use them.
Your bad credit will linger bad for about 2 years. After 2 years, and you are in the same job and address within the same time, you can start building a good credit but first you have to apply for a credit card and start charging.
The only way you can “erase” something from your credit report is if it was put there in error. If a bad debt was put on your credit report and then you pay it, then it should show as a paid bad debt. If it doesn’t, then you need to dispute it with the credit bureau.
For starters, that first answer is way off the wall, and misinformed. Regular monthly bills such as utilities and such are NOT reported unless they are not paid and the agency reports the debts.
Canadian credit reporting laws differ then those of the US.
Under c. C-43.2 of the content of credit report, bad debts are reported as follows”
(f) information regarding any debt six years after the last payment was made or if no payment was made, six years after the debt was incurred;
Bad history is handled just as it would be done in the US. You would dispute any debts you know are not yours or have been reported longer then allowed by law.
Other then that, only time will remove any bad credit history.
You can down load a copy of the credit reporting act at the link I have listed in the source area. This is for the province of Saskatchewan but it also applies to other provinces.
Hope this helps answer your question.
EDIT- – - – - – Perhaps some people should READ the whole question before making statements that an answer is wrong.
The question regards CANADIAN laws!
The previous post is inaccurate. Items can remain on your credit profile for 7 years from the date the account was charged off and submitted to collection. There is no legal and accurate way to get verified items off your credit profile unless you negotiate that during the repayment terms.