It is possible to repair your own credit. The first thing you need to know if you want to do it on your own is what your financial situation looks like. Knowing specific details about your debts will help you come up with a plan that you can make work.
The key to successful repair of your credit is to know your rights about how your accounts are reported. If you feel that errors have been made in the way an agency has reported to your credit history then it is in your best interest to know your rights and contact these creditors with that information in your toolbox.
When you decide you want to repair your credit, sending out disputes can help take false information off of your reports. If there are several items on your credit report you need to dispute, only do one at a time. Wait a little while before you send the next one. If you send too many at one time the credit bureau may become suspicious and consider your disputes frivolous.
If disputing an account with the credit agency does not produce results, dispute it with the actual creditor. Send them a letter through the mail advising them that you do not believe that the debt is yours and request that they provide you written proof of the debt. If the account is older, chances are they will not have the records. If they cannot prove the debt they must remove it from your credit report. (more…)
There are plenty of TV spots and magazine ads that all promise to help you get out of debt, but these services cost a lot of money with no actual guarantee that they even work. So instead of wasting your time and money on a hope and a prayer, use the information in this article when you need to repair your credit score.
Believe it or not, your overall credit rating also affects your auto insurance premiums. So if you want to find cheap, quality car insurance, one way you can save money is to tie up those loose ends with the creditors. Insurance is all about risk, and someone with bad credit naturally poses a larger risk. Fix your credit rating and you can save some real dough on your insurance.
Discuss your credit situation with a counselor from a non-profit agency that specializes in credit counseling. If you qualify, counselors may be able to consolidate your debts or even contact debtors to reduce (or eliminate) certain charges. Gather as many details about your credit situation as possible before you contact the agency so that you look prepared and serious about repairing your credit. (more…)
Understanding your credit score is an important part of financial management. The information from, and differences between the three credit reporting agencies can sometimes become confusing however. There are a few tips that can help, and following them will allow you to repair a poor credit score and maintain a good one. This article will discuss some of the basics.
If collection agencies won’t work with you, shut them up with a validation letter. When a third-party collection agency buys your debt, they are required to send you a letter stating such. If you send a validation letter, the collection agency can’t contact you again until they send proof that you owe the debt. Many collection agencies won’t bother with this. If they don’t provide this proof and contact you anyway, you can sue them under the FDCPA.
If you are trying to improve a damaged credit score while under a considerable debt burden, consider contacting your creditors and having them lower your credit limits. There are two effects to lowering your credit limit. First, it prevents you from continuing to run up debt. Second, it improves your image as a responsible and trustworthy user of credit. (more…)
We all know how difficult life can be when we have bad credit. It affects all parts of our lives and our everyday decisions. You know that one negative number shouldn’t define you. If you want to bring your credit score back up then read this collection of great tips and advice on how to do so.
Report older negative items even if you know they are correct. If you report an item, the agency will contact the owner of the debt to confirm that it is an accurate debt. Many agencies either do not have the time to respond or no longer have the records available. It’s worth the time to see if you can get these removed.
Pay attention to the dates of last activity on your report. Disreputable collection agencies will try to restart the last activity date from when they purchased your debt. This is not a legal practice, however if you don’t notice it, they can get away with it. Report items like this to the credit reporting agency and have it corrected.
Using an online service to help repair your credit isn’t a bad approach. However, make sure that you know what they charge ahead of time and that there aren’t any hidden fees. Companies who charge per month or pay as you go are the best options for you so you are fully clear as to what you will be paying. (more…)
Is your credit report not quite as good as you would like it to be? You can fix that and make it look great, in just a matter of time. Follow our tips and you will see just how easy it is for you to repair your credit report.
Open a secured credit card to start rebuilding your credit. It may seem scary to have a credit card in hand if you have bad credit, but it is necessary for increasing your FICO score. Use the card wisely and build into your plans, how to use it as part of your credit rebuilding plan.
Try to negotiate “pay for delete” deals with creditors. Some creditors will delete derogatory marks from your credit report in exchange for payment in full or occasionally even less than the full balance. Many creditors will refuse to do this, however. In that case, the next best outcome is a settlement for significantly less than the balance. Creditors are much more willing to settle for less if they don’t have to delete the derogatory mark. (more…)
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