Bad Credit? Want To Repair It?

by Julie Fletcher

Then you will need to spend time working to pay off debts and make payments on new items or bills on time. Across the internet, Credit Repair sites abound. According to the United States Federal Trade Commission (FTC), these schemes are just that, schemes.

There is no legal way to remove items from your credit record if they are accurate and timely. You can and should check your credit report each year to make sure there are no mistakes. If there are mistakes, you do not need a credit repair scam, ahem, company, to remove them for you. Keep good records of your payments and send them as proof to the company collecting the reports with a request to have the item removed or contact the reporting entity and send proof of payments with a request to change their report to the credit report companies.

Do not fall for schemes that sell information on how to substitute a fake Social Security number for your own, making a new credit identity. This is a felony!

How can you identify a credit repair scam? Any company that claims it can repair all of your credit, give you a perfect score, or give you information on how to create a new credit identity is bogus. All the information you need to learn how to repair your credit can be found in the following tips.

Begin to pay off your debts, even a tiny amount at a time. Request that payments be reported to the credit reporting agencies.

Some pre-paid credit cards will issue you a ‘real’ line of credit after you have used their service for a year. Accept the offer and keep current with the bill.

Do not spend more than you earn.

If a debt collection company offers you a ‘deal’, which is becoming popular, take it. Some offer a much lower payment than you actually owe. You can wipe out a debt in small payments as well.

Buy used items and work on paying off your previous debt. Do not buy anything brand new until an item is paid off, then treat yourself. Only one treat per debt closed. The treat should not be more valuable than the bill paid and should be PAID IN FULL.

More tips will be posted soon, as one of my ‘secret’ New Year’s Resolutions was to repair my own credit!

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This entry was posted on Thursday, January 17th, 2008 at 12:15 pm and is filed under Credit and Debt. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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