10 Steps to Repairing My Credit

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If you’ve been turned down for a loan due to poor credit, it’s time to take a closer look at how you can repair bad credit and get your finances back on track.

1.    Order credit reports from each of the three main credit reporting agencies. You are entitled to a free copy of your credit report from Equifax, Experian, and Transunion every year.
2.    Examine the reports for errors. Look specifically for inaccuracies, outdated items, items that you have settled that still show up as unpaid, and accounts that you did not open or accounts that you have closed that are still shown as open.
3.    Focus on the most recent 12 months first. Your credit score will be damaged most by collections and unpaid accounts occurring most recently. You can move on to older items later.
4.    Dispute errors that appear on any of the credit reports. If you find errors on your credit reports, write a letter asking for the item to be deleted and provide documentation that demonstrates the error. The company has thirty days to respond to your dispute, so keep track of when you file each dispute.
5.    Document all communication. Write to the creditor asking for a letter stating that the account has been settled. Keep copies of all letters and replies so that you can produce them for the credit agencies if necessary.
6.    Send copies of letters and requests for deletions to all three credit reporting agencies. In order to repair bad credit, you must make sure errors have been removed from the credit reports produced by all three major credit reporting agencies.
7.    Negotiate with creditors, not collection agencies. Creditors will usually work with you much more willingly than collection agencies. Collection agencies are known for their underhanded and sometimes illegal tactics, so it’s better to go straight to the source.
8.    Get help if you need it. There are numerous credit repair companies and credit counseling companies that specialize in helping you repair bad credit. They can help you through the process step by step and give you advice on restoring good credit.
9.    Close unused accounts. Keeping too many open accounts can reflect poorly on your credit and can cause loan applications to be refused.
10.    Re-establish good credit. The key to establishing good credit and maintaining a high credit score is to pay on time, every time. Pay off credit card balances each month if possible, and make sure you’re never late on any type of payment.

If you’d like to learn more about repairing bad credit, RepairMyCredit.com gives you credit repair solutions ranging from credit report repair, debt management help, and credit repair resources.


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