Undertaking Credit Repair On Your Own

If you have recently been turned down 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 circumstances. 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 situation, it is vital that you undertake credit repair as soon as possible.


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.

1. Request a copy of your credit report from any one of the 3 credit bureaus. If this is your first request of the year, you will be given the report for free.

2. Once you have your report, examine it closely. You have to study all the entries and mark all those which are damaging your credit worthiness.

3. After you have determined the wrong entries, begin the disputing process. Even if there are some correct entries in your credit report, but these are negative in nature, you could still get them removed. Simply send a letter out to the bureaus asking for them to verify or remove the negative accounts. This is not you denying ownership of the account, but putting the burden of proof on the credit bureaus in making them prove to you that the information they are reporting of you is accurate. (Pro Tip: Verification is supplied by them sending you a signed copy of the contract had between you and the original creditors.)

4. 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. Typically after 3-12 months of correspondence with the bureaus all negative information should be removed. Happy Disputing!