Essential Steps To Credit Repair

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Credit Repair Tips

1. Get a copy of your credit report: Knowing what is on your credit report is critical – you can’t begin your credit repair if you don’t know exactly what is wrong. According to a recent survey by a top credit reporting agency 31% of adults do not know their own credit score. Since this is one of the key factors in a bank’s decision to give you a loan or mortgage, it is important to both know and understand this number.

You can access your credit report from each of the three major credit reporting bureaus. The first report that you ask for each calendar year is free, additional ones will cost you, but could well be worth it so that you can track your progress as you undergo your credit repair. A review also allows you to discover any errors or out of date information and have it corrected.

Credit RepairCraig Watts, spokesperson for the Fair Isaac Corp, says that just a single overdue payment of over 30 days can lower your FICO score by as much as 50 points even though you otherwise have an excellent rating. More than half of all Americans have a score above 720 and don’t understand that credit review is a critical part of credit repair. Removing inaccurate or out of date information can improve your credit rating significantly.

2. Knowing exactly what is on your credit report is of paramount importance to you. If you have a blemish on it, point that out immediately to your creditor or banker and explain why it is there, and exactly what you are doing in the way of credit repair. He or she may ask you to reapply after the credit report reflects that you are on the right track. It is a key way to build trust with your creditors.

3.Beware of credit repair firms ( see my post on how to select a good credit repair firm)  that tell you to create a new credit file. They suggest that by creating a new credit identity, you will be able to obtain credit by completely disregarding your past credit history. Not only is this considered credit fraud, it is illegal. To say nothing of the fact that creating a Employer Identification Number will not help you at all if a lender uses your Social Security Number to search for your credit information. All of your credit history will then show up, and you will lose all trust you have created with your lender. It is far better to use your ‘complete’ credit history and develop a plan to undergo credit repair to re-establish your credit score.

4. Obtain a copy of the Fair Credit Reporting Act and read it all the way through till you are familiar with it. It is important that you know your rights. You need to know what laws and procedures debt collectors must follow when contacting you.

5.Get Your Finances Organized. Know exactly what you make, how much you owe and to who, what you can afford to pay, and where you can reduce or eliminate your expenses. It is time to look at each item you spend money on and decide if it is essential or a luxury. This is not the time for indulgences. The fastest way to credit repair is to devise a detailed and simple plan and stick to it.

6. Communicate with your creditors. Be honest with them. If you are having trouble paying your bills tell them so. Don’t be afraid to approach your lenders with your detailed plan for your credit repair and have them critique it. They may be able to give you some pointers on how to improve it. Make arrangements for repaying your debts that make sense and are achievable. You need to know your rights and what options are available to you, but also remember to be cooperative and professional.

7.Get current with your bills, and stay current. Start building a new credit history with flawless credit. It won’t happen overnight, but if you keep paying your bills on time, eventually your credit report will change. Unfortunately it does not seem to change as rapidly for the better as it did going the other way, but credit repair takes time. Stick to it and lenders will once again see you as reliable and a good credit risk.

Till Next Time….

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Sigrid McNab

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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