Debt and bad credit are like plagues that deprive people of a happy and worry free life. All over the country, a huge part of the population is under a bad credit situation. There are many people that lose hope right away and think that bad credit will enslave them forever but they can’t be more wrong. There are others that decide to take charge of their credit and they take control to clean up their act together and repair their bad credit. Credit repair is something that anyone can do even without the help of so called credit repair services. You should however be careful and be prepared especially when it comes to how you word out your requests to the three different credit agencies when you try and organize your most important financial information.
Be sure that you only pay whatever it is that you need to pay. If you know your right, you should also know that you are entitled to one free credit repair each from all of the credit reporting agencies as stated by Federal Law. Should you want to get your FICO score, it comes with a minimal fee. While the FICO score is important, you’ll only really need it if you have not seen it yet before or if you plan to look into a new car or a home loan probably.
Make use of pre-form letters. After studying your credit reports, be sure that you review it and be vigilant with errors or updates. After which, you can make use of proven pre from letters when you try to get in touch with Experian, Equifax and TransUnion. A pre form letter contains proper and legal terminology which can help push along the timelines of getting bad data off of your report.
You have the right to explain yourself. If you have a very bad entry in your credit report like a charged off account that won’t be coming off of your credit report soon, law mandates that you can send a personalized written explanation to the three credit bureaus and explain why it is so. This way, they will know if the bad entry was just a mistake or not. Be sure that you indicate in there that the matter has been resolved and avoid recounting a long explanation of all your troubles.
Make certain that all your correspondence is proofread and documented. If you must, write down names, dates, and other important pieces of information on top of documents that you send and receive. You can save yourself a lot of trouble if you double check numbers like the expiration dates on the statute of limitation.
Lastly, as you document all correspondence, keep your document copies organized. When you have to contact all three credit bureaus to correct or comment on a bad entry on your report, paperwork starts flying around, get lost, and your request might be forgotten. It is best if you will have separate folders for all three credit agencies. If you have any outdated reports, be sure that you shred them to protect all your important personal information.
Rachel Schwartz is the Marketing Manager of BHM Financial - one of the most trusted names in the bad credit loan industry. This company may be able to help you reach your financial goals. Please visit our Bad Credit Loan website or our Blog and find out today.