Tips when you go for credit repair all by yourself
If you have a bad credit score and you are being denied loan for it, its time you must get serious about repairing your credit. You may find various credit repair companies eager to enroll you with their company but Federal Trade Commission advices you to repair your credit all by yourself. Going for your credit repair on your own will not only save you a lot of money but also prevent you from the scams of the credit repair companies you may have to encounter. This article provides you with some simple tips to repair your credit as soon as possible.
Repair credit yourself
Here are some of the credit repair tips you need to know in order to fix your credit yourself.
1. Review your credit report â€“ Review your credit report and find out if there are any inaccuracies. Any error in your credit report may ruin your credit. Dispute the inaccurate item with the consumer reporting company and also specify it that you want it immediately to get removed or corrected. Everything should be in writing and make sure to keep copies of your dispute letters and enclosures.
2. Get rid of past dues â€“ Since your credit score depends essentially on your payment history, you must start getting rid of your past dues as soon as possible. Past due accounts have a negative effect on your credit score. Thus, you must pay off your past due accounts and get them reported as â€œcurrentâ€ or â€œpaidâ€. Try to pay off your past dues before they get charged off. Donâ€™t avoid your charge-offs and also make arrangements to pay them off. Make sure to get these paid off past due accounts removed from your credit report with the help of â€œPay for delete letterâ€.
3. Maxed out accounts â€“ If you have any maxed out credit card it may also affect your credit score negatively. Thus, in order to go for your credit repair, you must bring your maxed out credit cards below limit.
4. New accounts â€“ Make certain not to close your old accounts as closing old accounts hurts your credit score. After you have cleared off the negative items from your credit report, you must try to reestablish your credit by opening up new accounts.
Thus, these 4 tips will help you go for your credit repair and improve your credit score as soon as possible. Try to work on getting positive items added to your credit report. If you have credit cards and loans being reported on time, continue to make payments for them on time. This will help you to build your credit and get it fixed in no time.
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