Repair Your Credit - The Right Way!

How to Repair a Bad Credit Rating?The Right Way!

If you have a bad credit rating, then you might find that your ability to get financing, loans, and even some jobs is greatly diminished.

Once you have a bad credit rating, it might seem like there's nothing that you can do about it? but you don't have to believe that. It's not as difficult as you might think to get by with a bad credit rating; with a little work and time you can even repair it! Of course, before you do that it's important to realize exactly what a credit rating is.

Every time a lender or other creditor makes a report concerning your payment history to them, this report affects your credit score.

Your credit score is a numerical indication of the positive and negative reports that you've received from creditors and lenders; if the number is high then you have a good credit rating, and if it's low then you have a bad credit rating.

Basic credit repair

Get organized! Make a folder for all your correspondence offline and online. You will have to do some snail mailing but in most cases you can work your repair online.

In the U.S. a 630 rating will qualify you for a mortgage. You can still get credit with a lower score but not at a premium interest rate.

The important thing to do is obtain your credit report and study it. Mark all the negative items.

Most unsecured credit, mostly credit cards, can stay on your report for 7 years. If you find any over that, write to the credit bureau and ask them to remove it. They are required by law to research and report back within 30 days.

If they don't, you can threaten them with a letter to the Better Business Bureau or

Federal Trade Commission.

Find any other negative items and determine they are correct. If not, write the bureau and tell them its not your debt.

Even if you aren't sure, ask the credit bureaus to investigate. Many times, they will not be able to verify the debt because the credit card company, auto loan company or other creditor won't get back them within 30 days (required by Fair Credit Act).

Copyright 2005 MHG Consulting

Dan is the owner of Repair Your Credit...The Right Way!. For the contact information on credit bureaus as well as samples of letters to send to them, go to: http://www.repair-credit-right.com

What is a Bad Credit History?

A bad credit history can sometimes seem like a curse...... Read More

Is it Safe to Use Online Car Finance?

Online car finance is convenient. You can apply over the... Read More

What is on Your Credit Report?

Your credit report is a very important piece of the... Read More

Discover the Parts of a Credit Report and What They Mean

So you ordered a copy of your credit report to... Read More

Fair Isaac Corporation Credit or FICO Score

As I am not from the US, I had no... Read More

Good Credit is King, When Qualifying for Mortgage Programs

If you want to purchase a new home or refinance... Read More

Understanding the Process of Credit Counseling

Many of us have seen the advertisements on television. "Get... Read More

When You Are Eligible For A Free Credit Report

By Federal law, you are entitled to one free credit... Read More

Using Credit Cards Wisely

"I think money was stolen from my card" or "I... Read More

Credit Counseling: Is it Really Necessary?

Not everyone has a positive experience with credit counseling. Potential... Read More

How Creditors Measure Your Credit Rating

Creditors will measure your credit rating based on the following... Read More

All Is Fair In Love, War, and, Your Credit Report - At Least It Should Be! Understanding the FCRA

Fact: Over 150 million Americans have credit report with the... Read More

Looking for that Low interest Credit Card?

If you have been shopping around for a Low Interest... Read More

Bank Robbery Growing In U.S.

Bank robbery has grown to become a huge problem in... Read More

Guide to Credit Terms

Listed below is a useful guide to credit card terms.... Read More

How To Eliminate Credit Card Debt

There is almost nothing more troublesome than having too much... Read More

What is Credit Repair and How Can It Help You?

There are millions of consumer credit reports on file from... Read More

Credit Card Security Advice

Which of the following is the biggest threat to your... Read More

Different Types of Credit Cards and Features - Part 1

Just as there are too many credit card companies to... Read More

Dealing With and Repairing Bad Credit

Bad credit can be a burden for otherwise good credit.... Read More

Compare Credit Card Offers and Reward Yourself

Here's a simple system on how to pay zero interest... Read More

Ten Steps To Building A Good Credit History

Are you thinking of buying a house? Do you want... Read More

How did a Thief get my Name? Don?t be a Victim of Identity Theft

How do these people get my name? If you have... Read More

Credit Cards, Merchant Accounts, and Your Bottomline

Q: I'm opening a gift shop and want to be... Read More

Student Credit Cards 101

If you're a college student, you probably already have a... Read More