This post is all about Four Simple DIY (Do It Yourself) Credit Repair Steps You Can Do to repair personal credit. After I understood how to read my credit report from the three (3) major credit bureaus and the six (6) categories that Credit Karma uses to determine your score, I started repairing my own credit, DIY. I figured I would take a stab at it before hiring a credit repair company. In the process of repairing my own credit, my score increased by 30 points. You should try doing the same thing.
Although I increased my credit score by 30 points, I did want to learn more about credit repair. I paid for a credit repair class because I wanted to learn more about the subject. I will share the steps I took to repair my credit
This post is about four Simple DIY Credit Repair Steps You Can Do, so you can gain knowledge, save money, and help others.
THESE ARE THE STEPS YOU SHOULD TAKE
1. TAKE THE QUIZ
Before you begin to repair your credit, I highly recommend you evaluate your credit knowledge and take this quiz. It is a short quiz that consists of 12 multiple choice questions that take about 10 minutes or less. DO NOT CHEAT! I scored 83%. I only scored this because of the research and training I received; otherwise, I would have scored really low!
2. CREDIT KARMA
If you do not understand how to read your credit report, Karma Credit is a great place to start because it gives you an overview of what is on your report, your credit score from two of the major credit bureaus, and a description of categories that are used to calculate your credit score. It is free, and you can access it daily to monitor your credit. To prevent identity theft, you should check your personal credit every three to six months. Since Credit Karma is free, I recommend using it weekly to monitor the changes on your credit report.
Besides Credit Karma, you can always check with your bank. For example, I am a member of the Navy Federal Credit Union, and I can always see my Fair Isaac Company (FICO) score when I check my account.
3. GET YOUR FREE REPORTS
By law, you are entitled to a free copy, upon request, of your credit report once a year from the three (s) major credit bureaus. Get a copy at least once a year! Regardless of how much debt you have, you should check your credit report, especially if you are 18 or older. Before you apply for huge loans such as a car or mortgage loan, you should check your credit report several months in advance for inaccurate information, so you can avoid being rejected.
Depending on your credit history, you may have a long report. When you get your report, do not be intimidated by the length and what you see on it. Just take your time to review it. Sometimes there is a ledger or outline that the credit bureau provides to help you understand how to read your report.
These major credit bureaus are the collectors of your personal information. The three listed bureaus are required by law to provide you with a free copy annually. If there are discrepancies or inaccurate information, such as the incorrect spelling of your name, other people’s names on your report, or addresses you never lived at on your credit report, you should work with the credit bureau agencies to resolve these issues.
You have the right to dispute anything that may be inaccurate on your credit report
If you have worked with agencies and your issues are not resolved, you should contact the Consumer Federation of America, but always work with the bureaus first.
Contact Information for the Three Credit Bureaus
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- Equifax – www.equifax.com. P.O. Box 740241. Atlanta, GA 30374-0241. 1-800-685-1111.
- Experian – www.experian.com. P.O. Box 2104. 1-888-EXPERIAN (397-3742)
- TransUnion – www.transunion.com. P.O. Box 1000. Chester, PA 19022. 1-800-916-8800
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4. WRITE DISCREPANCY OR DISPUTE LETTERS
You have taken the quiz, review your credit report on Credit Karma, and requested a copy of your credit report from the three major bureaus. Maybe, you found discrepancies in your report, and you would like to address them. Now, you need to start communicating with the three bureaus. You can call or write; however, I recommend writing. When you write, make sure you send a certified return receipt to ensure that the bureau received it and you have a copy for your records.
If you need to know how to compose or structure a dispute letter, click on this government website. This site goes into detail about all the elements you should have in a dispute letter. Keep in mind that you want to tailor the dispute letter (s) according to your discrepancies.
This post is all about Four Simple DIY Credit Repair Steps, You Can Take to Repair personal credit and how you can increase your knowledge and save money at the same time by repairing your own credit.
Other Post(s) and Resource(s) You May Like:
SEVEN (7) AMAZING SIMPLE TIPS FOR REDUCING YOUR PERSONAL FINANCIAL DEBT WHILE ACHIEVING PEACE AND BUILDING WEALTH
SIX (6) ESSENTIAL CATEGORIES YOU MUST UNDERSTAND TO BUILD A BETTER CREDIT SCORE
UNDERSTANDING YOUR CREDIT SCORE
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