The Basics Of Credit Repair

Credit repair is the process wherein consumers with poor credit histories attempt to reestablish their credit worthiness.  Many consumers once they realize their credit score is keeping them from enjoying the benefits of low interest credit cards and loans.  They take it upon themselves to start the process of repairing their credit on their own. Some of them choose to work with a  legitimate credit repair company The steps to improving your credit are not hard, but you do need to make yourself aware of state laws and the FCRA (Fair credit reporting act.  Learn about your credit rights before you jump in disputing everything.  You may end up hurting your chances for successful credit repair.  

 

Successful credit repair involves getting your credit reports from ALL 3 credit reporting agencies.   Start looking for errors.  Highlight them and prepare to write dispute letters. 

Things to look for:

•             Missing accounts

•             Accounts being misreported such as it’s a paid account but is showing as a charged off account

•             Accounts that don’t belong to you.  Identity theft is a HUGE problem.

 

If you find these sort or errors you have the right to dispute the errors that unjustly damage your credit score.

 

Things to keep in mind as you improve your credit score

 

Every consumer is entitled to one copy of credit report each year from each credit reporting agency. Investigations with regards to the real nature of the

a successful credit repair.

 

Credit repair will not happen overnight.  Our clients that go thru our credit repair programs start to see results in 45 days. If there are a lot of negative items it may take 6 months to a year of hard work to see the results you want.

 

When working with clients, I’ve noticed the biggest problem is in organization and once we get their credit scores back up.  Some of them don’t know how to keep them up.   Credit repair takes organization and discipline!   As you improve your score you should also be working on improving your spending habits.  Recognize the habits that got you into trouble. 

 

If the negative items on your credit report are being reported correctly.  You may want to hire someone to negotiate with your creditors.  Some legitimate credit repair companies have them on staff, or they have services they can recommend to you. They should be able to get old charged off accounts reduced down to pennies on the dollar for you.  An old debt of $100.00 can easily be negotiated down to $20 - $40.  You want to try and make charged off accounts appear as paid.  Ideally if they won’t show as paid.  Ask them if they would be willing to remove the trade line completely. You may have to pay more of the debt but it will be worth it.

 

 

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