Credit Repair On Your Own

You can manage to do your own credit repair. All that Do It Yourself Credit Repair requires is the proper knowledge of how to repair credit. Getting that information to know how to do it is the key. There is lots of information on the internet on how to do it, and of course books in the library. The more you learn about credit repair and financial management, the easier it will be for you to repair your credit and stabilize your credit life.

First, you need to get all your credit reports and study them. You can get a Free Credit Report from all 3 agencies from www.AnnualCreditReport.com or you can pay to get a 3-in-1 Report with all 3 agencies’ report side by side for easier comparison. After studying the credit reports, write to the 3 Credit Bureaus to correct whatever entries that you think are questionable or incorrect, and give evidence wherever possible.

Right at the start, you can correct and clarify entries on your reports, such as dates, credit limits, and the actual amount owed. When you find any inconsistencies, write a letter to the credit bureaus to show that the entries in your report are wrong. The bureau will usually inform the creditor and ask the creditor to either correct the information or confirm its correctness.

When you analyze your credit report, especially look at the last 12 months. Most of your credit score is calculated from the last 12 months in your credit history. The better you have been at making on-time payments, the better your credit score. Try not to default on any account – always make your payment on time or early. If you miss a payment, make a doable payment plan, but even one missed payment will lower your credit score some. If you have any accounts that were given to a collection agency, you can either dispute the debt, or try to work to pay it off. You might want to get touch with the original creditor instead of just dealing with the collection company to make sure that your payment records are straight.

After you get the credit reports and have worked to correct any errors, you can then proceed to other ways to repair your credit. Your credit score is key to getting a new loan, getting a good interest rate on a mortgage, finding an apartment, getting a good job, and many other aspects of your life. Even some simple purchases can be affected by your credit status.

Your credit rating affects your life in many ways. Your credit score can determine whether you can get a low interest rates and a longer term to pay it off. Even basic utilities, landlords, and employers now look at your credit rating.

To repair your credit score, make sure that you pay your bills on time or even early. Loans and credit card payments are the most important. Creditors examine closely how well you pay off other creditors, so make sure that you don’t miss even one payment, and pay early if possible. Even one missed payment can lower your credit rating.

If you are diligent, you can repair your own credit, even without a credit counselor.

Leave a Reply

*