© 2009 Dream Merchant Dream Merchant • 2309 Torrance Blvd. #104, Torrance, CA 90501 (310) 328-1925 email: Jkm316@aol.com HOW TO FIX YOUR CREDIT YOURSELF
Use These Steps to Repair Your Credit.
By Muyi Shogbuyi
There is no doubt that your credit is very important. Having a good credit history can be a passport to obtaining many good things in life. The convenient use of credit cards, and the flexibility of spreading the payments over a period of time afford us the privilege to manage our everyday needs and enrich our everyday lives.
This credit card convenience can also be a problem. We can over-extend ourselves, and spend money we don't have or can't afford. When this happens, soon we have credit problems--late payments, missed payments, using one credit card to pay another, or borrowing from friends and relatives to meet our regular expenses. And there goes your good credit, and with it the privilege of what good credit can do for you.
Once you find yourself in this situation, know that your credit has been scarred. To "repair" your credit, it's necessary to follow the steps outlined below:
1. Obtain a Copy of Your Credit Report--Good or bad, your credit report contains the history of all of your credit transactions. Every time you buy something on credit, the information on these transactions and subsequent payments are reported to one or more of the Credit Bureaus, who keep a record of your credit affairs.
There are three major Credit Bureaus who keep records of everyone who has ever used credit to buy anything--Equifax (1-800-685-1111), Experian (formerly TRW, 1-800-567-5470), and Trans Union (1-800-916-8800).
It is advisable to obtain your credit report from each of these. If you recently applied for any credit and were turned down, you are entitled to a "free" copy of your credit report from the agency that gave you the report for a nominal charge--usually around $10. Call the toll-free numbers of the bureaus above to verify the exact amount that is required.
2. Examine Your Credit Report--Once you have copies of your credit reports, go over them and see if they are accurate or contain any mistakes. The type of mistakes that be in your credit file include:
- * If you have been making your payments on time, but
your credit report says otherwise, then this incorrect
negative information can be disputed and successfully
removed.
* If there was a judgment against you which has already been settled, but your credit report has not reflected this settlement, you can ask that this be corrected and your credit report updated.
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3. Correct the Mistakes in Your Credit Report--If you find mistakes in your report, you should write to the Credit Bureau whose report contains the error and ask them to remove it. Send a letter with your full name, address, social security number and date of birth. You may include a couple of your utility bills as proof of your current address, if you have moved within the past two years.
Explain your position about the mistake, and request that it be removed or investigated. The Credit Bureau must investigate the mistake and report their finding to you as soon as possible, usually within three months. If indeed there was a mistake, the Credit Bureau will remove this mistake from your credit file and forward an updated report without the mistake.
If you do have bad credit--that is, if your credit report accurately shows that you have many late payments, unpaid loans, or bankruptcy, and similar delinquent entries, it can take several months to rebuild your credit into a good one. But it can be done!
Muyi Shogbuyi is an author with 20 years of experience in finance management. The above is an excerpt from his book, GET OUT OF DEBT NOW! START A DEBT-FREE LIFE OF PROSPERITY. It will show you easy-to-follow steps on getting out of debt and staying out of debt the easy way. Send two first-class stamps for complete details about this book.
Visit his website and learn about how to ELIMINATE your DEBT, have better credit, and put MONEY in your pocket at the same time. http://www.wealthlink.com/masenterprises
Muyi Shogbuyi PO Box 408023 Chicago, IL 60640