Yes You Can Fix Your Own Credit
I need to fix my credit fast! If you have ever been turned down for a loan or even insurance that you needed very badly then you have more then likely uttered these words to yourself. But you are probably very confused and clueless about whats involved in fixing your credit.
How To Repair Your Credit Yourself
the first thing that needs to be done before you can start to improve your credit is find out exactly why your FICO scores are low.
The only way that you can do this is to get a copy of your credit report and review it for errors and negative information that will cause your credit scores to drop.
What am I Looking For Exactly
When looking over your credit report you want to look first for errors. Errors on your report are accounts that have information that is not accurate. It could be that a late payment is recorded when there never was a late payment, or even the limit is showing wrong and the report thinks that your balance is way over your limit.
Derogatory information is information that is negative in nature and true. This information is often late payments, charged of accounts, collections, judgments and bankruptcies. All of these will pull your credit score down fast.
What Do I Do after I Find These Accounts?
First make a list of these accounts so they are separated from your good accounts. Make sure that you arrange these accounts so that the oldest account is listed first and the newest is listed last.
Next You will need to write a credit dispute letter for the first two accounts to each credit bureau that is reporting negative information on this account. This is important because there are three bureaus and they all report differently so you want to make sure that you are not sending a dispute letter to a bureau that is not reporting negatively about you!
What Is On a Credit Dispute Letter and Why am I Writing It?
This letter is basically telling the bureaus that you do not agree with the information they are reporting. The credit dispute letter that you are writing should have your account number, your name, address and social security number. You also need to state the reason you do not agree with the account information.
How Will a Letter Help Me Fix my Credit?
Once your letter is received the bureaus under Federal Law must investigate this information with the original lender. If the original lender does not or will not provide proof of the information then the bureaus must remove the item. Once the negative item is removed from your report your scores should increase and your credit should be fixed a little bit.
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