Credit Repair

It is a reality that many people are faced with the difficult task of credit repair. They may have found themselves overextended on their credit cards and have to repair some late payments and some bad decisions when it comes to credit history. Credit repair isn’t as difficult as many people might think. It takes time, but it can be done.

Tip #1 - Get a Copy of Your Credit Report

First, you need a copy of your credit report from one or all three of the major credit reporting agencies. The “big three” are Experian, Equifax, and TransUnion. They can be found easily on the Internet and will provide you with a copy of your credit report.

The FACT Act, which was passed by Congress back in 2001, allows all consumers one free copy of their credit report per year. For this, you need to go to either www.annualcreditreport.com (currently providing reports from all three agencies once a week) or www.freecreditreport.com. Sometimes one of the agencies will provide you with one report for free, but you are best off going to one of these websites.

However, if you are serious about credit repair, you will need to obtain copies of all three credit reports. Creditors are not required to report to any agencies; they will often report to only one. Having all three credit reports on hand will help you make repairs to your credit more effectively and more thoroughly.

Tip #2 - Review your credit reports

Once you have these reports, review them “with a fine tooth comb”. Check for any errors such as accounts that have been paid off but still appear as delinquent or accounts that you never opened or used in the first place. If you do find errors on your report, it is essential that you contact the credit bureau to correct them if you want your credit repair efforts to be thorough.

"The FACT Act, which was passed by Congress back in 2001, allows all consumers one free copy of their credit report per year."

Tip #3 - Change how you use credit and credit cards

After checking your credit report, the essential part of repairing your credit is changing how you use credit. That includes making all payments on time and not using credit how you used to. While it’s true that it’s virtually impossible to go through life today without using credit, you can use it wisely and not end up in trouble down the line.

Repairing your credit takes time and patience. It starts by taking steps to evaluate your use of credit and then see where changes can be made. Then not only will your credit be repaired, but your credit score will rise also.

Tip #4 - Let us assist

Reaching out to a consulting firm like Tia Davis Consulting can help you navigate this tedious process a little faster. Reach out and see how we can assist you with credit repair, or check out our book 'Debt Credit Repair' in the shop.