Teaching people how to fix credit and repair their own credit reports. Millions of people are in need of credit repair help, because credit is very important to all of us!

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So what do you have to do to fix your own bad credit?

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Most people just don’t have the upfront cash. Nowadays in order to get credit you need to have a good credit score. Your financial life is always a great deal easier and it doesn’t cost nearly as much when you have a good credit score.

If you credit is already bad is there anything that you can do?

There are a number of steps that you can take to improve and repair your credit. The first thing that you need to do is to get your free credit report from all of the big three credit bureaus, which are TransUnion, Equifax and Experian.

Credit Bureaus

One creditor may use just one report or any combination of all three so it is important to make sure that all of the reports are as clean as possible. There could be some information that you cannot change so the best thing to do with that is leave it alone however make sure that you dispute the things that you may be able to change and concentrate on those.

Any inaccurate or erroneous information on your report should be deleted. If it is not your information or it is unacceptable for any reason you need to dispute it as soon as possible. The bureaus will have 30 to 45 days from the date of dispute to prove that the information is correct. If they cannot confirm the validity of it they must delete it from your credit.

One more option is to contact the original creditor and see if they will remove the information. Simply make sure to follow up with them because it could easily drop through the cracks given that it would not be a priority for them.

Taking the steps to repair your credit can be a slow and boring process. It may take a lot longer than you anticipated to get the results that you want but it can be done and once the process is completed you can breath easier when it comes to your financial life.

It is crucial to make sure that your credit stays good and that you do not incur any further bad credit. That means living within your means and not getting new credit. You must also be consistent in making your payments on time, every time.

You will also need to pay down your debts as much as you can. A huge deciding factor in credit scores is the actual debt to available credit ratio. Do not use more than 15 to 35% or the money you have available for credit to make certain the highest possible credit scores.

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Could you use a helping hand when it comes to your credit score?

Fortunately, you can repair your credit and bring up your credit score if you need to because in 1970, the FCRA, or the Fair Credit Reporting Act was enacted and it gives you the right to dispute inaccurate or erroneous credit.

You can employ a respectable and legal credit repair company to help you with your credit repair or you can also attempt to do it on your own. If you engage a professional make sure that you check out their credentials to make sure that they are highly regarded.

It Takes Time

Credit repair can take time. You will need to proffer disputes in writing and give the bureaus time to investigate. After a dispute is issued, the bureaus have 30 days to look into and an further 5 days to reply back to you. If they are unable to authenticate the truth of the information then it must be removed. Many times you may need to write more than one correspondence of dispute in order to get the results that you are looking for.

There are other things that you can do that will enhance your credit score that don’t take too much time. Most of these are straightforward solutions but the mainstream of individuals do not appreciate how credit scores are planned so they do not consider them.

Pay Down Your Credit Card Balance

A great piece of your credit score is based upon the ratio of your debt to obtainable credit ratio. A maxed-out credit card is much more detrimental to your score than you might have ever imagined. A credit card at the threshold can drop your score by as much as 150 points!

If you want to promptly increase your credit score you can pay down the balance of your debts to below 20% of your obtainable credit. If you can even get it lower than 40% you will see a big change in your score. Good credit scores belong to the individuals who have credit obtainable but don’t make use of it.

Collection Accounts Can Hurt You

Collection accounts on your report can also have a immense impact. Collection agencies and collectors are not the same as original creditors. These companies in fact buy and sell collection accounts. When they acquire a collection account they are expected to report it to the credit bureaus and they mostly do.

Then again, when they sell an account they are also supposed to report it to the bureaus but very many times they don’t. Therefore it is probable that the collections showing on your report are not even valid. The company may not even hold the account anymore. If they are wrong you can get them deleted.

If you have collection accounts that are bona fide you can try to bargain with the collection agencies. They may be willing to settle for pennies on the dollar right now because of the challenging economy that we are all facing. See if they will remove the account from your report completely in exchange for a lump sum pay-off. They might just say “yes”.

A few other things that you can try are to get your creditors to raise your limits. This will consequentially reduce your debt to obtainable credit ratio. It may or may not be feasible taking into account the present financial circumstances but you can always ask.

You can as well get rid of all of your store cards. These are frequently higher interest rates but more significantly they are never effective for your credit score and more often disadvantageous. When it comes to your credit score even little things can make a change so repair your credit now.

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Make sure that you receive a new credit report from each of the three big credit bureaus, TransUnion, Equifax and Experian. Each year you are entitled to one report free of charge. You can also pay a fee and get a combined report that you may find helpful.

There are reports that claim that as many as 79% of all credit reports are inaccurate so make sure to check your report for incorrect information. It may be just the errors that are causing you problems.

You should be aware that the credit reporting agencies are paid to gather information and sell that information. They don’t care if the information is accurate and truthful or not. It doesn’t matter because they get paid for the information period and to them the accuracy of that information is immaterial. In fact the only person who has any concern if the information on your report is correct is you!

You do have rights as a consumer. The Fair Credit Reporting Act was enacted to help consumers. You have the right to dispute any information that shows on your credit report. In fact in the face of a dispute, the only information that can stay on the report is what can be proven to be correct. And you don’t have to prove anything but the creditors and collection agencies must prove that what they are reporting is accurate.

You have the right by law to dispute any information that is showing on your credit report. You will simply be asking the creditors and collection agencies to prove that what they are reporting is accurate. If they can’t provide proof then the information must be deleted.

The advantage that you have as a consumer when you dispute credit report information is that while dispute resolution is a required cost of doing business for the credit bureaus and collection agencies, regardless of any outcome they cannot make a profit from that activity. Therefore they do not like to handle disputes and a wise consumer will use that to his benefit.

It is your responsibility to make sure that your credit report is accurate and as positive as possible. It is smart to repair problems and delete inaccurate information on your reports. You can hire a credit repair company or do it yourself but the crucial thing is to do it.

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