Can I Fix My Credit?

Is it really possible to fix your own credit history

? The answer is yes. Sometimes, it is not necessary to get help from credit repair companies to improve your personal credit. There are some steps that you can do on your own to regain good credit. In this article, we present free credit repair tips for you:

Watch out bad credit repair scams. Some people with bad credit problems could seek out the wrong kind of help. IF you're not careful, you could find yourself dealing with scammers who are out to take advantage of your situation.

You need to know the tactics that scammers use to victimize unsuspecting consumers. More importantly, you need to know how to spot a legitimate credit repair company from a fake one. You can check out the FTC's website for some information on choosing the right credit repair company.

Know your consumer rights. Consumers have the right to dispute wrong information in their credit report. To see whether your personal credit report contains correct information, order a copy from each of the three major credit bureaus (TransUnion, Equifax, Experian). If you find any item that needs correction, send a letter of dispute to the bureau that issued your report. An investigation regarding your complaint can take up to 30 days to complete. After that period, the bureau must inform you about the result of the investigation.

Get your free credit report. Consumers also have the right to receive one free credit report each year from the three credit bureaus. If you haven't received your free report yet, you can get it from www.annualcreditreport.com. This is the only website authorized by the government to issue free consumer credit reports. You may also call 1-877-322-8228 or mail your request to: Annual Credit Report Request Service, P.O. Box 105281 Atlanta, GA 30348-5281.

Create your personal debt repayment plan. Upon reviewing your credit report, you will be able to see the status of your debt with each creditor. The next important step is to plan your repayment. Pay debts with the highest interest rates first to stop your debts from quickly accumulating. At this point, you need to make debt repayment your priority which means you may need to give up some of your personal luxuries and use the money to cut down your debts.

Work out your personal budget plan. It is also important to write down your personal budget plan. This will help you allocate your monthly earnings more effectively and avoid unnecessary expenses. Find ways to cut back on your expenses and use every cent you can save to contribute to your debt repayment.

Negotiate with your creditors. Here is another bad credit repair tip that you should not overlook. Instead of hiding from your creditors because you can't pay your bills, speak your creditors and try to negotiate for better repayment terms. You might be surprised to learn that many creditors are willing to adjust their terms to help a borrower struggling with repayment. If you can show your lenders that you are doing your best to keep up with your obligations, it would be easier to win their trust in your capability to handle debt.

by: Shelly Evans

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