mortagesandforeclosures

by Bob jones

Negative comments on your credit report can cost a lot of money. You do not have to despair though, since it is never too late to repair your credit worthiness. However, remember that credit repair does not take place overnight. It requires serious dedication and perseverance to start a clean slate once more.

How to Get Started: You should know who the three credit bureaus are and what they are saying about you. Since creditors do not have to send a report to Equifax, TransUnion and Experian all together, they usually just report to one or to those to which they are subscribed. This means that the reports from the bureaux are often slightly different from one another.

The first thing you ought to do is to order your credit report. Remember to order it from each bureau since you would only waste your time and money if you just order a credit report from one bureau. The cost of the credit report might vary from state to state though it is estimated that the cost of your credit report is about $10.

However, you are entitled to a gratis copy of your credit report from the agency, if you have been denied employment or credit due to a bad credit report. You must ask the company to send the name of the credit bureau, telephone number and address.

Once you get hold of your credit report, look at it very carefully, because the credit bureaus create your credit report based on the information they receive from your creditors, which is never checked. It is your job to make sure your credit report is a good reflection of your credit status.

Be on the look out for errors of typing, incomplete information, and out-dated or / and inaccurate histories of your accounts. After examining the report to make sure it is correct, list all the points you want to dispute and the reasons why.

Since bad reports cost you money, remember to be thorough. You have two choices: either fill in the dispute form which|that| is enclosed with your credit report or write a letter. It is also recommended that you send a photocopy of your report with the errors clearly marked to the credit bureau who supplied the report. Additionally, do not forget to include supporting documents with your report.

Before posting the documents and report, do not forget to make copies of all the forms and the date you sent it. Usually, the bureaux will investigate the dispute over the thirty days after receiving your letter. Then, any item that has been proved to be false is deleted.

Stability in Your Credit Life: Another method of repairing your credit is to show that you are working at adding positive information and stability to your credit life. Even if you have the required credit rating, there can still come times when you are denied credit due to insufficient credit information.

There are several creditors that do not report transactions to the credit bureaus, so what you can do is try asking the grantors to report the information of your account and the history of your monthly payment to the credit-reporting agency.

You can also try creating a solid credit history through the use of secured credit cards. This type of credit cards is recommended for those with no credit status or who are in the middle of repairing their credit.

Furthermore, it is advised to open a savings account with your bank. Doing this, might convince your creditors that you are trying to put money aside and that you are saving money for the purposes of paying off your debts and repair credit.

About the Author:

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