Self Credit Repair
Open the yellow pages or search the Internet for credit repair and there are
hundreds of so called experts that show up. But what about self credit
repair? Can you handle a lot of this on your own? Of course you can.
Exactly how much is determined on a case-by-case basis, but for small errors
found on your credit report there is a process you can follow to get them
removed or updated. Self credit repair isn't a labyrinth you need to navigate.
Here is a set of procedures you can follow, and it all starts with your credit
report.
Do you have a recent copy of your credit report? This piece of information is
vital for anyone today who is making financial transactions, and it's
available to you from one or all three of the credit bureaus Experian, Equifax,
and Transunion. If you're considering or working on self credit repair, you
need to know where you stand before you can know where you're going!
Once you have your credit report in hand, begin reviewing the items on your
file.
First off, are all the items yours?
Errors are possible and in fact occur often in reports so be sure to check
everything. One of the tips talked about time and time again for self credit
repair is writing letters to each credit bureau requesting proof that the
account listed is yours. Often the credit bureau cannot provide the requested
info, and are forced to remove the item from your file. Of course this is a
deceiving self credit repair practice if the account is in fact yours, but
nonetheless it does work.
Secondly, do the balances listed correspond with your files?
It's possible that re-payment of a debt isn't properly reported to the
credit bureaus. If this is the case you can write a letter containing the proof
that what they have on file is not consistent with your records. The majority of
the time the credit bureaus will be responsive to this and update their records
accordingly. This is another quick tool for self credit repair. It's been
noted that more then 40% of people have an unknown error on their credit report,
this is an excellent way to evoke self credit repair.
Lastly, Are there items listed that have been paid off and cancelled?
In those 40% of errors, often there can be items on your credit report that
you have paid off but are still being reported. Another simple thing you can do
for self credit repair is call past creditors and ensure your account is closed.
Paying off a bill doesn't necessarily close the account; it just brings the
bill to zero. While having the balance at zero is good, often the available
credit can hurt you when applying for larger items like a car or mortgage.
Self credit repair is something you can do. You don't need an expensive
system, or book to coach you through it. Once you have a current copy of your
credit report it's like a road map to improving your credit rating. It is
important though and not just for self credit repair but for credit management
that you keep good records, and monitor your credit report regularly, because
you never know when something can show up in error. And you may not know it's
there until it's to late!
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