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5 Steps to Do-It-Yourself Credit RepairYou've been denied the lower interest rate, or denied credit.
This isn't the time to despair. It's time to become credit worthy -- just keep in mind that it took a long time to get into debt, therefore, getting out of debt won't happen overnight. The following are 5 simple steps for improving your credit rating: 1. Obtain your credit reports from the top three credit bureaus -- Equifax, TransUnion, and Experian. It's important that you compare them because they may each differ. This is because creditors are not required to report to all three credit bureaus, and usually only report to the credit bureau that they subscribe. Every second you delay you are losing money. If you are putting it off because you are thinking it will cost too much, the costs do vary from state to state, with many states, costing around $9 to acquire a copy of your report. $9.00
isn't that much to spend when you think of how much it can save you. What many people
don't understand is that a bad credit report can cost you big. You can be denied credit, insurance, or even employment. Therefore, if
you've been denied any of these because of your credit report, you are entitled to a free copy of your report from the reporting agency. The company that
you've been denied must supply the credit bureau's name, address, and telephone number. Time is limited. You have only 60 days after receiving the denial notice to request your copy. 2. Carefully examine your reports. Almost all consumers have at least one error on one or more of their credit reports from the major credit bureaus. Credit bureaus do not verify the information they receive from the creditors, they only generate your report on the information they receive. Making sure that your credit report is a true reflection of your credit is your responsibility, not that of the credit bureaus. You have to carefully examine everything, dates, account numbers, as well as looking for any incomplete information. While you are doing this, you have to make a thorough list of items to dispute and why. You have to be very meticulous. However, if the negative information in your report is true, then you will have to let time and managing and maintaining your spending habits. Items such as late payments and charged-off accounts will stay on your report for seven years and bankruptcies for ten years. Because the majority of all creditors concentrate on payment patterns instead of one-time or a rare occurrences, having consistent on-time bill payments will many blemishes. 3. Dispute and document all mistakes. Having a bad or inaccurate credit report can cost you money. To dispute mistakes, either you can complete the dispute form, which is provided with your credit report or you can write a letter. No matter which method you choose, you have to clearly, identify every mistake, then clearly state why it's wrong. Simply writing, This is wrong, will not do. It is highly recommended to send a photocopy of your credit report with the mistakes circled to the reporting credit bureau, including copies of all supporting documents.
Don't throw away anything. Keep copies of all records, forms, letters, and documentation, which you have sent to the credit bureaus including a record of the dates, which you have mailed to them. The credit bureau has 30 days of receiving your letter to investigate any relevant dispute. The creditor will then remove any item, which is not verified as accurate by a creditor. Sometimes, however, it may be necessary to contact your creditors to resolve mistakes. If there are any changes made to your credit file the credit bureau will send you the results along with a free, updated copy of your revised credit report. Once an item has been removed, the credit bureau cannot put it back on the report unless a creditor verifies that it is accurate and sends you written notification.
5 Steps to Do-It-Yourself Credit Repair part 2
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