January 2, 2009
FUNDAMENTALS TO REPAIRING CREDIT
If you have learned that you are referred to in the financial world as a “credit risk” you will want to alter this and once again be a “good credit risk.” It is possible to DIY.
It is actually possible for you to travel the “repair road” with yourself as the driver. However, when setting out on this trip, you will need a triptik to break down the milestones on the way.
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.
You can gather this information by securing your credit reports. Don’t be afraid to look at them. They will provide essential information. Arrange to get these reports from the Credit Bureaus. There are 3 credit bureaus: Experian, Equifax, and TransUnion. You are entitled to a free report from each once a year. There is a charge for the credit score. See www.annualcreditreport.com for details.
Once you have the reports, you can compare them because they may be different. Businesses may report credit information to different credit bureaus.
When you finish comparing them, review each report for errors. You will need to DISPUTE ANY ERRORS. There is no quick fix, but repairing your credit is a work in progress.
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 essential information for you to have because there may be some unexpected surprises on those reports. Stay with the process, confront the issues.
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