You’ve decided that you are going to take out a car loan in Ontario in the near future, and you know that your credit scores are an important part of this process. Therefore, you are wondering how to remove bad marks off of your credit report once and for all.
Take Responsibility for What’s Yours
Part of the problem might be that you have simply stopped making payments when you really need to do so. Failure to pay your loan is not going to help anyone, and will have the biggest negative impact. It is definitely one of the fastest ways to ensure that you will be forced to find bad credit auto dealers later on. Luckily, even if you have not made a payment in quite a while, you can generally still start up again. Although the results might not appear immediately, you will eventually get back into a better state with your credit report.
Dispute The Charges
Perhaps you do not believe that the marks should be there in the first place. Maybe one of the following scenarios happened:
- You paid the sum off in the past.
- You feel that too much time has elapsed since you paid for the marks to still be there.
- You never owed the money in the first place.
You want to call both the auto finance lending agency and the credit reporting agency that are claiming that you owe this amount of money. It might be a simple fix where they remove the mark immediately, or you may have to engage in a rather lengthy battle with a lot of paperwork.
Negotiate The Problems
Sometimes, you can negotiate to have these types of marks removed from your credit report. For example, let’s say that you owe $20,000 on one particular credit card. Ask the company if a settlement could be provided if you pay $15,000 of that. The company might be willing to drop the remaining $5,000 if a large sum is going to be arriving soon. Of course, this strategy does not always work. On top of that, it might actually wind up hurting your credit score and report even more in the beginning. Find out the specifics of the plan that you would go into before you decide to do so.
Removing bad marks from your credit report might be simple, or it may take you some time to accomplish. In any case, taking the first step means that you are on the road to better credit soon.