Having a bad credit report can affect your current interest rates and your ability to apply for further credit or loans. It is a good idea to know what your credit report contains, as this is what potential lenders see when they consider you as a candidate for a loan whether it is for a house, car, or other item.
The first step you need to take in examining and fixing your credit is to obtain a copy of your credit report. The three major credit bureaus are now required to provide you one free credit report each year, through the website annualcreditreport.com. Though each credit bureau might have slightly different information about you, each report should be more or less the same.
Once you have obtained a copy of your credit report, look it over for accuracy. Most negative items are only allowed to stay on your credit report for 7 years, however bankruptcies can remain for 10 years and unpaid tax liens can remain indefinitely after they are posted to your report. If there are any negative items older than that, you need to dispute it so that they will be removed.
Also, make sure that all items are correct. Because negative items are more likely reported than positive ones, it is possible that there is something beneficial missing. Check that all the accounts that you have stayed current on are listed. If not, dispute it so that they will get listed. Also, sometimes items have been reported inaccurately or have been inappropriately attributed to you. These also need to be disputed.
It is relatively simple to dispute an item on your credit report through the specific credit bureau’s website. After filing the dispute, you will hear back from the company with an updated copy of your credit report. If it is not fixed completely, it will then be time to file a dispute by mail with documentation. Make sure to save a copy of everything you send.
There is no need to pay a credit repair service to help you out. There is nothing that they can do that you can’t do easily for yourself. Anything more that they promise you is most likely illegal and not actually beneficial.
If you want to find out more about what on your credit report is helping or hurting you, talk to a credit counselor. They can weed through your credit report and provide you with steps you can take in the future to improve your credit. A credit counselor can show you ways to improve your credit score by making positive credit history to offset the negative items you have in your past.
If you have credit card accounts that are reaching their credit limits or ones that are delinquent, a debt management plan and credit counseling might be right for you. It will allow your accounts to stay current and action to be taken to lower your debt, which are positive factors. Such credit counseling can be beneficial to your credit history as well as provide you with information that can help you avoid bad debt in the future. Knowing what is on your credit report can help you determine what steps to take to improve your financial situation.
Ronnica Rothe
http://www.articlesbase.com/credit-articles/credit-reports-and-credit-repair-tips-132408.html
#1 by tguerrero75 on November 24th, 2009
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In need of credit repair tips?
Its time for me to grow up and take care of all of the bad decisions I’ve made in the past. I looked at my credit report and I have a ton (19) of negative items on my credit report. From charge offs to past due collection accounts. None of the debts are over $1200, most of them are in the $500-$100 range. Do I just call them and tell them I want to pay or settle? How do i take care of these? How do I improve my credit report and credit score? Are there any proffessionals out there that can provide any tips or advice? I do take full responsibility for the terrible management of my finances. I just started a family and I want to clear all this up.
#2 by dusty_titus on November 24th, 2009
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It is a good sign of maturity on your side, that you want to undo the damage at this time. However, the reality is even if you called all the collection agency that have put negative info into your account, and tried to pay them, they would gladly take your money, but would not lift a finger to have negs. taken off your record. Even if you
got a sworn notarized statement from the companies owner, it just wouldn’t happen. There is no way to get "charge offs" & past due payments off your report. Only time – and you must replace the bad items w/good. That means you must start a credit account (auto) appliance or buy something on time at a store that has their own accounts – hard to do in these times. The one that comes to mind is Pep Boys – If you can buy something with 1/2 cash and finance the rest on time payments – that’s what you going to have to do. For other purchases you’ll have to use prepaid credit cards, to give the illusion that you have credit.
For more tips on how to repair your OWN credit – don’t pay someone to do this, go into "search for questions" on this answer line. Hundreds of people have had the same problem.
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#3 by doggin on November 24th, 2009
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For one, collection accounts can not be past due. I’m sure that the collection agencies are listing information on your credit report wrong-"open" account, "factoring company account", maybe a recent payment you never made (phantom payment-used to re-age the debt). You need to write each collection agency a letter asking them to provide validation of this debt. Send this out certified mail return receipt requested. You need proof they actually own it. Would you pay some random joe just because he says you do? No, you would want proof. Once you have received proof (old statements, contracts, etc-them typing your name, address, old creditor, $$ owed on a piece of paper is not proof) negotiate a pay for delete. Get this in writing. You will pay them $XXX for them to remove the trade line from you credit report. Since they paid pennies on the dollar for the debt lowball what you will pay them. Read the FDCPA and FCRA. Go to the website below, there is a wealth of information there. It’s hard work but very empowering when you learn your rights and can work them to your advantage.
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http://www.creditboards.com
#4 by Uniqa on November 24th, 2009
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Here are just some of the amazing tips and techniques this course will teach you about credit reparing
http://www.credit4max.com/
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http://www.credit4max.com/
#5 by Panda on November 24th, 2009
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?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – creditreport.imess.net
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#6 by Steve on November 24th, 2009
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Those "bad decisions" aren’t going anywhere for up to 7 years from their date of last activity, unless there is a mistake or inaccuracy on your credit report.
Credit professionals can help you make sure your credit report is 100% accurate, but don’t hire anyone that "promises" the removal of anything that is reporting correctly.
A great site to learn how to do it yourself or hire a top rated company is http://www.freecreditrepairreview.com. They have tons of information for you to take advantage of as a consumer and they have ranked the top companies in the industry by reviews of their actual clients.
If you are serious about growing up, take the time now to create a monthly budget and follow it. No more late payments, no more bulls*t. Don’t apply for credit when you don’t have to. Pay your bills on time and keep your credit card balances less than 30% of what you have available as a limit.
A credit repair company CANNOT remove accurate information. Don’t hire anyone who tells you otherwise. What a reputable professional can do is make sure your credit report is 100% accurate, maximize the positive aspects of your credit report, and help you take advantage of your consumer rights (Fair Credit Reporting Act, Fair Debt Collection Practices Act) that 99 people out of 100 don’t have any clue about.
First go to http://www.annualcreditreport.com to retrieve your free credit report.
Then go to http://www.freecreditrepairreview.com to learn how to fix the errors, or find a professional that will help you.
Hope this helps. Glad to hear your taking responsibility. America as a whole should follow suit and we wouldn’t be in so much national debt.
Live within your means, pay your bills, and time will do the rest. Good Luck!
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