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Repairing Credit (Legally)

You may have noticed we used the word "legally" above. This is for good reason. There are many agencies out there using a process called "file segregation" to repair credit. Beware of these companies. But, there are good reasons why repairing your credit yourself can be a very positive step. For one, your credit rating determines whether or not your are accepted for loans such as mortgages, debt consolidation loans or car loans. It can also affect what interest rate you have to pay on these loans, and the cost of your monthly payments. This is the key reason why maintaining a good credit rating can benefit you greatly. But if you have damaged credit, there is no need to worry. You can get started on repairing your credit as soon as today.

Getting Started On Credit Repair

The first thing you should do when doing a self-credit repair is to analyze yourself. First of all, why is it that you are having difficulties with your credit in the first place? Take a look at your spending habits, and really be honest with yourself about which spending may not be necessary. If you have to take drastic measures, such as locking your credit cards up or simply cutting unnecessary spending altogether, then by all means do that!


Your Credit File And Your Creditors

Taking a look at your credit report is an excellent idea, as it will help you to determine exactly what is wrong with your credit. There are three major credit reporting agencies, Experian, Trans Union and Equifax, each of which will allow you to see your credit history for a rather nominal fee. Once you see your credit report, you should take a look at any information you think may be missing, or if you dispute any of the entries on the report. It is simple to contest these entries, particularly if you have the evidence that shows that an error has been committed. Once your report is corrected, you can certainly request that your updated credit report be sent to a creditor immediately.


Speaking with your creditors about your outstanding balances is also a good idea. Certainly switching your credit cards by using the "low balance transfer rates" is a great idea, but should not be abused. In a few cases, you may even be able to negotiate down your interest rates, but for situations where this is difficult, you may want to consider debt negotiation as offered by agencies like Debt Consolidation Advisors.


Credit Repair - The Illegal Way!

When it comes to companies promising the world to you about your credit, and promising to rid you of bad credit "magically", be very aware. Paying these agencies will have you ending up a little more broke, with the potential that you could go to jail! (read more about the "file segregation" process here).


A good way to look at the credit repair process is this: it isn't going to happen overnight. But, with some discipline, you can do it yourself, and avoid the tragic circumstances that can result from bankruptcy. Take a look at the steps above, take a look at yourself, and get to work - a good credit rating will be yours if you keep at it.


Having issues with debt? Contact us here for a free debt consultation. We may be able to provide debt help.


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