Credit Repair is a touchy issue, many people today realize there credit could be better, and there interest rates could be lower, but don't want to take the time to do anything about it. By realizing you need to do something about your credit, you're already doing more than most people ever do. These days good credit is no longer a luxury, it is an absolute necessitity. Living with bad credit is going to cost you thousands of dollars worth of over inflated interest charges, and missed opportunities and dreams. You shouldn't have to wander around banks and, loan companies begging for a loan, they should be fighting with each other for you, getting you the best possible deal and interest rate. I'm going to show you how to achieve that, without illegal "guerilla tactics" and, and high priced attorneys.
Step 1. Obtain your credit report from all three companies (Equifax, Transunion, and Experian), and read thru it thoroughly. Note any errors and/or deficiencies in your report; be sure to note the good items and the bad (any positive items not on your report, or negative items that should not be on your report). It's estimated that over 25% of credit reports contain errors.
Step 2. Write a letter to each one of the credit bureaus, and in the letters include all of the negative items that the company has recorded on your report, no matter if the information is correct or not. The letter will request that each item be investigated, and by law the bureau will have to contact each company, and substantiate there item on your report. The company has thirty days to respond, and if they don't the item must be removed. Also request an updated copy of your report.
Step 3. Repeat step two, for whatever items that are left on your updated report. The company might not respond a second time, because they might believe that it is a duplicate request, and don't need to respond again, or may get lost in a stack of other mail. Whatever the reason, a lot of companies won't respond the second time. You'll be pleasantly surprised to see how many items come off your report.
Step 4. Work out payment plans for any remaining items. Try to negotiate terms, which are in your favor. Offer to pay half of the full amount in a cash settlement, they may not go for half, but they might. You can negotiate up from there as necessary. You will generally never pay more than 80%. If you can't make a cash settlement, work out a payment plan. They can not by law refuse a reasonable payment plan.
Follow these simple steps, and you'll be on your way to a better credit score, and lower interest rates in no time. Don't let bad credit hold you back from reaching for your dreams, take hold of your financial future today.
