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Credit repair is a technique that can
remove errors or inaccurate information from your credit report.
Have you been turned down for a loan? Were you shocked to learn that your credit score was not what you thought? Did something about your credit report seem distorted or outright wrong?
Unfortunately, errors and inaccurate information can easily make it onto your credit report causing you to have a lower credit score. Lenders use this information to determine if you are suitable for a loan or line of credit. When they see this "bad" information, they will most likely charge you a higher interest rate or worse, turn you down altogether.
If this has happened to you before, you know the frustration and embarrassment this can cause.
Using either do-it-yourself credit repair or professional credit repair services, you can eliminate those errors and help restore your credit score. You'll have less chance of being turned down for loans and more chance of receiving a better interest rate on loans. All of that, of course, translates into saving money for you.
First of all, let's establish what credit repair really is and then look at what it can and cannot do.
It is a slow and steady process of improving your credit rating. It begins with challenging and removing erroneous or inaccurate information, or omissions from your credit report. Why is this important? It can cost you money in the form of higher interest rates on loans or it can cause you a great deal of embarrassment if you're turned down for a loan.
If you come across firms claiming they can clear your bad credit report no matter how accurate the negative information - they are probably not legitimate and they will take your money and run - so beware.
If you missed payments or were late paying bills, credit cards, etc, or you defaulted on loans, this can legitimately show up on your credit record. The only way to remove it is time (usually seven years) and a perfect payment record over that time period.
If you have declared bankruptcy, it will remain on your credit record for up to ten years. The only way to remove it from your record is again - time and a perfect payment record over that time period.
However, creditors, utilities, stores, etc., sometimes make mistakes and report inaccurate or wrong information to the credit agencies. When this happens, credit repair can help you.
In order to see the importance of credit repair, let's take a step back for a moment and look at the big picture.
Your credit is part of your financial health. Like your personal health, it needs to be maintained and checked periodically. Why? Because a poor credit can cost you money.
And we don't like to see you lose money. In fact we hate it so much, we created this website so you can learn how to save as much money as possible when facing debt.
So how does credit repair fit with your financial health? Well, again like your personal health, if there is something wrong with your credit and mistakes have been made by your creditors, you owe it to yourself to get it fixed. That way you receive the best possible terms and loan interest rate - and that saves you money. And if you're struggling with debt like many others, saving just a little money can make a world of difference.
It consists mainly of disputing the inaccurate information on your credit report.
So the first thing to do is obtain a copy of your credit report.
If you have been turned down for a loan or credit, you are entitled to a free copy of your credit report within 60 days after you receive notice you have been turned down.
The notice contains the name, address and phone number of the consumer reporting company.
You are also entitled to one free report a year at your request from the each of the consumer reporting companies. You are also entitled to one free report a year if you're unemployed and plan on looking for work in the next 60 days, if you're on welfare, or if your report has been affected because of fraud or identity theft.
There are three main consumer reporting companies - Equifax, Experian and TansUnion. These three companies have created a way for you to get your 3-in-1 credit report. To order, go to the Federal Trade Commission website, and complete the Annual Credit Report Request Form.
You can also go to our Credit Report webpage for more information on this and other premium services the consumer reporting companies provide.
After obtaining and reviewing your credit report, you can take a few different approaches to dispute inaccurate credit report information:
The
Do-it-yourself credit repair approach
This approach is easier than you may think. Repairing your
credit
is not difficult, it just requires a little effort and patience.
A Credit repair guide
to help you navigate through the process and maximize your repair
efforts
"How-to" guides can help you recover as much of your credit
score as possible.
Professional
credit repair service
If you don't want to handle your credit repair on your own,
then a
reputable credit repair service can be a valuable resource that can
help you.
By taking the necessary steps to fix your
credit,
Sometimes creditors make mistakes and submit errors or inaccurate information to the credit agencies and it impacts your credit report. Lenders use that information to determine how much interest they will charge you on a loan or worse, they can turn you down. You can take steps to correct or remove inaccurate information from your credit record.
There's no reason why someone else's mistakes should cost you money. Taking action to remove or correct inaccurate information from your credit record can save you money, frustration and embarrassment.
Save Your Credit Rating can help you remove items from credit report, such as:
Click Here For Your Credit Repair!