Author : Ken P.
How can I fix my credit report? Sound familiar? First of all I am assuming that you already have a copy of your credit report. If not then you need to contact the credit agency and get a copy. If you do then keep reading. I am going to lay down the three most important tips and tricks for fixing your credit.
1. Pay your bills! No, I'm not trying to be a smart alec. But you need to pay your past due balances. Many lenders will let you pay off your balances for pennies on the dollar. Some credit repair programs claim to show you how to do this for like 35 cents on the dollar. Generally with no prior coaching you can expect to pay off a balance in full with 60% owed. So sit down with your credit report and prioritize the order in which you want to pay off your debt. Your credit is already shot so make a list and pay them one at a time. If you have the funds to do more, then by all means, do it. If the creditor makes you an offer, it will most likely have an expiration date. So don't make the call until you have at least 60% of the balance owed. Just to be on the safe side. I actually paid off a $1200 debt for $250. So you might get lucky.
2. As you are looking at your credit report be sure to pay attention to the validity of the information. You will be surprised how much getting false data off of your credit report will raise your credit score. If you do find incorrect entries, write a letter to the credit bureau and tell them about it. Be sure to include the company, acct. number and your social security number. It is also helpful to include what this false information has done to hurt you. i.e. being rejected for a loan and embarrassed.
3. Once you have the bills paid and the false data off of your report, get the bad entries off of your report. You can do this as you pay them off. Either contact the creditor or the credit bureau and tell them you want the bad info off of your credit report. Usually the creditor will agree to this when you first make the pay off deal. But be sure to follow up anyway.
Now your report is fresh and clean and it's time to rebuild. So go get some new stuff on new credit. Just be smart about it this time.
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