Credit repair is something that is possible for an individual to do on your own, there’s no need for specialized services and third party advice, but you do need to stay informed. The media as well as the marketing agencies have spent most of the last few decades making dealing with banks into a big boogey man and the complex banking regulations, rules and contracts did not make things any easier, but that doesn’t mean that credit repair is something out of reach for an average person – you need some time, need to do some research and you need to ask questions and you’re all good to go.
Step1: Get your hands on your credit report
This is actually not done through a bank, although banks certainly have access to all of your credit reports. There are several credit ratings bureaus in America that you can turn to for your free yearly credit report, and contrary to the popular belief, requesting your report is not something that goes into the report itself and it does not bring your credit rating down. It’s a myth that used to be sort of true if you were credit shopping, going from bank to bank to see just what kind of loan can each provide you with, but the change in law fixed that and now if you or a bank requests your credit report it does not drag your credit score further down.
Step2: Read through the reports – thoroughly
Getting just one report may be no good because some info may be missing from one of them and you need to know everything that affects your credit score to do proper credit repairs, so make sure you’ve got enough time to go through each of the reports. The first things you should be looking for are mistakes, because they do happen, and they happen more often then you’d believe. Things get misfiled, one rating agency doesn’t get your payment reports on time, a third party debt collection agency has bought your loan out and they didn’t file the paperwork after you paid it back and so on – all of these things can be fixed and you don’t need to be a law wizard to be able to do that, all credit reports come with a detailed instruction on how to deal with mistakes in your report.
Step3: Be a responsible debtor!
This is most likely the most important aspect of you repairing your credit score, and sometimes it can take up to 7 or so years to get all of the negative things out of your credit reports. Do not be late with loan and debt payments, make sure you pay everything on time and your credit score should do pretty well. For some reason, people who never took credits in a long period of time also have low credit rating and need to repair it by being a responsible buyer, this aspect of credit repair addresses their issue as well.
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