Speedy Start On Your Own Credit Repair (Norma Z Gonzales)
Apr 23, 2010
Many men and women have suffered with credit problems particularly in the current economy. While we all want to have perfect credit the truth is that now and again life throws us a curve ball and things take place that are past our control. However, credit problems can create a great quantity of trouble for an individual because with low credit scores and bad credit it is tough if not impossible to receive credit, you can be charged much higher interest rates or you may have to put down more collateral if you do obtain credit.
However, you can take some actions to repair your credit. First off you will need to get a current credit report from all of the three credit reporting agencies. TransUnion, Equifax and Experian are the main three in the United States. You are entitled to one no cost report each year from each of them or you can pay a fee and get a combination report that comprises all three.
When you get your credit report you will need to inspect it for mistakes and inaccuracies. There are most likely some mistakes on your report because it is estimated that as many as 79% of all credit reports contain errors. You have the right to dispute anything that you consider might be inaccurate on your credit report.
The credit reporting companies are not concerned with the accuracy of their information. The truth is they make their money by selling the information, it does not matter to them if it is correct or not. If there are errors on your report you are the only one who suffers so it is your responsibility to make sure that your credit report is truthful and correct.
During the seventy's the Fair Credit Reporting Act was enacted to protect consumers. This law gives you the right to dispute anything that you deem to be incorrect or inaccurate on your report. You must submit a formal written dispute to the credit agencies and after they receive the dispute they have between 30 and 45 days to either validate the accuracy of their listings or delete it from your report.
As a consumer you essentially have a benefit when it comes to disputing credit listings. Since the credit companies are only paid to impart information it is actually a loss to them when they have to verify a dispute. Therefore if you put forth a good case, you have a very good chance of getting the information deleted.
While you're disputing the inaccurate listings it is also intelligent to start rebuilding some good credit. Make all payments on time and try to pay down the balances on any debts that you owe. A big percentage of your credit score is actually how much credit you have available compared to how much credit you have utilized. If you want a high credit score you need to have access to credit but not be using it.
Rebuilding and repairing your credit can be done; you just need to take the steps to get started. If your job and financial circumstances are in order but you still have bad credit now is the time to do what is required to repair your credit.
About the AuthorYour credit rating is one of your most valuable resource. To learn more in relation to credit repair websites, or even about credit repair companies visit my blog..