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Do It Yourself Credit Repair

How do you correct bad credit scores? It doesn’t help to panic. You just need to work to fix the problem. You can either hire a credit cleanup expert or you can do it yourself.

How can you clean up your credit and get a better credit score? First, get a copy of your credit report. Read it to find anything that is incorrect. If there are errors, send a letter to the credit agency with evidence that it’s incorrect. Often, they will make the necessary changes your credit report will get better.

If nothing is wrong with the report but you have a problem paying your creditors, call them and try to make arrangements. They will often cooperate with you, because they would rather get something each month rather than nothing.
They know that even if they take the matter to court and win, they still may not be able to collect on the judgment.

Make sure that any agreement you make with them is in writing, so you have evidence of the agreement, in case there are any problems in the future. Then, just make sure you keep your part of the agreement.

One good place to start improvement is to create a budget in order to save more money to pay what you agreed to. You will have to cut your expenses and not eat out as much. Your income should be used just for essentials like bills, gas and groceries.

Either stop using your credit card or use it to pay needed expenses and pay it off at the end of the month to avoid interest. Otherwise, pay with cash. If you have to use your credit card, pay off recent expenses at the end of the month, and pay down previous amounts owed, so the money you already owe goes down.

If you have more than 4 credit cards, consider cutting them down to only two. The ones you consider cutting out are the ones that have high interest rates and that are less than 6 months old.

While you are paying off your debt, it’s a good idea to get a secured credit card to build your credit history. This type of card is differnt because you put funds in the bank in advance, and the money is just deducted every time you pay with the card.

Banks won’t give you a loan, if you need cash, so you might join a credit union if you need help.

If you stick to it and work at it, you should get a good credit rating in a few months or years. Remember, your payment history has the biggest impact on your credit score.

Credit repair, which is paying what you owe gradually, is better than filing for bankruptcy, because a bankruptcy will be on your credit report for 10 years. Why ruin your credit for 10 years, when you can just work to change it now. You just need will power and guts to face your credit problem head on.

Remember, you put yourself in this situation and it’s not that hard to dig yourself out.

Easy Quick Steps for Credit Repair

Nowadays, where credit transactions are every day, bad credit can make your life miserable. Without good credit, you can’t get a good apartment, you can’t qualify for a low interest mortgage, you can’t get an apartment, and you may not get a good job. This article will try to help you keep up whatever credit score you have and even make it better.

“Quick” is a word that is relative to your perspective. For some people, thirty days is quick, but for others, it might mean just a few days. In this case, quick credit repair is normally a few months to a year.

If you credit score is low, you may have suffered from health problems, loss of a job, theft, or other problems that lost you money and/or affected your credit. If you want to change your credit situation, you need to analyze your finances, examine if you have tried to resolve your problems, and ask yourself if you have the determination you need to correct your problems.

If you have the determination you need to correct your problems, there is still hope. Here are some ways to repair your credit and remove negative items on your credit report, to get you better credit:

1. First and most important: pay your bills on time or early from now on. 35% of your credit score is measured by whether you pay your bills late, on time, or even before they’re due. Late payments can lose up to 100 points on your credit scores. Late or early payments can either help or hinder your efforts to repair your credit scores. Bottom line: You need to pay all your bills on time or early.

2. Find out what is in your credit report. You can get free reports at AnnualCreditReport.com, but some allege that these free reports are tied to a technicality that increases time for reinvestigation when there is a dispute.

3. You hope to increase your credit scores, which will accelerate your credit repair process. You can increase your credit scores by making payments early, and cutting down your existing balances and debts.

4. Check your credit reports for inaccurate information. Mistakes can lower your credit scores. When you find inaccuracies, report them to the bureaus in writing ASAP. If the mistake was made by the credit reporting agency, it is his duty to correct such mistakes. If the error was by the creditor itself, then your dispute should trigger an investigation, and should eliminate the problem. Sometimes, you have to dispute an error multiple times, before it gets corrected.

5. You should also dispute entries made by credit bureaus multiple times if necessary, because they often fail to counter your dispute, because old debts aren’t worth verifying. If you try this type of dispute, don’t just replicate dispute letters you find in the internet. It’s much better for you to write your own letter. This show your claim is legitimate, not just parroted.

6. Finally, don;t dispute your open accounts, because these help build your good credit history. Just pay them on time and leave them alone.

How to Write a Credit Repair Dispute Letter

A Credit Score of 700 or above is considered good credit. If your credit score is below 700, or especially if it is below 600, you should work to repair your credit, because otherwise, you will pay more when you get a loan or buy things on credit. If you want to raise your credit score, you need to learn how to write a credit repair dispute letter.

Before you can write your that letter, though, you first have to get a copy of your credit report from one or all of the three credit agencies: Equifax, Experian or Trans-Union. You can get Free Credit Reports from all 3 Agencies from www.AnnualCreditReport.com or you can pay for a 3-in-1 report that shows results from all 3 agencies side-by-side on one report/

After you get your reports, review them carefully and check for errors. Write a letter to each of the Credit Bureaus, stating what is wrong and why, and include any evidence you have.

Write one letter to each bureau for each creditor that you find an error for. Don’t lump more than one creditor into one letter. Dispute each claim individually, so the credit bureau won’t think you’re faking it. After you send a letter, wait a couple of days to send a letter to that bureau for a different creditor, but you don’t have to wait for a reply before you send the next letter. Just separate them so each claim is handled separately and delicately, so the bureau can individually investigate each matter.

Then, give the credit agency some time to contact the original creditor and then either correct the mistake or tell you that the creditor doesn’t think there is an error. The credit bureau will conduct a investigation before they send you a reply. To facilitate their investigation, always explain what’s wrong and send evidence, if possible, when you write your dispute letter.

Oddly enough, hand-written letters may look better to them than typed letters.

You’ll often get better results if you use strong words like erroneous, outdated, misleading or unverifiable. You actually don’t have to explain in detail why you are complaining because the evidence and their own investigation will show the error.

If you’ve never written a dispute letter before, you can search for some samples, then you can change the name, the date and the details to fit your situation.

Just mail your credit dispute letter by the postal service and just wait. Usually, it takes just a few weeks for the credit bureau to evaluate your situation. If their investigation shows you’re right, you’ll get a new credit report in about 2 to 4 weeks, and your credit score should be better.

In 1970, the Fair Credit Reporting Act (“FCRA”) by the FTC was put into law to allow people to dispute wrong data on their credit report. If you think the report is reporting wrong information, don’t just accept it but force the bureau to change the erroneous information.

Now that you understand more about how to write a credit repair dispute letter, go and get copies of your credit reports and then review them and correct them if they are wrong, so you can start to improve your credit rating.