Credit Repair Information to Help You

Bad credit is a growing problem in today's modern world. It's certainly not hard to accumulate bad credit. Many people find they experience credit problems after obtaining too many credit cards that they cannot afford to pay off. Others end up with bad credit due to expensive medical bills that they cannot afford to pay. No matter why your credit is bad, there are ways to fix it. Read on for credit repair information that can help you get on the right track.

According to the Federal Trade Commission, or FTC, consumers with bad credit can fix their problems effectively on their own without resorting to credit repair companies. Here are some steps you can take to repair your bad credit and begin building good credit:

Step One: Get copies of your credit reports

You will first need to get copies of your credit report from the three major credit reporting bureaus. They are Trans Union, Experian and Equifax. Once a year, you are allowed to get a free copy. Once you have your reports, go over each item carefully and look for mistakes.

Step Two: Dispute any mistakes

If there are discrepancies found on your credit report, write letters regarding each item to the credit bureaus and enclose any helpful documentation. The credit bureaus will then investigate your claims and if you are correct regarding the mistakes, your credit report will be adjusted accordingly.

Step Three: Pay off outstanding debts

Many collection agencies and credit card companies will be happy to work out an affordable payment plan to make paying off your debts easier. After you get all your outstanding debts paid off, write to both the creditor and the credit bureaus informing them that the debts have been paid in full.

Step Four: Rebuild good credit

Once you've taken care of mistakes on your credit report and paid off old debts, it's time to start rebuilding good credit. One good place to start is with a secured line of credit. Check with your local bank or credit union to see if they offer secured credit cards. Once you prove that you can pay on time, your credit limit will increase, you will be able to obtain unsecured credit. After successfully paying your bills on time for six months to a year, you'll see your credit rating begin to improve.

For more credit repair information, follow the links on this page or click on the graphic in the navigation menu to the right.

Copyright 2006 Jim Sterling - All Rights Reserved

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