Fast Credit Repair - Simple Ways To Repair Bad Credit

If you are struggling with bad credit you are not alone

. Thousands of people have negative items on their credit reports. The good news is that there are proven ways to repair bad credit. So if you're in need of fast credit repair you can learn how to do it.

Before extending credit to you, creditors will check your credit history to decide whether to approve your application or not. The guidelines vary from creditor to creditor, of course. Some creditors may be satisfied with only your salary and job and other financial information you provide on your application. But most also want to know your habit of repaying debts.

They contact credit reporting agencies, also known as, credit bureaus, to get whatever records they have on you. The credit reporting agencies collect and store information about borrowers that is routinely supplied by many lenders and creditors.

Bad credit can hurt your chances of getting things like auto loans, home loans and credit cards. That's why it's so important to repair your credit if you have negative entries on your report. Here are the steps you can take to repair your credit.

The first thing you need to do is get a copy of your credit report from the credit bureau. You have the absolute right to know what information is being distributed about you. You may obtain a free copy of your report if you have been turned down for credit within the past 60 days because of information contained in your report. If not, you may be charged a small fee for the report.

Also you are entitled to a free copy of your report each year from each of the three major credit bureaus. Once you've received your report, examine it carefully to see what kind of information it contains. If you find any errors, contact the credit bureau and dispute the items.

All the information you need to dispute or correct an error is included in the package with your credit report. Send all letters by certified mail, return receipt requested. That way, you have proof that they received your dispute letter. Keep records when mail was received and be sure to retain copies of everything you sent.

The credit bureau must investigate the item in question within a reasonable period of time. If they do not respond within the alloted time, then the disputed item must be removed from your report.

If you are unable to get the issue resolved, you can file a short statement detailing your side of the story. The law allows you to place a "Consumer Statement" of 100 words or less in your file. The credit bureau must include that information in your credit file. To re-establish good credit, you must add positive items to your file.

So after you have erased your bad credit, it's time to stack your credit report with positive accounts. There are several ways to do this.

One way to add positive information to your file is by depositing funds with a financial institution to serve as collateral for a loan or credit card. You can also build good credit record by applying for a charge account at a local department store or even asking someone with good credit to cosign a small loan.

Don't let anyone convince you that bad credit repair is difficult. It's not. It's a simple process. You can repair your credit, and with the right information, it's something you can do yourself, quite easily.

by: Conleth Onu

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