subject: A Quick Credit Repair Primer [print this page] Make Payments on Time Make Payments on Time
This is a given but bears repeating, before you start your credit repair effort you must be able to make your payments on time from this point forward. If you start your credit repair project and continue to make late payments your credit scores will never get off the ground.
Open New Accounts
You must have credit to have credit scores. The real engine of credit repair is positive credit. Your open accounts feed data to the FICO algorithm that calculates your score. Garbage in, garbage out. The best accounts for building your score are MasterCard or Visa. Secured cards are fine if you cannot get approved for regular cards.
Clean Up Your Credit Reports
You have three credit reports, and it is likely that each is different enough to warrant individual attention. Examine your reports and identify everything that does not look right. Do not overlook anything, even if it seems innocuous. Every error can have an impact on your scores. Make a list and prepare to dispute.
Dispute Those Mistakes
The cleanup stage of the credit repair process is arguably the most fun and often the most productive. Since there are three bureaus you will need to send letters to each and address the errors as they appear. Your letters must be clear, simple, and reference each bureaus unique identifying characteristics for questionable accounts.
Never Give Up
Most people find that success in credit repair requires patience and endurance. Your initial dispute letters may be rebuffed by the bureaus. If you are confident in your position, do not take no for an answer. Dispute again and again if needed. Increase the firmness of your language and demand that proper research be done.
You Are Not Alone
If you find yourself struggling to make sense of the process, or just discover that you do not have the time to keep up with the ongoing work, consider hiring a professional credit repair company. These services are typically inexpensive and will take over all of the repetitive tasks involved. Hiring a reputable company has the added advantage of tapping into their expertise. A good company may have years of experience behind them which should make the job more efficient and effective. Whichever way you choose to proceed, on your own, or with a paid service, remain confident, stay the course and you will prevail. Before you know it you credit will be looking great!
Copyright 2010 Ian Webber. All Content. All Rights Reserved.
