A lot of us fall into debts and fail to pay credit card bills or loans from banks which affects our credit rating. We find advertisements which claim to repair credit scores for a fee in mail, TV and the internet. Stay away from such scams and fix your own credit score by knowing your rights and knowing exactly what to do.
One of the most important things you must understand before knowing How To Repair Bad Credit is that nothing can magically fix what’s on a credit report. The negativity from the report is going to stay for a while and people seek lawyers to legally repair them or hire people to investigate. Save yourself the cost and do it yourself for free legally.
What are your rights?
• You can claim a free credit report if any company takes harsh decisions against you like denying you insurance, employment etc. You have the legal right to receive a legal credit report within sixty days from that date.
• You can take help from credit reporting companies like TransUnion and Equifax who are required to provide you a credit report once a year if you ask for one. You can order them online from. You may additionally ask all the credit reporting companies at once without consequence.
• If there are outdated mistakes in your credit report the company that has reported the mistakes are fully responsible for fix the incomplete or inaccurate information on the report.
I have been duped by a credit repair company. What should I do?
The CROA (Credit Repair Organization Act) exists to protect your rights and enforces your rights through the Federal Trade Commission. They make sure credit repair companies furnish every single detail transparently and the details of the services they need to do for you, the results you can expect and the costs you will incur. If your rights have been violated and you have been cheated you can report to the CROA and sue them in federal court for recovery of charges. If you find out they have been duping people at large you can form a group and file a lawsuit for swifter judgment.
I need to report or own up credit card fraud. What should I do?
To report credit card fraud or come clean you want to approach the State Attorneys General or the Federal Trade Commission (not meant for individuals but for companies).
Finding proper help on How To Repair Bad Credit can be cumbersome, to seek genuine help you can talk to credit counselors or join credit counseling programs by government and nonprofit organizations, sometimes even universities organize such events to help counsel credit related issues. You can find a state wise list of organizations available online and find an organization that can help you find out how to repair bad credit.
I have fixed my credit score, what should I do now?
• Pay bills in time. Needless to say this is one of the most crucial ways to maintain a good credit score. Do not delay anything by even one day.
• Setup payment reminders to make sure you don’t miss deadlines, the longer you keep being punctual with your bills the better your score becomes. The impact of poor scores reduces over time as you keep improving your score.
• Do note that paying off any collection or a credit card company will not improve your score or remove the record from your credit report instantly, it takes up to seven years to be removed from the report.
• If you are having trouble with your debts, speak up and find a solution with the lenders to make sure you find a solution and settle the debts the best way you can without being adversely affection. Everyone faces problems in life and all it takes is to speak up and seek help to find answers to problems. Don’t shy away from seeking assistance, it will not affect your credit scores in any way.
• Do not open multiple credit card accounts, instead get extensions on your credit limit in existing companies.