Pulling yourself out of a bad credit score is not as easy as it may seem and a lot of professional help is available in abundance for this. However, if you are one of those people who want to know how to fix my credit myself instead of approaching a professional, then there are a few things that you can do.
Things to understand how to fix my credit myself:
This is what you can do.
- Negative Credit Information:
Negative credit information refers to the information which gives a picture of you being a risky borrower. Lenders will think twice before lending credit to you. Information that is considered as negative credit information is late payments, accounts that have been sent to collection agencies, tax liens, foreclosures, public records, etc. These items are also time-bound; they start affecting your credit scores after a specific time has been crossed, usually ranging from 7-10 years.
- Assessing your Credit History on your own:
Every individual is entitled to receive a free credit report, once a year. These reports are from the three major credit report bureaus I.e. Equifax, Experian, and Transunion. These agencies will give you an overall view of your financial standing over years from the time you started taking credit. You can then study this report in detail, make a list of all the items that you think you can dispute, and then gather information on how you can do this. If you keen on how to fix my credit myself then assessing the credit report is a very crucial and sensitive task to execute wisely.
- Checking all Credit Inquiries:
Credit Inquiries are all the records of fresh credit for which you would have applied. This will have a list of all the credit applications related to mortgage, car loan, a new credit card, etc. You need to check your credit report to see if all the inquires in the list are correct and whether the ones listed are familiar to you or not. If there are any entries that you don’t seem to recognize, then there is a problem. Your credit score is bound to get affected. Also, if there is an inquiry where you have not received the credit you asked for and it exists in the inquiry list, that needs to be verified as well. There can be discrepancies that must be checked thoroughly.
- Checking incorrect information on your report:
Incorrect information can appear on your credit report in cases where there has been:
- Identity theft.
- Your existing account was stolen and is being used by someone else.
- The bank reported delinquency or default which has not happened in reality but was reported in error.
- The collection agency is trying to collect the debt from you when the debt was not yours in the first place.
These situations need to be taken care of at the earliest as it can greatly cause a major impact on your credit score. If you want to know how to fix my credit myself and one of the above has happened, make sure you report the fraud by calling one of the credit bureaus and freeze your credit account till the issue is resolved.
- Credit report errors in cases other than identity theft:
If you feel that your identity is not stolen but still have incorrect information that is added to your credit report then you can go ahead and directly dispute them with the credit reporting agency. You can contact each agency by writing a letter to them informing them of the wrong entry. Make sure you keep copies of all the to and fro correspondence that has happened between you. If you have all the correspondence with you and the issue has not been resolved right away, you can take the help of the Federal Protection Bureau if there is a need by producing all the required documents and reporting it to them along with the copies of your correspondence with the credit report agency.
- Following up with the Credit Reporting Agencies on disputes:
Once you have disputed your negative information, it takes around a month for the investigation to be completed. They will go over the information that you have provided to the respective organization. Once this investigation is completed, the credit reporting company will send you a copy of the results along with a copy of your report with the changes made.
If the dispute made is not successful, then you can request the credit report agency to add this information to your file.
Leave it to professionals if you find how to fix my credit myself hectic:
As mentioned earlier, if you are wondering how to fix my credit myself then you can implement the above-mentioned steps but if all this work seems like a headache then we at ASAP credit solutions are happy to assist you. You can attempt pulling yourself out of a bad credit score situation on your own, however, with our professional help you can rest assured that there will be no mistakes. We here at
ASAP Credit Solutions work to resolve your most difficult credit score issues by working out a plan built to work around the situation. We have trained experts who have handled all sorts of situations and are experienced to handle even the stickiest and the most troublesome issues that are affecting your scores. Feel free to contact us and we will help you attain financial freedom which may seem like a mere dream at present.