Watch Video: Simple steps to repair credit and increase score
6 Fast credit repair tips
- 1Monitor your credit at frequent intervals
- 2Use strategic tools to build credit
- 3Contact professionals and attorneys
- 4Discuss your credit issues in Forums
- 5Repay your delinquent debts
- 6Send sample letters to negotiate the account status
Sample credit repair letters
How to repair your bad credit in simple and easy steps
Have you gone through some serious credit troubles in the past? Do you want to make a fresh financial start since lenders are not interested to give you a loan? If yes, then you need to take the following free credit repair steps.
- Know the complete story: Request the 3 major credit bureaus – TransUnion, Equifax and Experian to send copies of your credit reports. You're eligible to get a copy of credit report free of cost at least once a year. Check each and every section of your credit report. Are there too many wrong tradelines on your credit report? Is your credit score low because of these errors? Do you've charged-off accounts on your credit report? Is your debt-to-income ratio too high? It won't be possible for you to repair credit without having any idea about the problems.
- Find out where you went wrong: Mark each and every error on your credit report. Once you've marked all the errors, send a dispute letter to the credit bureaus. Download the free credit repair letters and send them to the credit bureaus. Request the credit bureaus to investigate and find out the truth. In case, the credit bureaus can't prove that you're wrong within 30-45 days, then they've to remove the errors from your report.
- List the negative items and rank them: Note down the negative information on your credit report and rank them on the basis of importance. For instance, an item that is making the maximum negative impact upon your credit should be ranked first. Check all the 3 copies of your credit report before making the list as the same information will not be in them. In addition to that, the same information may appear on your credit report twice. Report to the credit bureaus about the duplicate item and get it removed as soon as possible.
- Pay down your debts fast: Start paying your accounts that have not been charged-off yet. This will help you bring the accounts into current status. These in turn will enable you generate positive payment history on your credit report. It is true that negative accounts will still be there on your credit report, but the positive information will soon outweigh them.
Next, start making payments on the collection accounts. Your credit score won't increase instantly. However, potential lenders would want to check if you've paid back your past creditors. In addition to that, repay the credit card balances to bring down the credit-utilization ratio.
If you need free credit repair help, then read different articles and visit forums. Check out the quick credit repair tips and try to follow them. Ask the experts about how to fix your bad credit.
When you can get help from credit repair service
It is true that you can do all the hardships on your own. However, if you don't want to do all the work on your own, then getting help from the credit repair services is a good option for you. There are several other situations when it is better to work with a credit repair agency, including:
- You're not good with finances
- You don't have time to take bad credit repair steps
- Your lenders are ready to coordinate with credit repair agency
Does credit repair services work? This is a valid question since you've to pay fees for the services. Well, the credit repair agencies can only help you under the following circumstances:
- There are genuine errors on your credit report
- There are unverified errors on your credit report
- You're unable to identify the problems.
How you can find the best credit repair companies
Top credit repair companies can help to fix your problems correctly. They can suggest you the right credit repair tips and strategies. Here are some ways to find and work with the good companies:
- Type "best credit repair firm or company or agency" in a popular search engine box and check out the results.
- Visit a reliable credit repair forum and ask industry experts to suggest some good companies
- Find out what the clients have to say about a company
- Check the official website of the company
- Find out how the company will help you in the credit repair process
Ways to protect yourself against credit repair scams
Read below to know about the ways to avoid credit repair scams.
- Avoid companies that ask you to pay fees without offering any services
- Stop working with a company that doesn't let you know about the consumer rights
- Never ever work with a company that asks you to create a new credit identity and report
- Stay away from companies that suggest you to dispute accurate information
- Steer clear of companies that don't give you a written agreement or contract
The bottom line is, you can fix your bad credit on your own for free. All you need to do is take the right steps and follow the guidelines. If this doesn't help to get a fresh financial start, then there are credit repair firms to help you out.
Last updated on 2013-11-03
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