Credit Repair Guide

If your finances are in a bad shape, and your credit rating has plummeted, then it is advisable that you go to a credit repair law firm. Your credit repair law firm will guide you through the entire process of credit repairing. Here is a list that you can use to improve your credit rating:

• First of all, you need to order your credit report from the national credit bureaus- Equifax, TransUnion and Experian, and see what these agencies have to say about your credit rating. In case your loan or credit is rejected due to bad credit rating, you have a right to seek the name and address of the credit rating bureau from your creditor. You are entitled to a free copy of the reports once in 12 months.

• Read the reports carefully. There could be some errors as these reports are not checked by the credit bureaus. Make a list of the errors in the report and you can dispute them.

• Complete the dispute form provided with the report or write a letter to the bureau stating clearly what you dispute and why. Furnish evidence to the dispute. You can even speak to your creditors and get a few errors rectified.

• In case, the bureau makes some changes in the report, ask for a fresh report. Ask the bureau to circulate the fresh report to all the persons, who had enquired about your credit rating in last one year.

• If the report is accurate, then you can try to improve it slowly, over a period of time by making payments and clearing your debts. In case you are unable to meet some debts, then have a word about it with your creditors to reduce your monthly installments. Seek the option of balance transfers to reduce your interest payments.

If you are in possession of too many credit cards, reduce the number of credit cards to just one or two. You can close the unused credit cards first. Close the ones, where the interest rate is high. If you close all the credit cards, then it will have a negative impact on your credit rating as by closing the credit cards the total amount of credit available to you goes down.

• If you are having too many accounts, phase out the new accounts over a period of time.
• One way to improve your credit rating is to go for a secured credit card. But do not opt for too many secured credit card at a time, because the bureaus keep a track on the newly opened accounts.

Keep your expenses in check and save some money. When you are regular in repaying your bills and debts, your credit will improve automatically