Did you know anything a credit repair company offers; you can do it yourself?
Credit repair requires time, patience, and organization. If you do not have the time, patience, or the ability to be organized, then hiring a certified credit consultant, would probably be the best decision for you.
If you go this route, then make sure you do your research and go with your instincts. If there are red flags from the beginning of your hunt to find a reputable credit repair company, then chances are you will not have a great experience with them. Also, do not fall for any scams, such as a company suggesting you apply for a CPN or telling you to lie about your credit condition to obtain police reports.
Now let’s discuss the reason why you clicked on this blog post; 5 DIY TIPS TO REPAIR YOUR OWN CREDIT.
- OBTAIN COPIES OF YOUR CREDIT REPORT.
You can contact the credit bureaus- TransUnion, Equifax, and Experian to request them. You can visit annual credit report to request weekly copies for free. You can use Credit Karma for free or pay to receive all three reports from Identity IQ or MyScore IQ.
- CHECK FOR INACCURACIES.
Read over your credit report in its entirety and check for inaccurate information. For example, check the spelling of your name or check to see if your name is listed more than once. Please note, in your personal section of your credit report, there should be one address, one correct listing of your name, employer and your phone number if applicable. Some people do not want their employers or phone numbers listed.
- CHECK YOUR ACCOUNTS.
Did you know that some credit card companies will not report the correct amount you owe or have paid? For example, if you paid your master card in full and the last time it was updated on your report as owing a balance was February and it is now April, you need to contact your lenders first and inform them they have not updated your account to reflect your credit card balance. If this does not work, then contact the credit bureaus in writing – informing them your account information is inaccurate and tell them what needs to be updated. Be careful when you submit this letter because if not properly worded, the entire account could be deleted.
- LOOK AT COLLECTION ACCOUNTS.
Dispute any inaccurate information listed under collection accounts. Just because something is listed on your credit report does not mean you owe the account. Request debt validation because some collection agencies have histories of placing an account on a consumers report that does not belong to them. For example, you paid off an old medical bill to the actual office you owe the money to, but the finance office sent your account to collections by mistake, then this debt is invalid. The same goes for when a debt is resold repeatedly. Two collection agencies cannot collect on the same account.
- NO NEW DEBT.
While repairing your credit, if it at all possible, avoid acquiring new debt. There may be a situation where it’s an emergency then by all means, apply for what you need. However, do not add any new or frivolous credit cards. When in doubt, just say no to the sales associate while shopping when they present you with ways to save on your purchase. Ask yourself is it worth it? How much progress have you made in your journey? Will this new line of credit improve your hard work or set you back to the beginning stages of repairing your finances?