FUNDAMENTALS TO REPAIRING CREDIT
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.
First you need to find out what your actual "credit score" is because it is this 3 digit number that you will want to raise. A score over 700 is considered "good", but under 700 may be problematic. This knowledge is fundamental to the 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.
After the comparison, examine each report for errors. Determine the nature of the error or errors and DISPUTE THE ERRORS. This will take some time but you are the one who has to fix it.
You will document any and all errors along with the reasons for the errors. You will send this written documentation with a copy of the credit report to each agency. Remember to keep copies of all documentation for your records.
This is the first information you need to have. Be prepared, there may be some surprises on those reports. Be persistent.
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.
First you need to find out what your actual "credit score" is because it is this 3 digit number that you will want to raise. A score over 700 is considered "good", but under 700 may be problematic. This knowledge is fundamental to the 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.
After the comparison, examine each report for errors. Determine the nature of the error or errors and DISPUTE THE ERRORS. This will take some time but you are the one who has to fix it.
You will document any and all errors along with the reasons for the errors. You will send this written documentation with a copy of the credit report to each agency. Remember to keep copies of all documentation for your records.
This is the first information you need to have. Be prepared, there may be some surprises on those reports. Be persistent.
About the Author:
With never before seen challenges 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
4:53 PM
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