Tips for repairing your credit are some of the most important hints and suggestions that you can use to increase your spending ability and credit trustworthiness. Repairing your credit is useful when you have damaged your credit in one way or another (late payments on bills, defaults on loans, bankruptcy, etc...)
Obviously, the most important credit repair tip anyone can give you is to pay off your debt - this is huge. The second credit repair tip to keep in mind, is to pay your bills on time.
Simple mistakes are easily corrected by writing to the reporting company, pointing out the error, and providing proof of the mistake. You can also request to have your own comments added to explain problems. For example, if you made a payment late due to illness, explain that for the record. Lenders are usually understanding about legitimate problems.
CreditCareSolutions: Eliminate Debt, Take Your Life Back Begin To Rebuild Your Damaged Credit
The trick to rebuilding your damaged credit is to start small and to take it one step at a time: try applying for credit with a local business, such as a department store, a local bank, or credit union. These local merchants may have lower credit standards than the larger lenders. Before you apply for credit, make sure the credit grantor reports credit history information to one of the major U.S. credit bureaus so you can build your history. Other options, if you are having difficulty opening a credit account, include asking a friend or family member to cosign your loan or credit card application, or obtaining a secured card, which is guaranteed by a deposit you make with the card issuer.
Actively Monitor and Manage Your Credit
While the most obvious thing you can do to build a solid credit history is to pay your bills on time, you can also take steps to protect your credit standing and make sure your credit report is accurate when you apply for credit.
Many credit reports contain inaccuracies; these are usually caused by innocent errors but occasionally by fraud (such as identity fraud, in which a thief uses someone else's name to open credit accounts). The Fair Credit Reporting Act ensures your right to dispute such inaccuracies in your credit report without charge.
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Skip The "Credit Repair" Clinics
Although some consumers pay credit clinics hundreds or even thousands of dollars to "fix" their credit reports, only time can improve bad credit. The Federal Trade Commission has investigated and reported at length on these often-fraudulent "clinics." And some credit repair plans actually encourage you to commit fraud yourself by attempting to create a second credit identity. A key fact to keep in mind: There is nothing a credit repair clinic can legally do to fix a credit report that you can't do yourself for free.
Consumer credit reports contain easy-to-follow instructions for disputing inaccurate information and fixing their credit at no charge. Inaccurate information will be changed or deleted. Accurate information that shows negative payment habits will usually remain on a credit report for seven years, with bankruptcies remaining up to 10 years. Federal law mandates this.
Don't be afraid to ask to have items changed or deleted. This is your credit and your reputation and you should not suffer because of someone else's mistake!
Credit Reporting Agencies
Experian
P.O. Box 9600
Allen, Texas 75013
800-682-7654
www.experian.com
Equifax
P.O. Box 105873
Atlanta, Georgia 30348
800-685-1111
www.equifax.com
Trans Union
P.O. Box 1000
Chester, Pa. 19022
800-916-8800
www.transunion.com