Credit Repair 101

Methods of Credit Repair

Do it yourself credit repair is easier than you think and the first step is to figure out where you stand. Get free copies of your credit history from the three credit bureaus: Equifax, TransUnion and Experian. Its important to get one from each bureau since your report may vary on each one, now youll have a clear picture of your credit history.

Attack!

Review your copies and start designing your own financial plan. If you have any overdue accounts pay up or restructure them. Call your credit card company and negotiate reduced monthly payments, change the due dates to a more convenient time during the month or ask for an extended payment schedule. Whatever new agreement you may come up with, be sure its in writing.

Create New Habits

Start paying on time if you are in the practice of making overdue payments. You also need to sit down and make a budget. An important line item in any budget is a bit of fun money each month so you can stay with the plan, but also ensure you are saving whatever you can.

Say Goodbye…

Another good tip is to close inactive credit but close them slowly. Too many credit lines can lower your score but dont close your oldest accounts because the length of your credit history is very important to your over all score. Make sure these closed accounts are labeled closed by customer to ensure a good report.

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