The Basic Elements of Credit Repair
Repairing credit is nothing more than a process
. It is not complicated and anyone can do it. Here are some simple things you can do to begin.Review your reportNo credit restoration plan is complete without a though review of your credit report. Ideally, you can make a copy to work with and keep a clean copy for your records. Review it line by line and note every derogatory account and every fact that is inaccurate.Develop a Comprehensive PlanOnce you have carefully reviewed your report, you will need to make a plan of action. This is important. Many people give up before they finish repairing their credit. Having a plan up front makes it more likely that you will actually follow through and see the results you want. There are two main components to any credit restoration process.Establishing New CreditAs long as you are not looking for fast credit repair solutions, you will want to establish good new credit. Ideally, you want both revolving and installment credit in your file. This is because an important component of your credit score is your credit mix.It is important to note that you should not apply in too many places, because excessive inquiries can really lower your credit score. Do some research up front, and select companies that work with people who have a credit profile like yours.You should also remember that opening new accounts will actually lower your credit file in the short run. For this reason, this is not something you want to do just before you apply for a loan.Cleaning Up Your Credit ReportThe next important step to credit repair is cleaning up your credit report. To do this, you will want to dispute any items that are inaccurate as well as derogatory items that are questionable. Once you have filed your disputes with the credit reporting agencies, they will notify your creditors. Information providers have just 30 days in which to respond. The creditors (or information providers) will either verify that the account is accurate, agree that the account should be removed or fail to respond. If the information providers miss the deadline, the credit bureaus have no choice other than to remove the item from your credit file. It cannot be reported unless you are notified by mail at least five days prior.
The Basic Elements of Credit Repair
By: Vincent Polisi
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