Like my blog? Sign-Up for a FREE newsletter! OR Give a ‘Like’ to my FaceBook Page
Editor’s Note: This guest article by Paul Maher of MyCreditRepairTips.com
Are you considering embarking on a credit repair project? Good for you! This means that you’re tired of paying higher than necessary interest rates and not getting the things you want and deserve. It’s time to get going on fixing your credit, but before you get started, you need to know a few things.
You might have questions right about now. Maybe you’re wondering how on earth people are able to repair their credit and pay next to nothing to do it. – How do they ever start getting the credit they need? – Are there any special rules when it comes to disputing information? – Should you always have your credit accounts deleted from your credit report?
Here’s the thing, credit repair is a step by step process, so you should know that when you begin the process, you’re in it for the long haul. You could be looking at several months to actually complete the whole process, depending on what your credit looks like now. Obviously a few months is an investment well worth it.
Here are a few credit repair tips that will help you get the broad overview you need:
1. Pull credit reports and highlight any inaccuracies such as incorrect name(s), addresses, social security numbers and dates of birth. This is the easiest to fix.2. On that same credit report and with a separate highlighter, you should begin to mark out the accounts that look wrong to you. In other words, did you close this account but it’s still showing as open? Did you pay that credit card off, but it still shows that there is a balance? Does the wrong date appear under date of last activity? These will all make a difference, so it’s important to highlight them for the next step.3. Identify any legitimate unpaid accounts, such as ones which might have gone to collections over the years. For these, you will have to find out the statute of limitations in your state and determine how old they are or decide how to negotiate with the creditors to pay them off.4. You should then write dispute letters for the smallest items, such as personal information (see step 1) which might be incorrect. In many cases, this is the easiest to have corrected and it will only take one well written dispute letter and the right documentation proving the information is incorrect.5. Then it’s on to the bigger stuff. Look over the second batch of highlighted items and determine what kind of dispute letter you’ll need. Credit repair is almost a science these days, so the right kind of dispute letter will keep you from getting “red flagged” with the credit bureaus and help you to move forward. Remember that the “bureaus” have 30 days to respond to your disputes, so keep track and good records.These credit repair techniques will help you to get a good start on the credit repair process, but you probably won’t be done there because most people never get that lucky. You should educate yourself about the ins and outs of the entire process so that you can avoid many of the most common pitfalls that people experience.So, don’t just start to do your credit repair project without having all the tools. With the right resources, game plan and tools, however, you will find that the credit repair process is easier than you might have imagined. To learn more on how to repair your credit on your own for next to nothing, visit:MyCreditRepairTips.com
About Guest Writer
This post was written by a guest writer. If you’d like to add a guest post in Money Hacker, please check out Write for Us page for details about how YOU can share your knowledge with our community.