What To Do and What Not To Do When Embarking on Your Own Credit Repair
We are committed to helping you improve your credit score and credit history, even if you decide not to use our services. Therefore, we offer these articles to give you guidance to ensure you get it done right.
If you have most recently been disapproved for a loan, or for a new credit card, you may be in need of credit repair. Being denied credit is often the result of a bad credit report, which can happen in two instances. You have either managed your credit poorly, which has reflected in your credit report; or your credit file has some erroneous items, thus negatively impacting your report. In either scenario, it is vital that you undertake credit repair as soon as possible. Keep in mind, if you enroll in one of the Financial Coaching plans with Operation Care, Inc. our services are included at no additional cost.
WHAT TO DO:
Here is a strategy to help with your credit repair. You can do this on your own and can thus repair your credit for free.
– Once you have your report, examine it closely. You have to study all the entries and mark all those which are incorrect and which are damaging your credit worthiness.
– After you have determined the wrong entries, you have to contact the credit reporting agencies and tell them to delete the erroneous entries from your report.
– Even if there are some correct entries in your credit report, but these are negative in nature, you could still get them removed. If such time limit has passed, you should write to the credit bureaus to delete the negative items from your report.
– Ensure that all your correspondence with the credit companies and agencies is through registered mail. This way, you have proof of your requests and also when exactly you initiated the process of your credit repair. Keeping a record will also help you in case any deleted entry is re-included in your report anytime in the future.
– Within 30 days, some action should have been taken regarding the wrong items on your report. If the credit bureaus determine that the entries were in fact wrong, they will remove it from your report, thus bringing about the credit repair that you were after.
In case the matter is not resolved to your satisfaction, you should continue challenging the items on your report till such time that credit repair has indeed occurred.
WHAT NOT TO DO:
People whose credit score is very low or who have a bad credit report often try desperate means to repair credit and thus end up hurting their credit even more. Most of the information available on credit score repair and credit report repair tells you what to do to restore good credit. However, we will tell you about some of the things that you should NOT do in order to repair bad credit.
File Segregation: Many credit repair companies lure people with the false promises of bad credit repair by telling them that they can create a new credit file for them by issuing them a new identity. Thus, no matter what any credit repair company tells you – things like you will not be able to get any loans or even a credit card for the next few years, or that you will not be able to get a job etc; under no circumstances should you agree to the process of file segregation to repair bad credit.
Deleting accurate information from credit report: Some credit repair agencies make claims to people that they can repair credit by getting accurate information of a negative nature deleted from their credit reports, thus improving their credit rating. Thus, you should not trust anyone who tells you that they can repair bad credit by removing negative items from your credit report.
Advance Payments: No credit repair agency is legally allowed to ask for advance payments. Thus, you should NOT be taken in by any company who wants high advance payments.
Our experts here at Cambridge Credit Repair can help you better understand your credit history. Enroll in one of our coaching programs to improve your score.
Call toll free 844-207-3818 to get started increasing your credit score and fixing your credit report.