| If you need money quickly but have bad credit | | | | statute of limitations but less than seven years of |
| then a bad credit home equity loan may be your | | | | age. Start by writing a letter to dispute the debt |
| only choice to get the money you need. Many | | | | with the collection agency that has reported them |
| lenders look at loaning money to persons with bad | | | | to the credit reporting agency. They only have |
| credit based on the equity in their home. The | | | | thirty days in which to complete their |
| interest rates are higher than most other people | | | | investigation, If they do not respond to you within |
| pay for a home equity loan, however. | | | | that time frame they must have the report |
| If you have a little time, it is possible that you | | | | removed from your report. Once it is beyond the |
| may find you can improve your credit rating and | | | | statute of limitations, they will often just let it |
| qualify for a better loan. You will have to begin by | | | | drop because it's too much trouble and they have |
| getting a copy of each of your credit reports. | | | | plenty of other people to harass about bad debts. |
| In the United States, the laws require that credit | | | | In this case the derogatory remarks will fall off of |
| reporting agencies furnish you a free copy of | | | | your credit report. |
| your credit report every year at your request. | | | | When you send the letter to the collection |
| You will also be able to request a free report if | | | | agency, also send one to the credit reporting |
| you have been turned down for a loan. You need | | | | agency. Ask for an investigation of the same |
| a copy from all three of the major credit | | | | debts. They must by law contact the collector |
| reporting agencies. | | | | and investigate the debt. If the creditor does not |
| After receiving these reports check them closely | | | | return the inquiry, then the debt must be dropped |
| and dispute any accounts that are being reported | | | | from your report. This often works to your |
| inaccurately. In addition you need to find the | | | | advantage. |
| statute of limitations for debt in your home state. | | | | Do all of your correspondence about debt by |
| While the bad debts can be reported for seven | | | | certified mail requesting a return receipt. This will |
| years on your credit report, many states only | | | | cost about five dollars but will save you money in |
| allow collectors a certain number of years to | | | | the end if you improve your credit score. |
| collect a bad debt. In some states it is as little as | | | | These two letters may go far to repair a poor |
| four years. If there are debts that are over | | | | credit score and allow you to qualify for a better |
| seven years old, request that they be removed | | | | interest rate over time. If you do not have the |
| out of your credit report by sending an | | | | time to wait for your credit score to improve, |
| appropriate letter to the agency. | | | | then you may need to look further into how to |
| Next work on those debts that are older than the | | | | obtain a bad credit home equity loan. |