Basics of Credit Repair
People who know they have "bad" credit and are a big "credit risk" are usually aware that something has to change with the way they manage their money and debts.
For many folks, it will be possible for them to manage their path back to "good credit." through their own determination and willingness to confront the problem.
The "credit risk" label is based on your "credit report" and "credit score." Therefore, you need to know what those are all about. The credit score is a very important 3 digit number that a "credit risk" will need to raise. A score of 700 or more is "good." If the score is under 700, this might be problematic. This information is essential to the repair process.
Credit Bureaus will be the source of this information. There are 3 credit bureaus: Experian, TransUnion, and Equifax. One can get a free credit report from each every year. There is a fee for the credit score. See www.annualcreditreport.com for details.
It is possible that each of these reports may actually be different. Therefore, it is very important to obtain all three report for comparison.
When you finish comparing them, review each report for errors. You will need to DISPUTE ANY ERRORS. There is no quick fix, but repairing your credit is a work in progress.
Contact the credit bureaus in writing with a copy of the report, the errors and reason why you need to have it rectified. Remember to keep copies of everything you send. There's an old saying: "If it's not documented, it didn't happen."
Please approach this part of the process carefully as you would any DIY project. Deal with problems along the way, stay calm and this part of the project will get finished.
For many folks, it will be possible for them to manage their path back to "good credit." through their own determination and willingness to confront the problem.
The "credit risk" label is based on your "credit report" and "credit score." Therefore, you need to know what those are all about. The credit score is a very important 3 digit number that a "credit risk" will need to raise. A score of 700 or more is "good." If the score is under 700, this might be problematic. This information is essential to the repair process.
Credit Bureaus will be the source of this information. There are 3 credit bureaus: Experian, TransUnion, and Equifax. One can get a free credit report from each every year. There is a fee for the credit score. See www.annualcreditreport.com for details.
It is possible that each of these reports may actually be different. Therefore, it is very important to obtain all three report for comparison.
When you finish comparing them, review each report for errors. You will need to DISPUTE ANY ERRORS. There is no quick fix, but repairing your credit is a work in progress.
Contact the credit bureaus in writing with a copy of the report, the errors and reason why you need to have it rectified. Remember to keep copies of everything you send. There's an old saying: "If it's not documented, it didn't happen."
Please approach this part of the process carefully as you would any DIY project. Deal with problems along the way, stay calm and this part of the project will get finished.
About the Author:
With unprecedented problems in the credit markets it's more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.
posted by Credit Counseling at
4:44 PM
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