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You may be able tolower your cholesterol by up to 20 percent in just three months by diet alone and without medication. If you think this sounds like a bad advertisement for a new diet, you are wrong. WebMD reports that it truly is possible to greatly reduce your bad cholesterol levels (up to 20 percent) quickly (in three months) if you make a commitment to eating right. Eating right, however, is not just about eating less fat. Diets that will lower your cholesterol in a few short months include wide ranges of foods you need to eat and eliminate.