Do It Yourself Credit Repair?

It is no secret that a good credit rating is becoming more and more important

. Not only does your credit score affect your ability to get finance, but increasingly it is becoming important when you are going for employment.

While none of us would ever choose to have bad credit, life happens, and it is all too easy to find yourself rated as a poor loan prospect. So if you find yourself in that situation.

What can you do about it?

The answer to that depends on a number of things including why you're in the position of needing to fix your bad credit in the first place.

However, before you even start trying to fix the problem you are probably well advised to check your current credit report.

Before we go any further let's get one of the myths out of the way that you may have been misled by.

The first thing to know is that you cannot remove anything, which is true.

I know that's going to a blow to some people but sorry that's the truth of the matter. Secondly, if you have a bankruptcy on file it will stay there for 10 years and unpaid tax liens remain for 15 and there's nothing that is going to change that.

Assuming that everything you found on your credit report is correct and can't be removed then you need to start working with your creditors to get your status back up to where you want it to be.

If there is one thing above all else that will help you to repair your credit, it is talking to your lenders.

Explain how you came to be in arrears, tell them the full situation and work with them to come to a reasonable figure for you to repay. Believe me, they don't want to take you to court any more than you want to be taken, so they are keen on working out a compromise that will work for both parties.

Once you have got a deal with them make sure you stick to it and if for any reason you can't, go back and explain why not.

Simply making the effort to approach them will be noted on file and help to show that you take your financial commitments seriously.

Do It Yourself Credit Repair?

By: Jonas Smit

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