Can I Fix My Own Credit?

Many people today are wondering whether or not they can fix their own credit. Are you one of them?

Well, truth is you can take excellent steps to boost your credit score, even without the assistance of a certified finance expert. However, if you lack the experience and the knowledge to succeed in this endeavor then, there’s nothing wrong with signing up for credit counseling programs, especially those offered by government-accredited agencies.

Now, if you’ve decide to embark on this quest, by yourself; we advise you to keep the following things in mind:

Check your personal credit report.

applied bank unsecured credit cardYou can order a free copy of your credit report from each of the three major credit bureaus by visiting Annualcreditreport.com, the only resource authorized by the government.  According to the Fair Credit Reporting Act (FCRA), all consumers are entitled to one free report from each bureau annually through this website.  You can request all your three copies at once or order one copy at a time.

TIP: How to Get Your Free Credit Report

Evaluate credit information.

Credit reports are not usually without errors.  You may discover incorrect charges in one of your accounts or there could be paid charges that still appear in your report as unpaid.  Remember that such errors can negatively affect your credit rating.  Even outdated information such as a bankruptcy or foreclosure that is older than seven years should not be included in your report.  You must immediately request the bureau to delete outdated information from your file.

GUIDE:  Things Which Can Hurt Your Personal Score

Dispute errors.

The proper way to dispute unauthorized charges or ask for corrections is to send a formal letter to the credit bureau that issued your report.  The letter must clearly specify the detail that needs to be corrected or erased.  It is recommended that you enclose with your letter a photocopy of your report, with the disputed items marked or encircled.  If you can enclose copies (Not ORIGINALS) of documents that support your claim, then that is better.

GOOD READ:  The 6 Quick Fixes to Your Credit Score

Wait for the bureau’s action.

The credit bureau will conduct an investigation about your dispute which can take up to 30 days upon receipt of your dispute letter.  Nevertheless, the bureau must contact you that an investigation has been started considered at least 15 days after receiving your mail.  If you do not receive any response from the bureau, it’s a good idea to send a follow-up dispute letter.  If your complaint is found valid, the credit bureau will send you a letter, informing you about the result of the investigation along with a free and updated copy of your credit report.

Pay your current bills on time.

To prevent your credit score from dropping off further, make sure that you can pay off your current bills on time.  Take note that even another late payment can pull down your credit score.  This advice applies for all your accounts (credit cards, loans, mortgage, insurance, etc), including utility services that you are subscribed to (cable, internet, telephone, electricity, etc).

GOOD READ: Negotiate These Expenses and Save Your Budget

Pay off your past due charges.

Checking your report should also enable you to see if you have past due charges.  Paying off these debts should be your priority. If it is not possible for you to pay at once, speak with the creditor involved and try to work out a payment arrangement that you can follow.

 

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

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