4 methods of Free Credit Repair - Fast Credit Repair - How to fix bad credit for free - Improve your credit score: Tips to fix poor credit and raise your credit score - 247broadstreet.com


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4 Methods of Free Credit Repair You Must Know 




If your credit rating is not as good as you want it to be then you can fix this yourself. There are a lot of wild claims out there about instantly repairing your credit record, but this is not true. This article is about credit repair for beginners so read it very carefully.  





Debt management is an important element of credit repair as you will discover below. If you know that you are behind on loans of any kind, credit card payments or even a foreclosure then it is very likely that your credit record has taken a nose dive.

When this happens it will be really tough to get new credit cards and maybe some loans. If you are able to get loans then the interest rates are likely to be higher. If debt management problems have resulted in you having a poor credit rating then you can fix it yourself.  





What is your Current Situation?

There are three bureaus that publish credit reports in the USA and these are Equifax, TransUnion and Experian. You need to know where you stand right now so obtaining a credit report from each of these companies is very important.

Once a year you can get these reports for free. Even if you have to pay a small amount for the reports it is worth doing as it is your starting point for credit repair. When you get your reports look for your scores. Between 700 and 740 is good and anything below 700 is not good.  





1...Are there Errors in the Reports?

Although uncommon, it is possible to have errors in your credit reports. If the information is correct then don’t waste your time arguing about this. Just face the fact that it was your fault. If there are genuine mistakes then you need to get them cleaned up.

Check all personal information on the reports such as your name and address and your social security number. Then take a look at your credit history. Look for credit cards, significant purchases and outstanding debts. Highlight any errors here.

Get supporting evidence for your error claims such as bank statements. Then send copies of everything to the company concerned. These days you can do this via mail or online. The agency must get back to you within 30 days of receipt.  



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2...Get your House in Order

Stop spending more than you earn now. This is significant because you want to be able to pay all bills on time, start to pay down your existing debts such as credit cards and not apply for any new credit. You need to budget your spending so that you can focus on debt management to help your credit score.

From now onwards pay your bills on time

One of the most effective ways to pay repair bad credit is to pay bills on time consistently. There is no room for negotiation here it is something that you just have to do. Mistakes do happen and if you find yourself behind with any bill payment then fix this as quickly as possible.

The payment of your bills on time is the single most important factor in credit repair. You will not see any improvement in your credit score until you start to pay your bills (all of them) on time regularly.  




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3..Start Paying down credit cards

When you are creating your budget you need to allow for the paying down of outstanding credit card balances. Start off with small amounts and then gradually increase them. You will be surprised at just how quickly you can take these balances to zero.

Avoid using your credit cards during this period of pay down. Don’t cancel them. The credit agencies will calculate a debt load based on ratios so you need to be careful with charging. If you have a $1500 limit on your card and you charge $500 then you have utilized 33%. This is better than charging $1000 at 50%.  




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4...Avoid new Credit Scenarios

It is vital that you avoid any new credit scenarios. When you are in a store and they offer you a credit card in return for a discount you need to refuse this. Your credit report will show these as “hard inquiries” and too many of these will adversely affect your rating. You must heed this warning. If your credit score is low then new credit applications will make the situation worse.

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