Saturday, January 30, 2010

Credit repair help – Do-it-yourself

Financial experts are of the opinion that what the credit repair help clinics can do for you, you can do it on your own. You need to be aware of your rights and what you can do in case you are duped. But if you are aware of the credit repair process, it is unlikely that you will be taken for a ride.

As far as credit repair is concerned, remember you cannot remove negative information from your credit report if it is accurate. If you come across any firm that offers you credit repair help and promises you to remove the negative information from your credit report, don’t believe them. There are no shortcuts to credit repair, you need to work hard to improve your credit.

According to FCRA or Fair Credit Reporting Act you are entitled to get a free credit report from the 3 credit bureaus once in 12 months. So, pull out one from each of the credit reporting agencies and check for any errors.

It is very important to have good credit. This is because you get to enjoy a number of financial benefits. In fact there many insurance carriers and mortgage lenders who will not work with you if you don’t have a good credit score. You may be turned down for a job or a landlord may not agree to rent out his premises to you as you have bad credit. So, don’t allow yourself to reach a point where you are turned away due to bad credit. Instead repair your credit right away and enjoy the various financial benefits.

Credit repair help – How will you help yourself?

If you come across any inaccurate information, report the same to the credit bureaus. It is good to check for errors frequently even if that means you have to shell out some cash for the same. There is one more reason why you should check your credit report from time to time. Identity theft has become very common and you can be a victim too. So, watch out.

Maintain documents of your communication with the credit reporting agency. Don’t believe in verbal agreements. Write simultaneously to your creditor and inform him about the information entered in the credit report that you are not approving of. In both the cases, give documentary evidence to strengthen your claim and make it convincing.

Prior to signing any paper, read the fine print. Remember if any negative information makes its way to your credit report; it stays there at least for a period of 7 years. You may come across agencies offering credit repair help but it is best to rely on your conviction provided you know what you are claiming is right.

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