7 Surefire Ways To Repair Bad Credit
Do you have a poor credit rating? If so,
you are one of tens of thousands of Americans with the
same problem. In fact, it seems that this has become a
national ‘disease.’ And just what do people
need that have a disease? They need a cure.
Here
are some sure-fire solutions to ' repair bad credit '.
Keep in mind, like most ‘diseases,’ credit
repair can take some time, but complete healing is possible.
The
First Step
The
first thing you need to do is find out what is being reported
about you. This is easy and inexpensive. For under $10,
you can get your credit report from one of the three main
credit reporting companies: Equifax, Experian, or TransUnion.
Keep in mind however, that if you have recently been denied
credit, you can get a free report from the same credit
bureau the lender used to reject you as long as you do
so within 30 days.
What
You Don’t Need
You
don’t need a repair clinic. Why? There is no legal
way to ‘repair’ your credit. Those that claim
to know loopholes and shortcuts are merely out for your
money. They may even get you into legal trouble by having
you fudge the facts or creating a whole new file for you.
Anything legal that a clinic can do, you can do just as
easily and without the cost of ‘professional’
help.
Further Steps to Take
1.
Stop using your credit cards immediately. Put them somewhere
where they will not tempt you. You may consider keeping
at least one card for emergency purposes. Additionally,
with poor credit, you may find it more difficult to get
a credit card in the future. If you keep at least one
account open, then you won’t have to worry about
applying.
2.
Be Honest With Yourself. Taking a good hard look at your
financial situation, particularly if it isn’t good,
can be very difficult. Yet, to get out debt you have to
fully understand what the situation is.
3.
Find the Errors. Believe it or not, up to 40% of all credit
reports have errors in them. If you find that your credit
report shows something that is not true, you need to write
to them with all the details. Be sure to use certified
mail so that you can keep track of who you wrote to, when
you wrote, and who received the mail on the credit bureau’s
end. Then ask the credit bureau to send a corrected report
to anyone who has requested a report on you in the last
6 months.
4.
Find the Omissions. By law, you are allowed to add information
to your report that you believe will help your rating.
This might be additional information about a repayment
of a loan, good credit you have with companies that do
not report to the credit bureau, or salary increases.
5.
You Must Have a Plan. Whether you determine to pay your
bills down little at a time, take a second job, go to
credit counseling, or file bankruptcy, you need to make
a plan and stick to it. In order for your credit to be
improved, you have to have a plan and then take action!
6.
Talk to those that you owe. Creditors want their money.
They do not want you to default (quit paying). In fact,
most creditors will work with you to get a reduced payment
schedule. If you can keep them from reporting you to the
credit bureau, then it won’t hurt your credit. The
catch here is this: be sure to stick to the new negotiated
plan – they won’t renegotiate if you fail
to comply.
7.
The Best Cure is Time. Have you ever heard the saying
‘time heals all wounds’? It also heals your
credit. After 7 years, most items will be dropped. This
is good news if you are working to correct your credit.
As each year passes, more and more bad items will drop
off and more and more good items will be included. Eventually,
the disease will be cured.
Follow
these steps and you will find that your credit looks healthier
and healthier each day. Eventually this path will lead
you to full recovery. Good Luck!
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Wesley Atkins is the owner of http://www.credit-cards-advisor.com-
which aims to get you fitted with the best
credit cards to suit your situation. With numerous
credit card articles
and easy online
credit card applications you will never choose the
wrong credit card again.
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