Credit Repair-Tips to DIY

Written By: admin on March 12, 2010 No Comment

Eliminate Bad Credit.

Eliminating your bad credit from Reporting Agencies involves a process that must be followed step-by-step.

You DO NOT want to Restore your credit or Improve your credit as most companies advertise they will do.

You must ELIMINATE your bad credit.

The most important part of any persons credit is the FICO Score. (Fair, Isaac & Co.)Lenders use a number of facts to make credit decisions, including your FICO® score. Lenders look at information such as the amount of debt you can reasonably handle given your income, your employment history, and your credit history.

Whether you’re buying a home, a car or applying for a credit card – lenders want to know the risk they’re taking by lending your money. Your FICO credit scores (you have 1 score from each of the 3 major credit bureaus) can affect how much money a lender will lend you and at what terms (interest rate). So, taking steps to improve your FICO scores can often help you qualify for better rates from lenders – which can save you money!

Call all 3 credit reporting agencies and order your credit report—it is free.

Your order will be automated.

Transunion:   1-877-322-8228

Equifax:         1-877-322-8228

Experian:       1-877-322-8228

When you get your reports make a copy (front and back) of each report.

a)    If it is for late payments it will show 30, 60 or 90 days late…..if it shows 30 days late you will take your black permanent marker and write across the entry “NEVER 30 DAYS LATE” or enter the number of days that it states payment has been late.

b)    If it shows that you are in default of payments you will write across the entry “NOT MINE”.

c)     If it is a notice of federal tax lien, write “NOT MINE”.

  A typical situation is that your creditor automatically sends a form letter to the credit bureau stating: This account is accurate.At this point, the process starts all over again. You must send the letters to the credit bureaus and to the creditors again.Expect every process to take between 30 and 90 days.

This process must be done for every bad credit item on your credit report. As each bad credit item is removed, your FICO score will raise a few points.

This Author is aware of only one company that can assist you properly to eliminate all bad debt. This can usually be completed in 45 to 60 days.

Feel free to contact this Author with questions.