Credit Repair: Do It Yourself In 4 Easy Steps
No one should fool you into thinking that you need the services of a credit repair company for credit repair. Do it yourself. The truth is that everything a credit repair company can do for you, you can do on your own. In fact, you are better off doing it yourself because only then can you pay attention to minute details. Most credit repair companies have hundreds of clients. And for the amount they charge, there is no way they can do the same thing you would do. Let me show you how to repair your credit yourself. So roll up your sleeves and let’s begin.
Order Your Credit Reports
Begin by ordering your credit report from the top three credit bureaus - Equifax, Experian and TransUnion. Expect to find minor discrepancies in the reports because creditors do not need to report to all three. You are not required to pay to get a copy of your credit report. Order your credit report for free once in a year through annualcreditreport.com
Search for Errors
The credit reporting system is not perfect, so expect to find errors. In fact, if you find no errors, then you may not be looking properly.
Look out for outdated and incomplete information, inaccurate account histories, outstanding balances on loans you have completed paying, and late payments and charge-offs that are not yours. If you spot any such errors, contact the credit reporting bureau immediately and dispute this error. Doing this will significantly boost your credit score.
When disputing an item, do not forget to document everything. All forms and letters that you send to the credit reporting agencies should be recorded. Note the date you send out every document. The credit reporting agencies have the responsibility to investigate all relevant disputes in 30 days. When an item is not verified by the creditor, the credit reporting agency removes it.
Prioritize Your Bills; Pay Them Off
When you are down financially, making the wise decision as to what bill to pay off first is very important. Otherwise, you would end up paying less important bills while necessities will suffer.
Create a list of preference. Food and medical expenses and other family necessities should come first. Following this closely is the paying off of secured debts like mortgage payment. Then pay off utility bills, car loan and child support. Unsecured debts like credit card debts should have a low priority. Although unpaid unsecured debts could still hurt your credit score, the good thing is that you have not pledged any collateral for them. Paying off secured debts first not only prevent a loss of property, it also helps boost your credit score while putting you in the right frame of mind to pay off unsecured debts later.
Rebuild Credit By Adding Positive Information
You want your on-time payment to reflect in your credit report. When securing a loan, don’t forget to ask lenders if they report monthly payment history to a credit reporting bureau. It is not all lenders that do this. Ask them to report your on-time payments. This will help boost your credit score.
Make it a point to pay on time, every time. Your credit score builds faster this way.
In summary, do not waste your hard-earned money getting the services of a credit repair company. If you are serious about credit repair, do it yourself.
But what if I told you that you can fix your credit yourself in as little as 37 days? To learn how to do this, read my 37 Days To Clean Credit ebook review.
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