If you are looking at rent to own home listings and lease to own homes, you are probably dreaming of owning a home of your own in the near future. One of the first things you need to learn about is credit report repair.
Credit repair is a process, and if you want to fix your credit you need to understand that it is going to take time, patience and
persistence. You need to make sure you understand your credit rights so that you can make the system work for you. You could hire one of the many credit repair companies out there, but the reality is that they cannot do anything for you that you can’t do for yourself. Your best bet is to learn how to repair credit report issues yourself.
It is possible to get rid of a bad credit rating! The first step of bad credit report repair is to get a copy of your credit report. This can be done for free at http://www.annualcreditreport.com.
Or, if you would like to get a copy of your credit score, Check your Credit Report and Score – Fast, Free & Easy at CreditReport.com.
Once you have your credit report, you will want to print out a copy and then go somewhere quiet that you can concentrate. You will want to note your credit score range, and determine how far you have to go. It is important to look at every detail of your credit report, because even the smallest error can be helpful in fixing credit.
Is your name correct? (My report actually once had a name that I have never used!) How about your previous addresses and employers?
Once you have verified all of your personal information, it is time to take a look at your accounts. Take a careful look at your payment history and take note of any potential errors. Are the dates accounts were opened and the dates of last activity reporting correctly?
Another great way to fix credit and improve your score is to take a look at the credit limits that are currently being reported on your
credit cards. Believe it or not, if your credit limit is being reported as lower than it actually is, this can lower your credit score dramatically.
Once you have made a list of errors, it is time to get your credit restoration process underway!
You will want to write a letter to each of the three major bureaus, stating the errors on your credit report. It is best to only dispute a
few things at a time to avoid your disputes being flagged as frivolous. (An exception to this would be if you are just out of a bankruptcy and you have a large number of accounts that are not showing as included in the bankruptcy.)
Be sure to include your name, address and social security number on the letter. You should send a copy of your driver’s license to verify your identity, and any supporting documents that will help validate the errors you are disputing.
Once you have prepared your letter, you will want to send it via certified mail to each of the three bureaus. Mail is always better than disputing via the internet because it provides you with documentation that you may need later.
Then…it’s time to wait.
This can be the hard part. Many people who are just learning how to fix bad credit have a hard time maintaining their focus because the credit bureaus have 30 days to respond to your disputes.
Once you get the answer to the disputes back, you will want to analyze your success and determine your next course of action. Hopefully, you got quite a few things removed from your report.
If things didn’t get removed, don’t give up! Remember: repairing credit report issues takes time! You can try disputing again or try more advanced techniques, such as debt validation.
Once you have decided on your course of action for each account, it is time to repeat the process with your next round of disputes.
With persistence, disputing errors can have a huge positive impact on your credit score. Stay tuned for more information on how to fix bad credit! I’ll show you all the strategies I’ve used to clean up my credit!
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